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We asked Mihir Kroke of Able Lending when the right time to apply for debt consolidation was, and this was his reply:“There are two timelines to keep in mind when consolidating business loans.
Timeline #1 applies if you had good credit and took out a short term loan because you needed the quick-turnaround time of a short term loan provider.
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.
Also, no matter how much your credit score improves, negative credit events like bankruptcies, tax liens, or repossessions can make qualifying for a small business debt consolidation loan nearly impossible.
Improvements in both areas make you a good candidate to consolidate your business debt.
A good business credit profile will generally have: Understanding business credit reports, how they work, and how you can build your business credit can be difficult.
In that case you can apply for a consolidation loan right away.
Timeline #2 applies if you took out short term debt because your finances or credit wouldn’t allow you to qualify for anything better.
Below we look at what credit improvement milestones you need to make in order to potentially qualify for both an SBA loan and an alternative consolidation term loan.
These are likely your two best options when looking to consolidate your debt.
Visit Smart Biz Showing an improvement in your business credit usually involves showing that you’re a more responsible borrower.