How to Fix A Low Credit Score–Part 2 of How to get a $500,000 Unsecured Business Line of Credit
Credit, Credit Credit
First challenge that many business people have is a low credit score. You are not alone, more than 2/3 of the population is in that boat. However, there is much you can do about it.
First, stop the bleeding. Stop the behaviors that lead to a lower credit score in the first place. Here’s some easy steps you can take today that will revolutionize your financial life.
Pay your bills on-time
That’s great advice, but how. Very easy. Most banks now have online banking (And if your bank doesn’t—switch!). And a standard feature of online banking is an automatic bill paying feature. So for all your bills with a fixed monthly (or any other frequency) payment, simply schedule the payment a few days in advance of when it’s due. Set it up as a recurring payment for as many pay periods as you need, and forget about it. You bills will now be paid on autopilot, on-time, like clockwork.
Expense Auto-pilot
Next, for those bills that vary from month to month, like utility and phone bills, set up an auto-debit. This will take a little more work—you’ll have to call the companies, get them to fax you a form, fill it out, and fax or mail it back, signed with a voided copy of a check.
For other expenses – pay them immediately or put a note in your planner (or assistant’s planner) to remind you a week early to mail in the payment.
Invaluable Benefits
Then you’re done! Gone will be the stressful evenings at the end of the month, writing checks, and worrying about your checking account balance. Gone will be the headaches and embarrassment of receiving friendly or not so friendly overdue and collection notices. And all for about an hour’s worth of your time, that you could mostly do today!
And another benefit you will find of paying all your bills on-time, is that your reputation among vendors, lenders, and others you do business with will start to climb. And your own confidence, integrity and sense of accomplishment will also increase. It’s a tremendous return on a small investment of time.
Richard Odessey has been a successful real estate investor for the past 9 years, and a trainer of investors... 














