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raisedbydevils

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So I just got rid of all mu outstanding balances and was approved for a secured credit card.
What are some good ways to build a decent credit score as fast as possible, I'm hoping to take out a 10,000 personal dollar loan before November in an effort to start up my open up my own business. My boyfriend has owned two similar businesses before but he broke his hand and had to sell his second one so we have a good knowledge of business management and a detailed business plan and revenue chart written up. I just need advice on how to help mu credit score sky rocket. I had a 524 but after paying off all my collections I don't even have a score I almost feel as if I moved backwards in my efforts and it's frustrating and confusing. Any help or advice would be greatly appreciated.

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Since the purpose of Credit Karma is to TEACH how credit works and how to build a good credit score, and it does so through the articles and financial tools available on this site, I advise taking the time to use these educational tools.  I studied both accounting and business management  and learned a whole lot more here than from the college classes. Also, you may want to consult the Small Business Administration about getting the business loan since the terms may be a lot better than a personal loan. 

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Things move slowly in credit for the most part. You are not going to go from zero to hero in a year or even 5 years. If the collections are still listed on your reports this will hold you back as well. It was wise to get a Secured card to start growing accounts and you should continue to work on getting open accounts in good standing. Personal loans require very good to excellent credit. Business loans are extremely difficult to get as most businesses fail. I do not see a loan of ten grand in your future this year, I am not sure where you got that number anyway, I guess it depends on the business, but you can go into many businesses much cheaper. Start out with a business that you can start up with cash and over time you can save money and improve your credit and eventually be able to get into the business that you want. Just a tip regarding business, the lower your overhead the more the chance of success. Most businesses fail because they go out and purchase all kinds of fancy new equipment and then can't make the payments during the slow times.

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