Will Being Self-employed Hurt Your Chances Of Getting Credit?
In one word, yes! If you are self-employed, quite simply
, you are discriminated against. It'sunfair: I know that, you know that, and the credit companies know that, but it doesn't change a thing. To make the most of being self-employed, make sure you become incorporated and use it to your full advantage. You'll have to pay FICA taxes, but on the flip side you will have unemployment payments (hopefully you won't need them!).
If you are self-employed, you may well have an accountant. Make sure you get in touch with them and go over your options. Also, the job title you put on your application can affect your credit rating, so make sure you are imaginative. Be something, within reason, that you always wanted to be, on paper at least! Pretty soon, you will have the credit companies banging
down your door to give you credit.
Remember to Use Your Credit Cards!
You might have all your pre-approved credit cards and applications for others, your credit rating is looking really healthy, and the credit companies actually want to give you creditto make the most of your credit card and the rating you will get for having it, remember to buy something; other wise the credit won't show on your rating. This is assuming you don't want to use the credit card for anything other than to get more high credit.
If your card is a high interest card, then you need to keep what you're going to use it for very limited. Keep maybe up to $100 on the card; that way, you won't be paying over the odds for the interest. You will still be getting the benefit of the credit on your account, but you wont be paying so much interest.
What Happens if You Get Refused Any Credit Well, let's think about this carefully for a minute. Let's say, for example, you decide to try to get financed on a car. If you do end up getting refused, then these records stay on your credit rating for up to two years at a time. Then, on any future applications that you make the credit companies will see that you have been refused and all the hard work you have put into raising your credit limit will be practically useless.
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