Page 150 - Winning The Credit Game Bundle (CK Patrick)

expenses and confusing personal expenses for
business deductions can be considered fraud, or even
embezzlement. Though there’s a clear moral difference
between intentionally embezzling large amounts of
funds and accidentally using the wrong credit card for
personal expenses, the legal ramifications can be the
same.
15. Mixing business and personal finances can also put
both credit scores at risk. Your business credit score
may suffer due to personal expenses being posted to
your business account, which can make it harder to
secure business deals and funding in the future.
16. You can seek a secured bank loan if all else fails. If
your company badly needs funds or new credit lines
to raise its credit score and it doesn’t qualify for an
unsecured loan, you may still be able to obtain a
secured loan to keep the lights on and build up a
successful payment history.
17. A “secured” loan is a loan where the lender knows
they will recoup what they have paid you because you
have promised to forfeit assets to them if you are
unable to pay them back any other way. You may be
able to offer assets such as a car or property you own
as collateral, forfeiting ownership of these assets to the
lender in the event you can’t pay the loan back.
18. Obviously, this is something to be careful with as it can
put your personal assets at risk. But it can also serve as
a last line of leverage if you need to get a loan on
record in order to build up your payment history and
you can’t get an unsecured line of credit. But before
agreeing to it, make sure you can pay off this secured
loan without going further into debt that may harm
your credit history.
19. Business tradelines are another great option that are
similar to being added to someone else’s personal
credit card account as an authorized user only for the

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