Start-Up Business Loans

Biz4Loans a Small Business Loan Company in California Discusses Bad Credit Makes Everything Harder - How to Fix It

Having poor credit definitely makes the life more expensive. Mortgages, car loans, insurance policies and a host of other items all carry higher rates if our credit score is low – which is why achieving and maintaining a solid credit score is a must for anyone who wants to improve their financial situation


Fresno, CA -- (SBWIRE) -- 11/12/2014 -- But higher expenses aren’t the only way a bad credit score can cost us. Renting can be more difficult, as landlords commonly pull a potential tenant’s credit score as part of the rental application process; many will dismiss renters with low credit scores without a second look. Finding the right credit card could also be a struggle, as there are fewer options for those with poor credit.

Related: 5 Easy Ways to Ruin a Perfect Credit Score

Here are three other lesser known ways that poor credit makes life more difficult – plus five tips to dig our way out of that:

1. Setting up utilities is more complicated.
For those with good credit, setting up utilities usually requires a simple phone call or two – but people with poor credit have to take extra steps. If our score is really awful, we may need to put down a deposit with each utility company to get our services started.

For people who can’t or don’t want to put down the deposit, an option is to find a friend or family member who will guarantee to pay our bill in the event we don’t.

2. Getting a new job or promotion is more difficult.
Potential employers can’t view our actual credit score, but they can request an employment credit report, which omits our account numbers and personal information yet includes our payment history and loan information. In today’s employment market, a poor report could be the reason we’re rejected for a job or a promotion.

Related: Credit Score Change Could Set Up Consumers to Fail

3. Starting a new relationship can be – complicated.
Not even our romantic life is safe from a bad credit score. Savvy consumers who are financially responsible know the potential impact of a partner’s bad credit on their own finances. According to a 2014 NerdWallet analysis, 53 percent of single adults over age 25 say they are “somewhat less likely” or “much less likely” to go out with someone with bad credit.

Though bad credit can be a heartbreaker in more ways than one – we can fix it. Here are five ways to raise our credit score:

1. Pay our bills on time – no exceptions, no excuses. This is far and away the most important thing to build and maintain good credit.

2. Avoid using more than 30 percent of the available credit on our cards during the month, say many experts. Monitor our balance carefully throughout our billing cycle and make a payment if we start to get too close to that threshold.

3. Start using credit as soon as we can. The easiest way to do this is to get a credit card and use it responsibly and consistently.

4. Only apply for credit we actually need – too many hard inquiries in the span of just a few months will ding our score.

5. Use to obtain a copy of our three credit reports once per year. Review them, carefully, for accuracy; if we spot an error, start the process of having it corrected as soon as we can.


Understand the value proposition of one's business.

Have these five documents ready: business plan, cash flow projections, personal financial information, business financial information and a personal guaranty.

Explore the resources available from the SBA.

Look locally when shopping for a lender.

About Medical Office Loans
Biz4Loans is a California-based company with an exciting new way of quickly closing commercial loans for businesses small and large. With a customer-centric focus and a high standard for quality service, we embrace new technology to pass cost savings on to our business clients. Entrepreneurship Advocates “Entrepreneurship is living a few years of our life like most people won’t, so that we can spend the rest of our life like most people can’t. “ – Anonymous We believe entrepreneurship to be one of the most rewarding journeys that a person can pursue and that no two entrepreneurs are the same. Some seek a better life for themselves and their families while others take on the risk in pursuit of independence. Whether it is a small town where everyone knows each other or a big city that never sleeps, every community relies on entrepreneurs to create and provide jobs and to usher in new possibilities. At Biz4Loans, we understand the challenges that entreprenuers face in financing their venture. We also understand that a startup entrepreneur frequently has to wear many different hats while her company is getting off the ground. This is why we provide a quick, convenient, and detail-oriented process that achieves results without unnecessary delays or obstacles. Growing the Business Community commercial loan brokers Whether it is financing to cover initial start up costs, purchasing of new equipment for an existing business or an expansion of facilities, Biz4Loans can help. We know that sometimes unexpected costs as well as unexpected opportunities require quick and decisive action. Our ability to quickly close a wide variety of loans has allowed us to build strong relationships based on our reputation for serving our clients effectively. Because of our speed and adaptability, Biz4Loans has brokered over $500 million in funding to businesses ranging from farms, hotels, and non-profits to office buildings, surgical centers and apartment complexes.