Do you have to have good personal credit in order to obtain business credit?
Sunday, June 28th, 2009 at
9:15 pm
mrcharlie69 asked:
I am very curious to the fact of knowing do you have to have good personal credit in order to obtain business credit?
I am very curious to the fact of knowing do you have to have good personal credit in order to obtain business credit?
Tagged with: Business Credit • Personal Credit
Filed under: Credit
Like this post? Subscribe to my RSS feed and get loads more!
of course unless you have some really strong security to put up that out weights the low credit score!!!
Mostly yes, especially if you’re a sole proprietor. If you are taking on business credit, then you’re personal financial report is what counts. Basically if you can’t control your own finances, how can you do that of your business’?
If you have a corporation and say 2-3 people need to be in on the business loan, they will look at the overall financial assessment of each individual.
It’s always good to have a great credit score, cash supply (within reason cuz you are borrowing) and collateral (vehicle, house, stocks, etc…)
Good luck!
No you do NOT. Your personal credit is entirely different. Visit this site for more info.
Hi. You don’t have to have perfect credit to get a business card, but good personal credit sure helps.
Business credit cards are issued on the basis of the business owner’s personal credit record.
If your personal credit isn’t so good, you still might get a business credit card, but the rate will be high and the credit limit will be low.
Please don’t pay attention to anyone who says your personal credit is entirely different. Sounds to me like they want to sell you something. Until you have a long track record on your business credit, your personal credit IS your business credit.
I htink you should just fill out the application for a business credit card and see what happens. I know you need some good credit go get a account. So its worth a try.
generally, the answer is yes – Especially with a business that is relatively new. As time goes on, businesses and corporations can establish their own credit, at which point a business credit report or dunn and bradstreet report would be pulled.
If you have bad personal credit and want to repair it so you can get business credit, I recommend going to