Often, when you are trying to get growth financing for your business, you'll be asked for your personal credit score – which needs to be 680 or higher for most qualifications. But what if your score is lower? What can you do to quickly build up your personal credit so that you can grow your business? Adding a credit tradeline to your report might be the short-term solution you need. Credit tradelines are an unconventional, but relatively common method of building up your personal credit. Whether you already have good credit and want to improve it by adding another tradeline, or you just need a boost before applying for a business loan or other large purchase, credit tradelines can get the job done, and this article will show you how.
A business line of credit, also known as a credit account or revolving credit, is an arrangement in which a company borrows funds on a short-term basis up to the credit limit. The company pays interest only on what it actually borrows and can request more funds if needed. It's often used by companies that need cash to operate but do not require any long-term financing. Learn more about business lines of credits and how you can use them for your business!
Imagine the feeling of being on top of your finances, knowing exactly how much money you have in your account and where it came from. If you're a business owner who wants to take charge of your financial world, using a business bank account to separate personal funds from business funds is an excellent way to do so. In this article, we'll show you how to open one and use it responsibly.
A business credit score is a number that is given to your business to represent the likelihood of defaults, payment delays, or bankruptcies. It is calculated based on data from vendors you do business with, public records like liens and judgments, and your company's own financial statements. In this article, we'll cover the most important things you need to know about your business credit score so that you can strengthen it for your business.
If your business has a lot of recurring bills or daily purchases, you might want to consider using a credit card instead of traditional debit cards or checks. In many ways, using a business credit card for general and recurring purchases can be safer and easier, but there may also be a few drawbacks when poorly managed. In this post, we will examine the benefits and drawbacks of using a business credit card for daily purchases.
Do you find yourself craving more resources, such as an office space or a larger inventory, in order to grow your company? If so, then this post is for you. Here, you'll learn some of the ways that business loans can help your business grow and thrive!