When it comes to having bad credit it can set you back in many ways, for example from the smallest things like owning a credit card to buying a house, or say you found an affordable business to buy and you want to put down a little money only with good credit you have a better chance to buy that business because you may eligible for a business loan, so trying to fix your credit score is the first step, I was reading an article on how to buy a business with no money and one of the paragraphs was about getting a loan for half the money and the rest you can put down but let’s understand more about what a credit score is…
Why do we need good credit?
Credit is an important part of life for both people and businesses. It makes you want what you need when you need it. Whether you need a loan for a car, a house, or a business investment, you will be able to get one based on the state of your credit. So, if you ask me why a business’s credit score is important or why credit management is so important, this is the answer. So that means you need to learn about credit because it has become an important part of our lives.
What Is a Credit score?
According to Wikipedia, credit is a trust that lets a bank give money to a person or business based on a promise to pay back the money later. Everyone needs credit or will need it at some point in their lives.Â
For example, if you want to buy a car or start a business but don’t have enough money at the time, you can get a loan. Credit lets you borrow money that you agree to pay back later. There are different kinds of credit, like installment loans and revolving credits.
Having Good Credit Vs. Bad Credit
“For many people, loans are a necessary part of life,” says Katie Ross, manager of education and development at American Consumer Credit Counseling.Â
You must first realize that your credit can be either good or bad. To get and keep a good credit score, you have to be a reliable person who sticks to agreements and pays off debts and loans on time. On the other hand, someone with bad credit doesn’t keep their promises when they need to. So, you ask, how do I get my free credit score? Here, you can get a free look at your credit score.
conclusion: If you are in the market for buying a business or home or even trying to buy a car, then you should start by getting a free credit report, fixing your credit can cost you money and we understand that may be a reaso
n why people are hesitant because that will be an extra bill, but my best suggestion is to start by finding a side business to make you money like starting a vending machine business, basicaly businesses that wont take you out of youk main source of income and use that money to strictly fix your credit then after you can use that money to buy whatever it is you need.
