How to get a Loan With your Business credit when you have a Bad personal credit

BUSINESS CREDIT SERVICE: https://getfundedprogram.com/business... APPLY FOR LOAN: https://getfundedprogram.com/ Sing up for Salesforce Business Analyst training: https://sfbatraining.com/ Before we start don’t forget to give us a thumb up and click the bell icon to be notified for future videos.  Business credit is important for a number of reasons. With a good business credit score, you’ll find it easier to obtain financing with lower interest rates and more favorable terms. You can also land better deals with vendors and suppliers. In addition, strong business credit may protect your personal credit score.  If you have bad personal credit, rest assured you can still build business credit. While it will be a bit of a challenge, it’s certainly possible. First of all, let’s talk about the difference between Business Credit and Personal Credit.  Your FICO personal credit score is based on five factors including your payment history, credit utilization, length of credit history, credit mix, and new credit.  Business credit, however, works differently from personal credit history. It considers how long you’ve been in business and your business payment history. Business credit also looks at your history with Dun & Bradstreet, Equifax, Experian and FICO. What is a Good Business Credit Score? Every lender has its own criteria for what they consider good business credit. In most cases, however, lenders prefer business credit scores that are higher than 75. Some lenders may have more lenient requirements, especially for startups or newer businesses. Here are some tips on how to build business credit for people that have bad personal credit.  1. Establish an EIN If you don’t have an Employer Identification Number (EIN), it’s time to establish one. It can give you an alternative way to apply for business credit. With an EIN, you can also open business checking and savings accounts. In addition to an EIN, it’s a good idea to establish a physical address and separate phone line to legitimize your organization.  2. Sign Up with Dun & Bradstreet Dun & Bradstreet is a bureau that provides information on business credit and reports on businesses. You can apply for your nine digit D-U-N-S number for free to start building business credit right away.  3. Use a Business Credit Card With a business credit card, you can begin to establish your business credit history. Just make sure that you pay your credit card bills on time and in full so that the credit card company will report positive behavior to the credit bureaus.  Note that you may need a personal credit check and personal guarantee to get approved for a business credit card. In the event you don’t qualify for a traditional business credit card, opt for a secured credit card or retail credit card at a store your business frequents. 4. Apply for a Working Capital Loan Some business loans are easier to obtain than others. If you don’t have the best personal credit, a working capital loan may be an option. It can help you finance your day-to-day operations and cover your short-term financial needs. By making timely payments you’ll find that your business credit score will increase. Plus, you’ll still have access to ample cash flow to grow your business. 5. Check Your Business Credit Reports Often It’s important to keep a close eye on your business credit reports so you can stay up-to-date on where your business’s credit stands. You may also catch errors and inaccuracies that take a serious toll on your credit.

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