I don’t know of any other business that is more dependent on financing than real estate investing.
We create wealth by using leverage (aka, by borrowing most of the funds needed to purchase properties).
In today’s financial world, credit scores matter more than ever. The higher the credit score the better the lending options.
Usage makes up 30% of your credit score. With investors tapping into their personal credit cards to keep their business growing, usage creates funding issues.
Here are 3 ways to lower your usage and increase your score in weeks, not months:
- Obtain a private non-reporting usage loan to pay off all or part of your credit card balances.
- Have friends, family members, or a service add you as an authorized user to one or several open credit card accounts. Make sure these accounts are in good standing, have low to no balances, and are at least a year old.
- Call your credit card companies and ask them to increase your available credit limit.
Any of these three options will help raise your score in 30 days or less (as long as you maintain all your other credit and keep your current balances and payment history in good standing).
Learn more with these videos from our Youtube Channel.
Next up: Once your score is up…How to fix your usage problem for the long run with business credit cards.