Ohio SBDC - Free Expert Business Advice

We at the SBDC get a lot of clients asking for help in the "I need a loan to start or sustain my business" department. Many of us SBDC Consultants have banking or finance backgrounds so we are able to help in navigating the loan process by understanding what loans are out there and what it takes to qualify. That being said, if your credit score is in the tank, your chances of getting a loan are slim to none. The best place to check your credit report for free is here: www.annualcreditreport.com.

Repairing your credit is not a fast process and does not require you to pay for an outside service to "fix" your credit. Here are some tips on credit repair you can focus on yourself:

(1) Payment History (makes up 35% of your credit score):
- Going forward you need to pay all bills on time and establish a positive pattern of payments.
(2) Don’t Close Credit Accts (when you do, it lowers the credit score):
- Especially keep your credit lines open that are the oldest.
(3) Get Balances on Credit Lines down to less than 50% of available balance:
- This will help in bringing up the credit score.
(4) Be Sure That No Errors Exist On Your Credit Report:
- You will need to send detailed letters of dispute to the credit agencies if so.
(5) Charge-off Accounts Generally last up to 7 yrs on your Report.
- Avoid charge-offs.
(6) Get on a Personal Budget.
- Plenty of free budgeting templates exit on the net.

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