Tag: Needs

Managing AML and fraud – A risky business needs a risk-based approach

Financial services organisations (FSOs) are expected to meet strict financial crime regulations regardless of their size, and those with smaller budgets and fewer resources are finding this increasingly difficult as regulations, guidelines and threats continue to evolve. Regulators are also expecting FSOs to use the risk-based approach to target their anti-money laundering compliance resources. Risk.net hosted a webinar in association with NICE Actimize on the benefits of a risk-based approach to combat money laundering and other forms of financial fraud

The post Managing AML and fraud – A risky business needs a risk-based approach appeared first on Buy It At A Bargain – Deals And Reviews.

To Successfully Obtain Business Capital Every Business Needs A Coach

To Successfully Obtain Business Capital Every Business Needs A Coach

, if you are a company proprietor the job of acquiring organisation funding can be extremely overwhelming.. Since they have actually never ever been instructed exactly how to acquire funding as well as a result they have no idea where to start, the majority of organisations fall short. The Small Business Administration reports that 97% of company financing applications stop working.

The relevance of looking for specialist help when establishing up company credit rating has numerous organisation proprietors transforming to a service money trainer to aid them develop their service debt. One of the greatest errors made by service proprietors is that they try to acquire company funding utilizing their individual credit scores.

Till your company has 3 different company debt ratings, any type of funding that your organisation gets will certainly be based only on your individual debt ratings as well as your individual properties. You require to have company credit report ratings developed to also obtain looked at for an organisation car loan. Having company debt ratings developed are simply a beginning in the money procedure.

” Missing simply among the 20 things will certainly obtain your service rejected,” claims Finance Specialist James Christy. “If you comply with the action in a great service financing train you will certainly make certain that you have every one of the products finished.”

Lenders will certainly refute a company lending application if the service lawful name is not noted correctly with the 411 Directory Assistance. An additional method funding can be rejected is if your service has a financial institution score listed below a reduced 5 or if your organisation does not have credit history documents open with the 3 company debt reporting firms.

The procedure of developing organisation credit scores is a lot a lot more difficult than establishing up individual credit score. There is one organisation credit score company that will certainly attempt to bill you $500 simply to open your debt data.

A service financing instructor advises entrepreneur in a detailed style on precisely what they need to do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop business credit rating they require to obtain authorized. A trainer will certainly reveal a company exactly how to not just develop organisation debt, yet to construct great service credit scores that the financial institutions and also various other loaning firms will certainly utilize to accept your lending demand. An excellent money trainer will commonly route you to resources for company bank card, supplier credit lines and also for various other imaginative kinds of funding.

To locate an organisation financing trainer to assist your company construct exceptional service credit history you may most likely to your preferred internet search engine Google, Yahoo, or MSN and also do a look for the expression “organisation money trainer”.

The significance of looking for professional support when establishing up service credit rating has lots of service proprietors transforming to a service money trainer to aid them develop their company credit score. Till your organisation has 3 different service debt ratings, any kind of funding that your organisation obtains will certainly be based only on your individual credit report ratings as well as your individual possessions. An additional method funding can be rejected is if your organisation has a financial institution ranking listed below a reduced 5 or if your company does not have credit rating data open with the 3 service debt reporting firms. A company money train advises company proprietors in a detailed style on specifically what they should do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop the organisation debt ratings they require to obtain authorized. A train will certainly reveal a company just how to not just construct service credit report, yet to construct excellent organisation credit report that the financial institutions and also various other borrowing companies will certainly make use of to authorize your finance demand.

The post To Successfully Obtain Business Capital Every Business Needs A Coach appeared first on ROI Credit Builders.

To Successfully Obtain Business Capital Every Business Needs A Coach

To Successfully Obtain Business Capital Every Business Needs A Coach

, if you are a company proprietor the job of acquiring organisation funding can be extremely overwhelming.. Since they have actually never ever been instructed exactly how to acquire funding as well as a result they have no idea where to start, the majority of organisations fall short. The Small Business Administration reports that 97% of company financing applications stop working.

The relevance of looking for specialist help when establishing up company credit rating has numerous organisation proprietors transforming to a service money trainer to aid them develop their service debt. One of the greatest errors made by service proprietors is that they try to acquire company funding utilizing their individual credit scores.

Till your company has 3 different company debt ratings, any type of funding that your organisation gets will certainly be based only on your individual debt ratings as well as your individual properties. You require to have company credit report ratings developed to also obtain looked at for an organisation car loan. Having company debt ratings developed are simply a beginning in the money procedure.

” Missing simply among the 20 things will certainly obtain your service rejected,” claims Finance Specialist James Christy. “If you comply with the action in a great service financing train you will certainly make certain that you have every one of the products finished.”

Lenders will certainly refute a company lending application if the service lawful name is not noted correctly with the 411 Directory Assistance. An additional method funding can be rejected is if your service has a financial institution score listed below a reduced 5 or if your organisation does not have credit history documents open with the 3 company debt reporting firms.

The procedure of developing organisation credit scores is a lot a lot more difficult than establishing up individual credit score. There is one organisation credit score company that will certainly attempt to bill you $500 simply to open your debt data.

A service financing instructor advises entrepreneur in a detailed style on precisely what they need to do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop business credit rating they require to obtain authorized. A trainer will certainly reveal a company exactly how to not just develop organisation debt, yet to construct great service credit scores that the financial institutions and also various other loaning firms will certainly utilize to accept your lending demand. An excellent money trainer will commonly route you to resources for company bank card, supplier credit lines and also for various other imaginative kinds of funding.

To locate an organisation financing trainer to assist your company construct exceptional service credit history you may most likely to your preferred internet search engine Google, Yahoo, or MSN and also do a look for the expression “organisation money trainer”.

The significance of looking for professional support when establishing up service credit rating has lots of service proprietors transforming to a service money trainer to aid them develop their company credit score. Till your organisation has 3 different service debt ratings, any kind of funding that your organisation obtains will certainly be based only on your individual credit report ratings as well as your individual possessions. An additional method funding can be rejected is if your organisation has a financial institution ranking listed below a reduced 5 or if your company does not have credit rating data open with the 3 service debt reporting firms. A company money train advises company proprietors in a detailed style on specifically what they should do to obtain their company all set to be authorized for funding as well as exactly how as well as why to develop the organisation debt ratings they require to obtain authorized. A train will certainly reveal a company just how to not just construct service credit report, yet to construct excellent organisation credit report that the financial institutions and also various other borrowing companies will certainly make use of to authorize your finance demand.

The post To Successfully Obtain Business Capital Every Business Needs A Coach appeared first on ROI Credit Builders.

4 Reasons Your Business Needs a Card to Build Small Business Credit History

What is Small Business Credit History and Why Do You Need It?

In the excitement of starting a business, and then the ensuing chaos of running a business, many business owners do not consider that they need to actively build small business credit history.  It is likely in fact, that if they stopped a minute to think about it, they would find that they imagine it is building on its own in the daily course of things.  After all, you do not have to do anything to establish a personal credit history.  You simply get credit, make payments (or not), and your personal credit history builds as a function of the financial choices you make.

This is not how it works with business credit.  In fact, unless you make some very active, purposeful choices, it is possible to own and run a business for years and never build business credit. It’s unfortunate as this can be a tragic mistake for your business.  The problem is, most business owners do not even realize it is something they need to be doing.  They do not know that to build small business credit history, they have to actively work toward it.  If they do know, they do not understand how important it is.

We are going to answer both questions.  First, why is it important? Next, how on earth do you do it?

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

4 Reasons Why You Need to Build Small Business Credit History

While it isn’t hard to imagine why credit history itself is important, it can be difficult to grasp why a business needs to build small business credit history separate from that of its owner.  Here are just four reasons why.

Protect Your Personal Finances

The greatest benefit to the business owner is that when a business has a credit history of its own, the owner’s personal finances are better protected.  You might think that if business debt is in the business name, you as the owner are not liable for it.  That is not the case, unless you follow some very specific steps.

The truth is, some lenders will hold you liable anyway.  There are a number of lenders however, especially credit card companies, that will extend debt to the  business alone if it is set up as a funable entity.  In these cases, the owner’s credit will not change in relation to what happens with that debt.  The account will only show up on the business credit report.

Allow for Better Rates and Terms

As I said before, some check personal credit no matter what.  However, if you do not have great personal credit, but your business credit is good, you may be able to negotiate for better terms and rates despite a lower personal credit score.  It will not protect your personal credit completely, but it can still do you some good.

build small business credit history Credit Suite2

Increased Borrowing Capacity

Businesses have a greater credit capacity than individuals for a number of reasons.  The main reason is the increased income from business activities.  This is important, as the credit needs of a business are significantly higher than those of individuals.

Trying to finance a business on personal credit capacity is dangerous.  Business spending is much higher than personal spending by nature, and personal credit limits are much lower than business credit limits.  Often, personal credit can’t hold up to business spending.  If it can, then balances hover at or near credit limits, causing a high debt-to-credit ratio and thus a lower personal credit score even if you make payments on time.

Increase the Value of Your Company

Even if you are not thinking of selling your company, ever, you never know what can happen.  If you build your  business credit score now, it will go with your company even if the business changes owners.  Anyone who buys your company will also get its credit history and benefit from the hard work you put into building it.

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

How Do You Build Small Business Credit History?

Now that you understand why you need to do it, you need to know how to build  business credit.  It takes time.  It’s a process.  The first step is to separate your business from yourself.  This will ensure your business accounts are reporting to your business credit history and not your personal credit history.

Business credit is credit in a business’s name. It doesn’t link to a business owner’s individual credit, not even when the owner is a sole proprietor and the only employee of the company.

Build Small Business Credit History: Incorporate Your Business

The best place to start is at the beginning.  However, if you are already up and running, it’s never too late.  The first thing you must do is formally incorporate your business.  This means organizing as a corporation, S-corp, or LLC.

The option you choose will depend on a number of variables specific to you and your business.  The two main questions to ask yourself are:

  • How much personal liability protection do you want or need?
  • How much do you want to spend to incorporate?

Each option offers different levels of protection and expense, so it just depends on which one works best for you and your business.  They each offer the separation you need to build small business credit history.

Build Small Business Credit History: Separate Contact Information

Your business absolutely must have an address, phone number, and email address that is different from yours as the owner. The phone number should be through a toll-free exchange and listed in the 411 directories.  Do that here. Your email address cannot be from a free service.  That will not work. You need to have an email address that has the same URL as the business website.

Speaking of websites, yes, you need one for your business.  Not only that, but it needs to be a good one.  If it looks sloppy or unprofessional, it could do more harm that good.  Hire a professional to ensure it is done properly, and spring for paid hosting with someone like GoDaddy.  Free hosting does not look professional.

Build Small Business Credit History:  Separate Bank Account

Your business needs a business bank account.  Running business income and expenses through your personal accounts can cause a host of problems.  Tax time can be especially daunting when you have to separate business expenses from personal ones.  Beyond that however, many vendors and credit card companies require a business bank account before they will extend business credit.

Build Small Business Credit History: Identifying Numbers

There are two identifying numbers that your business will need to build business credit history.  The first is an EIN.  This is an identifying number for your business similar to how social security numbers function for individuals.   Get it for free on the IRS website.

Next, your business needs a D-U-N-S number.  This one comes from Dun & Bradstreet.  It is free as well, but they will try to sell you a ton of other services while you on their site.  You do not need anything else.  Just get the free number.

Without this number you cannot have a credit file with Dun & Bradstreet.  Since they are the largest and most commonly used business credit reporting agency, you definitely need to have the number.

Build Small Business Credit History: Get Accounts Reporting

The next obstacle to overcome is how to get accounts reporting.  This one seems hard on the front end, but truly it isn’t once you know the secret.  That secret is the vendor credit tier.

Vendor Credit Tier

First you must build tradelines that report. This is also called the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score. And with an established business credit profile and score you can start to acquire credit in the retail and cash credit tiers.

These vendors sell the things you already buy all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture. Many of them will extend net terms on invoices without a credit check, and then report those payments to the business credit reporting agencies.

These are merchants that grant an approval with very little effort. You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may have to apply more than one time to these vendors. This is to prove you are responsible and pay on time. Here are some of the most commonly known and easiest  vendors to get started with  in the vendor credit tier.  They are known as starter vendors.

Uline

This is a true starter vendor that sells shipping, packing, and industrial supplies.  You have to have a D-U-N-S number. So Uline will ask for 2 references and a bank reference. The initial few orders may have to be prepaid to first get approval for Net 30 terms.

Quill

This is another starter vendor. They sell office, packaging, and cleaning supplies.  So they also report to D&B and Experian.

Since Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless the D&B score is developed.  In most cases they put you on a 90-day prepayment schedule. If you order items monthly for 3 months, they usually approve you for a Net 30 Account.

Grainger Industrial Supply

Grainger sells safety equipment, plumbing supplies, and tools.  They report to D&B, and you need a business license, EIN, and a D-U-N-S number.

For less than a $1000 credit limit they approve almost anyone with a business license.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the business credit agencies, then move onto the retail credit tier. These are credit cards connected to specific businesses like Office Depot and Lowes.

Fleet Credit Tier

After the retail credit tier comes the fleet credit tier. These are businesses such as BP and Conoco. Use this credit to buy fuel, as well as to fix and maintain vehicles.

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

Cash Credit Tier

After the fleet credit tier comes the cash credit tier.  These are service providers like Visa and MasterCard that are not attached to a specific store.

The thing about trade accounts in the vendor credit tier and the credit cards in the retail, fleet, and cash credit tiers is that they report to the business credit reporting agencies (CRAs).  Not all lenders will do that.  You definitely need to work through the tiers with the credit card companies if you are going to build small business credit history.  This is the only way to do it.

Keep an Eye on Your Credit History

You’ll want to watch both your business credit reports and your personal reports to make sure accounts are reporting on the right one.  While you are at it, keep an eye out for mistakes, and keep information updated.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. So see: www.creditsuite.com/monitoring.

Your Business Needs a Card to Build Small Business Credit History

Now you understand what business credit is and why you need it.  Why though, do you need a credit card to build small business credit history?  Here’s why.  First, it will build faster with a credit card.  Building business credit with vendor accounts only would be extremely slow.

Term loans rarely help build business credit as most lenders do not report to business credit agencies.  They typically only pay attention to the owner’s personal credit, though they may take business credit into account if it can help secure the loan.

Some alternative lenders will report to the business credit agencies, but they will not extend credit unless you already have a solid business credit score.  That makes it hard to use them to build business credit.  The key to being able to build business credit history lies with the vendor credit tier and business credit cards.

The post 4 Reasons Your Business Needs a Card to Build Small Business Credit History appeared first on Credit Suite.

Let Oracle Loans Reveal Your Brilliant Future: A Business Line of Credit or Loan Option for All Your Business Needs

Oracle Has Valuable Financing Options to Fit Virtually Every Situation

In ancient times, an oracle was someone who delivered a divine communication or revelation. Often, these revelations were about the future.  However, you don’t need an oracle to tell you your future. You need Oracle Loans to help you make your own.

We have to make our own luck and drive our own destiny. No one can tell you your future. To do that with your business however, you are going to need funding. The problem is, traditional funding doesn’t come easy to everyone.

What do you do then? The answer is non-traditional funding, and Oracle Loans offers just that. They offer a variety of flexible loans and business line of credit options that virtually ensure that business owners from a broad range of income and credit score levels can find something that will work for them.

What is Oracle Loans?

Oracle loans is part of Oracle, which offers a broad range of business solutions including:

  • CRM
  • Service Management
  • Financial Management
  • Human Capital Management
  • Project Portfolio Management
  • Advances Procurement
  • Supply Chain Management
  • Value Chain Planning
  • Value Chain Application

The range of services offered under is category is huge, but the financial services are what we focus on here. They offer both loan management for those businesses that offer loans, and financing to borrowers needing small business funding.

What Makes them Different?

The flexible funding offered by Oracle loans is different in a couple of ways. First, there are several options for low credit scores. This means even those businesses that have trouble obtaining financing through traditional means can find success with Oracle.

In fact, some of the loans do not require any minimum time in business or annual revenue. Many do not require any sort of collateral, and some do not even ask for income verification.

The Nitty Gritty Details

There are multiple financing products offered by Oracle loans, so without further ado, here is what you have on the menu.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Unsecured Business Loans

These are the most popular loans offered by Oracle, and they come in four categories: Gold, Silver, Bronze, and Startup.

Gold Level Loans

These loans range from a minimum of $10k to a maximum of $500k. The terms range from 1 to 20 years, and the minimum credit score is 680. They do allow you to have a cosigner if you do not meet the credit score requirement, so no worries there. Typical funding time is 3 to 5 days.

Silver Level Loans

Loans at the silver level range from $5,000 to $250,000. The terms can go up to 20 years, and there is no minimum time in business or monthly revenue requirement, just like on the gold level. Funding is faster at this level, usually happening within 1 to 3 days, but the 680 minimum credit score still stands. Again, if you do not meet this requirement, you can always use a cosigner that does.

 

Oracle Loans business line of credit rates - Credit Suite

Bronze Level Loans

The loans on the bronze level are $500,000. They have terms that go up to 20 years, and the same credit score and cosigner details apply. However, funding can take 5 to 7 days.

Startup Unsecured Loans

The rules are a little different when it comes to unsecured loans at the startup level. The amounts can range from $5,000 to $250,000, and the term lengths and credit score requirements are the same. However, there is a 6-months or more in business requirement as well as a requirement

that monthly revenue be at least $10,000. Funding for these loans takes 1-3 days.

Secured Business Loans and Business Line of Credit

Of course, another option is secured business loans. These are loans that are secured by the borrower with some assets. Oracle offers loans secured by real estate as well as those secured by other assets.

Secured Real Estate Loans- Residential

When you use residential property to secure a business loan through Oracle, you receive up to 80% LTV. The “as-is” value has to be at least $140,000. Loans range from a minimum of $100,000 to a maximum of $15,000,000, and interest rates start at 5.49%.  Terms extend up to 30 years.

The really great part for many is that the minimum credit score requirement is only 550, meaning that you can get this loan even if your credit isn’t the best. The one catch is that it cannot be your primary residence that you use as collateral. You must have either an investment home or 2nd home to use as security.

Secured Real Estate Loans-Commercial

If you have commercial property that you can use to secure a loan, Oracle will lend up to 75% LTV. There are similarities with the residential property secured loans, with the as-in value and minimum and maximums being the same. The terms and credit score requirements are the same as well, but the interest rates start at 6.24%, which is slightly higher than the residential property loans.

Other Assets as Security

There are a host of other assets that can used as collateral for a loan or business line of credit. They includes but is not limited to:

  • Equipment
  • Machinery
  • Luxury vehicles
  • Classic cars
  • RVs
  • Motorcycles
  • Yachts
  • Airplanes
  • Fine art
  • Jewelry

Basically, any asset of value that you own can be security for a loan. These are some of the most popular loans because they have some pretty great perks that unsecured loans do not come with. For example, you can make interest only payments if needed. There is also no pre or post payment penalty, and they offer free appraisals on the asset you are using.

Transportation of your asset is insured, and they are stored in high security vaults that are usually within 25 miles of your home.

Secured business loans from Oracle are only available in select states.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Business Lines of Credit

There are several different options at Oracle for a business line of credit. The most popular is the Stated Income business line of credit. The big draw is that they do not require any sort of income verification and no financial documentation. All industries are eligible for this type of financing, but you must be a legal United States business entity.

The minimum amount is $5,000 and the maximum is $250,000. There is no interest for the first 6 to 24 months, which makes it startup friendly. In fact, this type of financing can help you build business credit. There is a minimum credit score of 680, but if you do not meet that you can get a cosigner that does. The cosigner does not have to have any association with the business.

Stated Income Real Estate Investor Line of Credit

You can also get a business line of credit for investing in real estate with no income verification. It reports to your business credit report so it does not affect your personal credit, meaning you shouldn’t have issues accessing financing for personal needs due to this line of credit.

This line of credit is useful to fix, flip, or hold real estate for income. Amounts range from $10,000 to $250,000 and the interest rate is 0% for the first 6 to 12 months. You can get his type of financing even if this is your first property to flip!

The days in business requirement is only one day. Your credit score has to be 680 or higher, but if you do not meet that a cosigner is fine. There is no collateral required.

Traditional Business Line of Credit

Oracle also offers a more traditional business line of credit. It is available nationwide, and you can have funding in as little as 24 to 48 hours. The minimum amount is $1,000, but the maximum goes to $250,000.

The whole process is fully automated so there is no paperwork, which is a huge bonus. You may be in business for at least 6 months and have at least $50,000 in annual revenue. In addition, there can be no bankruptcy in the past 2 years.  You do have to have business bank account however.

If you meet these requirements you can have a traditional business line of credit available to you pretty quickly. There is no origination fee, no minimum credit score, no fee for early repayment, and no application fee.

Invoice Factoring

This is another funding option for an established business that needs cash fast. You can get an immediate advance on outstanding invoices from $10,000 to $2.5 million, and you can have it in as little as a day.

Bridge Loans

Oracle offers bridge loans for investment in residential real estate. They range from $100,000 to $15 million and start at a 6.99% APR. Terms range up to 3 years, and the LTV is 75% or less. The really cool thing is the minimum credit score is 500! They also offer hard money loans with the same terms.

How to Apply for a Business Line of Credit or Loan with Oracle Loans

It is super simple to let Oracle help you see success in your future. Just go to the Oracle Loans website here and click to apply. There is no requirement to enter sensitive financial information online, but you do need to fill out the online form as completely as possible. That is the only way to see the complete list of the Oracle loan and business line of credit options available to you.

Once you have your list, click the loan program you want and start the pre-approval process. You could have an answer as soon as the same day.

Is Oracle Loans Legit?

Non-traditional lenders do not have the best reputation.  In fact, some of them turn out to be downright scams.  However, Oracle Loans has been in business for 3 years, and they have an A+ rating with the Better Business Bureau.  There have been no complaints filed against them with the BBB, and the one review on file offers a rating of 5 stars.

How Business Credit Can Help You Get a Business Lines of Credit

As mentioned earlier, some of these financing option can actually help you build business credit. Also, some of the options only report to business credit agencies, not your personal credit report. What is business credit, and why does it matter?

What is Business Credit?

Business credit is a credit history, including a credit score, for your business only. It is not reflected on your personal credit report, and your personal credit history is not reflected on your business credit.

What does this mean for you and your business? It means that even if you have terrible personal credit, it is still possible to have a good business credit score. It also means that if you run into financing problems with your business, your personal credit will not suffer.

How to Establish Business Credit

It is pretty obvious why business credit is a good thing, but how do you get it started? There is a process. While it isn’t difficult, it does take time, and there are steps that must be taken in order.

The first step is to establish your business as a separate entity from yourself. Here is how that happens:

  • The very first step is to incorporate your business. This is essential when it comes to establishing your business as separate from yourself. You choose whichever method works best for your business, whether it be an LLC, S-corp, or a full-blown corporation.
  • After you incorporate your business, apply for an EIN through the IRS. This will be the identifying number for your business, and when you apply for credit, you will use this number instead of your SSN. They may ask for your SSN for identification purposes due to new fraud standards, but it will not be used to check your credit.
  • Next, set up a business banking account. Run all of your business financial transactions through this account.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

  • You also need a separate address and telephone number for your business. The number should be an 800 number, or from some other toll-free exchange.
  • The next step is to set up a professional website for your business and acquire an email address with the same URL as the website. Do not use a free email service such as Gmail or Yahoo.

Get Established with Dun & Bradstreet

After you complete these steps, the next thing to do is get a DUNS number. This is a number assigned by Dun & Bradstreet. As the largest and most used credit agency, you need to be sure that your on-time payments get reported to them. If you do not have a DUNS number, that will not happen. You can get a DUNS number for free on the Dun & Bradstreet website.

How to Build Business Credit

Once your business has its own identity, you can begin to build business credit. Since in many cases you must have credit to get credit, this can be tricky. The secret to being successful at building business credit is the vendor credit tier.

This is a group of vendors that will offer invoices with net terms, and then report your on-time payments to the business credit agencies. Once you start having payments reported, your credit begins to build. When you have 5 or more vendors from the vendor credit tier reporting, you can start to apply for credit from the next tier, which is the retail credit tier.

The process builds like a snowball. As you gain more accounts at each tier, you can begin to access credit from the next tier. Your business credit will only get stronger and stronger as long as you are making your payments on time.

What are the Other Tiers?

There are 4 credit tiers all together. After the vender credit tier comes the retail credit tier. These are the store cards like Best Buy, Amazon, and Office Depot. After that comes the fleet credit tier which includes those cards that you can use for automobile repair and maintenance as well as fuel costs.  Examples of these are Fuelman and WEX. Then comes the coveted cash credit tier. This includes standards we all know such as Visa, AMEX, and Mastercard.

Oracle Loans Can Help You Use Your Business Credit to Create a Bright Future

Oracle has a great mix of products so that you can get financing based on your personal credit if you have not yet established your business credit. However, if you already have business credit, you can use some of Oracle’s financing products to build it even further. This is especially true of their business line of credit products.

You don’t need an oracle to tell you your future, with Oracle Loans, you can make your own future.

 

 

 

The post Let Oracle Loans Reveal Your Brilliant Future: A Business Line of Credit or Loan Option for All Your Business Needs appeared first on Credit Suite.