6 Mistakes Hurting Your Personal Credit (and Your Business)

6 Mistakes Hurting Your Personal Credit (and Your Business) © Clix Capital Services Pvt. Ltd. All rights reserved.

High credit balance And because, as an entrepreneur, your business credit options are determined mostly by your personal credit, what you don’t know can hurt your business, too.

So, it is very important to understand where you stand in terms of credit, how to check your credit score and make sure that you are maintaining a good credit score.

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You keep opening new accounts Do you keep applying for new credit on the go? If yes, you will definitely not like the fact that opening new credit drops your credit score. It is not a good idea to apply for a new loan, credit card, or any line of credit frequently. Make sure you do not apply for new credit unless you need it.

Now, how it affects you will be important for you to understand the basics.

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You closed old credit accounts Credit accounts are good when they are old and have existed for a long time. If you have a line of credit that has a good track record and has been there for a good number of years, it will help you with a good credit score. It is not a good decision to close off any old or existing credit accounts even when you don’t use them.

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You only pay the minimum balance While the full bill amount looks huge, the minimum bill amount is always very pleasing. However, paying the minimum amount will make your loan expensive and you will lose your credit score. Any overdue or outstanding amount will always drop your score.

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