Can your credit card score affect your business?
Canada, 20th August: According to Jim Flaherty, Canadian Finance Minister, Canada already has recovered recession losses and jobs.
United States, 25th August: Do you know that scores of your credit card have a great impact on your home business? Well, that may sound amazing, but it’s true, feel the experts.
Let’s discuss how and in what ways the credit card scores can affect small business like working from a home —-
After you have decided to start working from home, you will require suppliers to run your business. And almost all the suppliers will ask you to provide a credit card which will be checked by them. So, if your credit card score is low, you are likely to loose many suppliers since they prefer doing business on any open account.
In any home business, an order is placed by you following which the suppliers ship the ordered goods accompanied by an invoice providing the detailed terms of payment, the amount for which is paid by you at any later date. Thus, you can sell the product (or services, as the case may be), get profits and then, at a later point, make payments to the supplier from the sale proceeds.
If you have a low credit card score, you will generally be asked by the suppliers to make an upfront payment. And if this happens, you will have to part away with your cash even before you have earned your sale proceeds from the goods.
This is, undoubtedly, going to bring problems of cash flow in your business. So, here is the moral of the story, that don’t ever undermine the significance of having a good credit card score.
Remember, you must give a high regard your credit card scores and efforts to keep a high score of your credit card since it can prove to be a big advantage for small businesses like a home business. Even getting simple things like financing your new vehicle or getting telephone services, your credit card score will be checked.
And if you have a low score, you will either have to shell out cash from your pocket or be robbed of the getting the service.