Experienced Accountant Learns from Bad Experience in the Credit World

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My experience as an accountant for over 25 years has served me well. I’m very familiar with business credit and how to avoid the common pitfalls of using personal credit to obtain funding for your business. I discovered the hard way that using my "credit" would be very expensive in more ways that one.

When I started my first businesses, I did not understand how to use an EIN (employer ID number) in order to finance my business, instead of using my social security number. I pushed my FICO scores below a level acceptable to the credit card companies because my company’s expenses showed my personal credit reports. My debt-to-income ratio was really high because I did not know how to get business lines of credit and company credit cards, like VISA or MasterCard. I thought only "large" companies could obtain credit. I paid a heavy price for this wrong information.

For many years my poor FICO scores would cost me severely with high interest rates on all my car insurance policies and credit card companies charged me excessive finance charges. The stress was so great that sometimes I just wanted to give up on my dream of ever having a successful company I could call my own. Finally I learned from reading books, going to seminars and purchasing programs for credit repair to find out exactly I was doing wrong.

Now I have a legal entity for all my businesses and each has its own EIN from the IRS. I have a VISA credit card for business and this doesn’t show on my personal credit report. I opened a separate checking account for the businesses, and I never mix personal expenses with business expenses.

I have worked hard to clean up errors on my personal credit reports so that I know if I have to give a personal guarantee on my new business application, I know that my high FICO scores will improve my odds of obtaining business lines of credit or credit cards from vendors.

All this knowledge from a learning process was tedious and time consuming. I realized that many other individuals and prospective business owners are trying to get their dream business off the ground and I knew that all this important data is not readily available, so I decided to help alleviate this frustrating situation.

I wrote an e-Book that gives step-by-step instructions on how to name your business, how to register with your state and how to display your company "established" so that when a leasing company or lending institution looks at the your company they won’t need anything else to approve your application. I took all the information I have collected over the years and put it in a short version that anyone can follow. There is still work to be done to get your business off the ground, but I have given the tools to you to start on the right track for success - without risking your personal credit.

"Basics of Business Credit” is the name of my e-book. For more information - and to learn about the bonus I'm giving away for free - see my website: http://www.susansbooks.com.