Our goal here is to optimize your personal credit. It is actually the foundation to qualify for business funding. Follow the steps outlined below and you will become the perfect borrower!

IMPORTANT - Personal Credit Optimization

• Check Your Credit Score: Obtain a current credit report with MyScoreIQ and know exactly where you stand. Address any discrepancies and focus on continuous improvement.

MyScoreIQ | Credit Reports Plus Identity Theft Protection

Credit Score 700+

Utilization Ratio Under 30%

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Manage Your Credit Utilization: Pay down existing balances to get below that 30% threshold. Consider spreading your balances or asking for higher credit limits to improve the ratio

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Minimum of 4 Credit Accounts

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Review Your Credit Accounts: If you're below four credit accounts, it might be time to consider opening another one. But do so strategically—each new account should be a calculated step, not a leap of faith.

1. Best ways to do this:

   1. Getting credit cards with banks that are good for funding such as AMEX, Chase, or US Bank to establish that relationship.
   2. Adding a credit builder account such as Credit Strong

   CreditStrong: Get a Credit Builder Loan that Builds Credit and Savings

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Average Credit Age: 2+ Years

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Age Your Accounts: Be patient. Avoid opening too many new accounts at once on your personal credit and keep older accounts open to increase the average age.

1. A simple trick is to get added as an Authorized User on a credit card that has been open for a long time. Ask a family/friend. It does not cost anything or hurt their credit at all. Only benefits. </aside>

No Late Payments in the last 24 Months

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Stay Punctual with Payments: Set reminders and autopay on your accounts to ensure you never miss a payment deadline.

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No Negative Items

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Clean Up Negatives: Begin the credit repair process as soon as possible to address any negative items on your credit report. This might involve negotiating with creditors or disputing the items with the credit bureaus.

• Contact us if you need help with credit repair (remove ANYTHING in 2-4 weeks) </aside>

At Least One Credit Card with $10K+ Limit

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Seek Higher Credit Limits: High credit limits are a great show of faith to the banks and really help with business funding. If you've demonstrated good credit behavior, don’t hesitate to request a credit line increase periodically.

1. Request periodic credit line increases every 6 months.
2. A simple trick is to get added as an Authorized User on a credit card that has a high credit limit.
3. Last resort, apply for a premium personal card if you are low on accounts and below the 4 mark. Such as:
   1. Chase Sapphire, Wells Fargo Bilt, Or Capital One Venture X </aside>

⚠️ Why You Must Clear Hard Inquiries