JOBS HARTFORD CONN

>>> Business Financing Mistakes (5) - Poor Credit Management.

There can be severe credit consequences to deferring payments for both short periods of time and indefinite periods of time.

First, late payments of credit cards are probably the most common ways in which both businesses and individuals destroy their credit.

1. Second, NSF checks are also recorded through business credit reports and are another form of black mark.
2. Third, if you put off a payment too long, a creditor could file a judgement against you further damaging your credit.
3. Fourth, when you apply for future credit, being behind with government payments can result in an automatic turndown by many lenders.

It gets worse.

Each time you apply for credit, credit inquiries are listed on your credit report.

This can cause two additional problems.

First, multiple inquiries can reduce you overall credit rating or score.