Maintaining good credit is important to your business now and to future business goals. Having sound business practices can help you qualify for loans, receive better loan rates, and negotiate better terms with suppliers. Here are a few tips to help keep business in good standing:

• Keep Personal Accounts Separate. Make sure to keep your business and personal affairs separate. Don’t use personal accounts to pay for business bills or use a company credit card to pay for personal bills. If you’re just launching a business, be sure to register the business as its own entity to establish it as being separate from the owner.
• Pay Bills on Time and in Full: A company credit card will help build your credit, as long as you pay the balance off each month or keep it low. Not only is it beneficial to pay your bills on time, but if you can pay them earlier than the deadline, that will also help your credit score.
• Open Credit Accounts with Suppliers. If you consistently purchase goods from a supplier, establish a credit account with them. That way you have another stream of payments to positively affect your credit.
• Repair any Damage Quickly. If your company’s credit becomes damaged, it’s actually better to work on building it up again over just shutting things down. Longevity is important to your credit history, even if it’s not completely pristine. Rebuilding your credit back to good standing will earn trust and dependability.

The reputation of your business is of upmost importance, and we are here to guide your success. If you have questions about maintaining a good credit or securing a loan, please come see us at your nearest Waypoint Bank location.

Waypoint Bank strives to be an exceptional provider of superior financial solutions that promote the small-town approach of putting the customer first while earning their trust in the most friendly and professional manner possible. Stop by your local Waypoint Bank today or contact us online.