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    6 Replies Latest reply on Jul 10, 2016 7:18 PM by sasaw

    Building your business credit

    Moderator Berta Guide

      Are you working on building your business? Have you thought about building your business credit?  Steve Strauss has shared a great  Infographic: Building Credit for Your Small Business  to help guide you on this journey.

       

      ~Berta

        • Re: Building your business credit
          arkhanian1989 Pioneer
          • Today I  am going to briefly, go over of how to establish a business credit for your newly reformed business from zero.    
            1. First I will research and check current City's and State's requirement's , taxing system, licensing and all other important infos in order for me (client) to figure out how to structure our project/business/organization.
            2. After getting all the required documents, then I will get an local phone number (would be better if your phone # would be seasoned, you can use one of your old home or cell # or you can buy them pretty low cost )and start listing that on Google places , Yelp and all other possible search engines ( later I will provide full list and links of suggested materials) .
            3. First step of  my company's enter to credit world , would be an opening commercial account with suppliers such Grainger, MSC direct via online, phone or live chat, and I would provide them with my tax-Id and would apply for an net 30 day account (in most cases I will get an instant approved credit limit of $1,000 ) . The next step will be placing an order of minimum $50 or more and wait for them to report my new tradeline  ( keep in mind that it's very important that order to be more than $50 because I had cases that lower orders weren't reported due to company minimum met terms). Also other companies for tier one trade references can be used depending on the business nature would be UPS, Fed Ex, Quill, Uline, Amsterdam Printing and obviously there is much more , I just tried to mention most common useful ones.
            4. After having 4-6 positive posts on your business profile , I move to the next  
            5. level,

          Revolving Accounts ,

              which would be gas cards like

          Fuelman, Shell, Fleetcor, Autozone , Jiffy Lube....etc.

          1. Tier 3  (two+ revolving and six+ net positive accounts) I can open  Sunbelts,BJs,Industrial Supplies,Best Buy, New Egg, IKEA ....etc
          2. For more updates on the post check my website New Blog — World Of Consulting

           

          2 of 2 people found this helpful
          • Re: Building your business credit
            yuzbekova Scout

            Thanks for the valuable information, it will save me a lot of time and less effort to achieve next level.

            • Re: Building your business credit
              sasaw Wayfarer

              Thank you for the plain-speak of the TO-DO list! A wealth of info that most would have to pay big bucks worth of mistakes to learn. So thank you!