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CAN BUSINESS LOAN AFFECT YOUR PERSONAL CREDIT SCORE?

In partnership, it is more like two owners being the partners in your business. In such a business, your credit score is important to determine if you will get a loan or not. If you are not being able to pay back your business loan on time, it will affect your credit score. https://www.clix.capital/check-credit-score/<br>

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CAN BUSINESS LOAN AFFECT YOUR PERSONAL CREDIT SCORE?

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  1. Can Business Loan affect your Personal Credit Score? Converting an idea into a business can seem intimidating. If you have no prior experience, you will face a lot of issues and problems. In such a situation, you will need financial support to turn your ideas into reality. Entrepreneurship is not built in one day and needs a lot of capital. In such a situation, a business loan will help you meet all your business expenses and give support to grow and expand.

  2. Which types of business can affect your personal credit score?  • A sole proprietorship business means, it only has one owner. In such a case, your personal credit score is the same as your business loan credit score. It is one person and your credit score is the same for whatever loan you take. • If your credit score is low, you will have an issue in applying for a personal and business loan. However, if you are unable to pay off your business loan on time, your credit score gets affected too.

  3. Partnership In partnership, it is more like two owners being the partners in your business. In such a business, your credit score is important to determine if you will get a loan or not. If you are not being able to pay back your business loan on time, it will affect your credit score.

  4. Wrapping up • Apply for small business loan and expand your business. You need to take care of your business loan so that you even get a good personal credit score.

  5. How does CIBIL work? • Offering glimpses of a credit profile, the CIBIL score is a three-digit numeric summary of a consumer’s credit history. A company or an individual is offered a score in the range of 300-900. Your chances of getting a loan approval rise as your CIBIL score inches closer to 900.

  6. Maintain a Good CIBIL As mentioned above, the credit score that is maintained and offered by TransUnion CIBIL is called CIBIL Score. Repayment history plays an influential role when it comes to calculating your credit score. And, any late payment of loan EMIs or credit card dues can pull your credit score down by 100 or more points.

  7. Clix Capital Services Pvt. Ltd. Address: 901b, 9th Floor, Two Horizon Centre, DLF Phase V Gurgaon, Haryana, India – 122002 Phone Number: 1800 200 9898 Website: https://www.clix.capital/check-credit-score/

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