Business Credit

Credit limits are an essential aspect for cardholders with excellent credit when it comes to business credit cards. These limits, determined by the bank, ascertain the maximum amount of money that a business can borrow on its credit card. Business credit cards may sometime have higher credit limits than personal credit cards due to the increased buying demands of small businesses. Additionally, some...

Annual Percentage Rate (APR) is a crucial factor in determining the actual interest rate on your business credit card debt. The prime rate, set by the Federal Reserve, has a direct impact on the standard interest rates offered by credit card companies. An increase in the prime rate can lead to an increase in the APR on your business credit card, negatively impacting your debt. High APRs can make it...

Credit mix may be described as the variety of credit types and accounts that a business has on its credit profile. It typically includes revolving credit (e.g., credit cards, lines of credit) and installment credit (e.g., loans, leases). The credit mix is one of the factors that can influence a business credit score, and it plays a role in determining the overall creditworthiness of a business. Here's how...

Introduction to Creditworthiness Factors for Small Business Owners Small business owners should know the factors affecting their creditworthiness. These may include but aren't always limited to payment history, credit utilization & length of credit history. Keeping good credit practices & monitoring credit reports can help them get financing & grow. Additional variables are: industry,...

Credit Utilization and Business Credit Building Credit utilization is important for building business credit. Too much will hurt your score, so it is important to use a low amount and make payments on time. This will increase the chances of getting access to more funding. Don't max out your cards - it may seem like a good idea, but it'll end up in disaster. A Few Credit Utilization Tips for...