I want to establish my business credit - what are some things I can do?
Hi,
I started a business selling disputer letter templates for DIY credit repair. I'm in need of business funding but in order to get approved for vendors/store credits/cash credit, I first need to establish my business credit.
What are some of the easier tradelines I can get approved for my business? Are there any other steps I can take to improve my credit without personal guarantee?
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Nov 30, 2020
To establish your business credit, you may first need to take the following steps:
1. incorporate your business or form an LLC (limited liability company)
2. get a federal employer identification number
3. open a business bank account
4. got a dedicated business phone line
5. register with Dun & Bradstreet to get a D-U-N-S number.
And I want to add that in order to build up your business credit without using your personal credit, you can apply for a business credit card. Use it on occasion and make sure to pay it on time. I suggest using a loan payments calculator to choose the best options (interest rates, your capabilities, etc.).
Thank you for your help. I’ve done all the steps you listed and began using Vendor Net 30 accounts that report to Duns & Bradstreet and Equifax Business.
After a few more Net 30 accounts, I will definitely, apply for a business credit card.
Once again, Thanks for your help.