How is my Business Credit Score Different from my Personal One?

Your credit score is one of the most important numbers in your life. It can determine whether you can get a loan for a new car or house, and how much interest you’ll have to pay on that loan. Your credit score can also affect your ability to get a job, rent an apartment, or even sign up for utilities. But what many people don’t know is that there are two different types of credit scores: business credit scores and personal credit scores.

While they both measure your borrowing history and ability to repay debts, they use different metrics and weigh different factors differently. Here’s a look at how business credit scores work and how they differ from personal ones.

A business credit score is a number that shows how financially healthy your company is. This number is used by banks and online lenders to decide if they should give you a loan, and how much of a risk it would be to lend money to your company. It’s important to know what your business credit score is so you can find the right lender for you. Getting rejected by lots of different lenders takes up a lot of time, and also lowers your credit score.

Many people don’t realize that there’s a difference between a business credit score and a personal credit score. A business score uses commercial indicators, such as registered defaults or any external administrations against the company. Alternatively, your personal credit score is simply a number that represents what’s in your personal report. Most lenders will look at both scores when trying to decide if they should give financing to the business.

Thank you for reading our credit repair article. We hope that it has been helpful. If you are struggling with bad credit, please do not hesitate to contact us for assistance. Our team of credit repair experts can help you clear your credit file. In addition, if your credit card application has been declined due to bad credit, then contact us today! We help people fix their bad credit so they can enjoy the benefits of having a good credit score. Thanks again for reading and be sure to check back soon for more informative blog posts.