An improved credit score is an important qualification for lower interest rates and longer repayment terms.
Keep in mind that your credit score improving by only a few points is not likely to qualify you for a better loan, because your increase needs to be significant.
In that case you would want to wait for three months of positive revenue trends before applying for a consolidation loan in order to increase your chances of approval.” In other words, unless you’re consolidating loans you took out for expediency’s sake, you should consolidate your business debt when you’re a better applicant for a loan than you used to be. Here are 5 signs it’s a good time to consolidate your business debt: If your personal credit score has significantly improved since you last borrowed money, then now might be a good time to consolidate your business debt.Their loans have low rates with ten year terms and monthly payments. Visit Smart Biz You’ll typically know if it’s the right time to consolidate your debt by events that improve your personal or business credit profile.Consolidating at the right time can get you lower interest rates, better repayment schedules, and longer terms.These are likely your two best options when looking to consolidate your debt.If you’re looking to consolidate a small amount of debt (under K), then business credit cards can be a great option.