When you started your business you never thought of coming across an issue when you needed money right away to help your business because you have run into a pandemic, a bad economy or your market has dried up because your neighborhood has changed. What do you do and who do you turn to?

The key thing is to find a lender you can work with that has a good reputation and has the ability to help your business and not strap you down and feel like you are being taken advantage of daily. First, you need to think about what’s the most important measure of your success, your credit score. Why? Everything in your life revolves around a good credit score, it gives you the freedom to choose and live life the way you want.

What’s really measured and let’s be brutally honest.

Score – Under 580 – basically you’re a huge credit risk and your options are limited and everything is a high-interest rate. See a credit repair company right away and fix it and fight for your life.

Score 580 to 670 – You can lease a car with a 630 or above, you have better options to get money and not pay higher interest rates. You’re getting toward your goal.

Score 670 to 740 – you pay on time and low inquiries on your credit and you keep low balances on your credit cards. You have the ability to get larger amounts of credit because of your responsibilities are being met.

Score 740 to 800 – You are a great credit risk and can basically walk into most places and get what you need, you’re solid as they would say.

Score 800 and above – Platinum Cards, black cards, basically the world is yours because your value is your payment history. This gives you the power to get what you want on your terms, this is utopia.

Ok, great, we have established two things for you, one you need some help or two we will help you and you set your rate from the bank because the bank wants your business. Now we know only about 25% of the population has scores of 740 and above the rest of us are trying to find a way to fix our credit and get to utopia and control our outcome.

Most banking institutions will be upfront with you and tell you what you’re approved for while other companies like investment companies who say “we fund our own deals” is code for merchant cash loans that have rates of 20% to 55%, that’s right 55% that means if you want $10,000 it will cost you $5500.00 to get that money and pay it back in 6 months with a daily pull from your bank account. $15,500 divided by 180 days is $86 a day. Well, I do $15,000 a month in business and I can handle that. Wait and think for a moment. Your credit score is 610 and now you’re paying this crazy amount of interest to get that money, why? Just think if you could wait six months and get that score up to 710. You could have that same loan for $15,000 in a credit line or credit cards with no interest up to 18 months. Take that same scenario but now you actually got $15,000 and paid it back daily for $27 a day or only used what you needed. This is called control of your finances.

The key measure of your success is to invest in yourself and get your credit in order to get what you want long term. If you took 2 years out of your life, fixed your credit, and got the business of your dreams, your car, and financial stability what would that be worth to you?
Think about this as you see all the offers for more money and understand what’s it’s like to work with a real bank and individuals that can really help you.

Remember people looking to help you have choices too, they can help you or take advantage of you.

To have control in your life, take control of your credit, and have the power to negotiate.