Build Business Credit to Ensure A Successful Business Venture
Advantages of Business Credit
Advantages of Business Credit Personal credit and credibility are fundamentals that we are well versed with. They are based on credit scores that you have worked all your life for. With good corporate credit, you no longer put it all on stake in case your business venture falls through. There are a variety of advantages of business credit. These include easy application for small business loans, auto and equipment leases and last but not the least, business credit cards. These can be quite the boon when it comes to expenses related to your work which no longer need to be covered by your personal credit card. Thanks to the fact that you have spend some time to build business credit.
Business Credit Cards
While the concept of business cards is quite similar to regular personal credit cards, the primary difference is that it allows for the separation of expenses. Only business related expenses need to be put on these cards. They generally have higher credit limits based on the needs of the company. Like personal credit cards, there are many companies out there that offer business cards. It is best to make an informed choice before accepting one over the other or indeed, accepting both. One of the main criteria is the proffered interest rate. Regular rules apply which means the lower the better. Also, have a look at the annual fee and ensure that there are no hidden expenses involved with the business card. To avoid a strange or unpredicted debt accumulation on your card, have a pre-payment plan in place. This will ensure that you make your payments on the cards on time and do not endanger your business credit.
Business Credit Bureaus
The ratings provided by credit bureaus define our credibility. There are specific business credit bureaus to deal with corporate credit and related scores. The scoring system ranges from 0 to 100. It has been seen that in general a score above 75 is considered appropriate and credible. These credit bureaus include the internationally recognized Dunn & Bradstreet, FDInsight, Experian Business and Equifax Business. These bureaus will, at your behest check public and tax records pertaining to your company and its doings so as to arrive at the most appropriate scoring of your efforts to build business credit.
Build Business Credit to Ensure A Successful Business Venture
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