Borrow More Money!
Small businesses can improve their credit rating by borrowing more money. You heard me right! Borrow money even when your business does not need it and pay it back on time or better still clear the loan early. Bizarrely, if you have never applied for a loan before then this will negatively impact on your credit score.
The clever way to improve your credit score is by taking advantage of offers that charge you zero percent interest if you pay by a certain date. Why pay the bank interest on a loan when you have money in the bank?
Some lenders offer some very low interest rate loans for asset purchases. Use their loans to buy cars, office equipment or machinery.
Use your cash in your bank to negotiate early payment discounts with your suppliers. Many suppliers with poor cash flow will even offer up to 2% extra discount if you pay their invoices within 7 days.
Lenders base your credit score on your payment history and the amounts of debts outstanding. If you have taken out many small loans and paid them back on time then this will stand you in good stead for when larger sums of monies are required.
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