{"id":355624,"date":"2017-12-13T17:00:46","date_gmt":"2017-12-14T00:00:46","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=355624"},"modified":"2018-08-27T10:50:46","modified_gmt":"2018-08-27T16:50:46","slug":"how-poor-credit-could-affect-your-business","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-score\/how-poor-credit-could-affect-your-business\/","title":{"rendered":"How Poor Credit Could Affect Your Business"},"content":{"rendered":"

\"Business<\/p>\n

If you\u2019re an entrepreneur applying for a business loan, you might think your personal credit history has no effect on whether your application will be approved. After all, business credit and personal credit are two different things, right?<\/p>\n

Unfortunately, that\u2019s not entirely accurate. While it is true that one\u2019s personal credit rating isn\u2019t directly tied to one\u2019s business credit<\/a> rating, poor personal credit can still have financial consequences for your business. If you\u2019re considering starting a business<\/a> but your personal credit is in need of repair, here are some important considerations:<\/p>\n

1.\u00a0\u00a0 It may be harder to secure a business loan<\/strong><\/h2>\n

Banks and other lenders will likely be looking at your personal credit history when determining whether to approve your application for a business loan. And it\u2019s much harder to secure loans for people with poor credit. Lenders want to know you are a responsible and reliable borrower. If you have a credit score below 630<\/a>, you may well be denied \u2014 and make that 700 if your business is still in its infancy.<\/p>\n

It\u2019s true that banks will also look at your business credit score (which generally ranges from 0-100<\/a>, although your score can vary between the three credit bureaus), but since many new business owners don\u2019t have much business credit history, personal credit score is more important.<\/p>\n

2.\u00a0\u00a0 Vendors may not want to work with you<\/strong><\/h2>\n

Your credit score will also come into play when it comes to signing up with vendors, suppliers and other services. If you\u2019re looking to lease office space, you will undergo personal credit checks by the property manager and various utilities (electric, Wi-Fi, water, etc.). If your credit isn\u2019t up to snuff, you may have to pay additional fees or higher rates. And if your business relies on distributors for inventory, your poor credit history could make them dubious of working with you \u2014 especially if doing so would require a payment plan.<\/p>\n

3.\u00a0\u00a0 You may not even be able to get off the ground<\/strong><\/h2>\n

There are a lot of costs associated with starting a small business \u2014 permits, insurance, marketing costs and office supplies, to name just a few. Gathering enough capital to offset these startup costs is one of the biggest hurdles for any small business owner. Many entrepreneurs rely on their own money or help from friends and family to pay these expenses \u2014 especially if they aren\u2019t able to secure a loan. But if your finances are all tied up in repaying personal debt, you might not have any capital left to invest in your business dreams.<\/p>\n

So what can you do?<\/strong><\/h2>\n

Consider taking steps to get your credit back on track before<\/em> launching your business. Start by making plans to pay down your debt and get your credit utilization<\/a> under 30 percent. You should also keep a close eye on your credit report to make sure everything is accurate (you can check annually for free at AnnualCreditReport.com<\/a>). If you need additional credit help, consider working with a reputable credit repair company<\/a>, which can provide advice and resources to assist you in fixing your credit.<\/p>\n

Personal credit can make or break your business. Don\u2019t allow yours to stand in your way. Start taking the steps today to improve your credit, so that you can start taking steps tomorrow to make your business dreams a reality.<\/p>\n

If you don\u2019t know where to start, the experts at CreditRepair.com<\/a> can help. We offer a free credit personalized credit report consultation and credit report audit and can help get your credit in shape to launch your new business.<\/p>\n

Carry on the conversation on our social media platforms. Like and follow us on Facebook<\/a> and leave us a tweet on Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re an entrepreneur applying for a business loan, you might think your personal credit history has no effect on whether your application will be approved. After all, business credit and personal credit are two different things, right? Unfortunately, that\u2019s not entirely accurate. 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