--- title: 5 Common Business Credit Mistakes You Can’t Afford to Make description: Your business, like your personal finances, deserves the diligent oversight necessary to maintain financial health. image: https://info.courthousedirect.com/hs-fs/file-32086120-jpg/blogimages/business_credit.jpg --- [![](https://info.courthousedirect.com/hs-fs/hubfs/Courthouse_Images/logo-resized.png?width=408&name=logo-resized.png)](http://www.courthousedirect.com/) - [Sign In Here](http://www.courthousedirect.com/SignIn.aspx) - [Sign Up/Pricing](http://www.courthousedirect.com/SignUpPricing.aspx) - [Download](##) - [Search Records](##) - [FileViewer](##) - [GIS Map](##) - [Alerts](##) - [Title Research](##) - Data Services ![Download](https://info.courthousedirect.com/hs-fs/hubfs/Blog%20Image%20Fix/Download.jpeg?width=5184&name=Download.jpeg "Download") ### Description Current & Historical Deeds, Mortgages, Easements, Plats, Property Info, and Oil & Gas Records in over 3,000 Counties nationwide.  - ![](https://info.courthousedirect.com/hubfs/Blog%20Image%20Fix/Mega%20Menu%20Images%20-%20Sep2018/property-document.png)[Real Property Documents](http://www.courthousedirect.com/DocumentImageInfo.aspx) - 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There will be times when the frustration of an emergency could throw healthy maintenance out the window. Hopefully, sensible evaluation of the situation prevents that from happening. ### **Effects of a Mistake** Certain borrowing or credit decisions could be hurtful to a business. One “little” mistake could break down everything you have built up over time. You will know rather quickly when a poor money mistake disrupts an otherwise going concern because the business will experience: • Growth slow-down • Damage to your brand • Volatility between profit and loss situations • Failure to thrive The lifecycle of your business will become unsteady as the impact of an indiscretion morphs into a reality. This has nothing to do with equity financing situations. It is purely dealing with borrowing money to cure a problem where lack of money was the initial cause. ### **Five Biggest Business Money Mistakes** Starting with the onset of the credit crisis in 2008, business owners began using risky funding to offset the downturn in buying trends. A proper understanding of various borrowing options should create realistic results, which might be slow but are certainly sure. **Mistake #1**: Funding a business need with personal credit cards is not a good practice. Business and personal purchases must remain separate. Small business owners employ use of credit cards for their purchasing strategy. When done incorrectly, small business owners use personal credit cards or use business credit cards that report transactions to personal credit history that relates to [drops in credit scores](https://my.courthousedirect.com/blog/bid/216498/Credit-Score-FAQ-Part-2-How-are-Credit-Scores-Determined). **Mistake #2**: Borrowing funds for incorrect business usage is another big mistake. Develop a spending plan with the goal of generating revenue for growing the business. It makes sense to use some of the new capital funds to pay yourself a salary while you integrate back into a front room participant in the business. This allows insight into daily activities and personalizes your input into spending those remaining funds. **Mistake #3**: Some business owners might pledge more collateral with the first loan or line of credit. Small businesses are now experiencing lenders who willingly say “no” or apply higher than normal interest rates to a loan. Using a line of credit as collateral may jeopardize your ability to bid on a contract that will boost the business. **Mistake #4**: A business owner should concentrate on the things that are common knowledge and leave the unknowns to experts in the field. The credit, debt and loan environment is very challenging for anyone unfamiliar with the inner workings. Attempting to research the various available routes to loans or debt relief without the assistance of a professional is irresponsible. Choosing a lender from a list of possibilities online may prove to be a hazard that is overwhelming and laden with hidden fees, interest teaser rates and some “bait and switch” tactics that would take a professional to unravel. **Mistake #5**: Failure to make [personal credit](https://my.courthousedirect.com/blog/bid/216509/Credit-Score-FAQ-Part-3-How-to-Get-an-Accurate-Credit-Score) into an asset or to treat it as an asset. The small business owner will sign on the bottom line for a loan to boost business. Since personal credit is a consideration for the underwriting process, you must treat it as the liability or the asset that it is. If it truly is a liability, fix it before looking for more money – stay away from credit repair or debt repair enterprises. Business credit cards work when serving a significant business purpose. A bookkeeper has a much easier job at tax time when business purchases are on the record. More than 500 business credit cards exist and choosing is a challenge. It is important to obtain a business credit card to begin establishing a creditworthy company today. *\* Image courtesy of stock.xchng* Topics: [Finance](https://info.courthousedirect.com/blog/topic/finance) --- ### Recent Posts By CourthouseDirect.com Team - March 08, 2021 #### What are the Features of a Title Plant? 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