The only response he got went something like this: "We're Buy Email List very sorry to inform you that your credit limit has been reduced due to current Buy Email List economic conditions. blah, blah, blah! So he had to scramble to find other ways to finance his Buy Email List inventory. A short while later his $30,000 inventory purchase declined.
Why? Because his credit limit was Buy Email List reduced to $20,000. Then his credit was squeezed again to $10,000. It gets worse. As his credit is Buy Email List getting squeezed American Express is reporting to the other credit bureaus that his credit is being reduced so they also follow suit. Meanwhile, the amount of debt as a percentage of his total Buy Email List available credit or what's called his debt utilization rate increases.
This is one of the most important indicators Buy Email List creditors look at when evaluating a credit score - and Mike's personal score was dropping like a brick. When he came to us, we immediately showed him how he could separate his business Buy Email List credit from his personal credit and his first reaction was, "I didn't know I could do this. Are you telling me that I could have been building business credit and may still be able to get a small Buy Email List business loan.