The Power of Personal Credit

Fiscally Fabulous® Podcast

Starting a business is an exciting venture, but it also comes with its own set of challenges. One of the biggest obstacles for new business owners is securing financing to get their company up and running. While personal credit is important, establishing business credit can be just as crucial for obtaining the necessary funds to grow and sustain a business.

Today, we are so fortunate to have Coach William Moore, a seasoned financial expert, Certified Credit Counselor & Business Coach to talk about everything you need to know about the importance of proper credit management, and how he uses his expertise to help individuals and small business owners establish and maintain healthy credit practices. Don’t miss this exciting episode of the Fiscally Fabulous® Lifestyle with your host, Dr. Teresa R. Martin!

Quotes:

• “Your SSN, your Social Security Number is how they find you. But your credit score is how they define you.” – William Moore
• “Most people don't have a ton of actual wealth conversations. But these are the type of conversations that couples need to have.” – William Moore
• “We have commercialized credit. You can get it anywhere, but the thing is you're not teaching me how to use it.” – William Moore

Key Takeaways:

• A good credit profile is essential when negotiating with banks, vendors, and other companies. It gives you leverage to secure favorable terms and rates.
• Many people are not aware of their FICO credit scores or don't understand how they are calculated. It's important to know your credit score and monitor it regularly.
• Your credit score affects many aspects of your life, including your ability to get loans, credit cards, and even rent an apartment. Improving your credit can lead to better financial opportunities and a better quality of life.
• Working with a certified credit counselor or business coach can help you understand and improve your credit profile, ultimately leading to better financial stability and success.

Highlights/Timeline:

[04:11] – How did William start in personal and business credit?

[06:39] – How does a person's credit limit impact their daily lives?

[13:33] – What is the correlation between couples and credit score?

[15:40] – What are some frequently asked questions William is asked about credit?

[18:48] – William tells a story in an effort to reach out to more individuals.

[22:37] – How to get in touch with William Moore?

Conclusion:

A good credit history can assist business owners in creating the enterprise of their desires. Entrepreneurs can access more funding, get better terms on payments, and improve their odds of success by building a strong business credit profile. The ability to obtain loans and financing can be impacted by personal credit ratings, so it's important to keep them in good standing. The success and expansion of an entrepreneur's company can be significantly impacted by taking the time to comprehend and manage both business and personal credit scores.

Resources:

Learn more about William Moore on:

LinkedIn: https://www.linkedin.com/in/coachwilliammoore

Website: https://coachwilliammoore.com/

Learn more about Dr. Teresa R. Martin on:

LinkedIn: https://www.linkedin.com/in/teresarmartin/

Facebook: https://www.facebook.com/teresarmartin

Website: https://enjoyyourlegacy.com/