Business Credit Building
So, you’ve opened a business, and you’ve been paying your expenses in cash. That’s not always the best idea. What you need to do is to build good business credit.Good business credit can help you get approved for financing and small business loans at lower interest rates and with more favorable terms.However, there is no reason for loan companies to inform you when your credit status is being reviewed, so you may never even realize how your credit history has affected your loan or credit application.Building good business credit is not always easy when just starting out. You can’t build business credit without having multiple accounts, and when you open one account, the vendor will usually want references from others.
If your business has never had credit, it can be very difficult to start the ball rolling – unless you claim assistance from a Personal Finance Officer at Business Credit New York.Business Credit New York has good news for you. You can take control and successfully start building your business credit, even if your personal credit score is not the best. We know which vendor accounts give easy approval. It’s always good to open several Net 30 or Net 60 accounts. All this means is that you are given 30 days or 60 days to make payment to your creditor. Once you have paid those accounts in a timely fashion, over some time, you will automatically start building good business credit.There are significant reasons why it is essential to establish good business credit, and you can know exactly how to build business credit.
Good business credit allows you to get the funding you need to expand your business, hire additional staff, and meet your daily expenses including purchasing stock. You can use the cash to cover those overheads that can’t be obtained through credit. The better your business credit, the more financial opportunities are open to you.To illustrate just how crucial good business credit is, in the first half of 2013, Equifax had 35 million credit report requests, and Dun & Bradstreet a whopping 45 million! This shows how many vendors and lenders access these reports before extending credit to businesses.
At Business Credit New York, we know all the ins and outs of improving your credit standing. If you are a startup company with no previous credit, we can help you open the initial accounts you will need to build your credit score.We know which Net 30 and Net 60 vendors are prepared to give easy approval for business credit. We can even help you obtain your EIN and D-U-N-S number if you come to us from the beginning, changing your SIC and NAICS codes if you have chosen the incorrect ones, or if you have an automatic turn-down of a high-risk industry code.We aim to help you succeed in business. Filling in forms can be a tedious minefield, on top of knowing which steps to take when applying for finance. At Business Credit New York, we do the finicky grunt work and leave you to enjoy the finance!To put it simply, we help you bag the money. Yes, that’s right! We assist you in getting capital, whether you have a credit history or not, and even if you have a bad credit history!
We help you get loans and credit lines by building your business credibility. When the traditional banking institutions’ qualifying criteria are too stringent, we provide alternative lenders.Business Credit New York is equipped to advise you which vendor accounts build good business credit and point you toward credit grantors who don’t mind giving new businesses a chance.
Credit grantors will access your company’s credit identity before deciding whether to extend your business credit or approve your loan application.
Let me summarize how to build business credit the easiest way. It takes a little time to put everything into place, but once you have your good credit rating, you’re up and away! The simple step-by-step process is as follows:
- Register your business
- Get your EIN
- Get your D-U-N-S number
- Open accounts that report to credit bureaus
- Open a business credit card
- Make repayments punctually
- Keep track of your outstanding credit
A good business credit builder is a Net 30 or a Net 60 vendor account. Several credit grantors offer easy approval for credit, and it’s a good idea to start by opening some of these accounts. Your Business Credit New York Personal Finance Officer will be able to advise you on which are the best accounts to have as business credit builders.
Now let’s take a look at how to get business credit because that is key to building business credit. The two go hand in hand.If you have good personal credit and don’t mind being held liable for your business expenses in an individual capacity, using your SSN can go a long way toward creditors allowing your business credit. However, you need to be aware that your business and personal credit are two different things.Your credit score measures how well you manage your expenses and accounts granted in your name. To access this report, credit grantors will need to know your SSN. You can stand surety in a personal capacity for your business accounts until you have established a good payment record and built your business credit score up.However, many small business owners do not wish to be held personally liable for business expenses. This is perfectly understandable, but so is the vendors’ reluctance to grant credit without some form of security or track record of trustworthy transactions.
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At Business Credit Los Angeles, we stand by your side and offer you an easy-to-follow walkthrough guide to building your business credit. Bookmark our website to get ultimate solutions for all the concerns and questions you have about business credit building. Once you land on this portal, you won’t have to look around for any answers. We have created a solution-driven website to help you in the best manner available.