Commercial Bankruptcy in BarrieAfter commercial bankruptcy, your business’ credit rating may be far from perfect. A good credit rating is essential to your business’ ability to obtain capital from lenders to expand your operations, manage your expenses, and fund various projects. In order to rebuild your company’s credit after declaring commercial bankruptcy:

  • Stay on top of your personal credit rating. Many lenders will use your personal credit rating as a factor in their decision-making process of whether or not to provide you with a loan. Keep your credit score high by paying your bills on time and using your credit cards responsibly.
  • Apply for credit before it’s needed. Don’t wait until you’re in desperate need of capital before applying for credit. Instead, try applying for several different lines of credit soon after you have completed the commercial bankruptcy process.
  • Use your credit. Once you’ve obtained a line of credit, don’t let it sit there unused. Instead, take advantage of your credit lines and use them to improve your business’ credit rating.
  • Form relationships with several lenders. Banks are known to change their lending policies almost overnight without any notice. To ensure that you’re never left without credit when you need it, make it a priority to form relationships with several different types of lenders after bankruptcy.

As you start to rebuild your business’ credit rating after commercial bankruptcy, keep in mind that doing this will take time. However, by following these guidelines, you will begin to see your company’s credit rating start to improve soon after bankruptcy.