Having a bad credit record can surely become a hindrance in establishing your business. Most likely, you will have difficulty in trying to persuade lenders to give you a credit account, which can be very significant for your company. Without a credit account for back up, you are placing your company at a very huge threat of running out of financial resources and even a possible pause in its operations.
But because your credit score may not be very constructive to your reputation, you may have very limited options either you get an unsecured bad debt credit card or a secured credit card. In this article, let us know the difference between these two credit cards and how they can help your business, especially if you have bad credit.
The Difference Between a Secured and an Unsecured Credit Card
A secured credit card would basically require you to have a security deposit in the bank before you can use it. This amount of deposited money will be your guarantee of payment to your lender. Most secured credit cards though, hold credit limits amounting to a percentage of the balance that you have in your account so if your business may need to make large purchases...
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