Credit Tips For Your Business

Learn what business credit is and its importance in today’s lending landscape.

Business Credit

Good business credit is essential for accessing financing at affordable rates to help your company grow. Omni Resources works with hundreds of businesses every year to repair bad credit which can stand in the way of getting a loan, securing a credit card, leasing or buying space, purchasing equipment, or partnering with other businesses.

Qualify for the best personal and business credit card deals. Strong credit history will help you qualify for the best credit cards, which include low-interest rates, cashback, and other rewards. As well as helping you save money, these perks will encourage you to keep using your credit card — which will help your credit if you continue to make payments when they are due.

Receive better car insurance rates. To predict potential losses on customers, car insurance companies factor in credit scores when determining monthly premiums. The better your credit score, the better your shot of receiving a reasonable deal. As an LLC or corporation owner, you will be working with Commercial Insurance Companies that scrutinize credit history as well. n

Better chance for loan approval. Having an excellent credit score doesn’t guarantee approval, because lenders still consider other factors, such as your income and debt. However, a good credit score increases your chances of being approved for new credit. In other words, you can apply for a loan or credit card with confidence.

Get Approved for Higher Limits

Your borrowing capacity is based on your income and your credit score. One of the benefits of having a good credit score is that banks are willing to let you borrow more money because you have demonstrated that you pay back what you borrow on time. You may still get approved for some loans with a bad credit score, but the amount will be more limited.

Business owners have many ways to improve their credit on their own, however, some feel overwhelmed or have specific questions about their circumstances:

  • How do I build a diversified business line of credit?

  • What is the best process for refinancing my investment properties?

  • What commercial loan lender company structure is best to work with my company?

  • What is the best way to build corporate credit?

  • How do I navigate revocable living trusts in multiple states?

Each company’s situation is unique.

Omni Resources provides you with 1:1 personalized support to advise you on the best course of action to consolidate business debt and improve your credit so that your company can access financing at the most affordable rates and scale effectively and rapidly. n


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Editor’s note: Nothing in this blog post should be construed as advice of any kind. Any legal, financial or tax-related content is provided for informational purposes only and is not a substitute for obtaining advice from a qualified legal or accounting professional.

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