Here are five reasons why trying to obtain business credit can be a terrible idea for you. I've seen a lot of gurus across social media pitch a business credit as the end all be all for you getting your business off the ground when in reality you could be digging a financial grave. Let me explain. Number one. Most people who are going after business credit don't even have good personal credit, which means that the business credit that you do apply for will either be irrelevant or extremely expensive. Number two, most of you guys are trying to apply for business credit when you don't even have a business plan, which means that if you do get approved for business credit that most poor personal credit applicants can only qualify for, it's gonna be not only expensive, but the money's gonna pretty much be due right away. That leads me to number three. Most people don't understand that once you obtain a business credit loan, that first payment is due the very next month or the month after, which means that if you have an underdeveloped or unproven business, you're gonna be pulling those funds to pay that account from that business loan, shrinking that loan even faster than if you are applying it to a developed proven business, or you're gonna be paying for it outta your personal saving. Number four, the business loan should not be used to prove a business concept. The business concept should already be proven. A business loan should be applied to getting products for an already successful product line or an expansion of an already successful business. Utilizing a business loan to fund a dream is a very dangerous proposition. Number five, most people don't understand that if you do default on business credit, it will report to your personal credit report regardless of your LLC status and credit repair won't help because the F C R A applies to consumer debt, not business debt. Follow for more tips that'll help you increase your credit scores. ✅ If you like this video please subscribe to the channel for future updates on “Best Credit Consultation, Hacks, And Tips” on Youtube! https://www.youtube.com/c/JustJWoodfin ✅ Find the links to everything featured in my videos as well as credit-building products, services, and resources: KreditMD.com/social 👉 Get your credit reports and FICO Scores: www.9ficos.com (Powered by MyScoreIQ) If you need help with your credit, text #HelpMe to 310.919.2002 so I can give you a FREE analysis of whether or not credit repair is the correct move for you and your situation! ============================= ✅ Other Videos You Might Be Interested In Watching: 👉 Can you see the problem with this?!🤦🏾♂️ #Shorts https://www.youtube.com/shorts/TKwddbTrACo 👉 NAVY FEDERAL LATE-NIGHT APPROVAL HACK! #Shorts https://www.youtube.com/shorts/eTdfk30WGFY 👉 Rules for Applying w/Navy FederalCredit Union 🏦 #Shorts https://www.youtube.com/shorts/7ijS94ted8A 👉 Every time you use your 💳debit card you lose! 👎🏾#Shorts https://www.youtube.com/shorts/mqhWW5_9jcE ============================= ✅ About J. Woodfin: I'm going to teach you the Kredit game! So if you're having trouble understanding credit...Don't Worry...As Usual...I Gotchu! C'mon! 😉 IYKYK Don’t forget to subscribe and click the notification bell 🔔 https://www.youtube.com/c/JustJWoodfin Feel free to contact me on: For a FREE credit consultation with J. Just text #HelpMe to 833.524.7800. Let's get you on my calendar so we can talk about your situation. ================================= Tags: #BusinessCredit #BusinessCreditMyths #BusinessCreditLies #BadCreditAdvice #BusinessCreditMistakes #BusinessLoanMistakes #BusinessLoanConsequences #BusinessCreditConsequences #PersonalCredit #BusinessPlan #DuePayments #BusinessCreditMisuse #BusinessLoanMisuse #BusinessLoanDefaultImpact #BusinessCreditDefaultImpact #CreditRepair Related Phrases: business credit, business credit myths, business credit lies, bad credit advice, business credit loan mistakes, business loan mistakes, business loan consequences, business credit consequences, personal credit, business plan, due payments, business credit misuse, business credit misuse, business loan default impact, business credit default impact, credit repair Disclaimer: I am not a financial advisor. Do not take anything on Youtube as financial advice. Always do your own research. Consult a professional investment advisor before making any investment decisions! My youtube channel is for educational purposes only! Copyright Disclaimer: Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use © J.Woodfin
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