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Unless you are already a millionaire with excellent credit, your #bosslife truly begins with good credit.
One method to determine your credit health is if someone asked you what your credit score was. Would you proudly tell them or would you avoid the conversation? Would you lie about your credit score? What about if they asked you if you had the AMEX Gold or another elite card? Could you say "yes"?
Having good credit means you are able to qualify for the best credit card deals, such as higher cash back percentages, low APR, and other amazing rewards.
Did you know? Your personal credit can definitely impact business growth.
When initially starting your business, you may need to sign as a personal guarantor to receive business credit cards or other types of business capital, which means your personal score will be evaluated.
Not only will your personal score be taken into consideration for approvals, but other factors will be reviewed as well, such as repayment history, possible bankruptcy filings and even the smallest of negative items.
Your personal credit really has an impact on every area of your life, such as applying for car financing, renting that fabulous apartment or buying the home of your dreams.
Even when trying to acquire business partners, they may evaluate your personal credit to determine if they want to work with you. With bad personal credit, potential partners will see you as irresponsible and may decline joining your new venture.
Being a true #LuxMillionaire doesn't mean maxing out credit cards to buy flashy things! It means keeping your debts low and manageable, being responsible with credit and loans, always paying your bills on time (and working with creditors if you can't), and never being denied the privileges of life due to your credit.
Boss up, fix your credit and be a true Lux Millionaire. The time is now.