Tag: credit

Get the Best Business Credit Card for Bad Credit

Are you looking for a business credit card for bad credit? Well, look no further – we have great choices for a business credit card for bad credit.

Get an Excellent Business Credit Card for Bad Credit and Check Out Other Options

We looked into every business credit card for bad credit we could find. So, here are our options.

Per the SBA, business credit card limits are a massive 10 – 100 times that of personal credit cards!

This reveals you can get a lot more money with company credit cards. And it also reveals you can have personal credit cards at stores. So, you would now have an additional card at the exact same stores for your business.

And you will not need collateral, cash flow, or financials to get business credit.

Business Credit Card for Bad Credit: Benefits

Benefits can differ. So, make certain to choose the benefit you would prefer from this choice of alternatives.

Dependable Business Credit Card for Bad Credit, Not Requiring a Personal Guarantee

Brex Card for Startups

Have a look at the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN. 

Nevertheless, they do not accept every industry. 

Likewise, there are some industries they will not work with, and others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/ 

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Get a Business Credit Card for Bad Credit

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. However if you can pay in a timely manner, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/ 

Flexible Financing Credit Cards – Have A Look at an Alternative to a Business Credit Card for Bad Credit!

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory annual fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

As you improve your credit scores, you may be looking for other alternatives to a business credit card for bad credit. Here are our favorites.

Outstanding Business Credit Cards with No Annual Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial year. After that, the APR is a variable 14.74 – 20.74%. 

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need superb credit scores to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited 

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Company Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Have a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial one year. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client suppers for the first $50,000 spent annually. Get 1 point per dollar afterwards.

You will need great to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/ 

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. Yet its rewards are in cash instead of points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first year. Afterwards, the APR is a variable 14.74 – 20.74%.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/  

Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business 

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 each year. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without any minimums.

You will need great to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/ 

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. After that the regular APR is a variable 14.49 – 22.49%. 

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Note: you will need good to superb credit to qualify for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the initial one year. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year. 

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no restriction to the amount you can earn.

You will need superb credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF 

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are filling stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.

You will need outstanding credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the first three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need good to excellent credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Business Credit Card for Bad Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Company Credit Cards for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is fantastic for travel if your expenses do not fall into basic bonus categories. You can get unlimited double miles on all purchases, without any limits. Earn 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. Yet you just get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a great to outstanding FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/  

No Annual Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Also earn 3 points per every dollar spent when you reserve your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points don’t expire.

You will need superb credit to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/ 

The Very Best Business Credit Card for Bad Credit for You

Your outright best small business credit card for bad credit for you will depend upon your credit history and scores.

Only you can pick which features you want and need. So, to do your research. What is exceptional for you could be devastating for another person.

And, as always, ensure to develop credit in the advised order for the best, fastest benefits. Because once your business credit scores are good, you won’t need a business credit card for bad credit.

The post Get the Best Business Credit Card for Bad Credit appeared first on Credit Suite.

Get to Know the Main Business Credit Scores from Equifax Loans

Are you looking for Equifax loans? Equifax is not an actual lender. But what they score will be one of the reasons whether your business can borrow money at all. So consider Equifax loans and scores. Because they are vital parts of the decision making process when it comes to borrowing money or getting credit for your business.

But first, it helps to consider what business credit actually is.

What is Business Credit? How Does it Relate to Equifax Loans?

Business credit is credit which is in the name of a business. It is not tied to the owner’s creditworthiness or Social Security Number. Instead, business credit scores depend on how well a company can pay its bills. Consumer and business credit scores can vary dramatically.

What are the Biggest Business Credit Reporting Agencies?

When you are looking at Equifax loans, then you should be looking at business credit reporting agencies. There are three large business CRAs: Dun & Bradstreet, Experian, and Equifax. There is also the FICO SBSS business score.

Equifax Funding Data

The company gets its data from a data sharing agreement with the Small Business Exchange, and Net 30 type industry trade credit information from a wide variety of suppliers. These suppliers provide products and services to businesses on an invoice basis.

Equifax Financial Report Details and Scores

Equifax has a few main scores: 

  • The Small Business Credit Risk Score for Financial Services; plus the Small Business Credit Risk Score for Suppliers
  • The Small Business Failure Risk Score
  • The Payment Trend, and the Payment Index

Check out a sample Equifax business credit report at assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.

What is the Purpose of Equifax Loans Scores?

It is a good idea to explore the purpose of scores. Scores answer one basic question: How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.

Equifax’s Credit Risk Scores for Equifax Loans

It is time to consider Equifax Credit Risk scores. 

The key factors are:

  • Evidence of Non-Financial Trades Ever Cycle 2+ Delinquent or Charge-Off
  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Available Credit Limit on Revolving Trades Suggests Lower Risk, and
  • Company Size (Number of Employees)

Any of these can suggest lower risk.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

The Small Business Credit Risk Score for Financial Services

Check out the Small Business Credit Risk Score for Financial Services. The Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency, or charge-off over the next 12 months. So the score ranges from 101 to 992. A lower score indicates higher risk.

The Small Business Credit Risk Score for Suppliers

Compare with the Small Business Credit Risk Score for Suppliers. This score predicts severe delinquency or change-offs, on supplier accounts, or bankruptcy within 12 months. So its scores range from 101 to 816.

The Small Business Failure Score

Check out the Small Business Failure Risk Score. So this score runs from 1000 to 1880. Higher scores mean a business is less likely to fail.

Key Factors

The key factors for the Small Business Failure Score are:

  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Total Balance to Total Current Credit Limit Average Utilization in Prior 3 Months Suggests Higher Risk
  • Worst Payment Status on All Trades in the Prior 24 Months Suggests Higher Risk, and
  • Evidence of Non-Financial Trades for two or more Cycles Historically

Any of these can help to determine Equifax loans decisions.

Details on the Small Business Failure Score

Let’s look at the Small Business Failure Score. The Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. So the score ranges from 1000 to 1610. A lower score indicates higher risk.

Payment Trend

So check out the Payment Trend. The Payment Trend shows a twelve month payment trend. This is in comparison to the industry norm. It measures the average days beyond terms by date reported. So this is for non-financial accounts only.

Trended Data

Equifax is using trended data to help its customers make lending and credit decisions. Because trended data helps businesses to identify those more likely to default or declare bankruptcy. And it helps them to monitor on-going account activities. So it also helps them to refine and monitor underwriting and modeling strategies. And it helps to predict propensity to pay. And it helps identify abnormal spending patterns to mitigate fraud and reduce delinquency.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

What is the Equifax Loans Payment Index?

Let’s look at the Payment Index. The Payment Index compares payments to the industry norm. 

90 or better means Paid as Agreed. So 80 to 89 means one to 30 days overdue. 60 to 79 means 31 to 60 days overdue. 

40 to 59 means 61 to 90 days overdue. So 20 to 39 means 91 to 120 days overdue. And one to 19 means 120 or more days overdue.

Equifax Loans Business Credit Scores are Combined with Consumer Scores

Equifax is blending scores with consumer scores. And Equifax offers a blended option. It is for the Small Business Credit Risk Score for Financial Services and the Small Business Credit Risk Score for Suppliers. Both of these scores can be used with commercial-only data or commercial and consumer credit data.

A For-Instance

For example, the blended option for the Small Business Credit Risk Score for Financial Services uses consumer credit information on the business owner, principal, or guarantor. It adds this information to public records, firmographics, and supplier credit history data. It also combined with lease payment and banking information.

Equifax Loans Business Credit Reports

Consider Equifax business credit reports. An Equifax business credit report also includes information on the percent of utilization. But this is for financial accounts only. So this is the amount of credit in use. And then that figure is divided by the total amount of available credit.

An Equifax business credit report also includes information from public records. This includes bankruptcies, judgments, and liens.

An Equifax business credit report also includes information on any recent inquiries. It also shows whether the company has any alternate names, and if there is a DBA.

Equifax Loans Credit Suite

Learn more here and start building business credit with your company’s EIN, not your SSN.

How You Can Navigate and Improve your Equifax Business Credit Report

Let’s look at your actual Equifax business credit report. It divides into sections. Here’s a sample Business Credit Advantage report: https://sbcr.experian.com/pdp.aspx?pg=Sample-BcaP&ftr=nolinksCloseButton&hdr=reportPopup&link=5558

Company Identifying Information

The first part is devoted to identifying information about your company, e. g. the business name, and its address and telephone number, but also details such as whether or not your small business is incorporated, and the date you first went into business. This area will also consist of the number of employees and your company’s annual sales. This sector will additionally display if there are any alerts. So it is at the top.

Scores

The following portion consists of two scores:

  1. Your business credit score and
  2. Your financial stability risk rating

Credit Summary

In the summary component, the report shows the number of your business’s tradeline accounts, and the number of business inquiries. It also has your total outstanding balance, and any derogatory information such as liens, judgments, and bankruptcies. If there are any specific tax liens or the like, those are specified further down in the report. And it has the single greatest amount of credit extended, the median amount of credit extended, and the highest and lowest open 6 month balances. 

Payment Trend Summary

So this next piece is a number of graphs regarding your payment trends over time.

Trade Payment Information, Inquiries, Collection Filings and Summary

These sections offer more information about the above sections. Also, they contain dates and balances. The Trade Payment Information portion also contains the terms you are paying to various supplier categories. 

Commercial Banking, Insurance, Leasing

Next are the specifics on your bank accounts, insurance accounts, and any leases your business is obligated to pay back.

Judgment Filings and Tax Filings

So these two portions show the specifics about any tax liens and judgements against your business. 

Hence the details include date, jurisdiction or location, and liability amounts.

UCC Filings and UCC Filings Summary

A Uniform Commercial Code filing is often a part of getting a loan or having credit extended to a business.

These sections have all the details on any UCC filings as against your business. These details include the date, the filing jurisdiction, and the name of the party holding the lien.

Score Improvement Tips

So Equifax offers tips to improve your score. These include urging businesses to negotiate net 30 terms and pay their debts on time. Tips also include keeping your credit utilization within reason and length of credit history.

Furthermore, the end of a typical report gives information on how to dispute any errors.

Equifax Loans: Takeaways

Equifax has five main business credit scores. These are:

  • The Small Business Credit Risk Score for Financial Services
  • Small Business Credit Risk Score for Suppliers
  • Also, the Small Business Failure Risk Score; Payment Trend, and 
  • the Payment Index

An Equifax financial report will also contain information on public records and more.

While there is technically nothing known as Equifax loans, all of the Equifax funding information you could ever want is in their reports.

The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Credit Suite.

Get the Best Business Cash Back Credit Cards

Get the best business cash back credit cards here! Pick from our wide selection and get what you and your business need. Where are the Best Business Cash Back Credit Cards? We researched the best business cash back credit cards – and more – for you. So, here are our selections. Per the SBA, company … Continue reading Get the Best Business Cash Back Credit Cards

Get to Know the Main Business Credit Scores from Equifax Loans

Are you looking for Equifax loans? Equifax is not an actual lender. But what they score will be one of the reasons whether your business can borrow money at all. So consider Equifax loans and scores. Because they are vital parts of the decision making process when it comes to borrowing money or getting credit for your business.

But first, it helps to consider what business credit actually is.

What is Business Credit? How Does it Relate to Equifax Loans?

Business credit is credit which is in the name of a business. It is not tied to the owner’s creditworthiness or Social Security Number. Instead, business credit scores depend on how well a company can pay its bills. Consumer and business credit scores can vary dramatically.

What are the Biggest Business Credit Reporting Agencies?

When you are looking at Equifax loans, then you should be looking at business credit reporting agencies. There are three large business CRAs: Dun & Bradstreet, Experian, and Equifax. There is also the FICO SBSS business score.

Equifax Funding Data

The company gets its data from a data sharing agreement with the Small Business Exchange, and Net 30 type industry trade credit information from a wide variety of suppliers. These suppliers provide products and services to businesses on an invoice basis.

Equifax Financial Report Details and Scores

Equifax has a few main scores: 

  • The Small Business Credit Risk Score for Financial Services; plus the Small Business Credit Risk Score for Suppliers
  • The Small Business Failure Risk Score
  • The Payment Trend, and the Payment Index

Check out a sample Equifax business credit report at assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.

What is the Purpose of Equifax Loans Scores?

It is a good idea to explore the purpose of scores. Scores answer one basic question: How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.

Equifax’s Credit Risk Scores for Equifax Loans

It is time to consider Equifax Credit Risk scores. 

The key factors are:

  • Evidence of Non-Financial Trades Ever Cycle 2+ Delinquent or Charge-Off
  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Available Credit Limit on Revolving Trades Suggests Lower Risk, and
  • Company Size (Number of Employees)

Any of these can suggest lower risk.

Learn more here and start building business credit with your company’s EIN, not your SSN.

The Small Business Credit Risk Score for Financial Services

Check out the Small Business Credit Risk Score for Financial Services. The Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency, or charge-off over the next 12 months. So the score ranges from 101 to 992. A lower score indicates higher risk.

The Small Business Credit Risk Score for Suppliers

Compare with the Small Business Credit Risk Score for Suppliers. This score predicts severe delinquency or change-offs, on supplier accounts, or bankruptcy within 12 months. So its scores range from 101 to 816.

The Small Business Failure Score

Check out the Small Business Failure Risk Score. So this score runs from 1000 to 1880. Higher scores mean a business is less likely to fail.

Key Factors

The key factors for the Small Business Failure Score are:

  • Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
  • Total Balance to Total Current Credit Limit Average Utilization in Prior 3 Months Suggests Higher Risk
  • Worst Payment Status on All Trades in the Prior 24 Months Suggests Higher Risk, and
  • Evidence of Non-Financial Trades for two or more Cycles Historically

Any of these can help to determine Equifax loans decisions.

Details on the Small Business Failure Score

Let’s look at the Small Business Failure Score. The Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. So the score ranges from 1000 to 1610. A lower score indicates higher risk.

Payment Trend

So check out the Payment Trend. The Payment Trend shows a twelve month payment trend. This is in comparison to the industry norm. It measures the average days beyond terms by date reported. So this is for non-financial accounts only.

Trended Data

Equifax is using trended data to help its customers make lending and credit decisions. Because trended data helps businesses to identify those more likely to default or declare bankruptcy. And it helps them to monitor on-going account activities. So it also helps them to refine and monitor underwriting and modeling strategies. And it helps to predict propensity to pay. And it helps identify abnormal spending patterns to mitigate fraud and reduce delinquency.

Learn more here and start building business credit with your company’s EIN, not your SSN.

What is the Equifax Loans Payment Index?

Let’s look at the Payment Index. The Payment Index compares payments to the industry norm. 

90 or better means Paid as Agreed. So 80 to 89 means one to 30 days overdue. 60 to 79 means 31 to 60 days overdue. 

40 to 59 means 61 to 90 days overdue. So 20 to 39 means 91 to 120 days overdue. And one to 19 means 120 or more days overdue.

Equifax Loans Business Credit Scores are Combined with Consumer Scores

Equifax is blending scores with consumer scores. And Equifax offers a blended option. It is for the Small Business Credit Risk Score for Financial Services and the Small Business Credit Risk Score for Suppliers. Both of these scores can be used with commercial-only data or commercial and consumer credit data.

A For-Instance

For example, the blended option for the Small Business Credit Risk Score for Financial Services uses consumer credit information on the business owner, principal, or guarantor. It adds this information to public records, firmographics, and supplier credit history data. It also combined with lease payment and banking information.

Equifax Loans Business Credit Reports

Consider Equifax business credit reports. An Equifax business credit report also includes information on the percent of utilization. But this is for financial accounts only. So this is the amount of credit in use. And then that figure is divided by the total amount of available credit.

An Equifax business credit report also includes information from public records. This includes bankruptcies, judgments, and liens.

An Equifax business credit report also includes information on any recent inquiries. It also shows whether the company has any alternate names, and if there is a DBA.

Learn more here and start building business credit with your company’s EIN, not your SSN.

How You Can Navigate and Improve your Equifax Business Credit Report

Let’s look at your actual Equifax business credit report. It divides into sections. Here’s a sample Business Credit Advantage report: https://sbcr.experian.com/pdp.aspx?pg=Sample-BcaP&ftr=nolinksCloseButton&hdr=reportPopup&link=5558

Company Identifying Information

The first part is devoted to identifying information about your company, e. g. the business name, and its address and telephone number, but also details such as whether or not your small business is incorporated, and the date you first went into business. This area will also consist of the number of employees and your company’s annual sales. This sector will additionally display if there are any alerts. So it is at the top.

Scores

The following portion consists of two scores:

  1. Your business credit score and
  2. Your financial stability risk rating

Credit Summary

In the summary component, the report shows the number of your business’s tradeline accounts, and the number of business inquiries. It also has your total outstanding balance, and any derogatory information such as liens, judgments, and bankruptcies. If there are any specific tax liens or the like, those are specified further down in the report. And it has the single greatest amount of credit extended, the median amount of credit extended, and the highest and lowest open 6 month balances. 

Payment Trend Summary

So this next piece is a number of graphs regarding your payment trends over time.

Trade Payment Information, Inquiries, Collection Filings and Summary

These sections offer more information about the above sections. Also, they contain dates and balances. The Trade Payment Information portion also contains the terms you are paying to various supplier categories. 

Commercial Banking, Insurance, Leasing

Next are the specifics on your bank accounts, insurance accounts, and any leases your business is obligated to pay back.

Judgment Filings and Tax Filings

So these two portions show the specifics about any tax liens and judgements against your business. 

Hence the details include date, jurisdiction or location, and liability amounts.

UCC Filings and UCC Filings Summary

A Uniform Commercial Code filing is often a part of getting a loan or having credit extended to a business.

These sections have all the details on any UCC filings as against your business. These details include the date, the filing jurisdiction, and the name of the party holding the lien.

Score Improvement Tips

So Equifax offers tips to improve your score. These include urging businesses to negotiate net 30 terms and pay their debts on time. Tips also include keeping your credit utilization within reason and length of credit history.

Furthermore, the end of a typical report gives information on how to dispute any errors.

Equifax Loans: Takeaways

Equifax has five main business credit scores. These are:

  • The Small Business Credit Risk Score for Financial Services
  • Small Business Credit Risk Score for Suppliers
  • Also, the Small Business Failure Risk Score; Payment Trend, and 
  • the Payment Index

An Equifax financial report will also contain information on public records and more.

While there is technically nothing known as Equifax loans, all of the Equifax funding information you could ever want is in their reports.

The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Credit Suite.

The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Buy It At A Bargain – Deals And Reviews.

Get the Best Business Cash Back Credit Cards

Get the best business cash back credit cards here! Pick from our wide selection and get what you and your business need.

Where are the Best Business Cash Back Credit Cards?

We researched the best business cash back credit cards – and more – for you. So, here are our selections.

Per the SBA, company credit card limits are a massive 10 – 100 times that of personal credit cards!

This shows you can get a great deal more funds with company credit cards. And it likewise reveals you can have personal credit cards at shops. So, you would now have an additional card at the same shops for your company.

And you will not need collateral, cash flow, or financials to get business credit.

The Best Business Cash Back Credit Cards: Benefits

Benefits can vary. So, make sure to pick the benefit you would like from this selection of alternatives.

Best Business Cash Back Credit Cards

Best Business Cash Back Credit Cards for Flat-Rate Rewards

Capital One ® Spark® Cash for Business 

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the first year. Afterwards, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

You will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Business Cash Back Credit Cards for Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for 12 months. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| conveniently to Quicken, QuickBooks, and Excel. Note: you will need great to exceptional credit scores to receive this card.

https://www.discover.com/credit-cards/business/

Best Business Cash Back Credit Cards for Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no restriction to the amount you can get.

You will need exceptional credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Best Business Cash Back Credit Cards with Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. Then get 1% after, with no limits.

You will need exceptional credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

Secure Company Credit Cards for Fair Credit

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have average credit, beware of the APR. However if you can pay promptly, and in full, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Exceptional Company Credit Cards with No Yearly Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®. You will need outstanding credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited 

Small Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client suppers for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/ 

 American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash rather than points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. After that get 1%.

It has no annual fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

You will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/ 

Flexible Financing Credit Cards – Take A Look at Your Options!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an initial yearly fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need great to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. And get a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the initial three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need good to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Best Business Cash Back Credit Cards for You

Your outright best business cash back credit cards hinge on your credit history and ratings.

Only you can pick which features you want and need. So, make certain to do your research. What is exceptional for you could be catastrophic for another person.

And, as always, ensure to develop credit in the advised order for the best, fastest benefits.

The post Get the Best Business Cash Back Credit Cards appeared first on Credit Suite.

The post Get the Best Business Cash Back Credit Cards appeared first on Buy It At A Bargain – Deals And Reviews.

Minority Business Loans Bad Credit: What Can You Do?

In a recently reprinted MBDA study  “Disparities in Capital Access between Minority and Non-Minority-Owned Businesses: The Troubling Reality of Capital Limitations Faced by MBEs,”

Robert Fairlie, Ph.D. and Alicia Robb, Ph.D. looked at both national and regional studies over several decades.  They discovered that limited financial, human, and social capital, as well as racial discrimination, were the major reasons for the disparities between non-minority and minority businesses.  Despite the fact that this study is 10 years old, many of the truths remain today. 

When It Comes to Minority Business Loans, Bad Credit May Haunt You

Forbes states that the major challenges faced by minority business owners in getting business funding include:  

Lower Net Worth

For example, the level of wealth for Latino and African Americans is 11 to 16 times lower than for whites. Caucasian business owners usually have more working capital when they start a business.

Lack of Collateral

As a general rule, banks are less likely to approve loans to applicants with lower valued collateral to use against a loan. Less net worth means less home ownership and fewer high-value assets to sell if a loan defaults. Less security and net worth mean banks are likely to issue smaller loans that need to be paid back quickly.  This slows growth over the long term.

Poor Location

Businesses owned by minorities in locations that have not supported new business in the past are not as likely to get funding.

 Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Little to No Credit History

Credit is a huge factor for banks when considering loan applications. This is why minority business loans bad credit are so scarce.  Since minority business owners tend to have lower credit scores, for all the reasons already listed, it is harder to get the best rates and terms.

That last one is what causes huge issues.  Minority business loans, bad credit or not, are not easy to find.  More often than not, the key is to look for loans with less strict credit requirements while simultaneously working to build fundability. 

Minority business Loans Bad Credit: First Things First 

Before we focus on how to find minority business loans bad credit, we need to talk about fundability as a whole. The first step is strong personal credit.  However, you can work on other aspects of fundability at the same time. When you do this, you increase your chances of getting any type of business funding you may ever need.  How do you build fundability?  

Set Your Business Up to Be Fundable

When you set up your business, you need it to have a foundation that will help build fundability and separate it from you as the owner.  Even if you are already in operation, you can take the steps necessary to do this.  However, the sooner the better, for a number of reasons. What does it take to build a foundation of fundability? 

  • Separate contact information

Your business needs its own phone number and address. 

  • An EIN

This is free on the IRS website. 

  • All necessary and appropriate licenses

If you are not properly licensed to do what you do, lenders will not take you seriously.  This step is necessary to being a legitimate business. 

  • Incorporation

There are many reasons for this.  However, for business credit building, the main thing is it separates your business from you as the owner even further. 

  • A D-U-N-S Number

This is free to get on the Dun & Bradstreet website.  You must have one to have a business credit profile with D&B. 

  • Separate Business Bank Account

There are many reasons to do this.  The main one for building credit building however, is that it further solidifies your business as a separate entity. 

  • Professional website

This surprises a lot of people.  These days, if you don’t have an online presence, you might as well not even exist.  Still, a poorly put together online presence is just as bad. Pay for professional design and hosting.  It’s worth it.

Work on Building Business Credit

When we talk about minority business loans bad credit, we are talking about bad personal credit. However, there is such a thing as business credit. 

Even though most lenders will still take personal credit into account, separate business credit allows them to judge your business on its own merits.  If they can see that, despite some personal credit issues, you have strong business credit, it may sway them if they are wavering on approval. 

In addition, business credit opens up new funding doors that are not available to individuals, which in turn can only help you run and grow your business. 

Minority Business Loans Bad Credit: You Need Accounts Reporting to Your Business Credit Report

What you want to do is make minority business loans bad credit a non-issue.  In reality, you just need bad credit to be a non-issue. The key to this, when it comes to business credit, is to get accounts in your business’s name that do not really take your personal credit into account.  It may feel like it is impossible, but it isn’t.  There are a few ways to do it. 

First, vendors you already have a relationship with may be willing to extend credit without a credit check.  The worst that can happen is they say no.  If they say yes, ask them to report the payments to the business credit agencies. 

Utilities might also report accounts.  You already pay utilities, rent, and internet each month.  Ask those providers to report your payments to the business credit reporting agencies.  Be certain your accounts are set up in your business name with your business contact information.  Worst case scenario is that they say no.  It never hurts to ask.

Work with Starter Vendors

This is the secret that many business owners are unaware of. We call them starter vendors. They are part of the vendor credit tier.  Certain companies that will extend Net terms in your business name without a credit check.  After you pay, they will report those payments to the business credit reporting agencies (CRAs). 

Since they do not check your credit score, it doesn’t matter that you don’t have one.  Of course, they do have other ways of reducing risk.  These vary by vendor.  They may include a minimum time in business, average balance in a business banking account, or even a minimum annual revenue. 

Minority Business Loans Bad Credit: What Next? 

After you have enough of these types of accounts reporting payments to your business credit report, you probably have a strong enough score to move on to the next tier. We call this the retail credit tier.  They offer more traditional credit.  These are credit cards for use at specific stores such as Office Depot or Lowes.  It is also sometimes referred to as store credit. 

After you have several of these store credit accounts reporting, you can apply for cards in the fleet credit tier.  These include gas cards with companies such as Shell and Fuelman.  They can be used for fuel and auto repair and maintenance only. 

Lastly, with accounts reporting from all previous tiers, you should have a score strong enough to apply for cards from what we call the cash credit tier.  Of course, that is only if you have been making payments consistently on time. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

These include traditional credit cards that are not connected to a certain store or type of purchase.  They can be used for anything and everything.  In addition, they often have better interest rates and nice rewards programs. 

Fix Your Personal Credit

Making sure your business has strong business credit is important to fundability, but personal credit still matters.  There are many business loans that will still require a personal credit check. Take the time to go through your personal credit report and look for mistakes. If you find any, get them corrected.  At the same time, make payments on time, consistently. If you find yourself with any extra cash, throw it on higher rate balances first. Then, when that balance is gone, use the entire payment amount on the next highest rate balance.   It’s called the snowball technique, and you’ll be surprised how quickly you’ll pay off balances and see credit score improvement. 

Minority Business Loans Bad Credit: In the Meantime

Of course, you likely need funds right now if you are reading this.  Since you can’t build or fix credit overnight, here are some options to help you in the meantime. 

Accion U.S. Network

Accion offers loans in all states.  Funds are available to: 

  • minorities 
  • veterans
  • women
  • those with disabilities
  • and low to medium income business owners 

Typically, loan amounts start at $200,000 and go up to $300,000. Also, Accion can put owners in contact with others to help build a network of support.

Comparatively, the minimum credit score for these loans is 575.  In addition, you cannot be 30 days late on paying any accounts.  Lastly, you will not qualify if you have late rent or mortgage payments over the past 12 months.

Union Bank Business Diversity Lending Program

This program from Union Bank offers business loans for minorities. In fact, this one is specifically for minorities. Indeed, you must be Hispanic, American Indian, Latino, Asian, Alaskan Native, African American, Native Hawaiian, or other Pacific Islander to even qualify.    

Furthermore, a business that makes up to $20 million could qualify for a loan of $2.5 million.  However, you must be in business for at least 2 years.  Likewise, the business must be at least 51% minority owned.

The National African American Small Business Loan Fund

This is a partnership between JP Morgan Chase and the Valley Economic Development Centers.  It serves small businesses with minority owners that are in low income or medium income communities.  However, only those in New York, Los Angeles, and Chicago are eligible.  

Business Center for New Americans

Right now, The Business Center for New Americans offers minority business loans of $5,000 to $50,000.  They work with immigrants, refugees, women, and other minority entrepreneurs.  The goal is to help minority business owners who have not been able to get traditional financing.  

Camino Financial 

Camino Financial is an online lender.  Microloans range from $5,000 to $50,000.  Additionally, they offer small business loans between $10,000 to $400,000. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Minority Business Loans Bad Credit: The SBA?

Whether or not this option will work for you depends on how bad your credit actually is.  If it is above 640, then you may be able to get some help from the SBA.

The Small Business Administration focuses on helping all small businesses, not just those that are minority owned. They offer a number of products and resources through their programs.  For the most part, the SBA does not lend money directly. They work through partner financial institutions to guarantee loans. As a result, they are able to outsource the administration of the loans and disbursement of funds to those who do it on a regular basis. That is, lenders and non-profits that are in the communities where the businesses operate. 

SBA 7(a) Loans & 8(a) Business Development Program

These loans are open to all small business owners.  However, if a minority business owner participates in the SBA Business Development program, they increase their chance of getting this type of loan.  

Honestly, about 80% of SBA loan applications from Hispanic and African Americans are for $150,000 or less.  This is according to the SBA itself.  Surprisingly, these smaller loans seem to be harder to get.  Honestly, this is probably because lenders don’t make as much money from them.

SBA Community Advantage LoansBad Credit Minority Biz Financing Credit Suite

These are to meet the needs of small businesses in neglected markets. That includes minorities. The goal is to get local lenders to increase loans up to $250,000.  This is done by backing up to 85% of the loan amount. The hope is that this helps small business owners who might not be able to get traditional financing. 

SBA Microloan Program

First, loans through this program go up to $50,000.  Secondly, funds come from a third-party lender.  Usually, this consists of nonprofit organizations in the community. Often, they also offer other types of assistance to business owners along with the loan. 

Minority Business Loans Bad Credit: Bad Credit Doesn’t Have to Stop You

It may detour you for a bit, but if you work hard you can fix that.  In the meantime, there are options that can help you get through. Check these out, and work on building overall fundability to ensure you can access all the funding you could ever need to run and grow your business. When it comes to minority business loans, bad credit doesn’t have to be the end of the story.

The post Minority Business Loans Bad Credit: What Can You Do? appeared first on Credit Suite.

Get Fair Credit Cards for Your Business

Is your personal credit not so hot? You can still get fair credit cards for your business.

Check Out These Fair Credit Cards for Your Business

We investigated a lot of fair credit cards for you. So, here are our options.

Per the SBA, corporate credit card limits are a massive 10 – 100 times that of personal credit cards!

This shows you can get a great deal more funds with corporate credit cards. And it also reveals you can have personal credit cards at shops. So, you would now have an additional card at the same stores for your small business.

And you will not need collateral, cash flow, or financials to get business credit.

Fair Credit Cards: Benefits

Benefits can differ. So, make sure to choose the benefit you would prefer from this choice of alternatives.

Fair Credit Cards, Not Requiring a Personal Guarantee

Brex Card for Startups

Check out the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN. 

Nonetheless, they do not accept every industry. 

Also, there are some industries they will not work with, and others where they want more paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Fair Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Fair Credit Cards for Your Business

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, without minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. But if you can pay in a timely manner, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Fair Credit Cards with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial year. After that, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need outstanding credit to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Fair Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client dinners for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

You will need great to outstanding credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

Fair Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

American Express® Blue Business Cash Card

Also have a look at the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash instead of points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. After that get 1%.

It has no annual fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

You will need great to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Terrific Fair Credit Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business 

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. Afterwards, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. Get unlimited 2% cash back. Redeem at any time with no minimums.

You will need good to excellent credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions| conveniently to Quicken, QuickBooks, and Excel. Note: you will need great to exceptional credit to qualify for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the first one year. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can earn 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no limit to the amount you can earn.

You will need exceptional credit to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Fair Credit Biz Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Have a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. Then get 1% after, with no limits.

You will need superb credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

Flexible Financing Fair Credit Cards – Take A Look at Your Options!

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an initial annual fee of $0 for the first year. After that, pay $250 per year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need excellent to exceptional credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And get a one-time $200 cash bonus once you spend $3,000 on purchases in the first 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to excellent credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Fair Credit Cards for Extravagant Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Take a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is wonderful for travel if your expenses do not come under conventional bonus categories. You can get unlimited double miles on all purchases, without any limits. Earn 5x miles on rental cars and hotels if you book through Capital One Travel.

Get an introductory bonus of 50,000 miles. That’s the same as $500 in travel. But you just get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a good to superb FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a great sign-up offer and bonus categories, take a look at the Ink Business Preferred℠ Credit Card.

Pay a yearly fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial three months after account opening. This works out to $1,250 towards travel rewards if you redeem through Chase Ultimate Rewards.

Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel using Chase Ultimate Rewards. You will need a great to superb FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred 

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Take a look at the Marriott Bonvoy Business™ Card from American Express. It has an annual fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need great to superb credit scores to get this card.

Points

You can earn 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial 3 months. Get 6x the points for eligible purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and gasoline stations. And you can get 4x the points on wireless telephone services bought straight from American providers and on American purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can earn one more free night after you spend $60,000 on your card in a calendar year.

You get free Marriott Bonvoy Silver Elite status with your Card. Also, spend $35,000 on qualified purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.

Also, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/ 

The Best Fair Credit Cards for You

Your straight-out best small business credit cards hinge on your credit report and ratings.

Only you can pick which features you want and need. So, ensure to do your homework. What is exceptional for you could be catastrophic for another person.

And, as always, make sure to develop credit in the advised order for the best, speediest benefits.

The post Get Fair Credit Cards for Your Business appeared first on Credit Suite.

The Best Small Business Credit Cards with no Annual Fee

Are you looking for the best small business credit cards with no annual fee? We’ve got them right here. This is the case despite what the economy or the pandemic are doing. Great business credit cards are not dependent upon a recession or COVID-19.

The Very Best Small Business Credit Cards with no Annual Fee

We looked into lots of corporate credit cards for you. So, here are our choices.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards!

This shows you can get a lot more funding with business credit cards. And it likewise shows you can have personal credit cards at shops. So, you would now have an additional card at the exact same shops for your small business.

And you will not need collateral, cash flow, or financials to get business credit.

The Best Small Business Credit Cards with no Annual Fee: Benefits

Benefits can differ. So, make sure to choose the benefit you would prefer from this selection of alternatives.

The Best Small Business Credit Cards with no Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Take a look at the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%. 

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. 

But you will need outstanding credit scores to get approval for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Best Small Business Credit Cards with no Annual Fee Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Small Business Credit Cards with no Annual Fee for Fair Credit Scores

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, with no minimum to redeem.

While this card is within reach if you have fair credit scores, beware of the APR. However if you can pay on time, and completely, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/ 

Best Small Business Credit Cards with no Annual Fee with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent each year. Get 1 point per dollar afterwards.

But you will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

Best Small Business Credit Cards with no Annual Fee Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash instead of points.

Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the first twelve months. Afterwards, the APR is a variable 14.74 – 20.74%.

But you will need good to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/ 

Best Small Business Credit Cards with no Annual Fee for Cash Back

Flat-Rate Rewards and No Annual Fee

Discover it® Business Card

Have a look at the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. Then the regular APR is a variable 14.49 – 22.49%. 

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| quickly to Quicken, QuickBooks, and Excel. 

But keep in mind: you will need good to superb credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Best Small Business Credit Cards with no Annual Fee with Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

But you will need superb credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Flat-Rate Rewards with an Introductory $0 Annual Fee

Capital One ® Spark® Cash for Business 

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

But you will need good to outstanding credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Best Small Business Credit Cards with no Annual Fee Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Small Business Credit Cards with no Annual Fee for Luxurious Travel Points

Best Small Business Credit Cards with no Annual Fee for Travel Rewards

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no annual fee while still getting travel rewards, take a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Likewise get 3 points per every dollar spent when you reserve your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

But you will need excellent credit scores to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Flat-rate Travel Rewards with an Introductory Annual Fee of $0

Capital One® Spark® Miles for Business

Take a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is wonderful for travel if your costs do not fall into typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. 

But you will need a good to outstanding FICO rating to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

The Best Small Business Credit Cards with No Annual Fee for You

Your outright best small business credit cards with no annual fee will rest on your credit report and scores. This is always going to be the case.

Just you can select which features you want and need. So, make sure to do your homework. What is exceptional for you could be catastrophic for another person.

And, as always, make sure to develop credit in the advised order for the best, quickest benefits. Current economic conditions will not last forever. In the meantime, you can do your best to position yourself and your business better. Come out of the crisis and into the recovery with better financial prospects than ever before. It can be done.

The post The Best Small Business Credit Cards with no Annual Fee appeared first on Credit Suite.

Get the Best Business Cash Back Credit Cards

Get the best business cash back credit cards here! Pick from our wide selection and get what you and your business need.

Where are the Best Business Cash Back Credit Cards?

We researched the best business cash back credit cards – and more – for you. So, here are our selections.

Per the SBA, company credit card limits are a massive 10 – 100 times that of personal credit cards!

This shows you can get a great deal more funds with company credit cards. And it likewise reveals you can have personal credit cards at shops. So, you would now have an additional card at the same shops for your company.

And you will not need collateral, cash flow, or financials to get business credit.

The Best Business Cash Back Credit Cards: Benefits

Benefits can vary. So, make sure to pick the benefit you would like from this selection of alternatives.

Best Business Cash Back Credit Cards

Best Business Cash Back Credit Cards for Flat-Rate Rewards

Capital One ® Spark® Cash for Business 

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the first year. Afterwards, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the initial three months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.

You will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/

Best Business Cash Back Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Best Business Cash Back Credit Cards for Flat-Rate Rewards and No Yearly Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for 12 months. Then the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| conveniently to Quicken, QuickBooks, and Excel. Note: you will need great to exceptional credit scores to receive this card.

https://www.discover.com/credit-cards/business/

Best Business Cash Back Credit Cards for Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial year. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first 3 months from account opening.

You can earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no restriction to the amount you can get.

You will need exceptional credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Best Business Cash Back Credit Cards with Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. Then get 1% after, with no limits.

You will need exceptional credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

Secure Company Credit Cards for Fair Credit

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can get unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have average credit, beware of the APR. However if you can pay promptly, and in full, then it’s a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Best Business Cash Back Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Exceptional Company Credit Cards with No Yearly Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the initial 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®. You will need outstanding credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited 

Small Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Take a look at the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client suppers for the initial $50,000 spent each year. Get 1 point per dollar afterwards.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/ 

 American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash rather than points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. After that get 1%.

It has no annual fee. There is a 0% introductory APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

You will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/ 

Flexible Financing Credit Cards – Take A Look at Your Options!

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an initial yearly fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need great to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

Irresistible Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. And get a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the initial three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need good to outstanding credit scores to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Best Biz Cash Back Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

The Best Business Cash Back Credit Cards for You

Your outright best business cash back credit cards hinge on your credit history and ratings.

Only you can pick which features you want and need. So, make certain to do your research. What is exceptional for you could be catastrophic for another person.

And, as always, ensure to develop credit in the advised order for the best, fastest benefits.

The post Get the Best Business Cash Back Credit Cards appeared first on Credit Suite.

Survival of the Fittest: The Essential Guide to Establish Business Credit in a Recession

It may seem that trying to establish business credit in a recession is too little too late. It is definitely better to have strong business credit before a recession hits.  However, if you are in the middle of hard economic times and trying to figure out how to survive and even thrive, all is not necessarily lost.  

Also, business credit is a huge part of fundability.  Strong fundability will benefit your business not only now, but long after the recession is over.  

Establish Business Credit in a Recession: Survival Skills and Tips to Ensure You are Make it Off of Recession Island Alive

Becoming a business owner during a recession can feel much like being dropped into an episode of a survival reality show.  Add in the COVID-19 pandemic and the illusion becomes even closer to reality. Everyone is struggling to hang on. The competition is fierce.  You can only hope you will not be voted off. If you do not already have strong business credit in place, you may think the situation is hopeless.  Yet, it is possible to establish business credit in a recession. It just may take a little more patience and creativity. Truly, nothing breeds creativity like hard times.

Whether you need it immediately or not, it is vitally important to have separate credit for your business.  This is regardless of your current situation. The need is even more pressing during a recession. 

The first step to establishing business credit in a recession is to set up your business as a separate entity from yourself.  Even if you have stellar personal credit, you do not want it tied up with your business. The reverse is true as well. 

If your personal credit goes south due to recession issues, you do not want your business to suffer.  On the flip side, if your business struggles, you want your personal credit protected as much as possible.  

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Why Establish Business Credit in a Recession?

If you have found yourself on recession island without business credit, you may wonder how it could possibly help to establish it now.  Here’s the thing. No business credit is the same as bad business credit. There is no time like the present. If you do it right, establishing and building business credit during a recession can only help you.  

Business credit can help you access funding to get you through the hard times.  If you need to cover a cash gap brought on by slow-paying customers, business credit can open up options for that.  If you want to purchase inventory in bulk to take advantage of special pricing, business credit can help with that as well.  

These are just two examples of how having strong business credit during a recession can help your business survive.  It’s best to have a strong credit score in place before a recession hits. However, if you do not, you can establish business credit in a recession with these tips.

Separate from the Pack: Get Incorporated

While alliances are often formed on survival reality shows, the truth remains that you cannot trust anyone but yourself.  This is especially true in the beginning. Your business needs to stand on its own. 

The first step to separating your business from yourself and your personal credit is to incorporate.   While easiest done on the front end when you first start your business, it is never too late.

 You have a few options.

  • C Corp– This is the most definitive separation, but it is also the most complicated and expensive.  Before choosing this option, be certain there are reasons other than establishing business credit that it needs to be done.  If it isn’t necessary for some other reason, there are other, less complicated, and less costly options. 
  • S Corp– This option basically offers the same separation as the C Corp, but taxes are paid at the personal level, rather than requiring the business to be taxed as well, resulting in double taxation.  It is also cheaper than incorporating as a C Corp. If you aren’t required to file as a C corp, this is a good alternative. 
  • LLC– forming a Limited Liability Corporation results in less liability, thus the name, and offers enough separation to serve the purpose of establishing business credit.  If you are not required to be a C Corp or S Corp, this is the easiest and most cost-effective way to create the separation of business and personal credit needed. 

Throw off Your Old Self: Get Rid of the SSN

Apply for an EIN and stop using your Social Security Number as the identifying number for your business.  Your SSN is tied to you, personally. It is virtually guaranteed that anything connected to it credit-wise will end up on your personal credit reports.  

In fact, if you follow the other steps for establishing business credit and skip this one, it could end up on both reports.  You don’t want that. 

The process for applying for an EIN is easy.  The IRS has an online form. As soon as all the information is verified you receive your number.  Typically, this happens almost immediately. 

Separate but Equal: Do Not Mingle Personal and Business Finances

Do not buy into the falsehood that you can run your business expenses through the same bank account as your personal expenses.  When you want to establish business credit in a recession or at any other time, your business needs its own account. Separate finances are vital to separate credit.  

You have to separate expenses for tax purposes anyway.  Having a separate business banking account will only make it easier. 

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Know Who You Report To: Get a Free DUNS Number

Dun and Bradstreet is the most widely used business credit reporting agency.  They issue each business on file a 9-digit D-U-N-S number.  The application is easy and free.  Once you have that number, you will be even closer to establishing credit for your business separate from your own. 

Be Easily Accessible: Set Up Separate Business Contact Information

Your business needs its own phone number.  It should be an 800 number or from some other toll-free exchange.  This way, when you apply for credit, you can enter contact information that is separate from your personal information.  When information is reported to agencies, sometimes the phone number is an identifying factor. If you and your business share a number, that just decreases the level of separation. 

The same is true for a separate business address, email address, and website.  Your business address should not be the same as your home address.  The business email address should contain the website URL. Do not use a free service such as Yahoo or Gmail. 

Make sure your website is professionally presented and put together.  A poorly put together website or broken links can do more damage than you may imagine.

Be sure you get your business phone number and address listed in the directories under the business name. 

Form Preliminary Alliances: Start with the Vendor Credit 

After you separate your business from yourself, it is time for the next step to establish business credit in a recession.  Do business with starter vendors that will extend invoices with net30 terms. Then, when you pay, they will report the payment to the business credit reporting agencies.  As a bonus, if you are finding yourself short on necessities due to the COVID-19 outbreak, these vendors may have what you need. Toilet paper, paper towels, and cleaning products are all available through some starter vendors. 

Typically, these vendors issue net terms without regard to either your personal or business credit score.  This makes them the perfect way to begin building your business credit score. While there are a lot of these types of vendors out there, some are better to start with than others.  

You want to start with those that offer products you will use in the daily course of business.  They also need to have minimal requirements for net30 terms. Though they do not check credit, some do have minimum time in business or annual revenue requirements.  Others only require that you make a few initial purchases before they will extend net terms.

Three of the most common starter vendors that work great at the beginning of the process include: 

  • Quill– offers office and cleaning supplies
  • Uline– sells packing supplies
  • Grainger– supplies for working outside including tools

Keep Building: Apply for Business Credit Cards 

Continuing to build business credit is the next step after you establish business credit in a recession.  Once you have your name, EIN, separate contact information, and 5 to 7 starter vendors reporting to the credit agencies, you can apply for credit from certain retailers. This step includes specific stores that issue credit to be used only in their stores or on their website.

Shoot for the highest limit, lowest interest, and most rewards options possible.  Perks like cash back and travel points can pay off. 

If you only qualify for a $200 limit and a higher-end interest rate, in the beginning, that is fine.  You may not be able to get the best rate with a business that has a shorter credit history. This is especially true during a recession. However,  if you pay consistently and on time, things should change quickly. 

After you have several store accounts reporting, you can apply for fleet cards.  These include cards from companies such as Shell and Fuelman that you can only use to pay for gasoline and automobile repairs. 

Once you have several accounts reporting from all three of these types of cards, you can apply for credit that isn’t restricted by retailer or purchase type.  These include well-known credit cards such as Visa and Mastercard that offer higher limits, lower rates, and better rewards. 

Look for Friends in Unlikely Places: Open Talks with Your Utility ProvidersEstablish Business Credit in a Recession Credit Suite

Sometimes utility companies are willing to report payments to credit agencies.  However, you almost always have to ask. The worst they can do is refuse. If they do, no harm no foul.  If they agree, you will only establish your business credit faster. 

Remember, if you are having trouble making utility payments right now due to reduced income related to coronavirus, you should probably wait to do this.  Instead, talk to the utilities about what options they are offering in these circumstances. Some are not counting missed payments against customers for a couple of months.  You have to discuss this with them however, do not assume anything. 

Talk to them all, including telephone, electric, gas, and even internet.  Before you do this, be certain that all of these utilities are in your company name under your separate business contact information. 

Handle Your Business: Make Payments on Time

Of course, the most important part of establishing business credit is making on-time payments.  If this doesn’t happen, then you will not like the credit you establish. It’s equally important whether you are trying to establish business credit in a recession or in a strong economic climate.  Admittedly, it can be much harder during a recession, especially one induced by a global pandemic. Be sure you take advantage of all the resources available to help you stay current. 

Planning is an important part of this.  Do not overspend, and try not to use credit that you cannot pay back in a timely manner. It doesn’t have to be paid off all at once.  You need to make payments to build credit, but be sure you can actually make the payments.

Hit the jackpot and weather any recession with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

You Can Establish Business Credit in a Recession

If you follow these steps, it is possible to establish business credit in a recession.  For new businesses, it can fall into place easily in the normal course of creating a business.  If you have been around a while, it may require some backtracking. A recession may mean it takes longer, but it is more than doable if you follow the steps and trust the process. 

The post Survival of the Fittest: The Essential Guide to Establish Business Credit in a Recession appeared first on Credit Suite.