1. Start by determining just how bad your credit is. Sad to say, not a few promising entrepreneurs have been stung by excessive credit-card use, missed payments and other slips that can build a sour credit history. Head the problem off by finding out where you stand before you deal with any financial issues related to your business. Obtain your credit report from one of the three major credit reporting agencies: Equifax, Experian or TransUnion. There are numerous Web sites that let you order your report, in some cases free of charge. If you can, get reports from all three agencies. "That way, you're covered, since you can never be sure which report a lender might look at," says Alan Olinger, vice president of sales and marketing at Money Management International, a credit counseling organization.

2. Review your credit reports in detail and correct any mistakes. Try as they might, credit reports are notorious for inaccuracies, outdated information and other snafus. Go over your credit reports with painstaking attention. Look for credit cards that you closed out years ago, loans long since paid off and other mistakes that can drag down your FICO score, which is a numerical summation of your credit worthiness. If you spot any glitches, notify the credit agency in writing and document why the information is erroneous. Follow up to make certain the mistake is corrected. As a general rule, Olinger suggests reviewing your credit report annually to make certain the information is both accurate and current.

3. If the problem isn't a mistake, get moving to solve it. If your credit headaches are, in fact, all real and not exaggerated by misreporting, tackle them aggressively. Just as you would with a business plan, draw up a strategy to repair and improve your credit. For instance, if you have more credit cards than Imelda Marcos has shoes, target those cards with the highest interest rates and pay them down as quickly as possible. If your report identifies a problem such as a missed payment, try writing an explanatory letter to the credit bureau. That may help get the item lifted from your report.

4. Keep your personal and business finances separate. If, by chance, you're able to get your business off the ground despite past credit problems, don't make the same mistakes again. A central way to protect yourself is to make certain you keep your business finances wholly separate from your personal money matters. That means separate credit cards, separate bank accounts and as impervious a wall separating the two as you can possibly build. "Try not to commingle your finances," Olinger says. "That can entice you to take funds out of the business for personal matters, or simply under-fund the business from the start. It can really kill your business. And, once you do it, the second time becomes that much easier."

5. Use credit cards intelligently. It's not unheard of for businesses -- perhaps rebuffed by lenders -- to rely largely on credit cards to obtain needed startup financing. Ultimately, you may prosper. But like other aspects of poor credit habits, you must know full well the risks you run by relying on plastic. For one thing, recognize that some cards' "teaser rates" (introductory interest rates that can be as low as 0%) inevitably spike, often to stratospheric levels. Moreover, read your card's fine print: While low interest rates apply to conventional purchases, some cards have exorbitant rates for cash advances. So, be careful how you use the card, as it may ultimately cost more than you think.

6. Differentiate between absolute necessity and things you'd like to have. The albatross of bad credit mandates that you be extra prudent about every aspect of your business's financial life. Don't be gun-shy about being a veritable Jack Benny when it comes to making purchasing decisions -- know what you absolutely need and what you can do without. "I tell clients food, clothing and shelter are needs; a new trolling motor for the bass boat isn't," Olinger says.

7. If need be, put things on hold. If past credit problems simply seem insurmountable -- either you can't get the money you need or what's being offered is at an ugly interest rate -- give some thought to tabling your business idea for the time being. That may give you some breathing space to right your finances and, eventually, start things up under much brighter circumstances. "Not only can it be a very wise idea, but putting your idea on hold is a wonderful exercise in teaching yourself financial habits you're going to need once your business is up and running," Olinger says. "It also reminds you that credit is a privilege, not a right. If you don't control it, it's going to control you."