Positive credit history is often required to get a business credit card, loan, lease or establish vendor relationships. FitSmallBusiness turned to Member Elissa D. Miller for practical tips to build personal credit without limiting your business.
“Good credit is established by not taking on too much debt, paying your bills monthly, and paying them on time,” Miller said.
She recommends starting with only one credit card and then each time before you hand over your card, think about whether you can actually afford that item. Miller added, “Pretend your credit card is a debit card and the funds are coming from your bank account. If you would not use your debit card to make the purchase, it just may be that you should not use your credit card either.”
Miller teaches these practices through her Board position with the Southern California Chapter of Credit Abuse Resistance Education, a financial literacy program that focuses on educating high school students on the fundamentals and importance of the responsible use of credit and debit cards.
