Credit usage: business credit cards vs personal credit cards
The majority of investors today are struggling with their personal credit score. This is due to the fact that they are putting business expenses on personal credit cards. How can you make things easier, faster, and cheaper? The answer is making the switch to business credit cards! This is a simple step that every investor should be taking to alleviate future strain on their personal credit score. By having higher credit scores, investors will in turn have more leverage to grow their business. We can help guide you through the migration to business credit cards.
First let’s look at Personal Credit Cards
High credit scores are important for investors because it creates the leverage and funding they need to grow their business. Almost every investor runs up their personal credit card balance, by putting too many business charges on them. Thus, jeopardizing their personal credit score because of the high credit utilization rate. For personal credit cards, MyFico only allows for a 20% utilization rate before it impacts your credit score. However, business credit cards do not have the same restrictions. Instead, you are able to use the entire credit limit without having to worry. In having better credit scores, it opens the door to endless possibilities that will create wealth.
Next let’s look at Business Credit Cards
Switch to business credit cards today! Business credit cards are the most important thing that investors can do to ensure success. They not only provide funding, but also the leverage required to create further growth. Many investors have heard of corporate credit and have taken the steps to get started down that path. Unfortunately, this option results in years of hard work and multiple steps before any progress can be made. Business credit cards on the other hand, are quick to set up, extremely flexible, and most importantly they will not impact your credit score. Eliminate the cash crunch by separating your personal credit from your business.
Get on the right track today!
By using personal credit cards for business expenses, you are jeopardizing your credit score and endangering the success of your business. Do not join the 80% of real estate investors who fail. Make the switch to business credit cards as soon as possible! We can help guide you through the entire process from setting up your business correctly, to researching credit cards, and can even provide usage loans to get you back on track.
Watch our most recent video to discover more about the importance of business credit cards and how we can help guide you to success.