Credit Card to Fund Renovations...lots of questions!

[Scott Young]

I’ve been doing a lot of research into financing methods as I’m about to finally start working towards my first deal. Purchase financing aside, I’ve seen a lot of differing information on using credit cards (personal and/or business) and/or business accounts to cover actual renovation costs. So, a few questions:

• Can I use my personal credit card(s) or should I get a business credit card under my LLC? If I can use either, what are the pros and cons of using each?
• Is it worth it to get a Lowes or Home Depot (for example) Business Account? Is it difficult to qualify? My understanding is I could pay the business account off monthly using the credit card, then pay the credit card when due essentially freeing up my cash for two months. I’m not trying to float checks here, but am just looking for the smartest way to operate.
• If I get a business credit card, how does it affect my credit? Is it difficult to qualify for one?

Most of the info I’m finding seems to be people using cash advances on their personal cards. Is there a reason to do that vs just charging on the card?

I feel like I’m missing something simple here that would connect all the dots for me. Any help is greatly appreciated!

Scott

[Filipe Pereira]

@Scott young, if you are looking for the smartest way to pay for things, use cash and don't carry a balance. :)