Business Credit Quiz

Put your business credit smarts to the test!

Take our quick business credit quiz and get the resources you need to increase your credit confidence.

True or False?

Your personal credit may affect your ability to get business credit.

Correct answer: True

Correct! Your personal credit history is very important. Lenders will want to know what kind of borrower you'll be, and will check both your personal credit history and that of your business to see how well you've managed your debt in the past.

For a business, that will include:

  • The number of credit accounts your business has and uses
  • Whether your business pays its bills on time — and if late, how late
  • How your business's payment history compares to other businesses in its industry, and whether trends in the industry show business growth or high rates of losses

True or False?

A line of credit can help manage cash flow for things like purchasing inventory or taking advantage of business opportunities.

Correct answer: True

Correct! Having a line of credit allows you to access a predetermined amount of cash whenever you need it.

Before applying for a line of credit, take a close look at all of the money going in and out of your business. By forecasting your cash flow, you’ll have a better idea of what you need from a line of credit.

True or False?

In order to get business credit, you need to have been in business for a minimum of two years.

Correct answer: False

Correct! It depends on whether you’re applying for a conventional loan, line of credit, credit card, or Small Business Administration (SBA) loan.

For instance, Wells Fargo business credit cards don’t require a business be established for a specified period of time.

For most conventional loans, most banks prefer that businesses be at least 2 years old. However, the FastFlexSM Small Business Loan is an unsecured loan that’s suitable for young businesses (requires a business to have owned a Wells Fargo qualifying business deposit account for at least one year).

True or False?

If you’re considering an equipment, vehicle, or commercial real estate loan, you may need to put up collateral.

Correct answer: True

Correct! Collateral is needed when seeking secured credit loan options, like loans for equipment, vehicles, or commercial real estate, which are secured by the business asset.

Credit cards, lines of credit, and some term loans are typically unsecured. However, Wells Fargo does offer secured cards and lines of credit — secured by personal or business liquid assets (e.g., CDs and savings accounts).

Based on your answers … You're Credit Curious!

It sounds like you’re beginning to navigate your path to the right business credit, exploring the different opportunities to help make your business thrive.

Here are a few resources to help you along the way:

Of course, we can help! Our Business Credit Center has many great resources for finding the right credit for your small business.

Based on your answers … You're Credit Savvy!

While you're probably not new to credit, you may be seeking new credit options or exploring ways to better manage your current credit. And there’s always more to learn.

Here are some resources that we think will keep you on the right track:

Our Business Credit Center has content that can help keep you on the right track.

Based on your answers … You're Credit Wise!

Nice work! You’ve done your homework and it shows.

Of course, there’s always more to learn! Keep your skills sharp with these credit resources:

Of course, there’s always more to learn and our Business Credit Center can help you keep your skills sharp!

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