Using Personal Credit Scores to Build Business Credit

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Using Personal Credit Scores to Build Business Credit

Building business credit is a journey and can be complex. Using all of your available resources and tools might be within your comfort level. This will depend on every entrepreneur’s position and comfort, however there are some methods that can carry the pace of a fast mover on the credit building path. You can apply for a business credit card and use a personal credit score to be approved. The credit performance does not appear on your personal credit profile and will only appear on your business credit profile in the name of the business.

Having a FICO score of 700 opens many doors for you with business credit. If you need credit quickly for your business, you can apply for $50,000 credit line in the form of a business credit card. These types of credit cards report on your business credit profile and performance will not affect your personal credit report. This could be a method to get larger amounts of credit while you are building your business profile with the major national business credit bureaus and reporting agencies.

A personal credit check will occur during the application process of these types of business credit cards. The applicant must own at least 10% interest or shares in the business and be the signature authority as an executive or officer, i.e. President, CEO, CFO, etc. The application should have a 680+ personal FICO score, obviously the higher the better.

These types of business credit cards extend up to $50,000 of credit that you can use like cash as well as:

  • Reports to Both Experian and Equifax
  • Use as working capital
  • Will open your profiles with Bureaus if not already reporting
  • Up to $50,000 in business credit