Updated: Oct 10
Answering the web's most searched questions - business card edition
What do you know about business credit cards?
If you’re an aspiring entrepreneur, and your knowledge is limited, you need to pay attention to this blog!
In my Credit Stacking mentorship program, I teach you how to tap into financial freedom by accessing business credit.
It doesn’t take much. If you have a 650 credit score or higher, you can start living the celebrity status life today. It's really knowing the skills to hack the bank and set yourself up for success.
I want to take some time to answer some of the most common questions people have about business credit. Being able to understand these essential concepts of business credit can help you scale your business faster than if you were to take out a loan from a bank or a rich relative.
Can Business Credit Help Personal Credit?
Except for a select few, business credit cards have a unique advantage because they do not report to your personal credit score.
This means you can max out their utilization (how much you can spend on a card), liquidate your spending limit, and sign up for more without having to wait six months without it hurting your credit score.
The main game changer about business credit is that it can actually help your personal credit score and get hard inquiries removed. The more credit cards and the higher your utilization the better your score can be. But you need to be strategic about it.
These hacks are why more than one thousand people have signed up for my Credit Stacking mentorship and changed their lives financially. There's no celebrity status, it's all about how you strategically build your credit.
If you take advantage of business credit, you can use it in ways people would never think.
Can Business Credit Buy A House?
In short, yes.
You need to be able to liquidate money from your business credit card to do this.
That's why it's so advantageous to get a high-spending credit card with 0% interest. If you can liquidate $50,000 out of your business cards, you can take that cash and use it to invest in a real estate property or as a down payment.
Again, this is something we go over in the Credit Stacking mentorship. You don't have to be the only millennial without a home. You can create an opportunity to get one now through your business credit accounts.
Do Business Credit Cards Have Higher Limits?
They can if you are strategic about it.
Like most credit cards, you typically start with a low spending limit, your relationship with the bank develops, and your spending limit increases.
You need to develop relationships with the right banks to get higher spending limits faster and better benefits. What I mean by that is that you need to have an account for a certain amount of time, not have any issues or overdraft fees, and be on time with your payments.
My Credit Stacking mentorship teaches you which banks are worth investing in and how to get a higher spending limit faster.
Again, the "exclusive celebrity" life is a lie. You can take advantage of the benefits of business credit and take your first steps into financial freedom.