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The Secret to Better Business Credit? Optimize Your Debt Utilization

The Secret to Better Business Credit? Optimize Your Debt Utilization

After payment history, debt is the second most important factor in your credit reports. When most people think of debt in relation to their credit scores, they probably think in terms of how much they owe. But credit scoring models often look at it somewhat differently. While the amount you owe is important, even more important is how you are managing your revolving accounts such as credit cards. Here, most credit scores will calculate something called a “debt usage” or… Read More
Credit Checks — How Credit Inquiries Affect Your Credit Scores

Credit Checks — How Credit Inquiries Affect Your Credit Scores

Whenever someone accesses your personal credit reports or scores, the credit reporting agency that fulfilled that request must, by law, record that “inquiry” on your credit report. Because certain inquiries have been found to be associated with greater credit risk, they may affect your credit scores. In other words, recent inquiries on your credit reports can cause your credit scores to drop. Learn more about how inquiries can impact your credit scores in this article from Nav's experts. What to… Read More
Types of Credit Accounts & Your Credit Scores

Types of Credit Accounts & Your Credit Scores

Just like being able to demonstrate a variety of previous responsibilities at work can help you land a better job, consumers with the best credit scores tend to have a wider range of experience with credit. In other words, they don’t just have a single credit card or a car loan. Instead, their credit reports list a mix of different types of credit accounts (ideally paid on time, of course). Specifically, many credit scoring models are looking for a mix… Read More
Credit History — How Your Credit Age Affects Your Credit Scores

Credit History — How Your Credit Age Affects Your Credit Scores

When it comes to building strong credit scores, experience helps. Credit scores are designed to evaluate information from your credit history to predict how likely you are to pay on time in the future. To do that, they require information about how you’ve handled your accounts in the past. If you don’t have much in the way of credit references on your credit reports, you’ll have what’s called a “thin file” and it will be harder to earn a high… Read More
SIC & NAICS Codes — What Are They & What Do They Mean?

SIC & NAICS Codes — What Are They & What Do They Mean?

The world of business comes complete with its own unique collection of terms, concepts and procedures, and both new and seasoned business owners may find that their knowledge is tested from time to time. Two of the terms and concepts that are often shrouded in a bit of mystery are SIC codes and NAICS codes.  Though these two terms and the digits that define them are frequently at work in the background, they may get lost among the more overt… Read More
How to Incorporate a Business

How to Incorporate a Business

Incorporating your business or forming a separate business entity can provide significant legal and financial advantages. Corporations may provide entrepreneurs with valuable tax advantages. You can also build business credit and apply for financing in the name of your business, rather than personally.  Learn about your options for incorporating your business.  What is a Corporation? The root of the word corporation is the Latin word corpus, or body. In the eyes of the law, a corporation is a person. This… Read More