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Are you still using your personal credit for the business? One of the most underestimated items you could have in your credit arsenal is credit cards in your business name. Many people do not choose to obtain a business credit card because they don't realize its positive long term impact on the Paydex or business score and therefore on the overall business image. They use their own credit to begin the business and wait until they have to get a bank loan to try and get credit in the commercial name. Even though a this kind of card has more requirements compared to other forms of credit cards, it can be very useful if used properly. Using personal credit for early company needs wastes the early years when you ought to be building your business credit slowly and negatively impacts your individual credit by showing large debts in your credit report that are not identified as actually of the business. Large balances hurt your CREDIT score. Both of these types of credit are tightly tied together in the lenders perspective. It is critical to maintain them separate. A good FICO score can help you get your business credit and additional accounts. But credit for your business isn't built overnight. It takes at least annually to properly build your business credit score. If you apply for a card in your business name when you initially create your business entity you will reduce the requirement to use your personal credit for scaled-down expenses, and you will start to build that good business reputation immediately. How is a business credit card not the same as personal credit card? Basically, business cards are for business only use. The main difference is that when compared to personal card, this card will possess a higher limit, usually $25, 000 or even more. You will also need to personally guarantee a this kind of credit card, but that card won't show up on your personal credit history. A business card helps your start up business by extending payments while improving the money flow. Depending on the card you select, it may also bring a large amount of automatic benefits. Business cards offer detailed spending reports and provide quality customer service. It also provides many alternatives and numerous credit choices for small businesses, like a line associated with credit. Customized company logos and use of instant cash are available when a person access your account online. Most applications offer no fee for that first year and no pre-set investing limit or finance charges, and even free cash loan checks. Other offers include membership incentive programs that enable the member in order to earn points towards travel, merchandise, along with other rewards for the business. It is important to learn all you can about building business credit properly so you can grow your company credit while protecting your personal credit score.






Want to learn more regarding building business credit? go to http: //www. cleancreditqueen. com or even email Linda@CleanCreditQueen. com. Linda Adams is definitely an innovative and seasoned facilitator/educator with a lot more than 20 years experience designing and implementing programs for audiences of ages. She is dedicated to helping other people realize how important their credit would be to every facet of their lives.

View this post on my blog: http://creditcard.valuegov.com/improve-your-business-credit-by-applying-for-a-business-credit-card/