- Avoid Missing Payments: Making payments on time is one of the most important steps to establishing business credit. Missing payments can lead to negative marks and lower credit scores, so it’s important to make sure to stay on top of your bills.
- Don’t Take On Too Much Debt: Taking on too much debt can be a major hurdle in establishing business credit. Try to focus on taking on only what you need, and make sure that you are able to make payments on time.
- Don’t Apply for Too Much Credit: Applying for too much credit can have a negative impact on your business credit score. When applying, focus on the need and try to limit your applications to those which you feel are necessary.
- Don’t Use Personal Credit: Separating your personal and business credit is essential when establishing business credit. Avoiding using personal credit cards and loans will help you build business credit in the long run.
- Avoid Mixing Business and Personal Accounts: Keeping your business and personal accounts separate can help you establish better credit and make it easier to manage your finances. Mixing the two can lead to confusion and can even put your business at risk.
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