building business credit

Establish Business Credit

Whether you are starting a new business or trying to get your personal business off the ground there is going to be a point where you need to begin building business credit. Like regular credit, business credit is an extremely important aspect of your life that you need to always have under consideration when making any decision.

For a business, your business credit can impact what kind of loans you qualify for or finances that could be the difference between having a standalone building or renting out a suite. It can even impact your ability to pay your employees, contracts you may want to take on, or business deals you make with other businesses. 

Your business credit operates just like your normal credit would with the only difference being that it represents how creditable you are as a business instead of yourself. Business credit can also be helpful in this sense. If your business ever fails, or goes into major debt, those debts may only impact your business credit and not your personal credit. This only applies to certain kinds of businesses, however.

Establishing an LLC or Corporation

You are completely justified as a personal business owner to keep it in your own name the entire time you own your business. However, when you do this you are opening yourself up for personal liability when it comes to your business. If someone were to sue your business they would in turn be able to sue you for your own personal assets. 

As a result of this many business owners, once they reach a certain income level, choose to qualify their business as an LLC or corporation. This can help protect you personally from the liabilities of the company and can also help you when building business credit.

By separating your personal assets from your business assets you are also in some ways separating your personal credit from your business credit. This not only protects your personal credit, but it may eventually give you the opportunity to build up business credit opportunities. 

Incorporating yourself is a great way to establish business credit, because at that point you are seen as an actual business in the eyes of creditors. It will also protect you.

Business Credit Card

If you have established yourself as an LLC or corporation then you may have a better opportunity at receiving a business credit card. A business credit card is different from a regular credit card in some aspects and very similar in others. 

You Need a Business Bank Account

Before you can even get a business credit card you will need to own a business bank account. This way you are establishing that all purchases made on this card are going towards your business expenses and not your personal expenses.

That said, a business credit card is used the exact same way as a business credit card. You can spend anything you want with your business credit card, but beware that interest rates on business cards can sometimes be higher and you really don’t want to miss a payment on a business card due to sometimes inconsistent protections that do not exist on consumer credit cards.

All of this aside, with a business credit card you build up your business credit the same way you would your regular credit. Every time you make a purchase and pay it off you are building up your credit and proving you are a creditable business.

Business Credit Cards Can Impact Personal Credit

It’s worth noting that depending on who you get your business credit card through it can still impact your personal credit as well. Some credit card companies report your business credit expenses to your personal credit bureau as well. So if a payment is missed, or something that could harm your business credit occurs on that card, you could find yourself liable for it on your personal credit as well.

Despite these concerns, business credit cards can be great because they offer the opportunity to build up your business credit while still contributing towards your business in a positive way. One of the many ways that business credit can help you with your business include.

  • Lower interest rates
  • Larger loans
  • Higher credit options
  • More financial opportunities 

If you are curious about how Shamika Saves can help you with your business credit then contact me today. 

How Shamika Saves Helps Business Credit

At Shamika Saves, I can help you either establish, repair, or simply learn about how you can start using business credit in your own business. I am here to help you learn how your business credit can grow your business even further. 

One of the ways I do this at Shamika Saves is through a consultation. We can discuss your business credit situation and go over the details together. Maybe you are struggling to get your business off the ground because you currently don’t know how to qualify for business credit and since you do not qualify for business credit it makes something like earning a business card more difficult. At Shamika Saves we can teach you how to raise your business credit so you can start using the benefits of it in your own business

What if I need Business Credit Repair?

At Shamika Saves I also offer business credit repair consultation. We all need second chances, but credit is one of those parts of life where second chances don’t come easy. Through my methods, I can teach you how to get your business credit back where it should be.

Schedule A Consultation Today

When it comes to building business credit you need to be utilizing the benefits of it. You may be unfamiliar with how business credit works or how you can take advantage of it. That’s not a problem. I know of many incredible methods that can get your business credit back on track.

Call me today at (254) 702-5426 or use my online contact form. Let’s discuss your business and see how we can get you great business credit. Have a question that you would rather have answered through email? Send it to info@shamikasaves.com. I am also very active on Facebook!

Let’s get you great business credit.

How Shamika Saves Helps Business Credit

At Shamika Saves I can help you either establish, repair, or simply learn about how you can start using business credit in your own business. I am here to help you learn how your business credit can grow your business even further. 

One of the ways I do this at Shamika Saves is through a consultation. We can discuss your business credit situation and go over the details together. Maybe you are struggling to get your business off the ground because you currently don’t know how to qualify for business credit and since you do not qualify for business credit it makes something like earning a business card more difficult. At Shamika Saves we can teach you how to raise your business credit so you can start using the benefits of it in your own business

What if I need Business Credit Repair?

At Shamika Saves I also offer business credit repair consultation. We all need second chances, but credit is one of those parts of life where second chances don’t come easy. Through my methods, I can teach you how to get your business credit back where it should be.

Schedule A Consultation Today

When it comes to business credit you need to be utilizing the benefits of it. You may be unfamiliar with how business credit works or how you can take advantage of it. That’s not a problem. I know of many incredible methods that can get your business credit back on track.

Call me today at (254) 702-5426 or use my online contact form. Let’s discuss your business and see how we can get you great business credit. Have a question that you would rather have answered through email? Send it to info@shamikasaves.com. I am also very active on Facebook!

Let’s get you great business credit.