How to Build Business Credit in 30 Days

November 28, 2018 By Marco Carbajo

How to Build Business Credit in 30 Days

Today, we’re talking about how to build business credit in 30 days. In this post, you’re going to learn step-by-step how to establish anywhere from 12 to 15 accounts reporting on your company’s business credit reports whether you’re a start-up or an existing business in 30 days or less.

So, let’s get started.

Why build business credit? Building business credit allows a business owner to protect their personal credit while establishing the creditworthiness of the business itself. With a separate legal entity such as a corporation or limited liability company, you have the unique ability to create a credit identity for the business also known as a business credit profile with the business credit reporting agencies.

When you structure your business as a corporation or limited liability company it becomes recognized as a separate legal entity with the ability to enter into contracts. It’s treated as a separate being. Basically, you have the ability to create a credit file in your company’s name using your EIN number.

As you know you have a Social Security Number. Your social security number is used when you apply for personal credit while a business has an EIN number which is also known as your Employer Identification Number.

Your EIN is used by the IRS for tax purposes, but this also gives you the ability to create a business credit report with the business credit reporting agencies. This credit profile for your business is vital if you plan on acquiring credit or funding using your company’s credit report as a qualifier.
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How to Open a Business Credit File with Experian

October 24, 2018 By Marco Carbajo

How to Open a Business Credit File with Experian

The other day I got asked which business credit reporting agency is most widely used by banks and credit card issuers when checking a business credit file. Without a doubt I would have to say Experian Commercial which leads me to writing today’s post.

What is a business credit file? A business credit file is created by a business credit reporting agency when a credit grantor reports information associated to a company’s credit account. A business credit file is used by credit grantors during the decision-making process to determine whether or not to extend credit to a business.

Your credit file gets opened with Experian when a credit grantor reports your company’s data to Experian Commercial. In order to accomplish this, your business needs to establish a business credit account with a credit grantor that reports to Experian.

Here are three ways to get your business credit report established with Experian in 30 days:

Strategy #1

One of the fastest ways to get this done is with our business credit card funding program. Under this program you get 4-5 business credit cards that report only to Experian Commercial and in some cases Equifax Small Business. In less than 30 days you can have 4-5 revolving lines of credit listed on your Experian business credit report.
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Plastiq Review: 5 Ways it Can Benefit Your Business

October 2, 2018 By Marco Carbajo

Plastiq Review

Do you have bills that you can’t pay with credit cards?

Are you missing out on early payment discounts?

How much money have you lost from discounts you could have got by paying cash?

In today’s post we are going to show you how to put virtually any expense on a personal or business credit card with a bill payment service known as Plastiq.

What is Plastiq? Plastiq is an online bill payment service for consumers and businesses that lets you pay almost any bill with a personal or business credit card. You can pay with credit cards where cards are not accepted for a simple 2.5% fee.

In this review we’ll go over five ways Plastiq can benefit your business. I think it’s important to write a complete review on this since we get so many business owners that come to us and want to pay for certain business expenses using their business credit cards but can’t.
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How Do I Get a New Business Loan? What it Really Takes

August 29, 2018 By Marco Carbajo

New Business Loan

Are you looking for a new business loan?

If you’re an existing business, looking to acquire an existing business, or buy a franchise; a business term loan may make the most sense to meet your needs. If you’re a stand-alone startup looking for funding you may want to consider a personal loan for business rather than a traditional business loan.

The fact is it’s extremely difficult to get a business loan from a lender as a stand-alone startup because it presents the most risk for a lender. Whereas an existing business has an established track record and a franchise has an existing infrastructure and support of a large corporation.

In today’s blog post we are going to go over what it really takes to get a business term loan, who it’s ideal for, what are the requirements, and how to apply. With a business term loan, you get a lump sum loan that is paid back with regular monthly payments at a fixed interest rate over a set period of time. Repayment terms can range from 2 to 25 years depending on the lender. This ultimately gives you more time to repay and have lower monthly payments.

It’s important to realize if you’re applying for a new business loan, you can expect a longer application process (typically 8-12 weeks). You will also be required to furnish many more documents which we’ll cover shortly.
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My Business Credit Report is Nonexistent. 5 Ways to Build It

August 7, 2018 By Marco Carbajo

My Business Credit Report

Is a business credit report for your company nonexistent?

If you plan to apply for a business loan, buy equipment, open a credit line with a supplier – just about anything that requires borrowing money – having a business credit report established is crucial.

With an established business credit report; banks, lenders, suppliers, retailers, etc. will be able to assess the creditworthiness of your company. Look at it as a report card for how your business handles its financial obligations.

Your business credit report will be used for setting terms on credit, loans, lease payments and insurance premiums to name a few. For example, if you apply for an SBA loan, you are required to have a minimum FICO® SBSS score of 140 (out of 300), which is calculated based on both personal and business credit report information.

Now I’m sure you’ll agree how important it is to have a business credit report for your company but what can you do if you have nothing listed? What steps can you take to establish a business credit report for your startup or existing business?
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