What Credit Score Do You Need To Succeed?
Investors are struggling in this current economy with the impact that business expenses are having on their personal credit scores. Alex Erlich, a credit advisor and educator, is joining us today to discuss the importance of leveraging business credit vs personal credit. Credit and debt are not equal in any shape or form, but we have to play the game to win it.
The importance of Leverage
So many investors are putting business expenses on their personal credit. Resulting in 70-80% of clients becoming overextended on projects, and maxing out their credit cards. By separating personal and business credit, it will prevent further strain on your personal credit, increase loan eligibility, and create more leverage. What exactly do we mean by leverage? Leverage is how much you are eligible for and what it looks like on paper. Leverage is the King in real estate. Having more leverage allows for more opportunities, not only your business, but for your personal life as well.
The ideal Credit Score
MyFico.com is the best place to obtain credit score information. This site not only provides an overall credit score, but it also separates scores into 40 different categories. It can be an information overload, however, by going straight to the source it provides you a cost free and spam free way to gather all of the information you need. So what is the ideal credit score that lenders are looking for? The ideal credit score range should be between 680 and 720. However, with the current economy, banks are increasing their minimum requirements to 720 and above. How do you get from 680 to 720? We can help you discover ways to improve your scores quickly to get you back in the game.
Don’t let your personal credit score impact your business success!
The faster you can separate your personal credit from your business credit, the better your personal credit score will be. We can guide you through the steps. From establishing your business, to finding the right business credit cards, and even providing a 911 loan, we have the tools to help you win.
Contact us today to find out more about setting yourself up for success.