| If you're looking to apply for credit for your | | | | possible. Keeping personal and company money |
| business, you've probably come across secured | | | | separate will make your book keeper or |
| business credit cards... nd bypassed them | | | | accountants job much easier. |
| completely. Many people think that secured credit | | | | Getting a secured credit card for your business |
| cards are only for people or businesses that have | | | | simply means you are in the beginning stages of |
| bad credit, or have declared bankruptcy. The | | | | establishing good credit. Generally, lenders require |
| truth is, secured business credit cards are good | | | | that you use the secured card from 12-18 |
| for any business who needs to establish credit | | | | months before they will qualify you for an |
| from scratch and build a good credit score. | | | | unsecured card...in which time you've created a |
| Many small business owners and entrepreneurs | | | | strong financial foundation for your growing |
| use their personal credit for business expenses. | | | | business, and will be in a better position to qualify |
| They do this because it just seems easier to | | | | for higher limits and business loans. |
| whip out a card they already have and that they | | | | Many business owners are embarrassed by the |
| know the limit on rather than starting off all over | | | | idea of using a secured card. Thing is, secured |
| again with new cards. While this method works, it | | | | cards look exactly the same as regular cards, and |
| really isn't an ideal situation. | | | | there is no indication that your card is of the |
| If you are intending to grow your business, your | | | | secured type when you make a purchase. Many |
| credit score will determine to at least some | | | | lenders don't even report a card as being secured |
| extent how quickly and how much money you | | | | to the credit bureaus. |
| can borrow to help grow your business. Another | | | | Secured business credit cards are not a sign of |
| reason not to just use your own cards is that | | | | financial misconduct or failure... they are a tool you |
| you want to keep your personal finances | | | | can, and should, use to build an enviable credit |
| separate form your business finances as much as | | | | score for your business. |