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Why You Should Keep Your Business and Personal Credit Separate |
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| Why You Should Keep Your Business and Personal Credit Separate |
| Tuesday, June 16,2009 04:56 AM |
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Because business expenses can nick your personal credit rating, that's why!
Kirk Brown put expenses for his small business on his personal credit card for years. He paid the balance in full every month, while obtaining reward points for free airline tickets and reduced hotel rates.
"I haven't bought an airline ticket for years," said Brown, owner of Buck's Shoes in downtown Fremont, Neb. Brown thought it was a smart way to manage his money, but the practice hurt him when he applied to refinance his home in May.
Brown's experience can serve as a cautionary tale for people who use personal credit cards for business expenses or to pay for large personal expenditures, such as college tuition and housing.
When Brown's lender checked his credit rating it came back lower than expected because his business expenses had pushed his charge card balances near his credit limit.
Read the full article at http://omaha.com/article/20090615/MONEY/706159968/0/FRONTPAGE
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