Posted on February 27, 2023

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As a business owner, it's important to maintain good credit. Your credit score affects many aspects of your business, including your ability to secure financing, rent office space, and even attract top talent. But did you know that building personal credit can also benefit your business?

Personal credit and business credit are closely tied. When you apply for a loan or credit card for your business, lenders will look at your personal credit score as well. That's why it's important for business owners and their team members to build their personal credit.

One great way to do that is with a Self credit card and credit builder account. Here's how it works:

Self Credit Card

The Self credit card is a great tool for people with little or no credit history. It's designed to help you build credit while you spend. Here's what you need to know about the Self credit card:

• No credit history required: One of the best things about the Self credit card is that you can apply for it even if you have no credit history. This is great for people who are just starting out and want to build credit.
• Low fees: The Self credit card has no annual fee, and the interest rate is lower than many other credit cards. This makes it an affordable option for people who want to build credit without breaking the bank.
• Build credit: Every time you make a payment on your Self credit card, it's reported to the credit bureaus. This can help you build credit over time, as long as you make your payments on time.

Credit Builder Account

The Credit Builder Account is another great tool for building credit. Here's how it works:

• Save money: When you open a Credit Builder Account, you make a deposit into the account. This money is held in a CD, which means you can't touch it until the end of the term.
• Build credit: Every time you make a payment on your Credit Builder Account, it's reported to the credit bureaus. This helps you build credit over time.
• Get your money back: At the end of the term, you get your money back plus interest. This means you're essentially saving money and building credit at the same time.

Why Build Personal Credit?

Building personal credit is important for many reasons. Here are a few of the benefits:

• Qualify for loans: If you're looking to take out a loan for your business, having good personal credit can help you qualify for better terms and interest rates. Lenders look at your personal credit score when you apply for a loan, so having a good score can make a big difference.
• Rent office space: Landlords often check credit scores before renting office space. Having good personal credit can help you secure a great space for your business. This is especially important if you're just starting out and don't have a lot of business credit history.
• Attract top talent: If you're looking to hire top talent, offering benefits like a 401(k) can help. But to offer a 401(k), you'll need good credit. Having good personal credit can help you offer better benefits to your employees, which can help you attract and retain top talent.

How to Get Started

Getting started with a Self credit card and credit builder account is easy. Here's what you need to do:

• Sign up for a Self credit card and credit builder account. It only takes a few minutes to sign up, and you can start building credit right away - signup here to learn how.
• Use your Self credit card: Once you have your Self credit card, start using it for everyday purchases. Just make sure you make your payments on time, so you can build credit.
• Make regular payments on your Credit Builder Account: The key to building credit with a Credit Builder Account is to make regular payments. Set up automatic payments, so you never miss a payment.

Building personal credit is important for business owners and their team members. A Self credit card and credit builder account are great tools for building credit. With a Self credit card, you can build credit while you spend. And with a Credit Builder Account, you can save money and build credit at the same time.

If you have any questions about building personal credit, or if you'd like to learn more about our Payroll Support Advisors, offering Payroll Processing Support, Benefits Support, People Operations Support, and Income Tax Preparation services, please don't hesitate to reach out to us at (318) 737-0673 or [email protected].

At Bullmoore Early Education Advisory, we understand the importance of building personal credit for business success. That's why we offer a wide range of services to help businesses of all sizes succeed. Our Payroll Support Advisors can help you manage your payroll, benefits, and people operations, so you can focus on building your business. We also offer Income Tax Preparation services to help you stay on top of your taxes and minimize your tax liability.

If you're ready to take your business to the next level, we're here to help. Contact us today to learn more about our services and how we can help you succeed.