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If you're a sole proprietor or a business owner with fewer than 20 employees, your personal and business credit scores are closely linked in the eyes of banks and other potential lenders. So it's important to take steps to protect both--even if you don't plan on applying for a loan in the near future. A low credit score indicates you're a poor credit risk to potential lenders, and can limit the amount of credit they extend to you, result in higher interest rates or mean you're denied credit altogether. That's why it's important to monitor, evaluate and protect your credit standing just as you would protect any other business or personal assets.
To help you avoid any credit problems, here are some tips for managing your credit effectively:
Just a few tips.. feel free to add on..
This information is very informative and true, as a credit repair and development company. We can attest to the extreme importance of personal and business credit for Entrepreneurs. Below we have listed some of the main notable differences between business credit and personal credit.
Can be repaired
Inquires cause damage
Average credit line 2,500
Great Family Risk
Tax ID number
Cannot be repaired
Inquiries don’t hurt score
Credit Line 25,000
No personal guarantee
Ladies Knowledge is POWER!!! So let’s utilize our tools and grow your business and personal credit profiles.
Great info! I'm checking into all of this right now. Thanks!
Helpful Tips.. Thanks for sharing!!