Derogatories Can Cause Your Business Request For A Business Credit Card, Line Of Credit Or Loan To Be Rejected! Credit Counseling To The Rescue??

One derogatory is excessive late payments. Most banks say you can miss only one 60-day late payment, and any more you’ll automatically become rejected.

They look at that very closely, which is very important when you get into some people that are going to be looking at losing their home, there actually are better strategies to do it where you may only have to have one late payment and you can go into bankruptcy, if that was the worst-case scenario.

On this course, we do talk about that in great detail, how to take a look at it.

Derrogatories are very important. With the late payments, one tip you want to be aware of, some people may have friends who go to credit counseling, they may call those 800 numbers in the commercial, they sound like these wonderful, nice companies that will help consolidate your debt and your credit card debt.

Keep in mind most of those are owned by the banks and the credit card companies, and they’re designed for you to fail. They may negotiate with you to pay off some of your debt or do a lump sum settlement, but it’s going to severely hurt your credit score and they don’t evaluate that.

Obviously, if you have no way to get that paid and you’re not developing any money, it might be a consideration. But we at least want you to understand the long-term ramifications, especially with credit counseling, 90% of the people fail. And only the 10% that make it through the program, they could have been paying it down for 5 years, consolidate some debt, they don’t realize, when it’s done, it turns out to a 30-day late payment every month. A late payment shows up every month, in their credit report, that just destroys their credit score.

About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.