Beef up your Financials and Improve your Credit.
One of the easiest ways to improve your personal financial statement and increase your credit score is by using business credit.
Business lines of credit will prevent you from doing harm to your personal credit score because when you use this type of credit it does not show up on your personal credit report.
Business loans, lines of credit and cash advances to your business are some of the best tools you have to increase your personal FICO score.
Business credit also improves your personal financial statement in all these ways:
1. Any asset you purchase with business credit can be listed on your personal balance sheet.
2. Business debts do not always have to be listed on your personal balance sheet.
3. Cash advances from your business credit lines can be held and seasoned in your personal accounts.
You can also move debt that you currently have in your name into your business line of credit when you receive it. This is a great method of increasing your personal credit score quickly.
Every time you are approved for a business line of credit you can immediately transfer balances from your personal credit cards to your business credit cards. Your credit score will rise each time you do one of these transfers because you have eliminated that personal debt from your personal credit report.
So no matter what size your first few business lines of credit may be, you can start using them immediately to increase your personal FICO score, boost your financial statement and get more business credit.
