Expenses for your new business can add up fast. If you’re tight on funds in the beginning, having a credit card for your business can ensure that most of those expenses are covered. Which brings us to our question: “how do you get a credit card for your new business?”
First, it starts with your personal credit. There are three main credit reporting bureaus: Experian, Equifax, and Transunion. If you have an auto loan, home loan, personal credit cards, student loans, etc., then you have already started establishing your personal credit. Factors like the number of credit accounts, the types of credit accounts, how much credit is used, and payment history all affect how lenders evaluate your credit. Yet, this is different when it comes to building business credit.
Similarly, there are business credit bureaus: Experian Business, Equifax Business, and Dun & Bradstreet. Getting business credit will be easier if you have good personal credit, meaning in the 700s or higher. But don’t fret! There are ways to still get a credit card for your business even if you don’t have good personal credit.
Finally, find out those ways in this week’s episode of All Up In Yo’ Business. And be sure to subscribe to our YouTube channel for more All Up In Yo’ Business! Contact us today if you need help with your business.
Want more helpful information for your new business? Check out: Top 5 Tips For Organizing Your Business.