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Business Credit Building Initial Essentials

Before you start applying for business credit, make sure you take the time to verify that all agencies, banks, and trade credit vendors have your business listed with the same Tax ID number.

Business address must be a real brick-and-mortar building, deliverable physical address cannot be a home address, cannot be a PO Box, and cannot be a UPS address. Some lenders will not approve and fund unless this criteria is met.

You must have a dedicated business phone number that is listed with 411 directory assistance, under the business name. Lenders, vendors, creditors, and even insurance providers will verify that your business is listed with 411.

You MUST use a business phone number, not a home or cell phone.You should get an 800 number and fax number. Voice over IP numbers are okay, you just can't use a home phone or cell phone.

Credit providers will research your company on the internet and it is best if they learned everything directly from your company website. You should also have a professional email address such as.

These are super cheap and easy to setup. Not having either WILL make you look not credible.

You'll need to contact the State, County, and City Government offices to see if there are any required licenses and permits to operate your type of business. Do not apply if you are unlicensed when you should be.

Take the time to verify that main agencies (State, IRS, Bank, and 411 national directory) have your business listed the same way and with your Exact Legal Name. Also take the time to ensure every bill you get (power bill, phone bill, landlord, etc.) has the business name listed correctly and comes to the business address.

Those accounts will then report to the business reporting agencies in 30-90 days or up to three reporting cycles.

Once reported you'll then have a business credit profile. You'll have a good business credit score as long as you paid your bills on time.

And you'll have multiple tradelines.You'll need to have five reported accounts to move on and start getting store credit, the next step in building business credit.

A vendor line of credit is when a company (vendor) extends a line of credit to your business on "Net 15, 30, 60 or 90" day terms. This means that you can purchase their products or services up to a maximum dollar amount and you have 15, 30, 60 or 90 days to pay the bill in full.

So if you're set-up on Net 30 terms and were to purchase $300 worth of goods today, then that $300 is due within the next 30 days.

Contact us today to learn more about building credit for your business!