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You are here: Home / Archives for building business credit fast

Building Business Credit Fast: How to Add 8 Tradelines

July 6, 2019 By Marco Carbajo

Building Business Credit Fast

How do you start building business credit fast? There are several new business credit building strategies that will help you build your business credit reports in record time.

Whether you are a startup or existing business you can start establishing business credit quickly by following the strategies we cover in today’s post.

Be sure to also check out our recent post on How to Build Business Credit in 30 Days for additional strategies. building business credit fast

From the early startup stage all the way to the growth stages, access to business credit and funding is crucial if you want to achieve success in business.

In business, there will always be unforeseen expenses, opportunities to expand into new markets, research & development, etc. that will require additional working capital.

It’s important to realize 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.
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Filed Under: Business Credit Tagged With: build business credit, building business credit, building business credit fast, building business credit quickly, business credit building

5 Powerful Ways to Start Building Business Credit Fast

January 3, 2018 By Marco Carbajo

Start Building Business Credit Fast

What’s the best way to start building business credit fast?

If you want to start off fast and build your business credit file as soon as possible then this post is for you. We are going to cover five proven ways to establish credit in your company’s name while protecting your personal credit at the same time. start building business credit fast

So, whether you need access to working capital, accept credit card payments, conserve cash flow or manage fuel costs; you can start building business credit fast with each one of these.

First, before you take action you will want to set up a separate legal entity for your business. Secondly, obtain an employer identification number (EIN) which is not only used for tax filing but also to establish a unique credit identity for your business.

It’s also crucial that your company is ‘credit ready’ meaning that it meets the standard requirements that banks, lenders, suppliers, retailers and vendors use as part of their credit decision making process.

By the way you can find more details on lender compliance in our post ‘How to Build Business Credit Step by Step’.

Here are 5 ways to start building business credit fast:
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Filed Under: Business Credit Tagged With: build business credit fast, building business credit fast, start building business credit, start building business credit fast

Four Types of Business Credit Building Sources You Should Know

March 25, 2011 By Marco Carbajo

Business Credit Building

 

What types of business credit can you obtain for your company?

I’m sure your familiar with business credit cards, loans, and lines of credit but did you know there are four major types of business credit sources that you can establish?

In this short video I recorded with Dun and Bradstreet you will learn what these sources are and how you can go about building business credit fast without putting your personal credit and personal assets at risk.
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Filed Under: Business Credit Tagged With: building business credit fast, business credit building, business credit cards, business credit score

Business Credit Building:How to Build Business Credit Fast

February 14, 2011 By Marco Carbajo

Business Credit Building

How do you build business credit fast?

In this short video I recorded with AllBusiness you will learn how to leverage your existing supplier relationships by adding trade references to your business credit file with Dun and Bradstreet.

Discover how you can not only establish credit history in a short period of time but also how to generate a business credit score fast.
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Filed Under: Business Credit Videos Tagged With: biz credit, building business credit fast, business credit building, business credit score

Building Business Credit: 20 Steps to No Personal Guarantee

February 4, 2010 By Marco Carbajo

Building Business Credit

While obtaining business credit cards, small business loans and a business line of credit is the common objective for many small business owners the

Business Credit No Personal Guarantee

re is a growing demand for learning how to qualify without having to use personal credit or a personal guarantee.

I’m happy to see that more and more business owners are embracing the idea of completely separating your personal credit from business credit. Many of

our new members were never aware of the danger that co mingling the use of credit profiles for personal and business can jeopardize the protection of the corporate veil plus limit the amount of funding their business can obtain.

Here are twenty steps to building corporate credit without using a personal guarantee. Please note that I’ve used examples from my business credit building system.

  1. Incorporate your business and obtain a Federal Tax ID#- your Tax ID number will be the number that identifies your business and information. It’s just like how your social security number will identify who you are for personal credit.
  2. Complete corporate conformity (411 listing, verifications, business license, etc.) –vendors, lenders and banks will do their due diligence prior to extending credit to your company. Don’t expect to receive credit by skipping these key fundamental steps.
  3. Select the right business classification codes – avoid selecting codes that will trigger a red flag with the business credit bureaus and lenders. This can stop your business credit building efforts dead in its tracks.
  4. Set up a complete profile with Dun and Bradstreet – Simply obtaining a DUNs number doesn’t cut it you will need to furnish additional information on your profile to give creditors a complete picture of your business. Remember there are companies like First Equity that offer no personal guarantee business credit cards but by invitation only. They purchase targeted lists from the business credit bureaus which you want your company to be on.
  5. Add existing positive trade references – if you have existing trade references to add to your file then you may want to consider using DNB’s business credit builder program which allows you to add your own references but keep in mind there are certain references they will not accept.
  6. Apply for vendor lines of credit – obtaining vendor credit can be simple and some suppliers even specialize in extending credit to startup companies or businesses with no credit at all. The key though is applying for credit with vendors that report each month and report the true credit limits your approved for. Keep in mind that we provide these to you as a member of our Business Credit Insiders Circle.
  7. Pay invoices ahead of the due date – you can increase your paydex score to 90 or higher by simply paying your invoices 10-20 days ahead of the due date. A big plus on your files!
  8. Build solid payment history – while account types and trade lines are a factor keep in mind that a payment track record is the final ingredient. Don’t think that one paid invoice will make your business capable of acquiring no personal guarantee credit lines or credit cards.
  9. Monitor your business credit file – a no brainer and a good habit to adopt for your personal files as well.
  10. Get listed with multiple business credit bureaus –target specific business credit bureaus that cater to your industry on top of the big three.
  11. Set up a small business bank account –before selecting a financial institution for your banking make a list of the financial products you may need. Consider a credit union or community bank because they are much more flexible in today’s economic environment.
  12. Establish a minimum ‘low 5’ bank rating – establish bank credit with your small business bank account.
  13. Obtain secured business credit cards
  14. Open a small business credit line
  15. Establish a diversity of credit – build a strong business credit rating by obtaining different account types. This includes trade credit, revolving credit, loans and leases.
  16. Keep proper financials
  17. Establish a well written business plan – A business plan is your blueprint that outlines every necessary component for the success of your business. Enough said!
  18. Maintain personal credit scores at 680+ – when applying for no personal guarantee credit a lender or creditor may still require a personal credit check.
  19. Build large trade lines with multiple tiers of credit –you can request for a credit limit increase usually after six months of good payment history. Before applying for larger tiers of credit be sure to know what the requirements for approval are.
  20. Stay informed! – join forums, social networks, read articles, subscribe to blogs and consider joining memberships like the business credit insiders circle.

Following these steps will provide your business opportunities to establish business credit in the name of your business while protecting your personal credit and personal liability.

Ready to start building your business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value) =>

To Your Success In Business and in Life!

Did This Blog Help You? If so, I would greatly appreciate if you like and shared this on Facebook and Twitter.

About the author

Marco CarbajoMarco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.

Filed Under: Business Credit Tagged With: building business credit, building business credit fast, building corporate credit, business credit, business credit cards, establish business credit

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