So they CLD on my personal and business accounts last week. Then I get this email from them today.
American Express OPENSM understands that, as a business owner, you’re looking closely at your finances and devising plans to put your business in the best possible position.
Here are some things to consider during these challenging economic times:
Keep your credit report updated
Ensure that your business is registered with the major reporting agencies such as Dun & Bradstreet, Experian, Equifax and TransUnion. If you’re already registered, review your company's credit report for the following:
• Check the details of your company profile, including the Service Industry Code (SIC).• Note if your credit rating is strong, average or poor.• Confirm the accuracy of your payment history.• Review your Uniform Commercial Code (UCC) to confirm accuracy of leases and liens.Since lenders may take your personal and commercial credit bureau reports into account when assessing your ongoing creditworthiness, be sure to check your personal credit information for any errors as well.
Make timely payments
Another way to help build your business credit is to make your payments on time. A history of missed or late payments can make it more challenging to secure credit in the future.
• It can also discourage potential clients and vendors who check your credit history from working with your business.• When it comes to American Express OPEN accounts, it can result in declined services at the point of sale, late fees, and a lowering of your line of credit.• Accounts that are continually delinquent may be reported to the credit bureaus and can be cancelled and sent to collections. Since many business owners’ business and personal finances are linked, this may negatively impact your personal credit as well.Practice good debt management
It’s important to know that lenders may take your total debt levels into account when making lending decisions.
• A key part of successful debt management is ensuring that you’re borrowing funds for essential business purposes – this can help keep debt levels down and may increase your ability to secure credit.• Another way to help strengthen creditworthiness is to avoid applying for credit from multiple sources in a short period of time.
For OPEN account tools that can help you stay on top of your finances, including Account Alerts, AutoPay and Online Expense Management Reports, visit open.com/smartcredit.
Oh, dear, that's pretty funny in a horrifying sort of way!
There has always been an amazing disconnect among the various functional departments over in Centurion land, but you'd think that they'd at least let one another know when you weren't being extended credit as before.
There has always been an amazing disconnect among the various functional departments over in Centurion land, but you'd think that they'd at least let one another know when you weren't being extended credit as before.