When I opened my business I was prepared... or so I thought.
After a couple of years my shop was steadily growing and I was even able to hire additional staff permanently and not just seasonally.
Sounds pretty good right? Well not really.
Growing my business takes capital and thankfully we were selling but I would use my personal credit to handle the expenses throughout the month. I would typically be able to payoff the balances in a month or two, but my personal credit fell off a cliff! Even though payments were always made on time, the high utilization on just two credit cards I used for the business my fico score dropped significantly.
After a couple of attempts and wasted money to boost my credit score with credit repair companies I felt it was a lost cause. I mean, I couldn't stop using the cards; I need to run my business.
I even remember wanting to buy an apartment, but couldn't qualify for a mortgage!
One day, I remember getting a call from CapLadder and I even remember being a little busy so I didn't pay much attention. Thankfully, the person sent me an email, and later that day I was able to review it.
The following day I called them back and was surprised to learn they could help me.
I ultimately purchased the Business Credit Suite, and it was one of the best decisions of my life.
Within 5 months, I was able to build my business credit and obtain credit cards with limits over $30,000. All under my EIN and not associated to my personal social security number. I paid off the cards that were in my personal name and my fico score increased to over 700!
I'm so thankful for all the help I got from CapLadder. I highly recommend!