As a member of the business credit industry, its been my experience that fewer than 10 percent of all entrepreneurs know about or truly understand how business credit is established and tracked-and how it affects their lives and businesses. Establishing Business Credit Lets start by talking about your business credit score. Business credit scores range on a scale from 0 to 100 with 75 or more considered an excellent rating. Personal credit scores, on the other hand, range from 300 to 850 with a score of 740 or high considered excellent. Its important to note that there are many factors that affect a credit score; its based on more than just whether you pay your bills on time. Your score can be affected by the amount of available credit you have on bank lines of credit and credit cards, the length of time youve had a credit profile, the number of inquiries made on your credit profile and more. The mistake many business owners make is using their personal information to apply for business credit, leases and loans. By doing so, they risk having a lower personal credit score. Credit One, LLC provides business credit building system and a step-by-step process to building your credit.
Posted on: Sat, 09 Nov 2013 14:07:29 +0000
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