Financing for your chiropractic office will be difficult to come by, make it a little easier by building strong credit while you are still in school.
With all the focus of passing Boards and getting patients in clinic, your credit score seems like the least of your worries. Many don’t realize how simple it can be to raise your score, but it does take time.
There are many resources on credit scores and how to build yours. I won’t get into that here.
Some simple steps include getting a credit card, keeping a minimal balance, and making sure you pay your monthly payments on time. Getting an auto loan (one you can afford!) can be another great way to start building your score. You will want to check on your score regularly and monitor it for errors or identity fraud.
Today’s banking industry is leaning away from doing small loans ($5,000-$20,000) because they simply aren’t profitable enough for the banks. The problem is that a typical fresh-out-of-school grad can’t possibly qualify for the larger loans. Credit cards may be the only resource for third party funding. But that resource will not be there if you max out your cards while in school!
Furthermore, many equipment-leasing companies can no longer offer a lease for anyone who doesn’t have two years of tax returns. This is where those of you who are married to a spouse with a job have an advantage. In addition, many can work to help improve a spouse’s score and qualify through their credit for financing and leases.
If you take some simple steps early on, you can have a fantastic credit score and increase your chances for funding your chiropractic office.
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