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Business Credit - How to get started
How to get started building business credit. First of all you need to know what types of business credit are offered. You can get NET 30 accounts, which means you pay 30 days after the invoice. There are revolving accounts which means you can pay much like a credit card. Then there are business LOCs and business credit cards. To get started you must first have a corporation or LLC. These are very inexpensive and information can be found with your Secretary of State. Once you have a company you need a business phone line and be listed in 411. You can use your home address for all of this. ATT, Sprint, and many other cell phone companies may offer credit to your new business. You can use this phone to get listed in 411. Once you have that you should order from Net 30 vendors and pay within 30 days. These will start reporting positively to your business credit reports if you pay on time. Experian and DNB are the main business credit companies. Once a few of these are reporting you can start building revolving accounts, Staples and Office Depot are good to start. They may offer anywhere from $250-2000 in revolving credit depending on the age of your business. After this you can keep building NET 30's and move onto bigger revolving accounts, such as Dell, Home Depot, Chevron, Texaco, and many others! For Business credit cards and LOC's you will need good PERSONAL credit scores so they are much harder to get for most people. If your business has a good history and bank statements you may be able to work with your local bank to get loans and credit cards for the business.
I hope this helps you get started building business credit! |
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