You can establish a good line of Business Credit by following these 6 easy steps and by clicking the tabs below.
Build Business Credibility
Almost all lenders keep their underwriting guidelines secret. As a result, most business owners who apply for credit and financing are denied as they don’t meet some of the lenders’ recommended requirements.
In step 1 we go through all “credibility” points that credit issuers look at on their business funding application, and help ensure you and your clients meet or exceed their requirements. By helping you meet lending requirements before you even apply, they then stand the best chance of approval.
We can assist you with filing for the proper corporation entity, setting up your business address, obtaining a phone number, fax number, and toll-free number. We also assist you in setting up your email address, website, and ensuring you have the proper licensing, and more.
You’ll navigate through all Finance Suite steps in a seamless, and completely customized user experience. You’ll only be exposed to information that’s pertinent to your unique situation, saving you time and getting you fast results. And, each step is complete with videos and resources to help you along the way.
As you complete step 1 you’ll finally know that you have a credible business that has been well established.
Establish Your Business Credit Reports
In step 2 of your business credit building process, we help you get setup with the three major business credit reporting agencies, Dun & Bradstreet, Experian, and Equifax Commercial.
In this step we help you search your company information with each reporting agency to see if your company already has reports that exist with each source. If you are setup, you’ll then have an opportunity to review your business details for accuracy. If your company isn’t yet setup with any or all of the reporting agencies, you can get setup with each in this step of the suite.
Plus, you’ll even be able to obtain your free D-U-N-S number directly from Dun & Bradstreet as part of the initial setup with them. And you’ll gain access to your Experian Smart Business information to see if you have a file with them, how many accounts you have reported now if you have a credit score or a profile plus established with Experian.
Everything you need to know from Experian to build business credit is supplied through this Smart Business access, and you can monitor your credit building in real-time with this feature. Plus, the Finance Suite is one of the only places in the world that you can access this information at no additional cost to you.
And you’ll get access to details and training on how accounts report with each reporting agency. This way you’ll know what type of items report to the business credit reporting agencies and get specifics on how they report. And as you build your business credit you’ll know what to expect from your creditors and the reporting agencies themselves, so there won’t be any unwanted surprises on your business reports as they grow.
MONITOR YOUR BUSINESS CREDIT REPORTS
As you start to obtain new credit, you’ll want to see these new accounts reporting on your business credit profiles. You’ll also want to see how your business credit is established and how it may change based on your newly established payment history.
As you build your business credit your ability to get certain accounts is based on how many accounts you have reported to the business credit reporting agencies. So knowing when your new accounts report is essential to your business credit building success.
In this step we help you get business credit monitoring setup with Dun & Bradstreet, Experian, and Equifax. This way you can monitor your reports in real time and quickly move through the business credit building process. And, you can also see what lenders and others see on your reports as well.
You’ll also have access to training on how to read and navigate your business credit reports. Business reports have as many as 5 scores on each report, and many other types of accounts that don’t report on consumer reports. So this training is important to know how to properly navigate your reports, review your trade lines, and to help you maintain and sustain excellent business credit reports.
Obtain Initial Business Credit
In step 3 you get approved for new credit in your business name that reports to Dun & Bradstreet, Experian, and Equifax. This is business credit that reports only to the business credit reporting agencies, not the consumer credit bureaus.
Most of this credit can be obtained with no personal credit check, and with no personal guarantee required from you, eliminating your personal liability. And in establishing credit for your EIN, you’re completely separating your personal and business credit.
This new credit reports as payment experiences on your business profile, typically within 60 days. Once reported, you’ll then have your EIN business credit profile established, and you’ll be issued business credit scores. This newly established profile and score will then be used in future steps to obtain revolving store and fleet credit for your company.
Obtain Store Business Credit Accounts
After your initial credit, you obtained in step 3, reports to the business credit reporting agencies, you’ll then be able to start obtaining credit at major retailers. These are the same stores you probably do business with now. But with your newly established business credit profile and score the credit you’ll get in this step reports only to the business reporting agencies linked to your EIN, not your SSN.
In this step, you’ll be able to obtain Net 30 and even revolving store credit with retailers such as Tiger Direct, Amazon, Staples, Lowes, AutoZone, Macys, Conoco, Exxon, and many more. Limits on these types of business accounts are typically 10-100 times higher than you’ll find with consumer credit per SBA. Your new credit will report to the business reporting agencies within 60 days on average.
Obtain High Limit Store Revolving Credit Cards
These cards are all revolving accounts. This means you’ll only need to pay a minimum payment each month on what you charge instead of paying off the entire balance at the end of the month.
You can obtain revolving credit at stores including Best Buy, Shell, Tractor Supply, Walmart, Dell, Sears, BP, Chevron, and many more. At this point in your business credit building process, most major retailers will start giving you credit based on your EIN credit quality.
The Final Step
Your final step in your business credit building process and requires only 120 days or so to get to. At this point, you’ll have over 14 reported accounts on your EIN credit profile.
You’ll be able to obtain credit at most major retailers using your EIN credit only to apply.
In this step, you’ll be able to secure a Global-Fleet MasterCard, BP Business Fleet MasterCard, Chevron Universal MasterCard, Home Depot Commercial Card, Sam’s Club Business revolving card, Universal Fleet cards, and more.
At this point you’ll have very well-established business credit. This will give you a much better chance of whatever types of credit you may need, especially with conventional banks. And the terms you receive on business loans will be lower because your risk is lower due to your positive and well-established business credit profile.