Step 2:3 Leverage Your Personal Credit
The business owners' personal credit can still play a crucial role in the company's ability to acquire various types of business credit especially during the initial stages.
Leverage Your Personal Credit
In this section you will complete the following:
- Order your personal credit report & scores
- Submit your credit report for analysis
- Learn how to add a $2,500 account to your credit report
Your Personal Credit Report
We know that one of the main reasons you are working to build your business credit is to get away from having all of your business financing tied personally to the business owners. The good news is that you are on your way to accomplishing just that.
By building strong business credit scores you will be able to secure vendor lines of credit, credit cards, fleet cards, vehicle leases and many other types of business financing using only your business credit. However, beyond that, there is still more to the formula that you should know.
When it comes to business, an owner’s personal credit can make a significant difference in access to various types of funding. Typically, 720+ is considered a strong personal credit rating. If a business owner (anyone owning 15% or more of the business) or officer of your company (CEO, President, CFO, etc.) that has personal credit scores above 720, then more financing becomes available at lower interest rates and a much higher rate of approval.
In the current lending and credit markets, banks and conventional business lenders are looking at both personal and business credit. If the business credit reports are strong then lenders and banks can assess the company’s creditworthiness rather than rely on personal credit alone. Remember, you can obtain 10 to 100 time’s greater credit capacity as a creditworthy business compared to relying solely on personal credit.
Order Your Personal Credit Report & Scores
Separating personal and business credit will better protect a business owner’s assets and credit ratings. By ensuring that your personal credit reports and scores are fully optimized you gain leverage in the business credit building process.
Did you know with personal credit scores in the 680+ range you have the opportunity to obtain multiple business credit cards for your startup or existing business that only report to the business credit agencies?
With our business credit card funding program, you can receive 4-5 business credit card accounts issued to your company in 14-20 days.
First, you will need to order all three of your personal credit reports and scores for only $1. For that special pricing go to:
By leveraging your personal credit to speed up the business credit building process, you not only get access to working capital, you also position the business for future credit limit increases and additional funding opportunities with its new banking relationships. *Ordering your own report does not trigger a hard inquiry.
Submit Your Credit Report for Analysis
You will be contacted in 24/48 hrs with an analysis of your personal credit report and recommendations for maximum optimization & leverage.
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1
Task to Complete
Order Your Personal Credit Reports & Scores
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2
Task to Complete
Submit Your Personal Credit Report for Analysis
Need to Add a Positive Account to Your Personal Credit Report?
If you do plan to apply for business financing at banks then you will need to have a 680 or higher credit score. If you’re lacking in the personal credit department and need to add some positive credit then CLICK HERE to see if you’re pre-approved for an unsecured credit card without any impact to your credit score. There are 2 card opportunities with credit limits ranging from $500 – $10,000.