May 27 (edited) in Secret
Secret # 1
💯 Your personal credit still gets taken into consideration as a borrower when you’re getting a loan, even if you have established business credit and it’s not a PG. There are manufacturers and funders that won't mind that you have low personal credit if you do have high business credit, but they will still look at it.
🧠 If you have a business with good monthly cash flow or an asset with equity (equipment, real estate, receivable's) then you can still get funding with bad personal credit.
🙂↕️ Without either of those you will typically need at least a 650 or higher FICO score to get a real business loan.
👉🏼 Keeping your business and personal credit cards at a low utilization (<35%), using them every month, and paying your bills on time will help proactively build + maintain your credit.
🤖 Lastly, when it comes to start up funding, you’ll need a good credit score since there isn’t much else to base the initial loan off of due to lack of historical financials.
#TheyDontTeachYouThisInSchool
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Secret # 1
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