Business Credit Help
One of the mistakes that I see business owners make when attempting to build business credit is not paying attention to details. I want to provide you a business credit tip that can help improve your chances of getting approved for loans, credit cards, and lines of credit for your business.
One small detail like choosing an SIC code in a high risk classification can mean your business being flagged as a high risk with the business credit bureaus. As a result every lender, creditor, or company that pulls your business credit report will see that you’re business is in a high risk classification.
As a result many lenders will automatically decline your application! In addition, Dun & Bradstreet will minimize the credit limit recommendation for your company on your DNB file which lenders take a close look at prior to extending credit to your business.
This short video will give you these high risk categories to stay away from so you can prevent your business from being placed in a high risk classification. If you haven’t selected an SIC code or NAICS code for your entity you will need to prior to setting up your Dun & Bradstreet file.
Don’t let a simple detail like this hurt your chances for obtaining the cash credit and financing your business needs and deserves.
Every business will at one point require an influx of cash in order to cover operating expenses, expansion costs, legal fees, inventory or a range of other items it may require in order to operate.
Another major benefit for building business credit is you’re ability to have access to capital which provides the leverage you need to purchase additional income producing assets like other businesses, real estate, equipment and so on.
The worst mistake you can make is seeking funding when your business needs it most. Lenders extend cash credit lines to businesses that are not in high risk industries, don’t need the capital and have strong business credit ratings. Start digging your well before your business gets thirsty!
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 premium vendors, business credit cards, 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) =>
About the Author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. A business credit builder system helping business owners establish business credit with no personal guarantee. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.