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One of the first things you will want set up once you have completed all the necessary paperwork for getting your business registered is a few accounts with business credit cards. Bad credit is not something that you want to have on your business record, and building credit with sound practices is the only way to avoid it.
Of the 500 business credit cards that are available on the market, only a handful are willing to extend credit to bad credit businesses or start-up businesses, so you’ll have to know where to look if you want to get into the credit system. One of the best places to look is newhorizon.org. Newhorizon is a team of business consultants that provides loans and businesses leases, as well as advice on the kinds of financing that is right for their clients. They have programs for people with average and bad credit.
Newhorizon offers some excellent deals on unsecured credit cards, which can be found here. Unsecured cards do not require collateral in the form of property title or savings accounts, and unlike most business credit cards, bad credit will not automatically disqualify you from these offers. Many offer solid, low APR that keep the consumers from getting over their heads in debt while they are trying to build solid credit.
Another good place to go to compare business credit cards is bankaholic.com. Bankaholic categorizes a number of offers for its clients and sorts them by preference, so if you are looking for credit cards that specifically have low interest you can click the â€œlow interestâ€ tab and the options will be presented accordingly. You can also sort by credit type, which ranges from bad to excellent. If your credit profile is lacking, you can find what you need for your business by selecting credit cards, business credit cards, bad credit.
Once you manage to get set up with a business credit card, you can begin the process of building positive credit. With sound practices, this can be quite fast. Then you have to focus on profitability, which is the bread and butter of business credit profiles.