One of the major problems for myself, after registering my business. Is that my own “personal” credit score is rubbish. I know what caused this.
Now after registering my business, technically they’re separate entities. Unfortunately the major banks don’t see it that way. They only see it as debt you can’t look after. I applied for a business bank account with my existing provider and they rejected me.
Now, I know my business won’t be fully established for possibly 1-2 years, but I wanted everything separate so that it would make my finances easier to manage when it comes to the yearly tax calculations. So any basic account I could load up with money for outgoing payments (such as buying business supplies, stock) and receive incoming payments would do
In the end I went with Cashplus for my business bank account because they don’t do credit checks. When I eventually get a good enough credit rating I’ll swap to a major bank which offers better options for me and is more established. For now I can’t argue though. There will be a lot of work required. It is however really exciting at the same time. I haven’t felt this excited since I did contracting work
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