3 tips on getting bonded for HVAC construction
Tip No. 1: Improve your credit score
A good credit score is essential to getting the best price on your surety bond.
One way to do this is to decrease your debt to income ratio. If you’re able, it’s a great idea to pay your current debts. If this isn’t an option for you, try increasing your credit limits. Remember that your credit score is computed based on your overall credit utilization, so 20 percent utilization on two cards is better than 40% on one. The US Small Business Administration suggests keeping your use under 20% of your total available credit for the best score.
Other great ways to improve your credit score are paying all bills on time and avoiding collections at all costs. You should also review your credit report regularly using a soft pull to confirm accuracy and ensure there is no fraudulent activity.