Whether you’re looking to understand your business credit score or looking to grow your business credit, our easy-to-understand articles and guides will set you on the path to building the best business credit score possible. With good business credit, you’ll have a solid foundation for financial business health.
The industry continues to tout the many, many reasons why small businesses like yours need business credit, as well as the integral role it can play in taking your company to the next level.
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.
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).
Your business credit score is a key metric used by banks and other investors when deciding whether you pose a worthwhile financial risk. If you have a poor score, you could miss out on critical business loans, lower interest rates, higher credit limits and more favorable repayment terms.