Being denied company credit can be bad news for your business, especially if you need finance in order to grow. Did you know that 56% of company owners have used their own money to support their business, with the average amount invested being £22,700*
If your business has been refused credit or struggled to secure new finance, you’ll know how that can impact your plans. But is relying on your personal finances really the answer?
Protect your personal finances... ensure your business credit profile is the best it can be and give yourself the best chance of getting the finance you need.
Source: * Yahoo Finance UK, 13/02/14 SMEs rely on credit cards to grow their businesses
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** Pronounced ‘keys’, Credit Account Information Sharing (CAIS) is our proprietary shared database of credit history. To find out more about CAIS, please download a copy of our Commercial CAIS guide.
There’s no universal cut off between a good commercial credit score and a bad commercial credit score, but you generally have bad credit if your score is below 50.
Trying to expand any business takes investment. But knowing where to turn to get the cash to invest can be difficult, especially if you have experienced a bad credit rating in the past.
What's impacting your score?
There are various factors that can have a negative impact on your business credit report, which may have contributed to you being turned down for a business loan. The below list provides a few examples:
With My Business Profile, you get full visibility of your business credit profile, enabling you to understand what’s affecting your company credit score and preventing you from being able to obtain that all important company credit.See how Jasmine improved her credit score after she was turned down for finance