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Build Business Credit Article 3
Article 3 is going to discuss revolving business credit. A revolving account is similar to a credit card because you can pay the account in the full or you can just make the minimum payment every month. Many big stores and vendors offer revolving credit accounts. Ok, now hopefully you have built your business credit and have some net 30 accounts reporting. Now you need to work on revolving accounts. Many places offer revolving credit accounts. You can get revolving credit at “Sam’s Club, Wal-Mart, Home Depot, Office Depot, Staples, Lowe’s, Costco, Sears, Best Buy, Office Max, Dell, Amazon, Bill Me Later Business, and many many business revolving credit sources I have listed in my Explode Biz Credit E-Book.” Within 3 months of starting business credit you could have 5 net 30 accounts reporting and start being approved for these revolving accounts. With a 2 year old business you can start getting approved at some of these places without many net 30 accounts reporting. Be sure to pay your bills on time as this will hurt your business credit score at Experian and Dun and Bradstreet. You need to have higher scores (Scores go 0-100 at Experian; Paydex score goes 0-100 at Dun and Bradstreet) in order to be approved for revolving accounts than Net 30 accounts. The faster you pay, the higher your score. If you pay your bills 2 weeks before they are due this will help to increase your business credit score! |
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