Business Tips - Build Business Credit to Succeed Business gurus have one mantra to ensure success in business ventures and that is, to build business credit. This is the best way to create and sustain a flourishing entrepreneurship. The concepts behind needing and building business credit are quite simple. A business is an avenue millions of people all over the world are waiting to explore due to the freedom and flexibility that it gives you. To ensure that this flexibility is sustained and does not become an albatross around one's neck, one needs to work hard to establish business credit. This line of credit is different from the personal credit that you have. Take a cue from their names and make certain that business credit is the money pot you dunk your hands in when you need it for business related and work oriented expenses. This way you can get the startup cash for your venture without putting your personal guarantee at stake. Business Over Personal Credit Business credit may be an unknown commodity for most of us when we compare the knowledge we have pertaining to it with all we know about personal credit. FICO scores, personal loans and personal credit cards are all known issues. You can apply for small business loans and business credit cards under business credit as well. The important thing is to keep these two from getting entangled with each other before one starts to mess up the other. Personal credit checks are not needed when dealing with the business credit aspect. When you build business credit, there are many benefits available to you. However, personal credit protection laws do not apply to business credit. Programs To Build Credit Business credit building can be a long drawn out process at times. In order to achieve the financial goals you have set for yourself faster and in a more efficient manner, it is best to join credit builder programs that work with you and for you. A good business credit profile indicates the high ability of a company to pay off debts in good time. Apply For a Good Business Credit Score Credit bureaus like Dunn & Bradstreet, Equifax Business, Experian Business and Business credit USA give business credit scores. To get your score from them, you need to apply to selected vendors who will report your timely payments to the bureaus. Volunteering this information is the only way that you can get your business evaluated from them. Most vendors and creditors do not require any personal guarantee while extending a business line of credit to you. If they do, try to look for other possible vendors. You have gotten everything ready painstakingly and build business credit the right way, the last thing you want is to be saddled with liens on your personal property if you don't pay your business credit payments on time. This is a possibility if your business credit and personal credit are still linked with each other by personal guarantees against business credit. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ |
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