Business Credit vs. Personal Credit — What’s the Difference?

This post was originally published on On Deck

As a small business owner, understanding the difference between your personal credit score and your business credit score is important. Both these numbers can impact you and your business’s finances.

Learning how each score works, where to use them and why they’re important can help you grow your business to new heights and keep your personal finances on track.

What’s the Difference Between Business Credit and Personal Credit?

Business credit scores and personal credit scores are two different types of credit scores that lenders use to determine the creditworthiness of individuals and businesses.

Your personal credit history can help you as an individual get credit such as personal loans or personal credit cards. Your personal score may be a factor when you’re applying for business lending as well, but having a good business credit history can help you keep them separated. A good business credit score can also help you get more favorable terms for small business loans, business credit cards or business lines of credit.

Scores. A key difference between personal and business credit is the way the scores work. Personal credit scores (the most common type referred to as a FICO® score) range from 300 to 850. It’s

Read the rest of this post, which was originally published on On Deck.

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