Once you have five business vendor accounts, begin to establish retail credit from places like Staples, Lowe’s, Amazon, etc. Retailers check for uniformity in your business information and whether your business is licensed properly. Again, pay on these accounts early or on time, as it will strengthen your portfolio.
After you’ve established eight accounts on your business credit report, apply for fleet credit. This is used for fuel, vehicle repair, and maintenance. In other words, these are gasoline credit cards issued by BP, Chevron, Sunoco, etc. If you’re not in business long enough to qualify for fleet credit, you can still get it by providing personal guarantee or a deposit. Continue to pay early or on time, further solidifying your portfolio.
Finally, once you have at least fourteen accounts on your business credit report, you can apply for bank credit cards such as Visa, Mastercard, and American Express. These will give you optimal spending power to purchase supplies and materials for your business without restricting or sacrificing cash flow.