Here’s a topic we get a lot of advice requests for via email.
Check out this informative article about how credit affects business for entrepreneurs.
Good credit is always a plus!
Your credit score is an extremely important measure of your credit worthiness. Along with the details included in your credit report, your credit score will be used by any lender, creditor or bank in determining whether or not to grant you a loan. As an entrepreneur, you may be even more concerned about your credit score, as it may fluctuate quite dramatically as you start your business. Entrepreneurs often need to borrow large amounts of money to get their business up and running.
One of the biggest influences on your credit score is how you manage your business expenses and monthly bills. If you’re starting up a new business and have taken out large loans, focus on making timely payments on your business rent and utility bills. Your personal credit rating will gradually become less important to lenders, because as your business takes shape it will take on its own…
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