Ask Terry Questions credit scores

credit scores

By Terry Savage on September 02, 2020 | Credit/Debt

Hi Terry
Our company of which myself and my husband are “guarantor’s” for ,has applied for Credit 3-4 times this year.Each time I get a notification from 1 of the 3 bureaus that my credit score has declined.
I understand if something happens we are responsible but is there a way to address this with the 3 bureaus? Or just take the hit until we are not applying so much..Company is doing well its not credit cards we are needing we are buying needed equipment.

Terry Says

Your credit score (vs your credit report) has a lot of factors — including your total credit outstanding They also note inquiries that indicate you are searching for more credit, more indebtedness. I suggest you work with a business advisor on your capital needs, and perhaps establish a “line of credit” with a bank. Then you can draw down money as needed, without having inquiries made or new loans granted, or new credit cards established every time you need money for your business. That will help your credit score over time.

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