For small business owners, it can sometimes be difficult to keep your professional and personal finances separated. After all, your own financial success depends on the business doing well. And sometimes vice versa, as well, if the business requires you to invest more of your own money into it. If you have poor credit personally, it can hinder your business’s ability to get credit too. It’s also possible that your business itself has poor credit. Let’s just be real for a second — credit mishaps happen. Maybe your business has an unexpected expense that forced you to pay bills late or miss debt obligations. It can happen to anyone.
However, you can still get a new business credit card, even with less-than-stellar credit. Much like a personal credit card for those with bad credit, these cards aren’t anything special. They come with relatively low credit limits, average interest rates, and minimal rewards. Some of them are even secured credit cards, meaning you’ll have to put down a cash deposit to open them. However, opening up one of these credit cards will help your business rebuild its credit. Hopefully that’s one of the first steps towards it being a viable, long term success.