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While there are pros and cons either way, the good news is that it can be perfectly acceptable to use a personal credit card for your business — as long as you follow certain best practices.
In sole proprietorships, the owner is allowed to co-mingle business and personal finances, so using a business card can help keep track of business expenses and separate them from personal expenses for accounting and tax purposes.
A business credit score is similar to a personal credit score in that it reflects the financial history of a business. Your business credit score rates the quality of your business’ financial dealings, including credit, bill-paying history, debt-to-credit ratio, defaults or bankruptcies, creditworthiness and more.
Determining how to get business credit is as easy as doing a bit of research and forming a strategy that fits your business.
A high business credit score may help you land lower rates for insurance, and it can also help create a positive impression for other companies that are considering doing business with you.
Credit cards can also help your business develop a credit history, which is important should you want to secure business financing or more favorable credit terms in the future.
ChexSystems is a check verification service and consumer credit reporting agency that provides details about consumer deposit accounts to banking institutions.
In this post, we’ll explain how Experian calculates your business’ credit score and walk you through the credit report that comes with it.
With all the balls you’ve got in the air, it can be easy for your business credit to slip down your priority list.
According to the Federal Reserve Bank of New York, more than 50 percent of small business owners who apply for loans fail to obtain them, and it’s usually because of poor business and personal credit scores (or recipients that have been mismatched with lenders).