Tag: credit

The Top 10 Best Business Credit Cards With No Annual Fee

How Many Credit Cards With No Annual Fee Are Out There?

There are tons of credit cards with no annual fee! Some only had an introductory period, whereas others had no expiration date for this benefit.

Business Credit Cards and Annual Fees

In both the business and personal credit worlds, annual fees are commonplace. To give the impression of more exclusivity, a card issuer might call them membership fees. But it’s the same thing.

Always consider annual fees when deciding whether to get a credit card. There’s a range of annual fees for business credit cards. They can run from a somewhat nominal $19 or so, to a double-take inducing $595.

For the cards we’re reviewing here, all of them offer no annual fee as a regular card feature. That is, none of these are introductory rates that will expire. But always read the fine print. Because if the APR is too high or the card provider is stingy with rewards or point or cash back, it may turn out that even a $0 annual fee isn’t enough to justify getting such a card. Let’s look at a variety of choices to fit different circumstances. Here’s our top 10 and two honorable mentions.

Business Credit Cards With No Annual Fee for Amazon Discounts

You can get Amazon discounts? Absolutely.

Honorable Mention: Amazon Prime Store Card

If your business shops at Amazon often, the Amazon Prime Store Card could be the card for you. You get a $60 Amazon gift card upon the approval of your application. Get 5% cashback on Amazon purchases. But limits seem to be low. There are reviews of this card on the Amazon website and you should check them before applying.

Business Credit Cards With No Annual Fee for Bonus Points with a Low Minimum Spend

Honorable Mention: Bank of Hope Business Rewards Visa® Credit Card

With the Bank of Hope Business Rewards Visa® Credit Card, you pay a 3% balance transfer fee which will never be less than $5. You can earn 5,000 bonus points after spending $1,000 in the first three months. Earn triple points on gas. Get double points on travel and dining. Earn one point per dollar on all other purchases.

Pay a 0% introductory APR for nine months. Then pay a variable APR 12.49%, 16.49% or 20.49% per creditworthiness after introductory period ends. It should be easy for most entrepreneurs to meet the spend necessary for the points bonus.

Triple points on gas are rather helpful if yours is a business requiring a lot of time on the road (say, trucking). If your credit is good enough to get the lowest APR after the introductory period ends, this could be a great card for you.

Business Credit Cards With No Annual Fee for a Bonus with No Minimum Spend

But a low minimum spend only gets an honorable mention. This is because we found a card where you can get a bonus with no minimum spend.

#10: Mechanics Bank Visa Business Real Rewards

With the Mechanics Bank Visa Business Real Rewards card, you get 1.5 points per month per dollar. Earn 2,500 bonus rewards points after your first purchase. Pay a 0% introductory APR for purchases and balance transfers for the first six billing cycles. Then pay 13.99-22.99% per creditworthiness. The bonus is decent and since there’s no minimum spend, it begs the question, can you get 2,500 bonus rewards points for buying a pack of gum?

Score the best business credit cards for your business. Check out our professional research

Business Credit Cards With No Annual Fee for Fair Credit

While the terms aren’t the best for this card, it can be tough to find a business credit card you can get if you’ve only got fair credit. Even rarer are such cards with no annual fee – where the annual fee doesn’t expire. This card hits all of those requirements.

#9: Capital One Spark Classic Business Credit Card (Visa)

Fair credit means you have FICO scores between 620 and 659. Capital One spells out that this card is for fair credit. Earn 1% cash back with every purchase, with no minimums. Pay a 26.99% variable APR for both purchases and cash advances. The lowest possible credit line $300.

For the Capital One Spark Classic Business Credit Card (Visa), the cash back percentage is low. And the interest rate is higher than for the other cards reviewed. But if your credit is only fair, or you don’t have a very long credit history, this card could be right for you.

Business Credit Cards With No Annual Fee for Members of the Armed Forces

This card has fantastic rates, but only a limited number of people will qualify.

#8: Navy Federal GO BIZ™ Rewards Card

The Navy Federal GO BIZ™ Rewards Card is available as either a MasterCard or Visa. Benefits differ depending on which card type you choose. Get 1 point for each dollar spent but rewards depend on if you have a Visa or MasterCard. With a Visa, you get access to Visa SavingsEdge. With a MasterCard, you get a collision damage waiver.

Pay no foreign transaction fees. There is no earnings cap. The APR can be as low as Prime+ 5.90%. You can get GO BIZ™ Rewards – points you can redeem for gift certificates, cash deposited into your savings account, and more.

Note: this card comes from a credit union. You must be a member first. The only persons who can be members of the credit union are persons attached to the military, the Department of Defense, or the National Guard and their families. If you can qualify for this card, the interest rate is stellar. And it isn’t just for an introductory period.

Business Credit Cards With No Annual Fee for a Long 0% APR Introductory Period

Not surprisingly, we felt the two Chase cards were a dead even tie. If we had to choose, we would pick Business Cash. This is because the cash back rewards seem to be more generous.

#6 (tie): Chase Bank Ink Business Unlimited®

Chase Bank Ink Business Unlimited® is a similar card to Chase Bank Ink Business Cash®, below. Except the rewards come in the form of cash back versus points. Get $750 bonus cash back if you spend $7,500 in the first 3 months after account opening. And get 1.5% cash back unlimited.

Pay a 0% APR on purchases for the first 12 months after account opening. Then pay 13.24-19.24% per creditworthiness. The balance transfer APR is 13.24-19.24% per creditworthiness. If you have several computers or other expensive equipment to buy, get it fast to take advantage of the cash back bonus.

#6 (tie): Chase Bank Ink Business Cash®

For a long 0% APR introductory period, and somewhat decent interest rates, check out this card. Pay 0% APR on purchases for the first 12 months. And then pay 13.24-19.24%.

With the Chase Bank Ink Business Cash® card, you get 5% cash back on the first $25,000 you spend on certain business products i.e. office supply stores, internet, cable, and phone services.

This works out to 4% additional cash back rewards on top of 1% cash back rewards earned on each purchase. The $25,000 flat spending limit resets every year. You can get $750 bonus cash back if spend $7,500 in the first 3 months after account opening.

It’s a bit difficult to hit the spend amount. Still, the agreement does not prohibit using your card to buy pricier items, such as plane tickets, vehicle repairs, or even heavy equipment. Still, you may find that using other means, such as equipment financing or fleet credit, would make for a better deal for your business.

Business Credit Cards With No Annual Fee for Travel

Business credit cards for travel can often be black and white for business owners. You either need one … or you don’t. If your business requires that you fly regularly, then read on.

#5: PNC Travel Rewards Visa Business Credit Card

With the PNC Travel Rewards Visa Business Credit Card , you get one mile per dollar in eligible net purchases. Earn double miles on the first $2,500 in eligible net purchases. Book your own travel and then redeem miles for a statement credit. No foreign transaction fees on purchases outside US. Pay a variable APR, 10.99- 19.99%, per creditworthiness.

The APR is good if your credit makes you eligible for the lower end of the spectrum. A statement credit for acting as your own travel agent is good, if you have the time to book your own travel. Double miles are welcome but it’s easy for a business owner to exceed the cap.

Business Credit Cards With No Annual Fee for Managing an SBA Express Loan

Much like with the travel credit card we just recommended, you either need this card, or you don’t.

#4: Zions Bank SBA Express Business Visa Debit Card

The unique Zions Bank SBA Express Business Visa Debit Card has floored us! Because – why doesn’t every SBA Express lender do things this way? Use this card to manage SBA Express loan money from Zions Bank, if you are already have an approval.

Get travel accident insurance and other credit card perks, which you would not normally get from an SBA Express loan. This card is best for SBA Express borrowers. If you’re an SBA Express borrower (or want to become one), we could not find a downside to getting this card.

Business Credit Cards With No Annual Fee for a High Credit Limit

High credit limits can be tempting. But business owners may be able to make up shortfalls with online lending, using several smaller credit cards together, or other forms of financing like merchant cash advances.

A high credit limit, though, is a lot easier to keep track of than a number of cobbled-together solutions.

#3: Zions Bank Visa Amazing Rate Business Credit Card

Pay a 0% introductory APR for the first six months. Then pay 10.24% variable. Limits to $250,000. The Zions Bank Visa Amazing Rate Business Credit Card has a good upper limit and the post-introductory APR is very good.

But note that most of the cards under review did not list their upper credit limits.

Score the best business credit cards for your business. Check out our professional research

Business Credit Cards With No Annual Fee for Significant Bonus Points

Bonus points, of course, are only good if you’re going to use them.

#2: Union Bank Business Preferred Rewards Visa Credit Card

With the Union Bank Business Preferred Rewards Visa Credit Card, you get 50,000 introductory reward points bonus when you spend $5,000 in the first three months. Get quintuple points per dollar spent to $25,000 annually on select business expenses. These are office supplies, utility bills, telecom services. And get one point per dollar spent above that.

Get double points for each dollar spent up to $25,000 annually on gas stations and restaurants. Plus, get one point per dollar spent above that. And get one point per dollar spent on everything else.

Pay a 0% introductory APR for the first six months. Then pay a 11.99-20.99% variable APR. This card has a great introductory points offer. And the amount you have to spend to get it isn’t bad.

Score the best business credit cards for your business. Check out our professional research

Business Credit Cards With No Annual Fee for a Good Cash Back Percentage Rate

Our number one card had a great cash back percentage which you can get for a significant amount of annual spending. And the cash back percentage doesn’t seem to have an expiration date. The other thing that attracted us to this card was a somewhat low APR, if you’ve got good personal credit. If your personal credit isn’t so great, then our #3 choice has a better APR with no expiration date.

#1: Huntington Bank MasterCard Voice Business Credit Card

With the Huntington Bank MasterCard Voice Business Credit Card, you earn 4% cash back on the first $7,000 spent per quarter. This is in one category of your choice. There is a choice of 10 categories. Hence the annual spend limit for 4% cash back is $28,000. If you annually charge $28,000, you’ll get a cool $1,120 back.

Earn 1% cashback on all other purchases.

Pay no foreign transaction fee. Pay a 10.99-21.99% APR per creditworthiness, which ties to the Prime Rate. If you know you won’t meet the spend limit, and your credit is already good so the APR is low, this can be an outstanding card.

Takeaways

There are a lot of business credit cards with no annual fee. You can get high cash back percentages. Or you can get high limits, or even bonuses. And you can even manage an SBA Express loan. Choose the option which works best for you. You don’t have to settle!

The post The Top 10 Best Business Credit Cards With No Annual Fee appeared first on Credit Suite.

Some Straight Talk on How to Get The Best Business Credit Card for YOUR Business

What is the Best Business Credit Card for Your Business?

Business credit cards are a part of business credit. Like other aspects of business credit, business credit cards can help you get products and services your business needs. You can use them to help smooth out cash flow peaks and valleys. And you can use them to build business credit. The best business credit card for your business can do many of these things.

Getting Approvals

Business credit cards run the gamut from starter vendors which don’t ask for much, to Tier 4 bank credit cards. And there can be cards where you must provide your Social Security number to satisfy a federal anti-money laundering law. As you might expect, the harder to get approvals, the more your business must do to meet credit provider requirements.

In general, approvals hinge upon:

  • Business credit scores. Mostly your history of paying your company’s bills on time.
  • Time in business. Since about 2/3 of all new businesses fail within the first 10 years, more time in business is a gauge of stability and ability to pay back any credit in use.
  • Personal credit scores. Many credit providers review personal credit scores, particularly if a business is new.

Avoiding Denials

Credit providers want to know you’ll pay them back. They also want to make sure there’s nothing fraudulent going on. When basic data (name, address) is inconsistent from one record to another, credit providers see that as fraud. They will deny the application. As a result, records consistency is vital for avoiding denials.

Incomplete applications are another reason for denials. So, if an application calls for certain documents, you’ve got to provide them. Such documents can include business plans, bank statements, and incorporation documents (if applicable).

Beyond Getting Approvals

There are tons of business credit cards out there. Just applying for the ones where you’ll get approval is a decent strategy when you’re first starting out with building business credit. But once your business credit scores improve, such as a PAYDEX score of 80, you can be a lot choosier.

Types of Business Credit Cards

For card types, you’re generally looking at:

  • Debit cards
  • Prepaid
  • Secured
  • Unsecured
  • Business charge cards
  • No PG business credit cards

Credit Card Feature Types

But the best business credit card for your business can also be divvied up by features, such as:

  • Credit cards for 0% interest (ongoing or introductory) rate
  • Low percentage interest rate (over 0% but still lower than the norm)
  • $0 annual fee (ongoing or introductory)
  • Cards that appeal to a social conscience/allow for donations to social causes
  • Bad credit/fair credit/average credit
  • Balance transfers
  • Travel
  • Points (other than travel points)
  • Cash back
  • Rewards
  • Statement credits/monetary bonuses
  • High Limits
  • Unique benefits (does not fit under any other categories)

Business Debit Cards

A business debit card is a card that works a lot like a business checkbook. The limit is the amount of funds you currently have in your business checking account. Every time you use it to make a purchase, the amount you charge comes from your account as a deduction.

Prepaid Business Credit Cards

A prepaid business card is a convenient alternative to carrying cash. It works just like a secured consumer credit card. Add funds to your account. Whatever amount you add is available for purchases.

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

The Best Business Credit Card for You Might be Secured

A secured business credit card is for businesses with no credit or less than perfect credit history. An initial security deposit is necessary. This establishes your card’s credit limit. In most cases a minimum deposit of $500 is necessary. Once you start making purchases you will receive invoices like a regular credit card.

Unsecured Business Credit Cards

An unsecured business credit card works like an unsecured consumer credit card. Credit limits come from many factors depending on the card issuer. Factors in deciding credit limit can include personal credit and/or business credit scores. They can also include time in business, annual revenues and so on. These credit cards give your business the opportunity to earn incentives and rewards.

Business Charge Cards

A business charge card has all the convenience of a credit card. But it’s without the high price of interest. When using this card you must pay your balance in full each billing cycle. Since you can’t carry a balance, a charge card doesn’t have a periodic or annual percentage rate. Hence there is no rate for a charge card issuer to disclose.

No PG Business Credit Cards

A no PG business credit card is just what it sounds like. It’s a card you can get without a personal guarantee. This card will link to your EIN, not your SSN. And it generally requires no personal credit check or guarantee for approval.

Credit Cards for 0% Interest or a Low Percentage Interest Rate

A low percentage interest rate is over 0% but still lower than the norm. Many annual percentage rates tie to the prime rate. Lower or 0% rates are often introductory, and end after a certain time frame or number of billing cycles.

The Best Business Credit Card for Your Business Might Have a $0 Annual Fee

Cards with no annual fee can be ongoing or introductory. Like 0% interest rates, introductory fees end after a certain amount of time, or a particular number of billing cycles.

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

The Best Business Credit Card for Your Business Can Even Appeal to Your Social Conscience

Some business credit cards allow for donations to social causes. These donations are often in the form of points. American Express has its own program, Just Giving. MasterCard allows for charitable giving via its personal credit cards. This is through a program called Charity Charge.

Bad Credit/Fair Credit/Average Credit Business Credit Cards

There are some business cards which will accept less than stellar personal credit. But you will often need to assure the card issuer of repayment in some other fashion. . This may involve giving the provider access to your books so they can assess your cash flow. Or the provider might set up a frequent (as in daily) electronic withdrawal from your account. This is so you don’t get behind in payments.

Balance Transfers

Many cards allow for balance transfers. You may have to pay an annual percentage rate for transfers. And, like with APRs for purchases, the APR for balance transfers may have an introductory rate. Or you may have to pay a flat rate, often a minimum.

Travel

Travel rewards are usually in the form of miles rather than points. Rewards may tie to a particular airline or hotel chain. Travel rewards may also come in the form of discounts on car rentals. They may even come in the form of added miles for filling up using certain gasoline brands.

Points

These are points which come from an activity other than travel. A card issuer might offer multiple points per dollar spent, for spending within a particular category, such as internet shopping. Some cards offer differing multiples depending upon category of choice.

Cash Back

Cash back usually comes in the form of a low percentage rebate, such as 1%. Some card issuers offer unlimited cash back. Others offer bonus amounts for chosen category spending or meeting a certain spending minimum within a particular amount of time after account opening. Such as $750 if you spend $7,500 in the first three months after account opening.

The Best Business Credit Card for Your Business Might Have a Great Rewards Program

Rewards can take the form of rebates or statement credits or other perks. Some cards offer a reward in the form of free TSA PreCheck®, which currently costs $85. Other such perks may include waiving a first late payment fee or a free cell phone protection plan.

Statement Credits/Monetary Bonuses

Statement credits are payments toward your credit bill. They tend to be one time only. They often tie to a minimum spent amount, within a time after account opening. Bonuses are slightly different. With bonuses, it’s a monetary reward not paid toward your credit balance.

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

High Limits

In general, higher limit credit cards tie to better credit scores. They may come with substantial annual fees. Higher fees can incur all along or after an introductory period. Cardholders should pay particular attention to annual percentage rates. Annual percentage rates will matter more when your limit is $250,000 rather than $25,000.

Unique Benefits

Unique benefits do not fit under any other categories. Cards may only be available to a certain type of person like members of the armed forces. Or a card may enroll you in some sort of benefits program. Still others may offer certain purchase discounts.

The Best Business Credit Card for Your Business: Takeaways

Business credit cards come in several forms like secured or debit. And they offer certain features, like low APRs or high limits. With good business credit scores, you’ll have your choice of benefits and features. There are several different types of business credit cards and various benefits. And there are special characteristics for unique cards.

The post Some Straight Talk on How to Get The Best Business Credit Card for YOUR Business appeared first on Credit Suite.

Can You Refinance Your Mortgage With Bad Credit?

Refinancing your mortgage can be a great way to save money or get more favorable terms on your home loan.  This is especially true if interest rates are low and your home value has increased since you bought your home. But what if your credit score is standing in the way of refinancing? When you…

The post Can You Refinance Your Mortgage With Bad Credit? appeared first on MoneyTips.

The post Can You Refinance Your Mortgage With Bad Credit? appeared first on Buy It At A Bargain – Deals And Reviews.

How to Steer Clear of Expensive Surprises Hiding in Credit Card Terms

Do You Know All of the Credit Card Terms You Might See On a Credit Agreement?

When you sign up for a credit card, whether business or personal, your signature on the credit card agreement signifies an acceptance of the credit card terms in that agreement. But what do all those terms mean, anyway?

Credit Card Terms and The Law

Both federal and state law can apply to credit card transactions. In 2009, Congress passed the Credit CARD Act of 2009, more commonly known as the Credit Card Bill of Rights. One of the things the Act did was to allow for the creation of the Consumer Financial Protection Bureau. The CFPB can and does hand out fines to card issuers if they violate the law. But the CFPB does not handle business credit cards.

The law also requires consumer credit card issuers to use plain language when communicating with consumers. But the CARD law does not apply to business credit cards. As a result, business credit card agreements can be long, and dense with legalese.

Business Credit Card Terms

So before you sign on the dotted line, let’s go over what a lot of those terms actually mean. This way, you can potentially save money now, and later, and make informed decisions about payments, perks, terms, and more.

Cardholder Agreement

Let’s start with a look at cardholder agreements. A cardholder agreement provides the terms and conditions of a credit card account. This agreement represents a binding agreement between card issuers and their customers. Changes in the cardholder agreement can be made, with written advance notice, at any time by the issuer. It must include the annual percentage rate, the monthly minimum payment formula, annual fees, and dispute resolution processes.

Interest Rates

An interest rate is the price a lender charges for loaning money. But with credit cards, lenders can set multiple interest rates, and that can add complexity. For example, you may have a low, teaser (introductory) rate when you open an account, followed by a higher standard rate for purchases, which turns into a penalty rate if you pay late. As a result, you may end up owing a balance to a credit card company with multiple interest rates.

Comparing Interest Rates

Interest rates on credit cards are expressed in a standardized way so you can more easily compare cards. That standard way is known as the APR, which stands for annual percentage rate. With credit cards, the interest rate is calculated on the basis of your average daily balance times the rate. Credit card interest rates are expressed in a standard way as an annual percentage rate (APR).

Annual Percentage Rate or APR

APR is a yearly interest rate that includes fees and costs paid on borrowed money (loans or credit). Lenders are required by law to disclose this. The rate is calculated by taking the periodic rate and multiplying it by the number of billing periods in a year. A credit card may have separate APRs listed for balance transfers, cash advances or other special offers. If offers are subject to an expiration date, the relevant balance will usually revert to your default APR.

Default APR

But that’s not the only purpose of a default APR. If you are late in making payments, your standard APR may increase to a default APR. Default APRs may be applied to all outstanding balances on your credit card, if you are more than 60 days late paying the monthly bill. This is also called penalty rate.

Fixed Rate (or Fixed APR)

An annual percentage rate that does not change throughout the year. This is unlike an introductory APR that changes after a specific period of time. Note: fixed APRs will likely change if the Prime Rate changes. So it makes sense to pay attenti0n to financial news so you know if and when the Prime Rate changes.

Credit Limit

Let’s look at limits. Your credit limit is the maximum amount you’re allowed to borrow on a card. The size of a credit limit, and how much of it has been used, have an influence on credit scores. If you exceed the credit limit on a card you can be charged a fee.

Balance

Let’s pivot over to balances. On a credit card account or credit line, the balance is the amount owed. When a cardholder does not pay the monthly amount owed in full, and carries a balance over a monthly billing period, the card issuer charges for the privilege of borrowing. This is in an amount set by the card’s interest rate.

Balance Transfers

A balance transfer occurs when the outstanding balance of one credit card (or several credit cards) is moved to another credit card account. This is often done when looking for a lower interest rate. Many credit card issuers offer introductory balance transfer APRs that are lower than the standard rates.

But balance transfers usually have fees. A balance transfer fee is a fee charged by a credit card company to transfer a balance from one account to another. This fee is often a low percentage (often three to five) of the transferred amount.

Charge Card

But not all business credit cards allow for leaving a balance on the card. A charge card is a payment card that requires a full payment of the charge each billing cycle by the statement due date. Unlike credit cards, which give borrowers a revolving line of credit that can be accessed and paid down over time, charge cards do not allow you to carry balances forward. As a result, they do not charge an interest rate.

Credit Card Terms Concerning the Fees You Might Have to Pay

Minimum Payment

Credit cards often charge minimum payment amounts. The minimum payment is the smallest amount you must pay to keep the account from defaulting. To reduce debt more quickly, pay more than the minimum payment each month. And, at the same time, avoid adding any new charges.

Late Payment Fee

A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline. In order to avoid late fees, ensure that you pay at least the minimum amount by the due date. Late payments may affect your credit history negatively, even if your entire outstanding balance is later paid in full. In the consumer credit world, occasional late fees are capped at $25 under federal regulations.

Delinquent Account

Any account past due is a delinquent account. But in the consumer credit card industry, a card issuer usually will not report an account as delinquent, until at least 30 days have gone past the due date during which the cardholder has not made at least a minimum payment. In the business credit world, an account can go delinquent in one day.

Score the best business credit cards for your business. Check out our professional research

Annual Fee

Another charge a business credit cardholder may encounter is the annual fee. This is a yearly fee banks charge for the privilege of using of their credit card. Annual fees can run to more than $500. Ideally, it’s best to use a card that doesn’t impose an annual fee. There are cards which have introductory offers of no annual fee, but always check the fine print for what the yearly fee will be once the introductory period is over.

Foreign Transaction Fee

Another fee cardholders may need to pay is a foreign transaction fee (AKA foreign exchange fee). These fees are charged by many credit card companies on purchases made in a foreign currency, or on purchases involving a foreign bank (regardless of whether a foreign currency is used).

Usually, these fees are a percentage of the amount of each foreign currency purchase, with no minimum or maximum. Foreign transaction fees are charged by transaction processors like Visa and MasterCard. The card issuing bank may choose to pass that fee along to consumers. Recently, more issuers have dropped foreign transaction fees, particularly from their travel cards.

Credit Card Terms and Perks You Might Enjoy

Let’s look at some common perks.

Cash Back

In the credit card industry, cash back refers to a rewards program that returns to you a percentage of the total amount spent on your credit card over a specific period of time. This is often monthly. Surveys show that cash back is consistently the most popular form of credit card rewards for consumers. This makes sense, as cash isn’t restricted in ways other perks may be.

Sign-up Bonus

A sign-up bonus is an enticement offered by card issuers to consumers for applying and using a card. Sign-up bonuses have become generous recently. They can sometimes be for as much as 100,000 points. Often, the cardholder must earn the bonus by reaching a spending threshold in a limited initial period. For example, you may need to spend $3,000 on a card in the first 90 days after opening the account. This spending threshold is called minimum spend.

Loyalty Programs

Another kind of perk involves being enrolled in a loyalty program. Loyalty programs are used to give cardholders incentives to use a specific card. Loyalty programs may have their own cards, called rewards cards, points cards, discount cards or member cards. For example, some airlines offer loyalty credit cards that grant their users discounts on flights if they meet cumulative spending goals.

Credit Card Terms About Who Can Actually Use a Credit Card

Let’s look at who can use a credit card.

Account Holder

A credit card account holder is the person or business responsible for paying the amounts charged. But you can let a person use a credit card as an authorized user, without them being legally liable for the debt.

Co-Signer

A co-signer is a person who signs an agreement to pay off a loan for someone else if that person defaults. Co-signing is a technique often used among family and friends to let a person with good credit vouch for someone with new credit or bad credit to get a loan. This can also be helpful for a new business owner with no business credit built yet. The presence of a co-signer makes lenders more willing to approve loans for high-risk borrowers.

While co-signing allows the person with bad credit to get a loan, it puts the person with good credit on the hook for the entire amount borrowed. CreditCards.com polling data shows that in the consumer credit world, 4 in 10 co-signers end up paying at least part of the debt.

Guarantor

A guarantor on a credit card account is a person who signs an agreement to pay off a loan for someone else if that someone else defaults. It is similar to co-signing; in that it is a technique often used among family and friends to let a person with good credit vouch for a person with new credit or bad credit to get a loan.

The presence of a guarantor or co-signer makes lenders more willing to approve loans for high-risk borrowers. And like a co-signer, the guarantor is on the hook for the entire amount borrowed. Guarantors are treated differently in the collections process when a loan defaults, the bank first must exhaust other means of collections before turning to the guarantor.

Authorized User

An authorized user is any person who has permission to use a credit card account, but is not responsible for paying the bill. Authorized users differ from joint credit, in which both parties are obliged to pay. In some cases, the user will receive a credit card in his or her name, even though it is linked to someone else’s account.

Joint Credit

Also called a joint account. Here, a credit card is equally shared by two or more individuals. Parties involved all share the associated rights and liabilities of the credit account and are regarded by law as co-owners of the account. This means that if anything happens, such as defaults or fraud, all parties are affected. Being a joint credit holder is different from being an authorized user. An authorized user has permission to make charges to a card, but is not responsible for payment.

Score the best business credit cards for your business. Check out our professional research

Credit Card Terms About Getting a Credit Card

Let’s look at some of the terms that surround the process of getting a credit card (business or personal).

Credit Inquiry

A credit inquiry is created when a lender pulls someone’s credit record. It creates a record in a credit report of each time the borrower, a lender, or a potential lender gets a copy of the credit report. Credit inquiries, especially multiple inquiries, may negatively impact credit scores.

Hard Inquiry

This is an initial step lenders take in checking loan applications. The potential lender checks the business’s credit report. This has a small negative impact on that credit score. An occasional hard inquiry has only a small negative impact on a credit score.

Hard inquiries stay on a credit report for two years. What hurts a credit score most are multiple hard inquiries over a long period, which the credit scoring algorithms treat with suspicion, since they could signal hard times have befallen the borrower. It’s also known as a hard pull.

Soft Inquiry

This is a credit report check that does not impact the borrower’s credit score. Also known as a soft pull. Soft inquiries as a rule come from evaluations that don’t result in the granting of credit. For example, consumers can check their own credit as much as they like without it affecting their score. Other examples include periodic checks by existing creditors and credit information pulled by insurance companies in the course of deciding whether to offer insurance.

Score the best business credit cards for your business. Check out our professional research

Handling Problems in Your Credit Reports

Let’s add one more term you’ve probably heard us use.

Dispute

If you notice an unauthorized transaction or disagree with a charge on your statement, you can dispute it with your card issuer. In the consumer credit world, the issuer typically has two billing cycles to resolve the dispute. In the meantime, you may receive a temporary credit for the disputed amount. Credit issuers will want to see proof backing up any dispute.

Takeaways for Steering Clear of Expensive Surprises Hiding in Credit Card Terms

Consumers are protected with plain language requirements for personal credit agreements. But those plain language requirements don’t apply to business credit agreements. Interest rate details change depending on whether the APR is introductory or fixed. People who can use a credit card are defined by their roles and responsibilities, such as co-signer or authorized user.

The post How to Steer Clear of Expensive Surprises Hiding in Credit Card Terms appeared first on Credit Suite.

What is Your Experian Credit Report All About?

Did You Want to Learn About Your Experian Credit Report?

This is a terrific time to learn about your Experian credit report.

But first we should start with some definitions and background on business credit.

Business Credit

This is credit in the name of a business. It is not tied to the creditworthiness of its owner or owners. Rather, business credit scores depend on how well a company can pay its bills. Hence consumer and business credit scores can vary dramatically.

Business Credit Benefits

Also, there are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. And there is no personal credit reporting of business accounts. Business credit utilization won’t affect your consumer FICO score. Also, the business owner won’t to be personally liable for business debts.

Business Credit Details

Getting business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive. But some of them are not.

Fundability

Fundability is the current ability of our business to get funding. Some factors are in your control. Others (like your time in business) are not. Your online presence and data are one area which is at or close to 100% with your control.

Business Credit, Fundability, and Business Funding Applications

The better your business credit and fundability are, the more likely you will get approval for business financing.

Lenders Use Data to Decide on Your Application

They check information from a variety of sources, and they do not tell you about any of them. Knowing what these secret sources measure can only help you. Understanding what matters the most makes getting a loan A LOT easier, because you know what to improve first. This information is the difference between getting an approval and getting a denial.

Records Congruency

Keep your records consistent! This includes your online records. Lenders and business credit bureaus are looking at everything, so it had better match.

Inconsistent records lead to a denial due to fraud because it’s how lenders interpret inconsistencies. Fixing this is in the business owner’s hands. You can change and correct this.

This means your business name, address, phone number – everything! – must look the same in these places and more:

  • Every place your business has an online presence (your website, Yelp, SoTellUs, etc.)
  • IRS records
  • Records with Dun & Bradstreet, Experian, and Equifax
  • All licenses needed to run your business
  • Incorporation documents

Copy/paste this information; do not chance it with retyping.

There are Three Major Credit Bureaus – But What Makes Your Experian Credit Report so Different?

What distinguishes the three different main credit bureaus? Why is your Experian credit report such an outlier? And can you use this information to your advantage?

Business Credit Reporting Agencies

There are three different large credit bureaus for business: Dun & Bradstreet, Experian, and Equifax. FICO SBSS and CreditSafe are also players.

In the business world Equifax and Experian are up there, but it is Dun & Bradstreet which is the major player.

Dun and Bradstreet has more than 10 times the records of the next closest reporting agency. In the business credit world there really is one major player, with two other much smaller ones. See dnb.com/about-us/company.html. It makes sense to start with Dun and Bradstreet when comparing the business CRAs. This is because you’ll have to start the business credit building process with them anyway.

Dun & Bradstreet

Dun and Bradstreet is the oldest and largest credit reporting agency. Go to Dun and Bradstreet’s website and look for your business, at dnb.com/duns-number. Can’t find it? Then get a free D-U-N-S number. You will always need a D-U-N-S number to start building business credit. Go here to get a D-U-N-S number: dnb.com/duns-number/get-a-duns.html.

A D-U-N-S number is how Dun and Bradstreet gets your company into their system. And a D-U-N-S number plus 3 payment experiences leads to a PAYDEX score. A payment experience is a record of a purchase from a business which reports to a credit reporting agency. In this case, Dun and Bradstreet. Once you are in Dun and Bradstreet’s system, search Equifax and Experian’s sites for your business. You can do so at creditsuite.com/reports.

Keep your business protected with our professional business credit monitoring.

Experian Business Credit

Business credit is in a business’s name, and it depends on how well a company can pay its bills. But Experian uses both consumer and business credit data to gauge risk.

“By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses” 

You Will Need to Get Set Up with Experian

Get a BIN (Business Identification Number) from Experian. Experian’s BizSource assigns a BIN.

How Long Data Stays on Your Reports at the Different Credit Bureaus

Per Experian Business, bankruptcies stay for 7 to 10 years on your Experian credit report. Chapter 13 bankruptcy rolls off your credit report 7 years from the filing date. While Chapter 7 bankruptcy stays for 10 years from the filing date. Trade data stays on for 36 months. Judgments, collections, and tax liens stay on for 6 years and 9 months. UCC filings stay on for 5 years. See experian.com/small-business/how-long-credit-report. There are similar time frames for the two other main credit bureaus.

Let’s Look at an Experian Credit Report

We’ll look at a Typical Experian Business Credit Advantage SM Report. Experian provides a sample report where you can get an idea of what to expect. Experian changes its reports at times. So the best, most accurate and up to date source for this information is the Experian website. Find it online at https://sbcr.experian.com/pdp.aspx?pg=Sample-BCAI&hdr=report.

Business Background Information

The first part of a report contains:

  • Name
  • Address
  • Main phone number
  • Experian BIN
  • Annual sales
  • Business type (corporation, etc.)
  • Date Experian file established
  • Years in business
  • Total number of employees
  • Incorporation date and state

Experian Business Credit Score

Business Credit Scores range from 1 to 100. Higher scores indicate lower risk. This score predicts the chance of serious credit delinquencies in the next 12 months. It uses tradeline and collections data, public filings as well as other variables to predict future risk. This section of the report has a graph to visually indicate the score.

Key Score Factors:

  • Number of commercial accounts with terms other than Net 1-30 days
  • The number of commercial accounts that are not current
  • Number of commercial accounts with high utilization
  • Length of time on Experian’s file

Experian Financial Stability Risk Rating

Financial Stability Risk Ratings range from 1 to 5. Lower ratings indicate lower risk. A Financial Stability Risk Rating of 1 indicates a 0.55% potential risk of severe financial distress. So this is in the next 12 months.

Experian puts all businesses in one of the five risk segments. This rating predicts the chance of payment default and/or bankruptcy, in the next 12 months. This rating uses tradeline and collections information, public filings, and other variables to predict future risk.

Key Rating Factors:

  • Number of active commercial accounts
  • Risk associated with the business type
  • Risk associated with the company’s industry sector
  • Also, the employee size of business

Credit Summary

This section contains several counts of various data points. For the most part, the details are available further into the report.

The information outlined contains:

  • Current Days Beyond Terms (DBT)
  • Predicted DBT for a particular date
  • Average industry DBT
  • Payment Trend Indicator (stable, or not)

This section also contains:

  • Lowest 6 month balance
  • Highest 6 month balance
  • Current total account balance
  • Highest credit amount extended
  • Median credit amount extended
  • Number of payment tradelines
  • How many lender consortium experiences
  • Number of business inquiries
  • Also, the number of UCC Filings

More on the Credit Summary

This part also contains:

  • Number of Banking/Insurance/Leasing
  • A percentage of businesses scoring worse than the company outlined in the report
  • Number of bankruptcies
  • How many liens
  • Number of judgments filed
  • Number of accounts in collections
  • Also, the company background

Company background includes information on founding date, and where the company’s headquarters are. Also, there’s a basic background of what the business does.

Payment Trend Summary

This section starts with two graphs. They show the company in question versus its industry on Monthly payment trends and Quarterly payment trends.

These are the percentages of on-time payments by month and quarter, respectively.

This part then shows tables with recent payment information by month and quarter. Then there are three more graphs:

  • Continuous Payment Trends: continuous distribution with DBT (days beyond terms)
  • Newly Reported Payment Trends: newly reported distribution with DBT
  • Combined Payment Trends: combined distribution with DBT

Trade Payment Information

This next part shows details on payment experiences (financial trades). There is also data on lender consortium experiences (financial exchange trades):

  • Tradeline experiences (continuous trades)
  • Aged trades
  • Payment trend detail
  • There is also a link to send any missing payment experiences

Keep your business protected with our professional business credit monitoring.

Inquiries, Collection Filings, and Collections Summary

The Inquiries part contains the industry making the inquiry and a total made during a given month. The Collection Filings sector has the date, name of the agency, and status (open or closed). If a collection is closed, the Collection Filing sector also contains the closing date. The Collections Summary shows: status, number of collections, dollar amount in dispute, and amount collected (even if $0).

Commercial Banking, Insurance, Leasing

For leasing, this section shows:

  • Leasing institution name and address
  • Product type
  • Lease start date and term
  • Original and remaining balances
  • The scheduled amount due
  • And the number of payments per year
  • Also, the number of payments which are current, late, or overdue

Judgement Filings

This sector includes:

  • Date and plaintiff
  • Filing location
  • Legal type and action
  • Document number
  • Also, liability amount

This sector includes cases where the company in the report is the plaintiff or the defendant

Tax Lien Filings

This part has:

  • Date and owner
  • Filing location
  • Legal type and action
  • Document number
  • Liability amount
  • Also, description

UCC Filings

This section has:

  • Date
  • Filing number
  • Jurisdiction
  • Secured party
  • Also, Activity (filed, or not)

Keep your business protected with our professional business credit monitoring.

UCC Filings Summary

This part shows:

  • Filing period
  • Number of cautionary filings
  • Total filed
  • The total released
  • Total continued
  • Also, Amended/Assigned

Cautionary UCC Filings include one or more of the following collateral:

  • Accounts
  • Accounts receivable
  • Contracts
  • Hereafter acquired property
  • Leases
  • Notes receivable, or
  • Proceeds

Score Improvement Tips

Experian offers suggestions on how to improve your reports, such as:

  • Getting net-30 terms, if possible, from existing and future tradeline suppliers
  • Paying accounts on time or working with the tradeline supplier to work out a payment plan so a business is not reported delinquent
  • Lowering credit utilization
  • Also, making sure all the information in the report is correct

Disputing Issues with Your Experian Business Credit Report

None of the different business bureaus will change your scores without proof. They are starting to accept more and more online disputes. But include proofs of payment with it. These are documents like receipts and cancelled checks.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute as crystal clear as possible. If you need to snail mail anything in, then use certified mail. This is so you have proof you sent in your dispute. Also, be specific about the concerns with your report.

You can correct Experian issues at: experian.com/small-business/business-credit-information.

Monitoring Your Experian Credit Report and Scores

The costs of monitoring at all three big business credit reporting agencies can add up fast. At Experian, your best (least expensive) bet would be a Business Credit Advantage. Subscription Plan. It currently costs $189 per year. See sbcr.experian.com/pdp.aspx?pg=Sample&link.

Monitor Business Credit at D&B, Experian, and Equifax for Less

Experian’s reports are expensive! But did you know you can get business credit monitoring for all 3 of the big business CRAs, and all in one place – for less? Credit Suite offers monitoring through its Business Finance Suite (through Nav). See what credit issuers and lenders also see, so you can directly improve your scores and get the business credit & funding you need. See suitelogin.com and creditsuite.com/monitoring.

Improving Your Company’s Experian Credit Report

Make sure vendors are reporting your payments, and not just with Experian. Pay bills early or on time, in full. For Experian, historical behavior (payment history) = 5-10% of total score. Try to maintain your personal credit utilization at about 20 – 30% of your limits or less. Don’t close positive accounts even if you no longer use them. And try to avoid derogatories like liens. 

Your Experian Credit Report: Takeaways

Experian has revamped their reports dramatically. Also, this major business credit reporting agency is committed to correct data, and to helping companies improve their reports. So to monitor Experian, Equifax, and Dun and Bradstreet for a lot less, monitor through Credit Suite!

The post What is Your Experian Credit Report All About? appeared first on Credit Suite.

5 Reasons to Start Adding Tradelines to Your Credit Reports

Your business credit report needs tradelines.  Not just one or two either. The truth is, you need to start adding tradelines to your business credit reports, and here’s why.

Top 5 Reasons for Adding Tradelines to Your Credit Report

Your business credit report reflects the creditworthiness of your business. It is not connected to you personally.  As a result it needs to have business tradelines reporting to it. Why?

1. It can help establish a business credit score. 

Your business credit is separate from your personal credit. For one, you have to be intentional about building it. Not all vendors will report payments to your business credit report.  That means, you need to add tradelines that do.   You’ll likely need help with this from a business credit expert, as most vendors do not make publicly known whether they report or not. 

2. It establishes a PAYDEX score with D&B.

You need tradelines on your business credit report to establish a PAYDEX with Dun & Bradstreet. They are the largest and most commonly used business credit company. So obviously, having a PAYDEX is important. D&B says you only need two.  However, many report that in their experience it took 3 tradelines reporting to establish a PAYDEX.  

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit, even in a recession. 

3. It can help raise your business credit score.  

Remember, this only works if you pay on-time. However, if you do, the more the merrier.  When you add tradelines to your business credit report, and handle them responsibly, you are only helping your business credit score grow.

4. Adding tradelines to your credit report is a way to build business credit without good credit.

Tradelines break the vicious cycle of “you have to have credit to get credit.”  They typically do not take credit into account for approval. Rather, they look at other things to determine credit worthiness like time in business,  business revenue, and business bank account balance. 

5. Strong business credit is essential to running a strong business and protecting your personal credit.

And as we said, you need tradelines to establish business credit, let alone build it. Business credit allows you to fund your business without jeopardizing your personal credit.  

Bonus: Buying Business Tradelines Won’t Help You

Buying tradelines basically involves buying tradelines someone else has been using and putting it on your credit report. While it is not technically illegal, it is definitely frowned upon.  If a lender figures out that you may be using business credit that you did not actually build yourself, you could be blackballed and lose any advantage you thought you were getting by buying tradelines. So don’t do it.

Adding tradelines to your business credit report is necessary. It is how you establish business credit in the first place. Then, it’s how you continue to grow it to a point that you can apply for other types of accounts. For example store cards, fleet cards, and business credit cards that can be used anywhere for anything require strong business credit. A strong business credit score will help you get better terms and rates on business loans and lines of credit as well.  This is true even though they will check personal credit also.  So, the sooner you work on this the better. Get started now.

The post 5 Reasons to Start Adding Tradelines to Your Credit Reports appeared first on Credit Suite.

The Top 3 Secured Business Credit Cards

Got Bad Personal Credit or No Business Credit? Secured Business Credit Cards Could be the Answer You’re Looking For

But be aware of what secured business credit cards really are – and what’s a much better alternative to kickstarting a business credit profile.

What Are Secured Business Credit Cards?

Secured business credit cards are for businesses with no credit or a less than perfect credit history. An initial security deposit is necessary. This deposit establishes your card’s credit limit. Often a minimum deposit of $500 is necessary. Once you start making purchases you get invoices like a regular credit card. But this begs the question: what does it mean when a business credit card is unsecured?

Unsecured Business Credit Cards

An unsecured business credit card works like an unsecured consumer credit card. Credit limits are calculated from many factors, this depends on the card issuer. Factors in deciding credit limit can include personal credit and/or your company’s business credit scores. They can also include time in business, annual revenues, etc. These credit cards can give your business the opportunity to earn incentives and rewards.

What Aren’t Secured Business Credit Cards?

There are a number of types of business credit cards. Some aren’t too different from secured cards. Or they may have some of the same results, where you can get credit when you normally couldn’t, and you may even have the opportunity to build business credit with such cards.

Prepaid Business Credit Cards

A prepaid business card works as a convenient alternative to carrying cash. In this way, it works a lot like a secured credit card. You add funds to your account. And then whatever amount you add is available for purchases. Sounds like a debit card, right?

Business Debit Cards

But, a business debit card is a card that works a lot like a business checkbook. The limit is the amount of funds you currently have in your business checking account. Every time you use it to make a purchase, the amount you charge comes from your account as a deduction

The Difference Between Prepaid and Debit Cards

Prepaid cards and debit cards are both widely accepted at merchants worldwide, but one is preloaded and the other is not. Debit cards are linked to a checking account, while prepaid cards aren’t and instead require you to load money onto the card

Prepaid Cards Versus Secured Credit Cards for Business

Not exactly. The salient difference between secured credit cards and prepaid debit cards has to do with whose money you’re spending when you use the card. With secured credit cards, you spend money borrowed from the credit card company. You pay that money back after the purchase. With prepaid debit cards, you’re spending your (or your business’s) own money. You load money onto the card before the purchase.

Because it involves borrowing and repaying money, a secured credit card can help someone (or a business) build their credit. It can also harm their credit if they don’t use the card responsibly. Prepaid debit cards have no effect on a credit score.

Business Charge Cards

Another, similar-sounding card is a business charge card. A business charge card has all the convenience of a credit card. But it’s without the high price of interest. When using this card you must pay your balance in full each billing cycle.

Since you can’t carry a balance, a charge card doesn’t have a periodic or annual percentage rate. Hence there is no rate for a charge card issuer to disclose. Let’s look at some secured cards for business.

FNBO Business Edition® Secured Visa® Card

With this card, you can, “take control of your credit history and help rebuild your credit”. Request your own credit limit between $2,000 and $100,000, in multiples of $50, when you apply. Your credit limit is subject to credit approval and a security deposit.

Your security deposit is 110% of the amount of your credit limit. And you will earn interest on your security deposit. But there is a $39 annual fee. Pay a variable 20.24% APR on purchases and balance transfers based on the Prime Rate.

Get it here: https://www.fnbo.com/small-business/credit-cards/ 

Union Bank® Business Secured Visa® Credit Card

With this card, you can, “start building credit for your business”. Get up to a $25,000 secured credit limit. You will pay a 13.99% variable APR on purchases and balance transfers. And pay a 5% balance transfer fee on each transfer, with a minimum of $10.

There is a 25.25% APR for cash advances. And there is a $30 annual fee. Also, Union Bank will demand immediate payment in full, if you use this business credit card for personal, family, or household purposes.

Get it here: https://www.unionbank.com/business/visa-credit-cards-all 

Score the best business credit cards for your business. Check out our professional research.

Wells Fargo Business Secured Credit Card

A Wells Fargo business checking or savings account must be open before applying. Upon approval, your funds will be transferred from the deposit account to fund the credit line

Get a $500 to $25,000 credit line, based on the amount of funds deposited by you as security in a collateral account. Pay no annual fee, and no foreign transaction fee.

You can get up to 10 employee cards. Pay prime + 11.90% APR on purchases. And pay prime + 20.74% APR on cash advances. Cash advance or balance transfer fees may apply.

Perks

Choose between Cash Back or Rewards Points. There is no annual rewards program fee. And there are no required spending categories or caps. Earn 1.5% cash back for every $1 spent on net purchases. You can receive cash back automatically as a credit to your account or to your eligible checking or savings account each quarter.

If you choose rewards points, you will earn 1 point for every $1 spent on net purchases. Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period. Redeem points for gift cards, merchandise, airline tickets and more. Get a 10% points credit when you redeem points online. And you can earn extra bonus points or discounts from Earn More Mall® retailers.

Business Credit Building with the Wells Fargo Business Secured Credit Card

Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange. Payment and usage activity of the Wells Fargo Business Secured card is not reported to the consumer credit bureaus, therefore it will not help build or rebuild personal credit history. 

Wells Fargo will periodically review your account and recent credit history for an opportunity to upgrade to an unsecured business credit card. You may become eligible with responsible use over time. Being able to upgrade to an unsecured business credit card also depends on your FICO score, payment history and ratio of credit card usage to credit limit.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/ 

Score the best business credit cards for your business. Check out our professional research.

Choosing the Best Secured Business Credit Cards for Your Circumstances

Wells Fargo is the best when it comes to annual fees (it’s hard to beat $0). For the highest possible credit limit, the FNBO Business Edition® Secured Visa® Card comes out on top,

 with a $100,000 maximum.

For the best balance transfer rate, it looks like Union Bank® Business Secured Visa® Credit Card is the best. But keep in mind, they do charge a 5% balance transfer fee on each transfer,

 with a minimum of $10.

Building Business Credit is a Viable Alternative to Getting Secured Credit Cards for Business

New businesses can get credit from starter vendors, and often there’s no need to pay money to secure a card. Consider CEO Creative and Grainger Industrial Supply. Neither of them require a deposit to secure a card.

Supply Works

Let’s focus on another starter vendor: Supply Works. They are a part of Home Depot, and offer integrated facility maintenance supplies. But they will not accept virtual addresses. They will report to Experian. Terms are Net 30. You can apply online or over the phone. 

Qualifying for Supply Works

You will need:

  • An entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • Trade/Bank references

But at least there is no minimal time in business requirement.

Score the best business credit cards for your business. Check out our professional research.

Secured Business Credit Cards: Takeaways

For entrepreneurs just starting out, getting secured business credit cards may seem to be one of the only ways they feel they can get credit. But you can build business credit with starter vendors. Even if you start with lower limits, you often don’t have to secure those cards with a deposit. As a result, starter vendor credit is nearly always a superior alternative to getting secured business credit cards.

The post The Top 3 Secured Business Credit Cards appeared first on Credit Suite.

The Top 3 Secured Business Credit Cards

Got Bad Personal Credit or No Business Credit? Secured Business Credit Cards Could be the Answer You’re Looking For

But be aware of what secured business credit cards really are – and what’s a much better alternative to kickstarting a business credit profile.

What Are Secured Business Credit Cards?

Secured business credit cards are for businesses with no credit or a less than perfect credit history. An initial security deposit is necessary. This deposit establishes your card’s credit limit. Often a minimum deposit of $500 is necessary. Once you start making purchases you get invoices like a regular credit card. But this begs the question: what does it mean when a business credit card is unsecured?

Unsecured Business Credit Cards

An unsecured business credit card works like an unsecured consumer credit card. Credit limits are calculated from many factors, this depends on the card issuer. Factors in deciding credit limit can include personal credit and/or your company’s business credit scores. They can also include time in business, annual revenues, etc. These credit cards can give your business the opportunity to earn incentives and rewards.

What Aren’t Secured Business Credit Cards?

There are a number of types of business credit cards. Some aren’t too different from secured cards. Or they may have some of the same results, where you can get credit when you normally couldn’t, and you may even have the opportunity to build business credit with such cards.

Prepaid Business Credit Cards

A prepaid business card works as a convenient alternative to carrying cash. In this way, it works a lot like a secured credit card. You add funds to your account. And then whatever amount you add is available for purchases. Sounds like a debit card, right?

Business Debit Cards

But, a business debit card is a card that works a lot like a business checkbook. The limit is the amount of funds you currently have in your business checking account. Every time you use it to make a purchase, the amount you charge comes from your account as a deduction

The Difference Between Prepaid and Debit Cards

Prepaid cards and debit cards are both widely accepted at merchants worldwide, but one is preloaded and the other is not. Debit cards are linked to a checking account, while prepaid cards aren’t and instead require you to load money onto the card

Prepaid Cards Versus Secured Credit Cards for Business

Not exactly. The salient difference between secured credit cards and prepaid debit cards has to do with whose money you’re spending when you use the card. With secured credit cards, you spend money borrowed from the credit card company. You pay that money back after the purchase. With prepaid debit cards, you’re spending your (or your business’s) own money. You load money onto the card before the purchase.

Because it involves borrowing and repaying money, a secured credit card can help someone (or a business) build their credit. It can also harm their credit if they don’t use the card responsibly. Prepaid debit cards have no effect on a credit score.

Business Charge Cards

Another, similar-sounding card is a business charge card. A business charge card has all the convenience of a credit card. But it’s without the high price of interest. When using this card you must pay your balance in full each billing cycle.

Since you can’t carry a balance, a charge card doesn’t have a periodic or annual percentage rate. Hence there is no rate for a charge card issuer to disclose. Let’s look at some secured cards for business.

FNBO Business Edition® Secured Visa® Card

With this card, you can, “take control of your credit history and help rebuild your credit”. Request your own credit limit between $2,000 and $100,000, in multiples of $50, when you apply. Your credit limit is subject to credit approval and a security deposit.

Your security deposit is 110% of the amount of your credit limit. And you will earn interest on your security deposit. But there is a $39 annual fee. Pay a variable 20.24% APR on purchases and balance transfers based on the Prime Rate.

Get it here: https://www.fnbo.com/small-business/credit-cards/ 

Union Bank® Business Secured Visa® Credit Card

With this card, you can, “start building credit for your business”. Get up to a $25,000 secured credit limit. You will pay a 13.99% variable APR on purchases and balance transfers. And pay a 5% balance transfer fee on each transfer, with a minimum of $10.

There is a 25.25% APR for cash advances. And there is a $30 annual fee. Also, Union Bank will demand immediate payment in full, if you use this business credit card for personal, family, or household purposes.

Get it here: https://www.unionbank.com/business/visa-credit-cards-all 

Score the best business credit cards for your business. Check out our professional research.

Wells Fargo Business Secured Credit Card

A Wells Fargo business checking or savings account must be open before applying. Upon approval, your funds will be transferred from the deposit account to fund the credit line

Get a $500 to $25,000 credit line, based on the amount of funds deposited by you as security in a collateral account. Pay no annual fee, and no foreign transaction fee.

You can get up to 10 employee cards. Pay prime + 11.90% APR on purchases. And pay prime + 20.74% APR on cash advances. Cash advance or balance transfer fees may apply.

Perks

Choose between Cash Back or Rewards Points. There is no annual rewards program fee. And there are no required spending categories or caps. Earn 1.5% cash back for every $1 spent on net purchases. You can receive cash back automatically as a credit to your account or to your eligible checking or savings account each quarter.

If you choose rewards points, you will earn 1 point for every $1 spent on net purchases. Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period. Redeem points for gift cards, merchandise, airline tickets and more. Get a 10% points credit when you redeem points online. And you can earn extra bonus points or discounts from Earn More Mall® retailers.

Business Credit Building with the Wells Fargo Business Secured Credit Card

Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange. Payment and usage activity of the Wells Fargo Business Secured card is not reported to the consumer credit bureaus, therefore it will not help build or rebuild personal credit history. 

Wells Fargo will periodically review your account and recent credit history for an opportunity to upgrade to an unsecured business credit card. You may become eligible with responsible use over time. Being able to upgrade to an unsecured business credit card also depends on your FICO score, payment history and ratio of credit card usage to credit limit.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/ 

Score the best business credit cards for your business. Check out our professional research.

Choosing the Best Secured Business Credit Cards for Your Circumstances

Wells Fargo is the best when it comes to annual fees (it’s hard to beat $0). For the highest possible credit limit, the FNBO Business Edition® Secured Visa® Card comes out on top,

 with a $100,000 maximum.

For the best balance transfer rate, it looks like Union Bank® Business Secured Visa® Credit Card is the best. But keep in mind, they do charge a 5% balance transfer fee on each transfer,

 with a minimum of $10.

Building Business Credit is a Viable Alternative to Getting Secured Credit Cards for Business

New businesses can get credit from starter vendors, and often there’s no need to pay money to secure a card. Consider CEO Creative and Grainger Industrial Supply. Neither of them require a deposit to secure a card.

Supply Works

Let’s focus on another starter vendor: Supply Works. They are a part of Home Depot, and offer integrated facility maintenance supplies. But they will not accept virtual addresses. They will report to Experian. Terms are Net 30. You can apply online or over the phone. 

Qualifying for Supply Works

You will need:

  • An entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • Trade/Bank references

But at least there is no minimal time in business requirement.

Score the best business credit cards for your business. Check out our professional research.

Secured Business Credit Cards: Takeaways

For entrepreneurs just starting out, getting secured business credit cards may seem to be one of the only ways they feel they can get credit. But you can build business credit with starter vendors. Even if you start with lower limits, you often don’t have to secure those cards with a deposit. As a result, starter vendor credit is nearly always a superior alternative to getting secured business credit cards.

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The Top 7 Cash Back Business Credit Cards

Check Out the 7 Best Cash Back Business Credit Cards

Take advantage of our research and check out the seven best cash back business credit cards we could find.

Cash back usually comes in the form of a low percentage rebate, such as 1 – 5%. Some card issuers offer unlimited cash back. Others offer bonus amounts for chosen category spending or meeting a spending threshold within a certain amount of time after account opening, like $750 if you spend $7,500 in the first three months after account opening. Statement credits and signup bonuses are similar, the main difference is how you get the money – check, credit, points, or something else.

The Best Cash Back Business Credit Cards for You

There are differences among cash back business credit cards, and they go beyond the percentages. A high cash back credit card might require a very high spend in a short amount of time. Or a cashback credit card might not offer categories that work for you. Or cash back offers may come with too many strings attached. We sifted through over 100 business credit cards to find cashback credit cards to fit several different circumstances – including yours!

One Thing to Keep in Mind

Terms and rates for cash back business credit cards are subject to change. In particular, many annual percentage rates are tied directly to the Prime Rate. Banks and other credit providers sometimes add or drop features, or even credit cards. The best source for all credit card information is always directly on the provider’s website.

Let’s start with three honorable mention cash back business credit cards.

Honorable Mention: Get 3% Cash Back with High Credit Limits: Zions Bank Visa Amazing Cash® Business Credit Card

Get to know the Zions Bank Visa Amazing Cash® Business Credit Card. You get 3% cash back on select business purchases, including office supplies, cell services, internet, telecom, and cable TV. And get 2% cash back on select business travel purchases, including airlines and vehicle rentals. Get 1% cash back on everything else. Pay a 0% introductory APR on balance transfers for the 12 months after account opening, then pay a 14.24% variable APR afterwards. A 3% balance transfer fee for each transfer ($10 minimum) applies.

Get a credit limit up to $250,000. You will pay no annual fee. There are no rewards fees. 0% introductory APR for the first 6 months after account opening, then 14.24% variable APR afterwards. It is entirely possible that some of the other reviewed cards have better upper limits, you will need to check when you apply.

Honorable Mention: Get a Cash Back Bonus: PNC Bank Cash Rewards® Visa Signature® Business Credit Card

Check out the PNC Bank Cash Rewards® Visa Signature® Business Credit Card. Get a $200 bonus if you spend $3,000 in the first 3 billing cycles after account opening. Get 1.5% cash back on net purchases, with no cash back limits. Pay no annual fee. You will pay a 0% APR for the first 9 billing cycles after account opening, then 10.99-19.99% variable APR, based on creditworthiness. It boasts  mostly lower interest rates and a fairly easy to meet minimum spend. To get a bonus, this card is decent if you can’t or won’t spend too in such a short amount of time after getting the card.

Honorable Mention: Get Cash Back and Qualify Even with Fair Credit: Capital One Spark Classic Business Credit Card (Visa)

The Capital One Spark Classic Business Credit Card (Visa) can work if you have fair credit. You can earn 1% cash back with every purchase, with no minimums. Pay no annual fee. You will pay 26.99% variable APR for both purchases and cash advances. The minimum credit line is $300.

The cash back percentage is low, and the interest rate is higher than for the other cards reviewed. But if your credit is only fair, or you don’t have a very long credit history, this card could be right for you.

#7: Get 3% Cash Back with an Annual Bonus: US Bank Business Cash Rewards World Elite™ Mastercard®

Check out the US Bank Business Cash Rewards World Elite™ Mastercard®. Earn to 3% cash back on eligible gas station, office supply store and cell phone/service provider net purchases. All other purchases earn 1% cash back. Purchases of gasoline greater than $200 will not be deemed to be a purchase of automotive gasoline, and as such will earn a reward of 1%.

Get $500 cash back if you spend $3,000 in the first 90 days from account opening. Earn a 25% annual bonus based on your prior year’s cash rewards, to $250. Pay no annual fee. You will have a 0% introductory APR for the first 12 billing cycles. After that, 13.99-22.99% based on creditworthiness.

To hit the bonus limit, you would have to have spent over $33,000 in the previous year. Still, the initial spend requirement isn’t too bad. You can meet it with purchases of computers or the like. The APR after the introductory period is acceptable. If your credit is such that you qualify for the lower APR, this card could turn out to be a better deal than our #6.

Score the best business credit cards for your business. Check out our professional research.

#6: Get 3% Cash Back in Limited Categories: First Hawaiian Bank MasterCard Cash Rewards Business Credit Card

Check out the First Hawaiian Bank MasterCard Cash Rewards Business Credit Card. You get 3% unlimited cash back on gas and dining. Get 2% unlimited cash back on utilities, and 1% unlimited cash back on everything else. There is no annual fee.

Pay a 15.49% APR. Earn a $200 credit with a $2,000 spend in the first 3 months from account opening. With its fairly low spend requirement, no annual fee, and decent (but not exceptional) APR, this can be a good card. In particular, it can work well if your business requires you to travel by car and entertain clients on the road.

#5: Get 4% Cash Back for a Limited Time: Citi Bank Costco Anywhere Visa® Business Card

With the Citi Bank Costco Anywhere Visa® Business Card, get 4% cash back on eligible gasoline purchases, including buying gas at Costco. But this is only for the first $7,000 per year. After that, get 1% cash back. Get 3% cash back on restaurant and eligible travel purchases. Earn 2% cashback on all other purchases from Costco and Costco.com. Get 1% cash back on everything else.

There is no annual fee. There are no foreign transaction fees. But you must be a Costco member before applying. Pay a 15.24% variable APR.

While the 4% cash back offer is limited to just the first $7,000 per year, you will have to buy over 2,000 gallons of gasoline if they average $3.50 per gallon to hit the limit. If you think it’s unlikely you would meet that limit, and you’re a Costco member, this could be a good card. It’s got an APR that is decent but not as good as our #4’s rate.

Score the best business credit cards for your business. Check out our professional research.

#4: Get 4% Cash Back Until You Hit a Spend Limit: Huntington Bank MasterCard Voice Business Credit Card

With the Huntington Bank MasterCard Voice business credit card, earn 4% cash back on the first $7,000 spent per quarter in one category of your choice. There is a choice of 10 categories.. Hence the annual spend limit for 4% cash back is $28,000. Earn 1% cashback on all other purchases.

There is no annual fee, and no foreign transaction fee. Pay a 10.99-21.99% APR based on creditworthiness, tied to the Prime Rate. If you know you won’t meet the spend limit, and your credit is already good so the APR is on the lower side, this could be an outstanding card.

#3: Get 5% Cash Back on Amazon Purchases Only: Amazon Prime Store Card

Get 5% cashback on Amazon purchases with the Amazon Prime Store Card. Pay no annual fee. You get a $60 Amazon gift card upon application approval. However, limits seem to be low. There are reviews on the Amazon website and you should check them before applying.

If your business makes a lot of Amazon purchases, this could be one of the best cash back business credit cards for you. If not, it likely has too many limitations.

#2: Get 5% Cash Back in 2 Categories: Bremer Bank Visa Max Cash Preferred

The Bremer Bank Visa Max Cash Preferred card is particularly good if you can pay your credit bills on time and avoid paying interest. Earn a $150 bonus reward if you spend $500 in the first 90 days from account opening. The spending threshold required for a bonus is comfortably low. You will probably meet it if you charge a decent computer on this card. Also get 2% for one everyday category, otherwise get 1% unlimited cash back. There is no annual fee.

All annual percentage rates for interest will vary with the Prime Rate. Pay a 14.49-23.49% APR for purchases based on creditworthiness. Pay a 0% introductory APR for the first 12 billing cycles for balance transfers, and then 14.49-23.49% APR based on creditworthiness.

Get 5% Cash Back in 2 Categories: Alternatives to Bremer Bank

Note: Busey Bank offers the identical credit card, with the exact same rates and fees. The main difference is Bremer is headquartered in Minnesota, whereas Busey is based in Illinois.

First American Bank also offers the identical credit card – they are also based in Illinois.

Since there are no differences among these three offers, your best bet is to choose based on convenience or bank specialty or the like.

Score the best business credit cards for your business. Check out our professional research.

#1: Get 5% Cash Back on Flat Spending: Chase Bank Ink Business Cash®

For good interest rates, and a high percentage in cash back, check out this card. Pay 0% APR on purchases for the first 12 months, and then 13.24-19.24%. Pay no annual fee.

With the Chase Bank Ink Business Cash® card, you get 5% cash back on the first $25,000 you spend on certain business products, i.e. office supply stores, internet, cable, and phone services. This works out to 4% additional cash back rewards on top of 1% cash back rewards earned on each purchase. The $25,000 flat spending limit resets every year. You can get $750 bonus cash back if spend $7,500 in the first 3 months after account opening.

But unlike with some other cards, it can be harder to hit the minimum spend amount. The agreement does not prohibit using your card to buy pricier items such as plane tickets, vehicle repairs, or even heavy equipment. Still, you may find that using other means, such as equipment financing or fleet credit, would make for a better deal for your business.

While we do feel this is the best of the cash back business credit cards we reviewed, if you cannot meet the spend minimum, our #2 choices are a lot better.

Takeaways for the Top 7 Cash Back Business Credit Cards

The business credit cards we reviewed offer cash back deals running from 1% to 5%. Annual percentage rates run from 10.99% t0 26.99%, with many cards offering a 0% introductory APR for a limited time. Some cards offer monetary bonuses, often dependent upon spending a minimum amount during a short window of time. Limits and qualifications were not easy to find online – so ask! And always check a provider’s website for the latest and most accurate details on any business credit card that interests you.

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You Can Build EIN Credit Today

Did You Know You Can Build EIN Credit?

Yes, you really can build EIN credit for your business.

But let’s start with some definitions and background on business credit.

Business Credit

This is credit in a business’s name. It is not tied to the owner’s creditworthiness. Instead, business credit scores depend on how well a company can pay its bills. Hence consumer and business credit scores can vary dramatically.

Business Credit Benefits

There are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. And there is no personal credit reporting of business accounts. Business credit utilization won’t affect your consumer FICO score. Plus the business owner isn’t personally liable for the debt the business incurs. This can be true for you as you build EIN credit for your business.

Another advantage is that even startup businesses can do this. Visiting a bank for a business loan can be a recipe for frustration. But building business credit, when done correctly, is a plan for success.

Consumer credit scores depend on payments but also various other factors like credit utilization percentages.

But for company credit, the scores truly just hinge on if a small business pays its invoices timely.

Business Credit Details

Being accepted for business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive, and some of them are not.

Vendors are a big component of this process.

Doing the steps out of sequence results in repetitive rejections. No one can start at the top with business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Company Fundability to Build EIN Credit

A company must be fundable to lending institutions and vendors.

That is why, a small business needs a professional-looking website and email address. And it needs to have site hosting from a company such as GoDaddy.

Additionally, business phone numbers need to have a listing on 411. You can do that here: http://www.listyourself.net.

Also, the business telephone number should be toll-free (800 exchange or the equivalent).

A company also needs a bank account devoted strictly to it, and it must have every one of the licenses essential for running.
Licenses

These licenses all have to be in the identical, accurate name of the company. And they must have the same company address and telephone numbers.

So keep in mind, that this means not just state licenses, but possibly also city licenses.

Keep your business protected with our professional business credit monitoring.

Working with the Internal Revenue Service to Build EIN Credit

Visit the Internal Revenue Service website and get an EIN for the company. They’re free of charge. Select a business entity like corporation, LLC, etc.

A small business may get started as a sole proprietor. But they absolutely need to change to a form of corporation or an LLC.

This is to decrease risk. And it will make the most of tax benefits.

A business entity matters when it involves taxes and liability in the event of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and taxes. No one else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

Starting to Build EIN Credit

Start at the D&B web site and get a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the company. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

This way, Experian and Equifax have something to report on.

Starter Vendor Credit

First you should build tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get credit for numerous purposes, and from all sorts of places.

These kinds of accounts tend to be for things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are generally Net 30, versus revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts must be paid completely within 60 days. Unlike revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To launch your business credit profile the proper way, you should get approval for vendor accounts that report to the business credit reporting bureaus. When that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Makes Sense

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with a minimum of effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They sell shipping, packing, and industrial supplies, and they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your corporate bank information. Your company address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your business can get approval for Net 30 terms.

  • How to apply with them:
  • Add an item to your shopping cart
  • Go to checkout
  • Select to Open an Account
  • Select to be invoiced

Marathon

Check out starter vendor Marathon. Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Their comprehensive product line supports commercial, industrial, and retail operations. This card reports to Dun & Bradstreet, Experian, and Equifax. Before applying for multiple accounts with WEX Fleet cards, make sure to have enough time in between applying so they don’t red-flag your account for fraud.

To qualify, you need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address- matching everywhere.
  • D-U-N-S number
  • Business License (if applicable)
  • And a business bank account
  • Business phone number listed on 411

Your SSN is required for informational purposes. If concerned they will pull your personal credit talk to their credit department before applying. You can give a $500 deposit instead of using a personal guarantee, if in business less than a year. Apply online. Terms are Net 15. Get it here: https://www.marathonbrand.com/.

Grainger Industrial Supply

Grainger Industrial Supply is likewise a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need a business license, EIN, and a D-U-N-S number.

  • To qualify, you need the following:
  • A business license (if applicable)
  • An EIN number
  • A company address matching everywhere
  • A corporate bank account
  • A D-U-N-S number from Dun & Bradstreet

Your business entity must be in good standing with the applicable Secretary of State. If your business doesn’t have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Accounts That Do Not Report

Non-reporting trade accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some value.

You can always ask non-reporting accounts for trade references. And also, credit accounts of any sort ought to help you to better even out business expenditures, thus making financial planning simpler.

Store Credit

Store credit comes from a variety of retail service providers.

You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Fleet credit is from service providers where you can purchase fuel and fix and take care of vehicles. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

Keep your business protected with our professional business credit monitoring.

Cash Credit

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are frequently MasterCard credit cards.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and address any errors as soon as possible. Get in the practice of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian, Equifax, and D&B for a lot less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

Update Your Information

Update the info if there are inaccuracies or the data is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any errors in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs usually want you to dispute in a particular way.

Disputes

Disputing credit report mistakes typically means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always mail copies and keep the original copies.

Fixing credit report errors also means you specifically detail any charges you challenge. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail to have proof that you sent in your dispute.

Keep your business protected with our professional business credit monitoring.

A Word about How to Build EIN Credit

Always use credit smartly! Never borrow more than what you can pay off. Monitor balances and deadlines for repayments. Paying on schedule and fully does more to increase business credit scores than nearly anything else.

Building small business credit pays off. Excellent business credit scores help a small business get loans. Your lender knows the small business can pay its financial obligations. They know the company is for real.

The small business’s EIN links to high scores and loan providers won’t feel the need to request a personal guarantee.

How to Build EIN Credit: Takeaways

Business credit is an asset which can help your small business for years to come. Learn more here and get started toward establishing small business credit.

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