The Connection Between Personal & Business Credit
Your personal credit impacts nearly every aspect of building business credit, financing opportunities, and overall growth. Don’t undermine your vision by neglecting your personal credit.
Any business lender or creditor will examine your personal credit reports and scores first before extending business financing or services. Those with poor personal credit can face rejection or suboptimal terms, even with strong business plans. But those who invest in good personal credit can access the most favorable interest rates, highest credit lines, and overall credibility.
Building your personal credit now lays the groundwork for flexible business financing later. As you establish business credit, lenders will still look to personal history to fill any information gaps. Maintaining excellent personal credit helps ensure you can qualify for financing while building robust business credit profiles.
Good personal credit saves real money:
Those with poor credit spend an average of $200,000 more in interest over their lifetimes. For businesses, high interest and poor financing reduces profit margins and stunts growth. But good personal credit scores can minimize interest costs and free up capital to scale.
Your personal credit matters. As credit experts, we recommend starting repair now before launching your business. Our services can help construct the strong personal credit foundation to set your company up for financing success. Don’t wait to build the business of your dreams – contact us to start establishing your credit today.