Pat Gage Talks about how Starting or Expanding Business with Bad Credit is Possible

The secret is keeping a separate business credit profile—the business has its own FICO score, separate from one’s personal credit score

Denver, CO--Many budding entrepreneurs with great ideas do not get their business up and running because of a combination of bad credit and no capital. According to Pat Gage, this doesn’t have to be a show stopper.

Pat explains there are three credit reporting agencies, Equifax, Experian and TransUnion, from which one can get their tri-merge credit report, which is a report from all 3 credit bureaus. Pat says to review each report and don’t be surprised if errors are found. Report the errors immediately to the credit bureau involved.

Pat strongly recommends creating a business credit profile, separate from personal credit, to establish the business FICO score. Establishing a business credit profile can help get a business started while working to improve one’s personal FICO score. Use the business credit profile so the business can start applying for business credit cards and other types of business financing.
Pat Gage stresses the importance of keeping personal and business credit separate – very separate. Many folks fall prey to the temptation of using business credit cards for personal expenses. This is more than a red flag to business lenders, it’s a giant red balloon. Commingling of funds can cause many problems for the accountant and attorney. Commingling of personal and business funds opens the door to lawsuits and bookkeeping nightmares.

Business credit cards can be a great source of financing. One misconception is that business credit cards have a high interest rate. This just isn’t true. Many business credit cards fall in the interest rate range of 8-14%. But more importantly remember this; it’s not always the cost of money that’s important, but the availability of money.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www.10stepstomoney.com

Contact

Destiny Now, LLC33006 7 Mile Road Suite 423Livonia, MI 48152Phone: 734-261-0688Toll Free: 877-262-0688Fax: 734-422-6168
Email: info@opportunitycreator.com