You need credit to start your business, you need your business to re-establish and maintain your business credit and personal credit. Business credit and personal credit are linked together. Credit is one of the most important factors of your business; your business is the most important component of maintaining, fixing and re-establishing your personal credit.
Don’t confuse using your personal credit for your business credit usage, that’s a bad mix; keep your personal credit separate from your business credit. Your business credit rating will appear on Dun and Bradstreet, Experian Business and Equifax Business. A combination of both your personal credit and business credit will determine your new business loan approval. When can’t maintain either your personal credit or business credit, start with:
- Analyzing your accounts receivable
- Reducing or consolidating your business debt
- Reducing overhead
- Applying for an alternative business loan for quick cash that will not hurt your overhead
Alternatives to Start or Re-establish Business Credit
You have to start somewhere to fix your business credit and personal credit. If you’re looking to expand your business or need working capital, and don’t have the business credit or personal credit to do it, initiate these simple steps:
- Go to Equifax and Experian and order a three merge credit report, you will not be penalized for a credit inquiry because you are ordering the credit report directly from the credit bureau and you are not inquiring for new credit. With Experian, you can utilize Experian Boost for free.
- Fix your personal credit first, consult with a credit expert who provides with a free thorough credit consultation for your business credit and personal credit
- Settle and pay off collection accounts or judgments that appear on your business credit or personal credit
- Start off with a small business loan amount, pay it on time and eventually off for good creditworthiness
Remember, your personal credit is your asset for life, take good care of it!
For more information on how we can improve your business credit and personal credit locally in West Palm Beach FL and Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 855.477-9007 . Read what our valued clients have to say about First Pro Capital on our Testimonials page.
First Pro Capital and Credit Consulting Professionals know business and credit
Allow our team of professionals to assist you!