Find out why you might have a poor business credit score
There is no universal cut off between your company having a good business credit score and a bad business credit score, but you are generally seen as having bad credit if your score is below 50.
Trying to expand any business takes investment. But knowing where to turn to get the cash to invest can be difficult, especially if you have experienced a bad credit rating in the past.
If your business has been refused credit or struggled to secure new finance, you’ll know how that can impact your plans.
What’s impacting your score?
There are various factors that can have a negative impact on your business credit report, which may have contributed to you being turned down for a business loan. The below list provides a few examples:
- Missed or late payments against existing loans and credit cards
- Any CCJs (County Court Judgments) or bankruptcy / other forms of insolvency
- Filing your accounts late to Companies House
- Having high levels of debt
- Making several applications for credit at one time
With My Business Profile, you get full visibility of your business credit profile, enabling you to understand what’s affecting your company credit score and preventing you from being able to obtain that all important company credit.
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Posted on by Kagiso Mangoale
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