From the course: Financing Your Business
Join today to access over 22,600 courses taught by industry experts.
Impacts to personal credit
From the course: Financing Your Business
Impacts to personal credit
- When you're choosing a small business credit card, one thing I'd like you to consider is how it can impact your personal credit. One of the biggest factors on personal credit scores is your debt usage. That's how close you are to your balances on your revolving accounts, like your credit cards. High balances on credit cards that appear on your personal credit reports can significantly impact your personal credit scores. Some business owners don't realize that some small business credit cards do impact their personal credit, and some don't. Not long ago, a small business advisor shared a story with me. He had a client who had a good business, but some financing fell through at the last minute and she ended up maxing out her personal credit cards to fund her business. She later ended up being able to refinance that debt using an SBA loan. Remember we talked earlier about how the SBA 7A loan program can be used to…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.