10 Steps to Building Business Credit
There are many steps to building an exceptional business credit profile.
Here are the top 10 steps you will want to take in order to build credit for your business.
- Incorporate your business and be certain to obtain a Federal Tax ID Number (EIN).
- Set up separate bank accounts for your business using the name on your corporate papers.
- Have a business land line, with a listing in your white pages.
- Take the time to obtain the proper business licenses required by your state.
- Pay business bills ahead of the due date. Paying early will help raise your credit scores.
- Have a solid payment history of On-time payments.
- Monitor your business credit.
- Establish diverse credit by using multiple store, VISA, Mastercard, and/or American Express accounts.
- Have a well written business plan in place to provide to lenders when seeking funding.
- Set up a credit profile with Dun and Bradstreet.
There are many factors involved in ensuring you get approved for business credit. While we discussed just a few of the steps you will want to take there may be more involved before your business gets credit approved. If you have any questions or would like to discuss ways to obtain business credit, please give us a call.