Why A Good Credit Score Is Important To Your Business
Do you know your credit score is?
Do you even know WHAT a credit score is?
Don’t feel bad.
Most people don’t.
Your credit score tells lenders the type of borrower you will likely be based on your credit history. Scores in the United States run between 300 and 950.
The higher your score the more likely is it that you will be approved for loans at favorable rates and payment terms.
You might think your credit score is not a big deal unless you are trying to get a home mortgage or a new car loan, but in business your credit score is just as important.
Consider this:
You may want to apply for a personal loan to fund the startup of your business.
As your business grows you may want to set up a line of credit with a bank to help manage cash flow.
You may need to purchase a building of your own. You may need to establish lines of credit with vendors and suppliers.
Even if you just want to apply for a credit card to charge your company car gas purchases to, your credit score is important. So back to my original question: Do you know...
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