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How Long Does Bad Credit Affect Your Loan Chances?

Many start-up entrepreneurs face the challenge of trying to get a loan with less-than-stellar credit. And unfortunately, bad personal credit is a major stumbling block to get financing.

In the US, negative credit history is removed from your report after seven years. If you have bad credit that is from nearly seven years ago, but your credit report has been stellar since then, it would make good business sense to wait until those seven years are up before applying for your loan.

Likewise, if you have declared personal bankruptcy, this stays on your report for ten years time. So if that ten years is nearly over, waiting would make your odds of being approved for your business loan that much greater.

If your credit problems are more recent, is there anything you can do to make your credit history look better than it is? Cancelling unused credit cards is one way to start, so it does not appear you have too much credit available. Paying down high balances, and paying on time is another.

Your credit changes will be reflected through your credit score. As you change your credit history, through good or bad means, this will show up on your credit reports. Timely payments on your accounts goes a logn way to helping your credit score, even if you are only able to pay minimum payments.

Many don't know how long ago their period of bad debt was, or even if they show anything negative on their report. You should always check your credit report before applying for a loan (you can order a copy of your credit report for free online) and see exactly what the bank will see when reviewing your credit history for your bank loan.

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