Monday, 14 September 2015

Details About Business Credit

What most people do not know about business credit is that you can do every single thing that you can do with consumer credit. Your business can qualify for credit lines and loans including auto loans. In addition to auto loans, people do not realize that businesses can actually apply for and qualify for mortgages. A business can get just about every kind of financing or credit that you can get on your consumer credit. The interesting thing is that many people in the credit industry itself do not understand or realize that this is possible.

It is also possible that merchants and lenders do not want people to know about this information. If everyone knew that you could go out, and get credit with no liability, then everyone do just that and there would be reason to have a personal guarantor. Since most business owners also do not know this, they are voluntarily giving out the SSNs and also guaranteeing the loans themselves.

Business credit is just not commonplace. Major vendors like Costco, Sam's Club, etc. do not advertise or promote their business credit cards and so few people know that theses things exist. So, it is important that more business owners find out about business credit and also qualify for one as there are many beenfits to doing so.

One of the major benefits of building business credit is that a business credit profile is completely seperate than the personal credit profile. This one benefit itself essentially translates into the business owner having double the borrowing power than they would have otherwise.

Another key benefit is that the business credit scores are based only on whether the business pays its bills on time or not. So, a business owner can build credit much faster by paying for all their business supplies, services and products using their business credit cards and profile.

You can go to this link to find a full report to build business credit.