Victory State Bank: Your Credit Score Is Not Based On Luck

STATEN ISLAND, N.Y. -- Nowadays, you don’t have to be a financial professional to grasp the importance of credit scores. These numbers are important for consumers and businesses alike; they can influence your ability to acquire a loan and affect the rate of interest you will pay. And commercial enterprises may be financially injured in other ways, as well.

Credit Scores are serious financial barometers and shouldn’t be left to fend for themselves. The numbers are not based on luck.

If you are a business owner, Victory State Banks recommends you read the following article from Crain’s New York Business.com. Doing so may help to strengthen the all-important number known as your business credit score:

Three years ago, after opening his Manhattan practice, gastroenterologist Alan Raymond received alarming news from a medical equipment supplier. The doctor’s credit history was anything but healthy, with the vendor insisting that Dr. Raymond pay “cash only” for the equipment.

“I was embarrassed and ticked off, because I knew I paid my bills immediately and thought I should have a stellar credit rating,” said Dr. Raymond.

Many small businesses are caught off guard by their credit score, paying dearly for not knowing about a poor rating or what triggered it. While an unsatisfactory score can chase vendors away, it can also hurt a company’s ability to secure new customers. In New York, design and construction businesses are especially prone to losing out on new projects if their credit history indicates a lack of financial stability. READ MORE …  (http://www.crainsnewyork.com/article/20120323/SMALLBIZ/120329934#ixzz1pxgZQ9tx)

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com . 

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