Building Business Credit Quickly

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  • Eligibility: Any business can obtain business credit, even if the business has only been in operation for single day.

  • Benefits: Business credit facilitates approvals for loans, credit lines, and credit cards.

  • Business Credit is crucial for securing loans at low interest rates.

  • Importance: Establishing a reliable business credit is essential for maximizing the financial resources available to grow out your business.

  • Steps to Build Business Credit

  • Understanding why you got denied business credit: Identify and correct all issues that could lead to the denial of business credit applications.

  • Improve your rate of approval: By avoiding and correcting past mistakes on the application process, your business will have a much higher rate of approval for getting business credit.

  • Perception of Lenders: The primary reason why business credit is denied is the suspicion of fraud. Ensure all information on business credit applications are accurate to avoid seeming fraudulent.

  • Accurate Applications: Double-check all information on business credit applications to avoid any discrepancies that could make your business appear fraudulent or nonexistent.

  • Legal Structures: Set up an LLC and obtain an EIN number. These are critical for building business credit.

  • Business Bank Account: Use a business bank account instead of a personal bank account when applying for business credit.

  • Appropriate Applications: Apply only for credit that your business is eligible for and likely to qualify for to avoid unnecessary denials.

  • First Step: Obtain business credit from started vendors who report business credit to reporting agencies.

  • Reporting: Make sure that the vendor reports your credit activity to major business credit agencies such as Experian and Equifax.

  • Documentation: Have all necessary and correct business information in place to secure credit from vendors.

  • Alternative Option: For start-ups and new businesses, the Credit Line Hybrid Program can provide business credit of upwards of $100,000.

  • Personal Credit Requirement: You must have good personal credit to get business credit approved using the Credit Hybrid Program.

  • Starter Vendor Alternative: If your personal credit is not strong, obtain business credit through starter vendors.