Consider a small business credit card made for those with less than perfect credit Just make sure you make on time payments on the card so your business credit scores move in the right direction. Once you obtain your business credit card, it can help you build your business credit scores so that your business starts to become a credible borrower separate from you as an individual. Other ways to help your credit score include making sure that you pay all of your bills on-time, and not applying for too many new lines of credit in a short period of time.
But if you pay your balance off before your statement period closes, then no debt will be listed on your credit report, helping your credit score. However, your credit report will show your debt according to your most recent credit card statement balances, even when you avoid interest charges by paying your balance in full. One of the largest factors in your credit score is the amount you owe. Thankfully, there are several things that you can do to improve your score. Get Started Look for ways to improve your credit scoreĮven though a small business credit card has your company’s name on it, you will still be relying on your personal credit history and credit score when you apply.
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Finally, you can volunteer to shift part of your line of credit from another card issued by the same company. You can also include any household income that you have access to, including your spouse’s. For example, you might be able to clarify your household income to include eligible sources such as child support, alimony, government benefits, and investment income. When you speak to a representative, you can ask why your application was declined, and make your case for approval. To do so, simply call the card issuers reconsideration team, which can manually review your application. It’s likely that the card issuer’s computer made the decision, but thankfully you can appeal it to a human. It’s important to realize that the initial decision made by a credit card issuer is not final. There are still some steps you can take to be approved for the card that you applied for, and some alternative credit cards you can apply for that will increase your chances of acceptance. If this has happened to you, don’t worry about it too much. And as a small business owner, it can be very frustrating to be denied for small business credit card. It stings when you get turned down socially, and it hurts when you aren’t given a job.
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