LEGAL GUIDE
Written by attorney Alexander Edward Barthet | Apr 13, 2016

3 Ways to Stay Smart about Credit

With a few simple steps, you can establish and maintain a positive profile. Here are 3 ways to stay smart about credit:

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Why Do You Need Good Credit? Cash flow is one of the major concerns of any business, especially in the construction industry. Credit can provide you an injection of additional dollars, allowing you to expand and even become more profitable. Access to money when you need it. When it comes to owning a business, too much demand is typically a good problem to have. But if you lack the financial resources to expand when needed and to take on new work, you can end up like countless other businesses that fail because they can’t afford to finance their own growth. Better finance terms. When you need to borrow money, a positive credit history will net you more favorable terms. Whether you are applying for a credit card, a line of credit, or a loan, a better credit profile translates into lower interest rates and easier access to the funds you need. Eliminate need to prepay. Good credit should reduce if not dispense with the need for any prepayment requirements in your business. Being a good credit risk gives your suppliers the sort of comfort they need to allow you to purchase products and services for your business under normal payment terms. Good credit is essential to all business concerns – make it happen.

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