When you have business credit you DOUBLE your borrowing ability! Not only will you have access to the consumer credit you have now, but you will also have an entire other credit profile for your business that you can easily use to get the same credit and more all in your business name.
And per the Small Business Administration (SBA), approval limits on business credit accounts are 10-100 times that of consumer credit! Forget doubling your available credit, how about increasing it by 10-100 times!
And speaking of SBA it’s very important to mention that if you even think about applying for any business funding you will need to have an established, positive business credit profile. It’s a must, and something so essential that SBA says right on their website that you should “be prepared to submit a credit report for your business” with any SBA financing.
SBA requires that you have good personal credit, good business credit, and good bank credit to get approved. And in the Business Credit Building Course you will not only build your business credit but you’ll also get insight on how your bank credit works, something only TOP entrepreneurs even know about.
With the Business Credit Course you will be able to build your business credit, this is credit that has NOTHING to do with your personal credit.
Did you know that 30% of your consumer credit score is dedicated to utilization, the percentage of your available credit that you are actually using?
That means if you have a $1,000 credit card and owe more than $300 on that card your credit scores will actually be lowered. I have personally seen credit scores lowered by over 100 points just because the consumer was over-utilizing their revolving accounts. Any balance you owe over 30% of the limit will hurt your scores. Plus new inquiries affect 10% of your scores, so even applying for the new credit can hurt you!
These are just more reasons smart entrepreneurs build business credit and don’t use their personal credit for business purposes.
