Why should you consider getting a small business credit card? What benefits can you enjoy from business credit cards that are not available on personal credit cards? How can credit cards for business help enhance your business?
Boost Your Business Potential with Small Business Credit Cards
Some people may say that personal credit cards can be used for business so why bother to get a business credit card?
Business credit cards are great tools for building business credit. Business credit cards are easy to acquire than business loans so they are ideal for new and start-up businesses. As you spend with your credit card and pay off your monthly charges on time, you are strengthening your corporate credit.
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If you have just started your small business, building business credit should be on top of your list of priorities. This article presents common myths circulating about business credit and the truth behind each myth.
Myth #1: Small business entrepreneurs or home based business owners don’t have to be concerned about the status of their business credit. Continue reading »
Whether you own a home based business or a small business, it is important to build business credit. Keep in mind that all creditors, insurers and investors will check your business credit profile to determine if your company is a worthy investment.
The challenge of financing a business is always present whether you are starting up a business, managing a new business or an established one. The need for cash will always arise and sometimes, when you least expect it. This is why business owners must consider acquiring an unsecured line of credit.
Most lending companies that offer unsecured line of credit do require that you have been in businesses for at least two years. A good personal and business credit standing is another basic requirement to be eligible for an unsecured line of credit.
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Getting a small business credit card is recommended for business owners for a number of benefits. First of all, it helps an entrepreneur separate his personal funds from his business finances. This factor is crucial especially as the business begins to grow and more expenses are incurred. By having two separate accounts- business and personal –you can better manage your finances and make informed decisions for your business.
Another advantage of owning a business credit card is to build a solid credit history for your company. By charging business expenditures to your credit card and paying off these debts on time, you are also building your business’s credit. After a few months to a year of timely payments, you should enjoy an excellent business credit standing. Why is this important? Continue reading »
Many business owners want easy access to loans without the need to submit collateral. However, if you’re going to apply for an unsecured business loan, one major requirement is a solid business credit. Because of the absence of collateral, most lending companies will only grant approval if you can show proof of good credit history.
Unfortunately, there are businesses that have been in operations for two years or more but without small business credit. As a result, they find it difficult to get approved for unsecured business loans because they were not able to establish a respectable business credit profile.
It is important to understand that building business credit is different from building your personal credit. Take note that credit reporting agencies that track consumer credit are different from credit bureaus in charge of creating credit reports for businesses.
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What is a Paydex Score and why should you be interested to learn more about it? How can you build a solid Paydex Score? This article discusses information that you should know about business credit.
Your Paydex Score Helps Your Business Financing
The Paydex score is used calculate business credit rating in figures. If you have registered your company with a business credit bureau like Dun & Bradstreet, you can start building your business credit by applying for a new business credit card or business loan. Just make sure that your chosen lender will report your payments to D&B.
The Paydex Score is included in your business credit report. A Paydex score ranges from a low score of 80 to a high score of 90 to 100. A Paydex score of 70 or below is considered as poor. Obviously, if you have low score, it would be very difficult to convince lenders to approve your credit application.
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