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    3 Replies Latest reply on Sep 5, 2016 11:02 PM by ahsonline

    Building credit company credit

    ahsonline Newbie

      Hello forks,

       

      My name is Paul and i am a newbie to this forum. I was wondering how i should go about building my newly established company's credit? I do think that i will need to approach a bank for loans at some point soon and wanted to be ready when the time comes. Please, any suggestions will be appreciated and thanks.

        • Re: Building credit company credit
          moderator_mel Tracker

          Welcome to the community, ahsonline! We’d like to direct you to the Community Guidelines area of the forum. As for building business credit, here are a few ideas that may point you in the right direction:

          • Be sure to pay bills on time. Making a late payment can have a negative impact on personal and business credit.
          • Foster good relationships between your company and vendors or suppliers. Have them report your transaction history to major credit agencies.
          • Apply for a business credit card.
          • Obtain and list your business phone number in the local directory.
          • Use a business bank account to pay company expenses, including your business credit card balance.
          • File for a federal tax identification number or EIN.
          • Incorporate your business or form an LLC.
          • Keep your business credit history separate from your personal credit history.
          • Monitor and protect your company’s credit.

          Again, we’re glad you joined the forum and please let us know if we can help in any way. We’re looking forward to seeing more from you. ~Moderator Mel

          • Re: Building credit company credit
            Moderator Cath Guide

            Paul, Moderator Mel has given you some very good points.  I would suggest that you print them out and look at them as you move to build your credit.  One more thing I would like to add, is this will not happen overnight.  Don't get discouraged, just continue moving forward.

             

            We will be watching for your updates as you and your business grow - best wishes!

             

            Cath

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