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The Credit Card Mistake That’s Quietly Hurting Your Business
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Most business owners use their personal credit cards for business expenses, and they don’t realize the hidden cost until their credit score takes a hit. High utilization on personal credit cards can drag your score down, even if you’re making every payment on time. The smart move is to build business credit, keep your accounts separate, and protect your score and your options. The big question is, are your business expenses hurting your personal credit without you realizing it? #BusinessCredit #Entrepreneurship #FinanceTips #CreditScore #SmallBusiness #FinancialEducation #BusinessGrowth #EntrepreneurLife #CoFinanceTeam #MoneyTips
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Transcript
Auto-generated transcript. Not time-synced to the video.
What I see a lot of times is I mentioned
a personal credit card limit and minist
it's it's actually a business credit
card just on this personal
>> correct but the problem is like this
>> is that a problem
>> it could be a problem it could be
beautiful it could be a problem the fact
is like personal credit cards report to
your personal credit score
>> guys if you're doing marketing you're
buying equipment whatever it should be
and you're using a decent percent of the
card or you're maxing out the card even
right yet if you want to go for more
options your score drops because you of
high utilization. Utilization is a gross
impact of our credit score. The benefit
from business credit cards is it keeps
it separate. It reports to your personal
to the business score for the most part.
There are some banks which report and
see but most credit business credit
cards will report to the business score.
And the idea by doing that is the laws
down personal credit score. I'd be
clean. So whenever you do decide, hey me
and I want to there's a new uh credit
card promotion. If I get the points or
whatever it is you want to open up
personal credit is given.