Here are some ways your personal finances might show improvement: Any significant improvement to your personal finances will increase your chances of qualifying for a consolidation loan with better rates, longer repayment terms, and a more convenient repayment schedule.You should also check your personal credit from time to time to stay on top of what your credit score is, so that you can hit the minimum requirements for debt consolidation loans.
Consolidating at the right time can get you lower interest rates, better repayment schedules, and longer terms.
Consolidating at the wrong time can waste your time, damage your credit, or get you a bad loan that can hurt your ability to borrow in the future.
However, it’s an important skill to manage if you find yourself struggling with expensive debt, and checking your score is the first step.
As a small business owner, your personal financial health is just as important as your business’s financial health.
In that case you would want to wait for three months of positive revenue trends before applying for a consolidation loan in order to increase your chances of approval.”In other words, unless you’re consolidating loans you took out for expediency’s sake, you should consolidate your business debt when you’re a better applicant for a loan than you used to be. Here are 5 signs it’s a good time to consolidate your business debt: If your personal credit score has significantly improved since you last borrowed money, then now might be a good time to consolidate your business debt.