Like individuals, businesses have their own credit histories that can affect whether their owners will be approved for credit cards or other lines of credit, whether a business will be approved for certain loans, and more.
Having a high business credit score is always better than having a low score, as it provides you with more flexible financing options and opportunities to expand or evolve your business to adapt to new market shifts.
However, new businesses always start out with little to no credit history. So it pays to know the top ways to build business credit quickly, especially if you want your business to thrive rather than just survive.
How is business credit score calculated?
You likely already know that your personal credit score ranges from 300 to 850. But business credit scores rise and fall along a different scale: they can go from 0 to 100.