Category: Personal Credit

Business Credit Score vs. FICO Score

Business Credit Score vs. FICO Score

When it comes to credit scores, many of us think of FICO scores first. FICO creates the formulas that are behind billions of credit scores used by lenders, insurers and other businesses.  Most of FICO’s credit scores are used to evaluate personal finances, not businesses, though there is an exception we’ll talk about in a moment.  Business credit scores are credit scores created to evaluate small businesses, instead of consumers. Business credit scores are used to help business owners qualify… Read More
How To Freeze Your Personal Credit (And What It Means for Your Business)

How To Freeze Your Personal Credit (And What It Means for Your Business)

Jump to SectionShareFacebookLinkedInTwitterShare LinkWhy Should I Freeze My Credit? Or Not?Can I Freeze My Business Credit Too? Should I?What Happens When I Freeze My Credit?Can I Continue Operating My Business With Frozen Credit?How to Freeze Your CreditCheck If Your Data Is BreachedIs There a Cost to Freeze Credit?Can I Monitor My Credit With a Credit Freeze?Can I Build Credit When It’s Frozen?How Nav Can Help Consumer data broker National Public Data acknowledged a data breach that may have exposed the… Read More
US Credit Card Debt at All Time High: Small Businesses Owners Impacted

US Credit Card Debt at All Time High: Small Businesses Owners Impacted

Key takeaways:  US credit card debt has been growing significantly in recent years. More Americans are falling behind on payments. Small business owners may be impacted directly or indirectly.  Small business owners may feel the impact of rising credit card debt in a number of ways. As credit card debt climbs along with delinquencies, credit card issuers begin to become more careful about who they issue credit cards to, and the credit limits they offer on those cards. This can… Read More
Hard Inquiries vs Hard Credit Checks vs Derogatory Marks: What You Should Know

Hard Inquiries vs Hard Credit Checks vs Derogatory Marks: What You Should Know

When it comes to understanding what affects your credit scores, the lingo can be confusing. What are hard inquiries vs hard credit checks? What about derogatory marks?  And how do any of these fit into the credit score equation? If you are thinking about applying for credit personally or for your small business, or if you’re trying to boost your credit scores so you can get better financing in the future, understanding these terms and what they mean for your… Read More
What Business Cards Report to Credit Bureaus?

What Business Cards Report to Credit Bureaus?

For business owners who plan to get small business loans, the best business credit cards are ones that report to the major business credit bureaus — this can help build business credit. However, not all small business credit cards report to these bureaus. In this article, we’ll explore why your business credit report matters, how it can affect your personal credit, and the business cards that report to one or more business credit bureaus. Do Business Credit Cards Report to… Read More
What is Revolving Utilization

What is Revolving Utilization

Revolving utilization is an important factor that can impact your credit scores. It’s often the main reason your credit scores change from month to month. But utilization can be confusing, so let’s break it down here and help you use it to your advantage.  If you’ve seen the FICO score formula, debt is one of the top factors that affects credit scores (second after payment history) and utilization is a major part of that calculation.  What is a Good Revolving… Read More