How to Improve the Credit of a LLC
Your LLC's business credit, like personal credit, must be maintained well to have a good credit score. A good credit score will help you obtain business credit cards and loans. Business credit scores range from 0 to 100 with a business credit score of 75 or higher being considered excellent. When a credit score drops, there are things you can do to improve your business credit score.
Other People Are Reading
Instructions
-
-
1
Check the balances on your LLC's credit accounts. Compare the balance with the credit limit. Credit scores are based, in part, on credit utilization. The higher your balance, the lower your credit score. To raise your credit score, pay your balances down as much as possible. If your balances are already low, keep them low.
-
2
Do not make any payments late. Creditors do not report a late payment to the credit bureaus unless the payment is more than 30 days late, so you do have some flexibility but you will do best to make all payments by the due date.
-
-
3
Apply for a business credit card or small loan for your LLC if you don't have open credit reporting. You need to have credit reporting, positively, every month to improve your credit.
-
4
Pull your business credit profile and review it for accuracy. Dispute any items reported that are not correct. Any negative reporting on your LLC's credit report will lower your credit score.
-
1
