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7d • General discussion
WHY BUSINESS CREDIT MATTERS
Establishing business credit is important for many reasons.
First of all, your business credit score is separate from your personal credit score. This means that you are mitigating risk. Both business and personal credit profiles value on time payments above all else, but business credit is less concerned with utilization. This means that you can actually use your available credit without putting yourself on a credit score roller coaster.
As long as you have a good personal credit profile, you will usually be able to get more cash if you really need it. This can protect you from getting into a bad spot due to factors outside of your control.
At first you will have to use your personal profile to qualify for business credit but eventually, you can qualify for EIN only loans. This means SBA loans, car loans to your business and much more.
The steps that you take toward establishing business credit are the same steps that you take toward truly separating business from personal finances. This means maximizing the tax deductions that you are entitled to as a business owner, more stable financial planning and long term strategies like tax free retirement and generational wealth.
Leave a comment here if this is something you would like to discuss more.
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WHY BUSINESS CREDIT MATTERS
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