So everything about your business idea is superb, but it’s poor credit history not letting you proceed further? Off course your credit history matters when it comes to apply for any type of business financing; even if you are asking friends and family for financing your startup.
Well, you have the option either to give up your business idea right there or be strategic and think of some solution.
Your bad credit history is not a lifetime stamp on your credit score and there’s always a way where there is will. So, this will guide you with the later option.
1- First of all you must seek credit counseling to help you get back on track. They will help you develop a realistic plan for eliminating debts.
2- Since it will take some time for the credit improvement plan to work, you must to waste the time and think of doing some job for that specific time.
3- Doing job is certainly not the lifetime option, but saving a little amount of money from your salary will bring you closer to your goal.
4- Developing a personal budget will help not only to set a goal, but will set a timeline as well.
5- Eliminating unnecessary expenses will help you improve your savings and get closer to the goal. Till the time your credit score improves you may cancel magazine subscriptions, limit dining out etc.
Once your financial position improves, you are not only able to apply for any type of business loan/finance but at that specific time you will actually know how and when to launch your business.