Relationships matter in business. Lenders are more willing to lend money to an current buyer than a new one. One motive is that the price of issuing new credit to an present buyer is decrease than creating a brand new account. Another purpose is that they have already got a relationship and thus cost history on the prevailing customer. The danger is understood, and new lines of credit are more likely to be approved if you end up an existing buyer.
It’s attainable to seek out a number of small business credit cards that offer company-only legal responsibility. When that is the case, businesses usually want to satisfy certain performance thresholds, corresponding to variety of years in business, annual revenue, and extra. It’s also possible to search out private-only liability, although any such legal responsibility solely makes sense if a enterprise’s credit score is not adequate for approval.
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