Need serious advice! How to clean up credit to get a loan or credit card?

Hi, my sister and i would like to start a small business this year. We are in the process of obtaining our licenses for a Assisted Living Facility. However, we are having trouble raising all the capital on our own. So far we have managed to save $21,000
in a business account. We understand that we need much more, about $30,000 more actually according to our business plan. We have poor credit (520)and under. That is the reason we've been saving, and saving. We would like to know if it is a good idea to take our (savings) and pay off all the companies we owe in order to see a dramatic change on our credit reports. Have anyone here ever done that before? Do you think it will show up quickly on our reports so that we could possibly approach a lender, or get a small business credit-line ? We do not know what to do with this money that we have saved but we absolutely know that it is not enough for (start-up capital). What should we do?!!

Hi
I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of even with a bad credit. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address charles_lenders@yahoo.com Please tell him that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.

Thanks.
Deborah Kirk

Paying off the old debts isn't going to quickly bring up your score. The bad history is still going to be there. Work on making some good things happen on your report. It's difficult to offer more advice without knowing more information, like the age of the debts.

When you sign up for a bank account they quite often issue you a credit card.
Cell phone companies,Sears,JcPenneys,Gasoline Cards are how i got my credit started.
Always make your payments on time or early and pay off your bill every month so they dont gouge you with rediculous fees and charges,late fees, over the limit fees.
30% interest now days is more common than rape
They are heartless so be Dam careful

You need to continue building your credit during the next year. With a score that low however, the only credit cards you would be approved for would be Bad Credit Credit Cards. Go here http://www.creditcardcube.com/credit-car... to compare various bad credit credit card options. Use the card and make large payments early every month. This is the only way you will gain points on your credit score.

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