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5 Best Business Credit Building Hacks For Maximum Results

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Best Business Credit Building

I’m sure you’ve heard all the same old business credit building tips time and time again. Start with establishing several vendor accounts first; make several purchases; and always pay your invoices on time. We know these rules, and we know there’s much more to it in the real world. best business credit building

While there is a great deal of tips and information on building business credit on the internet, you may discover that most of the information is either outdated, over simplified or just plain wrong. Now don’t get me wrong, there are lots of good resources (here and elsewhere) that you should read up on before you take action.

Once you’ve got the basics down, here are the best tricks that can help you improve the business credit building process and work your way up into a strong business credit file much faster:

Leverage your personal credit to your company’s advantage

During the initial stage of the business credit building process you’ve probably read that getting vendor credit is the best way to start building your company’s credit file. While starter vendors will certainly get you payment experiences reporting on your file the one trick that can also drastically enhance your company’s credit file immediately is also having revolving lines of credit reporting too.
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How to Build Business Credit Step by Step

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How to Build Business Credit Step by Step

Have you heard the expression “Success leaves clues” from the famous Tony Robbins? how to build business credit step by step

If you look at the most successful businesses in America they all have one thing in common; they all have business credit. Many of these big companies continue to use business credit today to grow and expand their companies.

For example, mega retail giant Walmart has over 500 trade lines reporting on its Experian business report. This is how they stock their stores and maintain close to $30 billion in accounts payable to their suppliers.

The most important thing to realize is the benefits of business credit is not only available for big business. Startups and small businesses can also enjoy the same benefits and leverage that a big business has once they know the process and put it into action.
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Why Build My Business Credit?

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Why Build My Business Credit

Although the lending market is always changing and evolving the one thing that is constant is business credit.

In a recent interview with Franchise Gator I answered a few questions about the importance of building business credit. Here are some of the highlights from that interview. why build my business credit

What are the most important lessons you’ve learned in your career about funding a business venture?

“An important lesson I’ve learned is the power of business credit and the leverage it provides. The stronger the credit you have both personally and for business, the more options you have and the better the terms and rates you’ll receive.”

To add to that, remember there are funding programs that look at factors other than personal credit alone such as revenues, outstanding invoices, purchase orders, business assets, etc.
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The Business Credit Building Junkyard: Why So Many Businesses Fail

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Business Credit Building

Why do businesses fail in building business credit the right way? business credit building

One of the major reasons why so many struggle establishing credit for the business effectively is because they don’t know what lenders define as a creditworthy business. In today’s post we’re going to put an end to all the confusion by covering five main areas that cause so many businesses to fail in the business credit building arena.

Take a look at these five key areas:

  1. Company payment history
  2. Depth of business credit
  3. Business credit utilization
  4. Business credit limits
  5. Types of business credit

Let’s explore each one.
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7 Compelling Reasons to Start Building Business Credit in the New Year

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Start Building Business Credit

With a New Year just around the corner this is a time for small business owners to benchmark overall performance and set plans for moving forward in the year 2016.

In a lot of ways this was a year of innovation, change, and efficiency in small business lending. Although big banks have loosened their belts and started lending again; their focus still remains on issuing large loans to big businesses. start building business credit

Since applying for a loan or line of credit with a bank requires a small business owner to produce a plethora of documentation such as financials, personal tax returns, business tax returns, etc.; alternative lending and non-traditional lines of credit  have become a much more viable and attractive option for small business owners.

I’m sure you’ve seen the rise of online business lending platforms pop up over the internet this year alone.  Online platform such as Kabbage are working hard to fill the void in the marketplace for quick and easy business loans online. There is no question the demand for fast, cost-effective, go-to funding sources for small business owners will continue to grow in the upcoming year.
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