When’s the last time you checked your FICO SBSS score?
If you’re one of the lucky ones and have never applied for a small business loan, this may be the first time you’ve heard of it. Even if you have, you may dread looking up your credit score.
So here are a few FAQs to let you in on the whats, whys, and hows.
What is a small business credit score?
The FICO SBSS (Small Business Scoring Service) is a credit score that helps determine the risk of U.S. small business credit applicants. It’s slightly different than a personal credit score in that the range for a small business credit score is 0 – 300 (rather than 300-850).
How is your score determined?
It’s actually based on both your personal and business credit history. Other variables that go into determining your score include revenue, assets, number of employees, and history of making payments on time.
Where can you get a FICO SBSS?
You can pull up your SBSS score online. There are a few websites, including www.nav.com, that can give provide SBSS score at no cost. Nav.com will also allow you to do a soft pull that won’t affect your credit.
Why do you need to know your business credit score?
As mentioned before, your SBSS score is used to apply for a small business loan. This score can affect your loan limits, loan terms, or the decision to give you a loan at all.
It’s important to work on improving your personal and business credit scores because, if you haven’t needed a loan up to this point, you may in the near future.