If you are a business owner, you should always be looking to improve your credit score? It may take time, but it is possible.  Your credit history is a premium rating factor for most if not all insurance companies.

Follow these 5 steps to boost your credit score:

  1. Check your credit report: Request a copy of your credit report from all three major credit bureaus (Experian, Equifax, and TransUnion) to ensure there are no errors or inaccuracies affecting your credit score. You can do this for free once a year at annualcreditreport.com.
  2. Pay your bills on time: Payment history is a crucial factor in determining your credit score. Make sure to pay all of your bills on time, including credit card bills, student loans, and mortgage payments.
  3. Lower your credit card balances: Your credit utilization ratio, or the amount of credit you’re using compared to your credit limit, can significantly impact your credit score. Try to pay down your credit card balances to below 30% of your credit limit.
  4. Only apply for new credit when necessary: Each time you apply for new credit, it can negatively impact your credit score. Only apply for credit when you truly need it, and avoid applying for multiple accounts in a short time frame.
  5. Consider a credit-builder loan: A credit-builder loan is a type of loan designed to help individuals build or improve their credit. These loans usually have a small balance, a low interest rate, and a set repayment schedule. By making timely payments on a credit-builder loan, you can improve your credit score.

Overall, it’s important to use credit responsibly in order to build and maintain a good credit score. This includes paying your bills on time, using credit wisely, and not taking on more debt than you can handle. By following these steps, you can improve your credit score and improve your insurance premium.

If you are interested in partnering with 360 Risk Partners, click here to request a trucking insurance quote.

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