It takes a credit score of over 720 these days to qualify as having “good credit.” There are over 100 million Americans who have a score less than 720. The US’s population is a little over 310 million, but 27% of them are under 20.
Bottomline – over half of all adults do NOT have good credit.
There seems that there can be only a few long range answers if this continues:
- The way good credit is defined gets changed
- We move more and more to a cash society.
Are you ready to never use a credit card again? Never finance real estate? Never lease a car again?
There is another answer – build business credit.
About 3 weeks ago, I did a teleseminar with Credit Expert Marco Carbajo.
He gave some solutions that I’d never heard before, including 6 ways to get a credit card for your business.
If your personal credit score is less than ideal, there are still 3 solutions to building business credit and getting a credit card immediately. It’s even possible if you’ve had a bankruptcy.
You can’t build business credit overnight, no matter what you might see in some of the late night infomercials. It can take you up to 18 months to do it, but you can. And generally business credit limits will be 10 times as much as you can get personally. So, if the best you can do is a $25,000 personal line of credit, your business can eventually get $250,000.
Marco has good information without the hype. The teleseminar, The Truth About Business Credit and Personal Credit Recovery, is part of the Insider’s Club for just $9.97/month. Each week there is a new teleseminar or online workshop available.
By the way, it’s also possible to improve your score. In fact, moving from below 600 to above 600 can help your business credit easily.
Here’s just one of the many tips Marco shared on that:
Increase the amount of personal credit lines you have. For example, if you’ve experienced shrinking credit limits on your credit cards this is hurting your personal FICO score. You want to keep the amount charged to 30% or less of the available limit. So, get credit cards that report to FICO, even if it’s something you never plan to use. Having available credit improves your score.
Tags: building credit • business credit • diane kennedy • Diane Kennedy CPA • good credit • Insider's Club • ustaxaid • UStaxaid.com