SCORE Small Business Blog

Finance: Credit…Why Is It So Important?
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Credit Tips to Get Ahead

In these tough economic times and at a time when banks are not lending as freely as they have in the past.  Good credit needs to be a priority. Look at your credit report regularly, question mistakes or unknown information.

You are entitled to a free credit report one time a year.  This is the only free report. or call 1-877-322-8228    You will not get your credit score but you will be able to see what is on your credit report and see any outstanding debts that you may have.  For your credit score there is an additional charge.  You can go to for your credit score.

Valuable Tips:  ALWAYS

  • Pay your bills on time
  • Pay off collection accounts
  • If you have a credit problem contact the creditor…do not ignore the problem, negotiate and resolve it.
  • Pay off debt, do not move it around
  • Do not close unused credit cards. Keep them open with a $0 balance.
  • Always pay the highest interest rate credit cards first and always pay more than the minimum. Make payments on the others with the lower interest rates.

On credit cards: Note how many credit cards you have, any annual fees, what interest rate you are paying and any outstanding balances.

If you have a problem with your credit and need help, go to a non-profit agency. These are the only legitimate agencies that can help.


  • National Foundation for Credit Counseling
    Phone: 1-800-388-2227
  • American Consumer Credit Counseling
    Phone: 1-800-769-3571

Your credit report is your report card of how you pay your bills if your bills are paid late everyone will know.  Remember with a high credit score you will be able to get a loan at a lower rate.    Also note if you are ever denied credit you can request a copy of your credit report from the company who declined you, free of charge.   Credit is the most important indicator of your character that needs to be maintained.  Your credit shows that you pay your bills.

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business. | @juliebrander | More from Julie

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Discussion (1) Comment

  1. Pro-Vision-EgVisitor

    very good information , good teaching
    I am now possible Start


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