Establishing Business Credit.?

I have used my personal credit to finance my business. I am now maxed out on credit cards and my personal score has dropped. I am working to establish my business credit. If my personal credit is not good but my business credit score is excellent will banks approve me for a loan? I have been told they look at both. How long does it take to establish business credit before lenders will approve you for a business loan?

1. Build a positive credit history for your business

Business credit card issuers report to major credit bureaus, and if you are good in repayments and manage credit card funds properly- your business establishes a good credit history. This translates into larger loans, overdrafts, and better financial terms in the future.

2. Saves money on your business expenses

Business credit cards have exclusive tie-ups with hotels, airlines, cargo and courier agencies, office equipment suppliers, legal service providers etc. This ensures a lot of savings on your business spending since almost all business depend on these vital services.

3. Cuts risk, improves financial reporting and financial discipline within your business

Lost luggage insurance, travel insurance, identity theft protection, auto theft protection are some of the facilities that come with a business credit card. This cuts a lot of travel and business risk. In addition to this every business credit card can be assigned a spending limit and it can be monitored. This ensures proper budgeting and promotes financial discipline. Online account management and reporting of transactions done with business credit cards and their integration with popular money management software makes financial reporting a breeze.

4. Expert advice and knowledgebase for your business

Business credit cards have extensive resources to help small business with expert advice. There are forums, communities and chat facilities which promote interaction between small business owners. Thus a large pool of talent is available 24/7 to help your business with vital information. Read more from: http://www.credit-card-gallery.com/artic...

You need at least 6 months worth of timely payments to qualify for business credit. Contact Dun & Bradstreet as they monitor your business credit and let them know about your new company and give them all the details and the process goes much faster. Banks will give you an unsecured line of credit against your business if D & B have your file and show everything looks good. Good luck.

Depending on the structure of your business, it will continue to show up on your personal credit though. In most cases they will always look at your personal credit too.