Building Your Business Credit Profile: 5 Top Tips Each and every business entity today, whether small, medium or large, needs some credit to start, or maintain and expand their businesses. In order for your business to build a steady business credit profile, you need to employ a number of steps to ensure that your enterprise has a fresh connection with various established lenders and creditors. The Five Basic Credit Card Elements There are five basic elements which are taken into account when determining a person s credit score. These include Payment History, Amounts Owed, Length of Credit History, New Credit, and Types Of Credit Used. The basic elements can offer a lot of insight on how to improve your credit score. The higher your score, the greater will be your chances of availing credit. Here's how to control your debts, and boost your credit score. Review Your Creidt Report Ther are three major cretid reporting agencies today, and through these agencies, you can get a copy of your credit report, for you to closely evaluate it. Put Your Other Creditors On Hold If you re in a financial crisis, it would help if you call some of your creditors, and negotiate If you may be able to put on hold some of your payments. Under the right circumstances, it would be better if you ask for permission, instead of asking for forgiveness from your creditors, since these individuals can actually punish you with late charges and black eyes on your credit score. Having to many accounts also does damage to your credit score, because your score is usually affected by the difference between the available credit and the credit that s being used. Shutting-off an old account only helps to make your credit report look young and fresh, but the damage has already been done before. While making too much inquires can have a little negative effect on your credit score, missing out on the possible errors and wrong entries can do more damage to your credit standing. What Are The Two Types Of Credit Report Inquiries? According to credit experts, there are basically two types of credit report inquiries, the soft and hard inquiries.