Now Is The Time For You To Know The Truth About Business Credit And Personal Credit | business credit and personal credit

It's important to remember that just because you don't have a business credit card doesn't mean that you can't get loans or other forms of credit. In fact, most banks and other lenders understand that many business owners don't have business credit cards on hand. So they are willing to extend credit to business owners who are able to prove they have a business credit card account. You can use your personal credit card to help you build a solid credit history. Here are some tips to make sure you get the best credit possible.

Know your balance and outstanding bills. Your business credit cards may offer low interest rates but this isn't always the case. If you have outstanding debt, such as car loans or home equity loans, your rate may be even lower. Plus, if you don't pay your bills on time, you are damaging your credit. Any negative comments on your personal credit report will reflect on your business credit. You want to avoid having your report for business use damaged by negative comments about paying your bills.

Apply for a business credit card. The company needs to see that you have a viable business. So you should always make sure your business is doing well before you apply for business credit. Also, this type of card is not offered to everyone. There are specific business credit cards targeted to small businesses only.

Look around for the best business credit cards. Some banks have better offers for business credit cards than others. Also, it's important that you compare the interest rates of these cards. This way you can find the one that has the lowest rate while still offering good customer service.

Use your business credit card for extra expenses. Sure, your card is for business use only, but it still has money available to you for traveling, lunches out, and supplies. Plus, some cards even offer reward programs. Look at all the different features and choose a card that offers the most perks. You can use your business credit card for everything that relates to running your business.

Paying off your business credit card balances in full is crucial. Yes, you do have to pay the balance every month, but don't let that stop you from doing what it takes to build your business. If you use your credit card to make payments for office supplies, internet, phone, car insurance, marketing and advertising, and more, then you are showing your customers that you are dedicated to building your business and paying off your debts.

Use your business credit wisely. You should never let your personal credit score get in the way of building your business. Keep your business and personal credit separate because your business needs your personal credit score more than your personal credit score needs your business credit.

Keep track of all your purchases using the business credit card. If you aren't buying something because you need it, then you are wasting money. Plus, if you make mistakes, then it is easy to clear up. Your business credit is there for you when you need it. Use it to your advantage.

Always pay off your outstanding balances on time. One of the reasons you need a business credit score is, so you know your debt to income ratio. When you have a low debt to income ratio, then you are in a good position. However, . . . . . . if you have a high debt to income ratio, then you are running into problems getting approved for business credit and personal credit.

Always keep an eye on your personal credit score and maintain it. This is very important for you to have a good business and personal credit rating. If you have a high business credit rating and credit low personal score, then your chances of being able to get approved for loans and other types of credit are slim. If your business requires a significant loan then your personal credit score will determine whether or not you get that loan. If you have a low business and personal credit score, then you might have trouble getting an unsecured business loan or a secured business loan.

It's important that you don't close old business accounts. Most business credit cards and personal credit cards have fees every month. If you close the account and you don't pay the monthly fee, then you could be reported to the credit bureaus as a late payment person. That can hurt your business and personal credit scores.

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