Long Haul Truckers: Here’s How to Build Business Credit Quickly Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly. Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies! … Continue reading How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers
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How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers
Long Haul Truckers: Here’s How to Build Business Credit Quickly
Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly.
Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies!
Business Credit for Trucking: Why get Business Credit in the First Place?
If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.
And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.
Building Business Credit for Long Haul Trucking: The Benefits
Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.
Since the business gets approval for the credit, in some cases, there is no personal credit check needed from the firm owner. The business can utilize its credit to get approval for retail credit tier credit cards.
These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can utilize its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.
How to Build Business Credit Quickly: Start With Business Credit Profiles
A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.
A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.
How to Build Business Credit Quickly: Get a PAYDEX Score
Dun & Bradstreet’s Business PAYDEX scores are based upon payment history.
But personal credit scores are based on 5 factors:
- payment history (35%)
- utilization (30%)
- length of credit history (15%)
- accumulation of new credit (10%)
- and credit mix (10%)
When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.
How to Build Business Credit Quickly: Defend Your Assets
Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.
Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.
A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.
As the business continues using credit and covers bills promptly it will get approval for more credit.
How to Build Business Credit Quickly: Developing Business Fundability
The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.
It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.
How to Build Business Credit Quickly: Corporate Entities and EINs
You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.
Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.
Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.
How to Build Business Credit Quickly: Business Addresses, Phone, and Fax Numbers
Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.
Virtual Addresses
However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.
And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.
Phone Numbers
You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.
Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.
A cell or home telephone number as your main business line could get you flagged as a non-established firm, which is too high of a risk. Do not give a personal cell phone or residential telephone as the company telephone number! You can forward a virtual number to any cell or land line telephone number.
Fax Numbers
Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents, you will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.
How to Build Business Credit Quickly: Business Websites
You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.
There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.
Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.
Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.
How to Build Business Credit Quickly: Business Banking and Licensing
Your company banking history is important to long term success in acquiring more substantial business loans. The date you establish your business bank account is the day that loan providers consider your company launched, no matter when you incorporated or achieved any other business milestone. The longer your business banking history, the better your borrowing potential is.
Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.
State Licensing
A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.
Contact the State, County, and City Government offices to see whether there are any necessary licenses and permits to operate your trucking business. This includes your commercial driver’s license. You must list your business filings correctly at the state, county, and city levels. Plus your IRS filings must have correct listings.
How to Build Business Credit Quickly: Company Listings
Also make sure to confirm that main agencies (State, IRS, Bank, and the 411 national directory) have the same listing for your company and with your precise legal name. Also make certain every single bill you get has a correct listing for your business name and comes to your company address.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
How to Build Business Credit Quickly: Get a D-U-N-S Number
Make sure your firm has a listing with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.
And check out creditsuite.com/monitoring for the lowest-price monitoring. We can save you 90%!
How to Build Business Credit Quickly: Get Your Other Business Credit Reports
Our business finance suite includes monitoring.
Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. It costs $49 – 99. Learn how many trade lines are reporting, and see if you have a business credit score assigned. See if you have an active Experian Business Profile, and check on recent inquiries.
Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business. It is $99.95 for a full report.
Business Credit for Trucking: Start with the Vendor Credit Tier
This is the beginning of business credit for trucking companies.
It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.
So if you’re set up on Net 30 terms and purchased goods today, then repayment is due in the next 30 days. Get products for your business needs and postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.
True Starter Vendors
We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/
Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.
Some vendors require an initial prepaid order before they can authorize your firm for terms. When your first Net 30 account reports your trade line to Dun and Bradstreet, the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.
Help Yourself with On-Time Payments
Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.
It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. Having said that, there is no benefit to the merchant to promote credit without personal liability if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.
You must have a total of at least five (5) Net 30 day pay accounts reporting although eight (8) are better, to move onto the next tier.
Business Credit for Trucking: Attain the Retail Credit Tier
After you set up 5 – 8 trade lines by utilizing vendor accounts, getting retail accounts is the next step. These are cards which a business owner can make use of and they don’t have to pay the full balance owed each month.
Retail credit tier approvals will start coming from stores. You must get retail credit prior to you, the business owner, can start getting Visa, MC, and Amex-type cards.
Most stores will not approve a business owner for business credit unless the owner has an established credit profile and score, a lot like in the consumer world. Vendor accounts must be utilized first to set up a profile and score, and after that your firm can get store credit. It generally takes a mere 90 days or less to set up a score and profile with trade lines.
Most major stores offer business credit such as: Racetrac, the Fuelman MasterCard, Ally Car Financing, and Phillips 66/Conoco/76 Commercial.
Once 10 total accounts are on report, a firm owner can then start applying for Visa, MC, and Amex-type credit. Approval amounts will equal the greatest credit limit account on the business report.
For that reason, try to have 10 accounts with at minimum one of them having a $10,000 high limit. Keep using the credit, and keep applying for more, and speak with credit providers to increase credit limits. If you do this, your business credit will keep growing until you can get higher limit credit lines, normally within 6 – 12 months.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Business Credit for Trucking: Getting to the Fleet Credit Tier
As soon as you have 10 – 15 accounts, you can begin to get approval for fleet credit and auto vehicle financing. You must have at least one account with a $10,000 high credit limit to get authorization for most fleet credit sources.
Plus you must have higher scores, 75 or higher with Dun and Bradstreet. This score just confirms you pay your bills on time. Fleet credit is for everything to do with business vehicles and can be used at multiple locations. Its uses include fuel purchases, and vehicle repair work and maintenance.
Business Credit for Trucking: Going Beyond the Fleet Credit Tier
As you keep building more business credit, you’ll get approvals for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval.
And you will need well over 20 reported accounts, a bigger number of employees, and higher revenue and profits to get loans without these. Being responsible with fleet credit will lead straight to getting vehicle financing.
Business Credit for Trucking: Unsecured Credit
This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often very high, as in $10,000 – 50,000, and you can get it in 1 – 4 weeks.
You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.
Business Credit for Trucking: Revenue Loans and Lines
A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, they do not give you cash in trade for a portion of the business. Rather, you repay the loan (or credit line) as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.
Revenue-Based Financing Details
The lender (investors, really) will take an equity warrant which means they have a fixed price if they want to buy stock in the business until an expiration date. And the business owner does not need to back the loan with their own personal assets. They do no valuation on the company’s assets.
All you need is:
- The company needs to be producing revenue
- It needs to have good gross margins to be able to afford the payments
One way to get revenue-based financing is via crowdfunding platforms. Interest paid is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for very early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old, with revenue coming in but banks still aren’t providing loans.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Fundbox
Our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.
Requirements:
- Six or more months in business
- Yearly revenue of $25,000 or greater
- The company must have business checking account
Find them online at: https://fundbox.com/lines-credit.
Business Credit for Trucking: Takeaways
You have a lot of options when it comes to getting business credit for trucking companies.
The post How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers appeared first on Credit Suite.
Check Out This Great Question from Residential Real Estate Agents: How Do I Build My Business Credit?
How Do I Build My Business Credit? Residential Real Estate Agents Ask This Question All the Time
Every entrepreneur asks this same question: how do I build my business credit?
Business credit is credit in a company’s name. It doesn’t link to a business owner’s consumer credit, not even when the owner is a sole proprietor and the sole employee of the company.
As such, a business owner’s business and consumer credit scores can be very different.
How Do I Build My Business Credit and Get The Advantages?
Due to the fact that business credit is separate from individual, it helps to safeguard a business owner’s personal assets, in the event of a lawsuit or business insolvency.
Also, with two distinct credit scores, a small business owner can get two separate cards from the same merchant. This effectively doubles purchasing power.
Another advantage is that even new ventures can do this. Going to a bank for a business loan can be a recipe for disappointment. But building small business credit, when done properly, is a plan for success.
Consumer credit scores rely on payments but also other components like credit utilization percentages.
But for company credit, the scores actually only hinge on if a business pays its invoices on time.
How Do I Build My Business Credit and Start The Process?
Growing company credit is a process, and it does not occur automatically. A small business has to proactively work to establish business credit.
However, it can be done readily and quickly, and it is much swifter than establishing consumer credit scores.
Merchants are a big part of this process.
Doing the steps out of order will lead to repetitive rejections. Nobody can start at the top with company credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.
How Do I Build My Business Credit and Get Started with Small Business Fundability?
A small business needs to be fundable to lenders and vendors.
Hence, a business will need a professional-looking website and e-mail address. And it needs to have site hosting bought from a supplier like GoDaddy.
And also, company phone and fax numbers ought to have a listing on 411.com.
At the same time, the company phone number should be toll-free (800 exchange or comparable).
A business will also need a bank account dedicated solely to it, and it has to have all of the licenses essential for running.
Licenses
These licenses all have to be in the particular, accurate name of the small business. And they must have the same small business address and phone numbers.
So keep in mind, that this means not just state licenses, but potentially also city licenses.
Learn more here and get started toward establishing small business credit.
How Do I Build My Business Credit and Start Credibly Dealing with the Internal Revenue Service?
Visit the IRS web site and acquire an EIN for the small business. They’re totally free. Choose a business entity such as corporation, LLC, etc.
A business can begin as a sole proprietor. But they will most likely want to switch to a variety of corporation or an LLC.
This is in order to limit risk. And it will take full advantage of tax benefits.
A business entity will matter when it involves taxes and liability in case of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and taxes. No one else is responsible.
Sole Proprietors Take Note
If you run a company as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.
If you do not, then your personal name is the same as the small business name. Consequently, you can end up being directly accountable for all small business debts.
In addition, according to the Internal Revenue Service, by having this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 possibility for corporations! Prevent confusion and significantly reduce the odds of an IRS audit at the same time.
How Do I Build My Business Credit and Set off the Business Credit Reporting Process?
Start at the D&B web site and obtain a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.
Once in D&B’s system, search Equifax and Experian’s sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.
This way, Experian and Equifax will have activity to report on.
Vendor Credit Tier
First you must establish trade lines that report. This is also called the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.
And with an established business credit profile and score you can start to obtain credit in the retail and cash credit tiers.
These kinds of accounts often tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture. This furniture could be particularly helpful to residential real estate agents.
But to start with, what is trade credit? These trade lines are credit issuers who will give you preliminary credit when you have none now. Terms are usually Net 30, rather than revolving.
Hence, if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, such as within 30 days on a Net 30 account.
Details
Net 30 accounts need to be paid in full within 30 days. 60 accounts must be paid in full within 60 days. In contrast to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.
To launch your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. Once that’s done, you can then make use of the credit.
Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.
Vendor Credit Tier – It Helps
Not every vendor can help like true starter credit can. These are vendors that will grant an approval with a minimum of effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.
You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than one time to these vendors. So, this is to demonstrate you are responsible and will pay timely. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/
How Do I Build My Business Credit and Get Benefits from Accounts That Don’t Report?
Non-Reporting Trade Accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.
You can always ask non-reporting accounts for trade references. And credit accounts of any sort will help you to better even out business expenditures, thereby making budgeting simpler. These are companies like PayPal Credit, T-Mobile, and Best Buy.
Retail Credit Tier
Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move onto the retail credit tier. These are companies like Office Depot and Staples, both of which have plenty of goods for sale which will help residential real estate agents.
Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.
One instance is Lowe’s. They report to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or more.
Fleet Credit Tier
Are there 8 to 10 accounts reporting? Then move to the fleet credit tier. These are companies such as BP and Conoco. Use this credit to buy fuel, and to fix, and maintain vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.
One such example is Shell. They report to D&B and Business Experian. They need to see a PAYDEX Score of 78 or more and a 411 business phone listing.
Shell might say they want a specific amount of time in business or profits. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get an approval.
Learn more here and get started toward establishing small business credit.
Cash Credit Tier
Have you been sensibly managing the credit you’ve gotten up to this point? Then move to the cash credit tier. These are companies like Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.
One example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or higher. And they also want you to have 10 trade lines reporting on your D&B report.
Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).
Also, they want you to have an established business.
These are businesses such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are commonly MasterCard credit cards. If you have 14 trade accounts reporting, then these are in reach.
And there are tons of ways the business credit cards in the cash credit tier can help residential real estate agents.
Learn more here and get started toward establishing small business credit.
How Do I Build My Business Credit and Monitor My Business Credit?
Know what is happening with your credit. Make certain it is being reported and take care of any mistakes ASAP. Get in the practice of taking a look at credit reports and digging into the details, and not just the scores.
We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.
At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. Equifax costs about $19.99.
Update Your Data
Update the relevant information if there are inaccuracies or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.
How Do I Build My Business Credit and Fix My Business Credit?
So, what’s all this monitoring for? It’s to dispute any inaccuracies in your records. Mistakes in your credit report(s) can be fixed. But the CRAs often want you to dispute in a particular way.
Disputes
Disputing credit report errors typically means you mail a paper letter with copies of any evidence of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always mail copies and retain the originals.
Fixing credit report inaccuracies also means you specifically itemize any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.
How Do I Build My Business Credit? A Word to the Wise
Always use credit smartly! Don’t borrow more than what you can pay back. Keep track of balances and deadlines for payments. Paying off on schedule and fully will do more to elevate business credit scores than nearly anything else.
Establishing small business credit pays off. Great business credit scores help a business get loans. Your lender knows the small business can pay its debts. They understand the company is bona fide.
The business’s EIN attaches to high scores and credit issuers won’t feel the need to demand a personal guarantee.
How Do I Build My Business Credit: Takeaways
Business credit is an asset which can help your small business for years to come. Learn more here and get started toward establishing small business credit.
The post Check Out This Great Question from Residential Real Estate Agents: How Do I Build My Business Credit? appeared first on Credit Suite.
Which Credit Cards Will Help Build Business Credit? The Reliable Answer
Take Advantage of Our Research on Which Credit Cards Will Help Build Business Credit and Reliably Make Your Company Financially Stable
Do you know which credit cards will help build business credit? We inspected a substantial number of company credit cards; here are our favorites.
Per the SBA, small business credit card limits are 10 – 100 times that of personal cards! This shows you can get a lot more money with small business credit.
And this also means you can have personal charge cards at shops. So you’ll now have an additional card at the same stores for your small business.
And you won’t have to put up collateral, cash flow, or financial information to get small business credit.
Which Credit Cards Will Help Build Business Credit: Credit card Advantages
Benefits vary, so make certain to pick the reward you prefer from this array of choices.
Which Credit Cards Will Help Build Business Credit: These Will!
Know which credit cards will help build business credit.
Wells Fargo Business Secured Credit Card
Check out the Wells Fargo Business Secured Credit Card. It allows cardholders to get a credit limit of $500 – $25,000. The amount available is the same as the amount of money you supply to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. The annual fee is $25. The more cards you have, the more expensive your annual fee is going to be.
This card lets business owners with bad personal credit to acquire a card to make purchases and set up business credit.
But the card will only report to the personal credit agencies if you default or are overdue on payments.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Check out how our reliable process will help your business get the best business credit cards.
Which Credit Cards Will Help Build Business Credit: Excellent Business Credit Cards for Fair Credit
For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. You will need to have a credit score of 690 or higher.
NOTE: the standard APR is 23.99% variable APR.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Which Credit Cards Will Help Build Business Credit: Awesome Company Credit Cards with 0% APR
For a 0% APR time period, we really like the Ink Business Cash ℠ Credit Card. You pay no annual cost. It’s got an interest-free period. It has versatile cash-back rewards.
There are spending limits for employees. You will need to have a credit score of 690 or higher.
Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash
Blue Business Plus from American Express
For an introductory 0% APR time period, we also like the Blue Business ℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months. You can earn double points on regular business expenses up to a yearly cap.
The regular APR is 12.24% – 20.24%. So this is variable.
Get it here: https://creditcard.americanexpress.com/blue/
Which Credit Cards Will Help Build Business Credit: Spectacular Low APR/Balance Transfers Business Credit Cards
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. You start with twelve months of 0% APR financing on new purchases and balance transfers. But there is a 3% balance transfer cost.
Thereafter, the purchase APR is a variable 10.49% – 18.49%. But this is dependent on creditworthiness. Yet there is no yearly fee. This card is just available to those with great or outstanding credit. But there is no rewards program for purchases.
Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do
Blue Business Plus from American Express
Also, have a look at the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. And there is no yearly fee.
Right now companies can get double points on the initial $50,000 in purchases each year.
Get it here: https://creditcard.americanexpress.com/blue/
Which Credit Cards Will Help Build Business Credit: Cards for Luxurious Travel Points
For Travel Points, we like the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles after you make $1,000 in purchases on your new card within your very first three months. Terms and limitations apply.
In addition earn a $50 statement credit after you make a Delta purchase with your card in your first three months. Earn two miles per dollar spent on purchases made straight with Delta. Earn one mile per qualified dollar spent on purchases.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279
Business Platinum from American Express
Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:
- Priority Pass Select
- Delta SkyClubs
- American Express Centurion Lounges
You also get Gold Status when you register for the Starwood Preferred Guest program. There is also a $200 yearly air travel fee credit.
TSA Details
There is a $100 credit towards the Global Entry application fee, including access to TSA PreCheck program. You get one point for every dollar spent on most purchases. Also, you get 1.5 times the points on charges of $5,000 or more on qualified purchases.
But this is up to one million more points per year. Also get five points per dollar spent buying flights and prepaid hotels from the American Express Travel site.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
Check out how our reliable process will help your business get the best business credit cards.
Ink Business Preferred from Chase
Also, be sure to check out the Ink Business Preferred Card from Chase. Get 80,000 bonus points once you spend $5,000 on purchases in your first three months from account opening.
Get three points for each dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone.
And this also applies to advertising purchases made with social media sites and search engines. But this is for each account anniversary year.
Also, get one point for each dollar on all of the other purchases. There is no limitation to the amount you can earn.
Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred
Which Credit Cards Will Help Build Business Credit: Terrific Cards for Cash Back
Consider the SimplyCash Plus Business Credit Card from American Express. You can earn up to $400 cash back. Earn a $200 statement credit after spending $5,000.
Also, get 5% cash back at US office supply stores and on wireless phone services purchased from US service providers. But this applies to the initial $50,000 of yearly spending.
You also get 3% cash back on the spending category of your choice. So this is from eight distinct categories. They include air travel, gas, advertising and computer purchases.
But it applies to the first $50,000 of annual spending.
And also you get 1% cash back on all other purchases.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Bank of America Business Advantage Cash Rewards MasterCard
Also, be sure to take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With this card, you can get a $200 statement credit.
So this is after $500 in purchases during 60 days of account opening.
You also get 3% cash back on purchases at gasoline stations and office supply stores. But this is up to $250,000 per year.
Also, you get 2% cash back on purchases at restaurants. And you also get 1% cash back on all purchases. There is no yearly fee. It is on offer to applicants with exceptional credit.
But your cash back can only be redeemed in $25 increments.
Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/
Spark Cash Select From Capital One
Additionally, consider the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, with no limitations.
New cardholders can also get a $200 cash bonus once they spend $3,000 on new purchases within three months of account opening. New customers also get initial APR of 0% on purchases for nine months. Also, there is no annual fee.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/
Check out how our reliable process will help your business get the best business credit cards.
Which Credit Cards Will Help Build Business Credit: Foolproof Cards for Rewards
Consider the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. Also, you get three points on your choice of five categories.
In addition, get two times the points on the remaining categories. Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year.
But after that your annual fee increases to $175.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards
Business Platinum Card from American Express OPEN
Also, have a look at the Business Platinum ® Card from American Express OPEN. You can get up to 75,000 Membership Rewards points at the time of account opening.
Also earn 50,000 Membership Rewards points subsequent to spending $10,000. In addition, get 25,000 more points after spending an extra $10,000. So this is on all on qualifying purchases within the initial three months.
Plus you can get five times the Membership Rewards points on flights and pre-paid hotels on amextravel.com. But – yikes! – it has a $450 yearly fee.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
Which Credit Cards Will Help Build Business Credit: The Best Business Credit Cards for You
Which credit cards will help build business credit? They will hinge on your credit history and scores. And they might just not turn out to be which credit cards will help build business credit.
Only you can choose which rewards you want and need, so be sure to do your homework.
And, as always, make certain to build credit in the recommended order for the max, fastest benefits. Share this and tell your friends what you think of which credit cards will help build business credit.
The post Which Credit Cards Will Help Build Business Credit? The Reliable Answer appeared first on Credit Suite.
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