Here Come the Pats! Plus: The “What’s Wrong?” Game, Taylor vs. Jake, and Guess the Lines With Cousin Sal

The Ringer’s Bill Simmons is joined by Cousin Sal to discuss the Patriots’ blowout win vs. the Browns, the Cowboys’ blowout win vs. the Falcons, a surprising Buccaneers loss to the Washington Football Team, a rocky first game back for Russell Wilson, Chargers-Vikings, Steelers-Lions, and more (2:38). Then they Guess the Lines for NFL Week 11 (40:38) before closing the show with Parent Corner (1:18:40).

Host: Bill Simmons

Guest: Cousin Sal

Producer: Kyle Crichton

Learn more about your ad choices. Visit podcastchoices.com/adchoices

The post Here Come the Pats! Plus: The “What’s Wrong?” Game, Taylor vs. Jake, and Guess the Lines With Cousin Sal appeared first on Buy It At A Bargain – Deals And Reviews.

Referring Domains vs Backlinks: What’s the Difference?

Are you not sure about the difference between referring domains and backlinks? Then you’ve come to the right place.

Referring domains and backlinks can be a complex topic, but understanding the difference between them can help you create smarter SEO strategies and improve your website’s presence on Google.

In this article, I will:

Define backlinks
Define referring domains
Explain the differences between referring domains vs backlinks
Show you how both impact your SEO
Provide best practices for building more referring domains and backlinks

If you’re ready to get clarity on referring domains vs backlinks, then let’s begin.

Why Do People Think Referring Domains and Backlinks Are the Same?

It’s no surprise that many confuse referring domains and backlinks, with many thinking they are exactly the same thing. The difference in definitions between a backlink and a referring domain is slight, and you have to have a good grasp of SEO and the internet in general to understand the difference.

Let me try to explain by providing you with both definitions.

What Is a Backlink?

A backlink is simply a hyperlink between websites. They can also be known as inbound links.

A backlink can come in various forms. Typically links are embedded into text, and the words that contain the link are known as anchor text. But they can also be embedded in images, buttons, infographics, and many other ways.

Backlinks are the primary way website crawlers like Googlebot use to move around the web. They use backlinks to move from page to page and use the anchor text to understand what each new page is about. That’s why anchor text is important for SEO.

There’s no limit to the number of backlinks you can receive, and you can get multiple backlinks from the same site. For example, when one webpage links to another web page, you’ve got a single backlink. If that website links to ten pages on your website, you’ve got ten backlinks.

Only some kinds of links are backlinks, however. Links between pages on your own site are called internal links. Here’s an example:

An example of an internal link and a baclink

The image above shows two links from my blog post on growing a team of influencers. The first is an internal link to another page on my website. The second is a backlink to Business Wire.

What Is a Referring Domain?

A referring domain is a website that links to your website. While backlinks describe the relationship between pages, referring domains describe the relationship between entire websites.

To clarify, if a website links from one of its pages to your page, that link is a backlink, and that website becomes a referring domain. So, in the example above, my blog has become a referring domain for Business Wire.

Referring domains are also counted differently from backlinks. While a website can give you thousands of backlinks, it can only be counted as a single referring domain. It’s why you’ll see websites with millions of backlinks but only a few thousand referring domains.

Why Are These Differences Important?

You can’t create a great SEO campaign if you don’t understand the difference between backlinks and referring domains — even if you understand how important backlinks are for SEO.

Here’s the main problem; increasing backlinks won’t significantly impact your SEO if you aren’t also increasing the number of referring domains. Getting one site to link to you 100 times isn’t half as powerful as getting 100 different sites to link to you once.

Your goal, therefore, should not be to get as many backlinks as possible, but to get as many referring domains as possible.

You also need to understand the relationship between referring domains and backlinks to run a backlink audit. You may see loads of links and think your backlink profile is great. But if you have a very high backlink to referring domain ratio, your link profile is very weak. In some cases, Google may penalize you for this kind of profile because it suggests shady link-building tactics like a paid linking scheme or a private blog network.

Referring Domains vs Backlinks: How Do They Impact SEO?

Backlinks and referring domains are both important to your site’s SEO efforts.

Backlinks act as a vote of confidence for your website. The more backlinks (votes) you have from trusted sources, the higher Google will rate your website.

But not all backlinks are created equal. Some are considered more authoritative than others and carry more weight.

Several factors determine the authority of a backlink. One is the relevance of the web page providing the link. A backlink from a page on the same topic as your website is much more valuable than a link from a page covering something irrelevant.

A second is the anchor text of the link. Because search engines use this text to determine what a page will be about, it helps if the link includes descriptive anchor text rather than a phrase like “click here.” Including a keyword in the anchor text of a link can be particularly powerful, but it’s easy to over-optimize links and be penalized by Google.

The authority of the website giving the backlink is also important. A backlink from a website that Google considers very authoritative, like The Washington Post, for instance, will carry more weight than a brand new website.

Low authority backlinks aren’t worthless, though, and they certainly won’t hurt your site’s ranking.

Referring domains also act as votes of confidence and can impact how authoritative each backlink is. Like backlinks, some referring domains are better than others. The metrics for measuring the quality of a referring domain are largely the same as they are for measuring the quality of backlinks, too.

Referring domains are higher quality if they are relevant to your website and are considered trusted authorities by search engines.

If you’re unsure about the quality of a referring domain, you can use Ubersuggest to see its domain rating.

Screenshot of Ubersuggest to check the quality of a referring domain link.

Ubersuggest shows the Domain Authority of each backlink your site has. It also shows the Page Authority of the specific page linking to your site, too.

How to Check Backlinks and Referring Domains

It’s easy to check your site’s referring domains and backlinks with a backlink checker like Ubersuggest. Simply visit the “Backlinks” tab of the tool and enter the URL of the domain you want to analyze. Hit search, and you will see how many backlinks and referring domains that site has, as well as a rating for each metric.

Referring domains vs backlinks on Ubersuggest.

Scroll further down the page to see how many referring domains your site has won and lost.

Screenshot of new and lost referring domains on Ubersuggest.

And the range of domain authorities of your referring domains.

See your site's referring domains measured by page authority.

At the bottom of the page, you’ll see a complete list of your backlinks.

While scrolling through this list, you may see spammy-looking backlinks you don’t want.

If that’s the case, you can use Google’s Disavow Tool to remove these links from your site.

Best Practices For Building Referring Domains and Backlinks

Want to get more backlinks and referring domains? Here are three strategies you can use.

Create Great Content

Creating amazing content is one of the best ways to generate new high-quality backlinks and referring domains over time. Other sites will naturally link to your website if it offers their readers heaps of value, helps them to explain a complex topic, or provides a useful data point to support their argument.

With that in mind, there are certain types of content I recommend creating to generate backlinks:

Studies and surveys that generate insights and statistics
Seriously in-depth guides and how-to posts
Thought leadership pieces, particularly those that present a different view
Round-up posts
Infographics

Whatever type of content you create, don’t forget that quality is key. It must be demonstrably better than the existing content on the first page of Google if you want to attract links.

Guest Post on Other Sites

You don’t have to wait for websites to organically link to your site to increase backlinks and referring domains. Guest posting on other websites is a great way to build backlinks and increase referring domains yourself.

When you write a guest post, you will usually have the opportunity to include a link or two to your website in the main copy of your blog post. If not, you will almost certainly be able to link to your website in your author bio.

Writing guest posts starts with finding high-quality sites that accept them. There are a couple of ways to do this. One is to look at your competitors’ backlink profiles and find sites where they have guest posted in the past.

Another is to use Google search parameters to manually find websites that accept guest posts in your niche. For example, if I want to find guest posts for my site, I’d search for something like this on Google:

intitle:”guest post” digital marketing

Google would show me all of the websites about digital marketing that have the phrase “guest post” in their page title.

Manually Reach Out to Other Websites

You can also reach out to any website and request a backlink. This strategy works best when combined with high-quality content.

For example, you can use the skyscraper technique to create an awesome piece of content and then reach out to any website that links to a competing but inferior article.

If your new article offers enough value, many site owners will link to your article, too.

You’ll need to analyze your competitors’ backlink profiles to have a full understanding of the general landscape in your industry and what we need to compete.

Frequently Asked Questions

Are backlinks and referring domains the same?

No, they are not. Backlinks are the hyperlinks that point to your web pages from another web page. A referring domain is a website that links to your site. A single website can give you lots of backlinks, but it only counts as one referring domain.

What does referring domain mean in SEO?

A referring domain is a website that links to your site. The more high-quality referring domains your site has, the better its link profile and the higher it should rank in Google.

Are backlinks referrals?

A backlink will refer traffic and authority to your website, but it is not a referring domain. The website doing the linking is the referrer.

How do I get more referring domains to increase SEO ranking?

Creating high-quality linkable content, guest posting, and manual outreach are all great strategies for generating more referring domains to increase your SEO ranking.

How do you find referring domains?

One of the best ways to find potential referring domains is to look at your competitors’ backlink profiles. A tool like Ubersuggest will show you all referring domains, allowing you to contact these sites for a backlink.

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Conclusion

Hopefully, you now understand the difference between referring domains vs backlinks. But just to recap: backlinks are the name for links your website receives from other sites. Referring domains are the individual websites that do the linking. You can have many backlinks from a single site, but it only counts as one referring domain.

Increasing both your site’s backlinks and referring domains is key to improving your rankings. So, next, find out how to get backlinks for a new site and then learn about building quality backlinks in a scalable way.

What does your backlink profile say about your website?

Greg Gutfeld: What’s with all the people eating bugs?

What’s with all the people eating bugs? First you remember this crackpot.

CNN HOST: Are you ready? Cheers. Actually, I’m less scared of this. Mm hmm. Do I have a wing hanging out of my mouth?

Anyway, I can think of someone else at CNN who needs to be restricted to eating. Just bugs. [Picture of Brian Stelter] Low hanging fruit. But now, in recent years, everyone’s getting into the act, even celebrities.

GREG GUTFELD: DEMOCRATS ARE SUDDENLY AGAINST CRITICIZING LAW ENFORCEMENT

[Video of celebrities eating bugs]

They couldn’t even act like they enjoyed it. And a lot of them were actors. Of course, now some claim that you should be eating insects in order to reduce carbon emissions.

ROBERT DOWNEY JR.: This is a powder derived from the meal worm, and it’s a insect protein just been approved by the EU for human consumption. The making of it is severely reducing the amount of emissions it takes. If we make this switch it’s a huge, huge intervention.

I’m pretty sure that guy sat next to me on a Greyhound bus in 1989. He was talking about how his voices were telling him to go to, I don’t know, to go eat insects. So now it’s a moral obligation to eat insects. But like eating a centipede, they’re just playing the long game, right? I didn’t write that. If you laughed, I would take ownership of it. But we just fired that person

First, they’re going to tell you that eating insects isn’t at all weird. Then you’re going to tell you it’s normal to eat insects. And then finally, you’re racist if you don’t eat insects.

So Yahoo! Remember that? Yahoo! Actually wrote a FactCheck piece claiming eating insects isn’t harmful. I’m going to quote this social media post saying that chitin contained in insect exoskeleton cannot be processed by the human body. This is misleading. While some parts of insects may not be digested entirely by humans, it doesn’t mean that eating them is harmful. I don’t know. I think those experts are full of chit.

So maybe not every bug makes you sick, but if I’ve got worms in my stomach, take me to the hospital. And don’t suggest that they need company.

Others will say bugs are part of a balanced diet in other countries, as well as being integral to the culture, which explains why people leave there to come here. If insects are integral to your culture, you need to find a new culture.

If I was working in immigration and a refugee came to my desk and I asked, why are you here? And they said, My family eats insects. I’d wave them all through.

Bugs are carriers of disease and parasites. The texture is disgusting. No one smiles when they eat insects. And when Robert Downey Jr says it will reduce emissions, yeah, but by what? One study found that if every American became vegetarian, emissions would drop by only 5%. That’s not worth it.

The fact is, most people eat meat because it’s healthy. And as Michael Shellenberger, author of the book “Apocalypse Never” points out, the amount of pollution from farming is trivial compared to jet setting around the world promoting bug cuisine.

And so what if it’s popular in other countries? You know what else is popular in other countries? Beheadings. Which is also good for the climate because it cuts down on exhaling, which in turn cuts down CO2 levels. Should we adopt that practice too? Being headless makes it more difficult to drive, helping the environment as well.

That’s the point, though. it’s not about your health or your taste buds. It’s about climate. The BBC asks, could grasshoppers really replace beef? Well, here’s the long answer, **** no.

The writer said he was intrigued to see how he could lower his carbon footprint if he ate bugs as his main source of protein. Well you do that, champ. And also be sure and write another piece when you stop making insects your main source of protein. That’ll be two days later when you’re writing it from a hospital bed.

So why all this media in lockstep? Once again, it’s driven by people who exempt themselves from their own advice. Do you think these elites will eat bugs themselves? Do you think Greta Thunberg’s mom packed her centipede sandwich in her hello kitty lunchbox this morning? Do you think you’re going to see creme of carpenter ant as a dinner special at the UN cafeteria? No, when they asked who ordered bugs at the World Economic Forum, all you hear is crickets.

You see the faces of people who eat insects. It’s revulsion. And revulsion is an instinct. The humans who didn’t find eating insects revolting died. That’s why we prefer our food insect free. Because we’re the ones left. Sure, you could say, but it’s low fat. But so is dog ****. And I’m not smearing that across a bagel. I told Kilmeade it was Nutella.

But what really sucks, and the whole point is this — is that they ignore the main reason that humans eat bugs. It’s because they’re poor and they don’t have access to better food. So instead, these fools try to make poverty seem like fun. I mean, do you think an African child would eat a plate of mealworms if they could have a bowl of pesto instead of pests?

Like President Biden, bugs are no one’s first choice. They leave that part out of every story. The lack of prosperity that forces them to eat insects, like the president’s BMs, it’s not voluntary. I left that in there and I’m still wondering why.

Then they call something people eat out of desperation, a delicacy. By this logic, the Donner Party was a 12-course lesson in exotic cuisine. Don’t knock it.

But it’s all about manufacturing consent. Getting us to adopt a practice that advocates won’t take part in, like giving up their personal jet or putting giant windmills in their backyards. The World Economic Forum may push this stuff, but they’re not eating spiders, which, by the way, are now our competition for the insects. They’re better at it. Look, we’ve all eaten insects before, too, but usually by accident.

[Video of Doug Ford swallowing a bee]

Hmm. He didn’t seem to enjoy that. He must be a bigot — doesn’t appreciate other cultures.

But do you really think Americans are going to eat beetles when we get lobster tail at the Sunoco station? The fact is, restaurants that have bugs on the menu are only because someone used the menu to swat a fly. Sorry, my idea of a buffet is in standing under a bug light, catching what falls onto my plate. But this isn’t about you. And it’s not about the rich. Really, they aren’t giving up their foie gras for fried worm.

It’s not about targeting the middle class either. The closest they’ll come to eating a bug is the bee in Applebee’s. The only people left really are the poor. So is that where we’re headed? Feeding bugs en mass to the poor instead of helping them out of poverty. I’m jealous of the days when elites said, Let them eat cake. Now it’s let them eat cicadas.

What’s the Best Credit Card for Points?

Wondering how to find the best credit card for points? Well, it’s a question easier asked than answered. Everyone has different needs. Some businesses do a lot of travel, some entertain more, and others simply need to get cash back on purchases. Due to these differences, it can take some time to find just the right card for your business.

The Best Credit Card for Points Depends on a Number of Factors

The thing is, there is a wide variety of credit cards out there. Some offer points at different rates for different types of spending. Of course, redemption options vary greatly as well. You need to find a card that offers the most points for the types of spending you do the most, as well as the best redemption offers that will save your specific business the most money.

Check out how our reliable process will help your business get the best business credit cards.

Also, if you’re asking yourself “Are credit card rewards taxable?” the answer is, they might be. It’s important to keep that in mind. There could be tax consequences associated with credit cards as well.

Here are some options we like when it comes to credit card rewards for points, but remember, details change frequently. We make every effort to update them regularly, but be sure to check with the card provider directly to ensure you have the most up to date information.

Alpine Bank Visa Platinum Rewards

The Alpine Bank Visa Platinum Rewards card boasts a $0 annual fee. There is also a balance transfer APR of 10%. You earn one point per dollar spent, which is pretty standard. However, you also earn a 5,000 point bonus after you spend $3,000 in the first four billing cycles. When you do the math, that is less than $1,000 per month in the first four months to earn an extra 5,000 points. The annual percentage rate is 21% for cash advances and Prime + 8.74-14.74% for all other purchases.

Bank of Hope Credit Card

The Bank of Hope Credit Card also has a $0 annual fee. Better yet, you can earn a 5,000 point bonus with this card as well. But, you only have to spend $1,000 in the first three months! You earn 3x points on gas, 2x on travel + dining, and one point per dollar on all other purchases. To top it off, there is a 0% introductory interest rate for nine months. After that, it’s variable at 12.49%, 16.49% or 20.49%, based on creditworthiness after the end of the introductory period.

Union Bank Business Preferred Rewards Visa Credit Card

Union Bank’s Business Preferred Rewards Card offers a very large points bonus of 10,000 points. To qualify, you have to spend $5,000 in the first 3 months. You earn 5X per dollar spent, up to $25,000 annually, on certain business expenses. Some of these include office supplies, utility bills, and telecom services. After that, you earn one point per dollar. You also earn 2X points up to $25,000 on gas and dining, and one point per dollar after that. All other spending is one point per dollar.

There is a 0% introductory interest rate for the first 6 months. Going forward, 11.99-20.99% variable. There is no annual fee.

Check out how our reliable process will help your business get the best business credit cards.

US Bank Business Leverage Visa Signature Card

With the US Bank Business Leverage Visa Signature Card, there is no annual fee for the first year. After that it is $95 per year. If you spend $7,500 in the first four months, you earn 75,000 points. You also earn 2X points in your top two spending categories.

PNC Points Visa Business Credit Card

This PNC Visa Business Credit Card for points offers 5 points per dollar on net purchases. There is an introductory interest rate of 0% on the first 9 billing cycles on purchases. Also, earn a $200 bonus when you spend $3,000 during the first three billing cycles. There is no annual fee.

Choose the Right Credit Card for Points for Your Business

How do you choose the right card for your business? Consider your spending. Do you spend a lot on dining? Then, pick the card that offers the most points back on dining with the best bonus offer. For example, in the list above both the Bank of Hope and the Union Bank cards offer 2x points on dining. They also offer bonus points.

You may be thinking that the 10,000 points bonus offered by the Union Bank card is better, and you are right. That is, if your business will spend $5,000 in the first three months. If not, you will likely be better off with the Bank of Hope card, where the bonus is half that, but you only have to spend $1,000 in the first three months.

It’s also important to note that there are sometimes expiration dates on points, so be sure you will be able to use them before they expire. If not, they are worthless. Bonus points may expire faster than other points, so watch for that too.

Check out how our reliable process will help your business get the best business credit cards.

As you can see, it’s important to carefully weigh the details to get the best deal. There are a lot of options, and some of the offerings are for a limited time. If you pay close attention though, you can find the best credit card for points to benefit your business.

The post What’s the Best Credit Card for Points? appeared first on Credit Suite.

What’s the Best Way to Improve Credit Score for You and Your Business?

If you are thinking of starting a business, you are likely thinking about funding. Can you afford to start a business? If you have a good credit score you probably aren’t worried. If your credit score isn’t great, you may be wondering “What’s the best way to improve credit score in time to start a business?”

Best Way to Improve Credit Score, Both Personal and Business

The thing is, that’s the wrong question. You need to be asking yourself “What’s the best way to improve credit score for myself and my business?” Whether your business is brand new or fully established, it needs a strong business credit score to thrive.

Many business owners do not even know that their business can have a credit score. They assume everything rests on their personal credit. Others know their business can have credit all it’s own, but do not truly understand how a business gets its own credit score. That knowledge is key to learning the best way to raise your credit score and how to build a strong business credit score.

Keep your business protected with our professional business credit monitoring.

Personal Credit Score vs. Business Credit Score: What You Need to Know

Your business credit profile is the overall picture of the creditworthiness of your business. Lenders look at it to determine whether or not they want to lend to you.

To better understand the best way to raise credit score for your business and how it is different from your personal credit score, you need to understand some of the differences between business credit profiles and personal credit profiles. There are many, but these specifically seem to cause a lot of misunderstanding and confusion among borrowers when they get a funding denial.

How You Establish Each Type of Credit Profile

The biggest and probably most misunderstood difference is in how you establish the two profiles with their accompanying scores. Pretty much everyone knows that with your first debt, usually a credit card, you begin building your personal credit score. If you handle your credit responsibly, you will have a good score. If you do not, your score will be bad.

You do not have to do anything to open a credit profile for yourself. As you pay your debt, the creditor reports your payments, or lack thereof, and your score builds from there. Such is not the case with your business credit profile.

You have to intentionally set up your business in a way to establish your business credit profile. This means fully separating it from yourself as the owner by having separate contact information, an EIN, and D-U-N-S number, incorporating, and opening a separate bank account. In fact, this is the first best way to improve your business credit score. Before these things are done your business will have no credit profile or credit score of its own.

Late Payments

Both business and personal credit reports are affected greatly by late payments. Yet, business credit scores are affected faster and more profoundly. Late payments are not reported to personal credit reports typically until they are 30 days past due. Late payments on business credit accounts are reported if only one day late.

Inquiries

Hard credit checks on your personal credit will lower your credit score. However, business credit reports are different. A credit check on your business credit profile does not affect your business credit score.

Data Reported

In addition to late payments being reported much more quickly, accounts on your business credit profile are listed by industry. In contrast, personal credit lists the name of the company that issues the credit.

Also, personal credit reports show the exact amounts of accounts, while business credit reports show rounded amounts. How long data stays on a personal credit report varies, but typically it’s the life of the file. Information stays on business credit reports an average of 3 years.

Keep your business protected with our professional business credit monitoring.

Also, with personal credit accounts, almost every account reports to the credit reporting agencies. In contrast, only about 7% of business credit accounts report to business credit reporting agencies. This is why you have to intentionally seek accounts that will report to business credit reporting agencies (CRAs), and that is only one of many reasons working with a business credit expert is the way to go.

One last thing to note about business credit versus personal credit is this. While your business credit profile is totally separate from your personal credit profile and does not affect in any way, the reverse is not true. Your personal credit information can affect your business credit profile, and in some cases, even your business credit score.

Best Way to Improve Credit Score: Personal

Most people know many ways to do this, but what is the best way to improve credit score on your personal credit profile? Frankly, it’s to pay your bills consistently on-time. That said, sometimes that isn’t the problem. Furthermore, sometimes you need to make other improvements while you work on paying on time.

Personal Credit Score Monitoring

This is easy and free. You can get a free copy of your credit report annually. The first thing you need to do is look over it for mistakes. If you find any, contact the CRA in writing. Send with your letter copies any documents you have to support your case. This may be receipts, bank statements, anything that proves that what you are saying is a mistake is indeed a mistake.

After that, look closely for what else could be causing issues. Is too much available credit being used? Are there too many late payments? The best way to fix this is take a long, hard look at your budget. Cut wherever you can to start making more than the minimum payments.

A good strategy is to put all available extra cash on the highest interest debt. Then, when that is paid off, put that entire amount, extra plus the minimum, on the next highest interest debt, and so on. This is called the snowball method, and it can help you raise your credit score significantly if you stick with it.

After that, there are many free apps to help you track your personal credit score throughout the year. This is the best way to get credit score information on a regular basis. Typically, you can get a snapshot of what your credit looks like once a month with these, and if you pay a fee you can see it in real time. This can let you see if your efforts are working, and show you if something is amiss.

Best Way to Improve Credit Score: Business

Understanding how your business credit score is different from your personal credit score helps a lot. For example, now that you know that a business credit account can report a late payment even one day late, you can plan accordingly.

Furthermore, knowing that not all business accounts report lets you know that you need to intentionally look for those that will report to raise your score.

There are a few ways to do this. First, talk to any vendors you already have a relationship with. Ask them to report your payments to the business CRAs. They don’t have to, but they may. It can only help you.

Next, talk to utility, phone, and internet providers. You pay them monthly already. Ask them to report those payments. Again, they do not have to. Still, if they agree, it can only help you.

After that, actively seek out accounts that report. The problem is, most vendors do not make it publicly known whether or not they report. This is just one of the many ways a business credit expert can be helpful. They have inside information and relationships with vendors to help you get this information and more.

Keep your business protected with our professional business credit monitoring.

Business Credit Score Monitoring

This is a whole other ballgame. First, business credit score monitoring is never free. You may be able to get a peek as a one time free trial promotion, but for the most part you have to pay to see what is on your business credit profile. One exception is, if you get a loan denial because of what a lender sees on your business credit report. They have to disclose that, and you can get a free copy of your business credit report as a result.

While all the major business CRAs offer credit monitoring services, they are pricey. Credit Suite offers business credit monitoring for a fraction of the price.

Follow the same steps as you would with your personal credit profile. If you see a mistake, contest it. Each of the bureaus has directions on how to do so on their website.

There is More Than One Best Way to Improve Credit Score, and More Than One Credit Score to Improve

All the best ways to get your credit score up involve one thing, knowledge. First, you have to know how to see what is one your credit report. Then, you have to know what to look for so you can know what the problems are. After that, you can fix them. One thing remains true however. The hands down best way to improve credit score, whether personal or business, is to pay your debt on time. If you need help on the business side, Credit Suite has you covered. Talk with one of our qualified business credit experts today!

The post What’s the Best Way to Improve Credit Score for You and Your Business? appeared first on Credit Suite.

What’s This? The Paycheck Protection Program is out of Money Again?

What is Going on with the Paycheck Protection Program? According to the New York Times, “Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.” Unfortunately, this … Continue reading What’s This? The Paycheck Protection Program is out of Money Again?

What’s This? The Paycheck Protection Program is out of Money Again?

What is Going on with the Paycheck Protection Program?

According to the New York Times, “Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.”

Unfortunately, this is nothing new. The Paycheck Protection Program has run out of money before – almost exactly a year ago, to be precise, on April 16^th.

And then in August of 2020, that round for the PPP ended with money left over. So, in essence, the amount has gone up and down, regardless of who has been occupying the White House or which party is controlling Congress.

Paycheck Protection Program Fraud Does Not Help Matters

According to the National Law Review, by last month, the SBA, “provided a total of $934 billion in funding to companies impacted by the COVID-19 pandemic. As of September 2020, Congress had already identified billions of dollars in suspect loans issued under the PPP; and, in the months since, the U.S. Department of Justice (DOJ) has continued to pursue fraud investigations targeting PPP loan recipients across the country.”

In fact, it turns out to be good employment news for lawyers. The Department of Justice is currently hiring trial attorneys to prosecute loan fraud cases. But there are more reasons why the Paycheck Protection Program may have burned through its funds more quickly than its expected end date of May 31^st.

Paycheck Protection Program Loans Going to Places That Do Not Need Them is Another Issue

In a paper published by NBER.org, that organization found, “funds were targeted towards areas less severely affected by the virus, at least initially.” While things have changed, and the distribution process has improved dramatically, there may still be some questionable places where PPP funds went but were not needed – at least not as desperately as they have been needed in other industries and other parts of the country.

PPP Set Aside Still Has Some $$ – For Now

Also per the New York Times, “Some money — around $8 billion — is still available through a set-aside for community financial institutions, which generally focus on lending to businesses run by women, minorities and other underserved communities. Those lenders will be allowed to process applications until that money runs out…”.

Hence if you are a member of a protected class, you may be in luck. If you want a Paycheck Protection Program loan, and you have not acted yet, then your best (and only) bet is to go through a community financial institution. And you had best hurry.

Will more money be released to bolster this program for yet another round of funding? It is hard to say. Given that there was an April hiring boom, it is entirely possible that Congress and the President will decide to wait and see. Or, maybe, forgo another round while the economic recovery stays strong. As always, that could change at any time.

As a result, it is probably a good idea to look at alternatives to the Paycheck Protection Program.

Demolish your funding problems with 27 killer ways to get cash for your business.

3 Great Alternatives to the Paycheck Protection Program

3. 401(k) Financing

This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

Credit Suite offers 401(k) financing.

401(k) Financing: Terms and Qualifying

The Credit Suite 401(k) financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. In as little as 2 weeks you can invest a portion of your retirement funds into your business, giving you more control over the performance of your retirement plan assets and the working capital you need for business growth.

401(k) financing is easy to qualify for as you won’t need financials or good credit to get approval.

To qualify for 401(k) financing all any lender will require is a copy of your two most recent 401(k) statements. If your 401(k) has a value more than $35,000 you can get approval, even with severely challenged personal credit.

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it.

Can usually get up to 100% of what’s “rollable” within your 401(k). The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Do You Have Credit Issues Now?

Our 401(k) financing program is perfect for business owners who have credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval for a low-interest credit line, even with severely challenged personal credit and low credit scores.

You can get approval for a credit line, regardless of personal credit quality, even if you have recent derogatory items and major collections on your credit report.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems. You will need to pay a lender fee; it will include 5 years’ worth of management and consulting.

Demolish your funding problems with 27 killer ways to get cash for your business.

2. Account Receivable Financing

Many businesses wait weeks, even months to get paid on their outstanding account receivables. This typically creates major cash-flow issues as they provide their goods and services and absorb those costs until they eventually get paid sometimes 90 days later.

Hence another funding option is to use outstanding account receivables as collateral for financing. Receivables should be with the government or another business. If you also have purchase orders, then you can get financing to have those filled. You won’t need to use your cash flow to do so. You can get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing: Terms and Qualifying

Use your outstanding account receivables for financing. Get as much as 80% of receivables advanced ongoing in less than 24 hours. Remainder of the accounts receivable are released once the invoice is paid in full. Factor rates as low as 1.33%. Get an accounts receivable credit line with rates of less than 1% with no consumer credit requirement.

Account Receivables Financing Through Credit Suite

With Credit Suite Account Receivable Financing you can get rates less than 2% and financing as high as $20,000,000 even with severely challenged personal credit.

Easy Qualification Process

To qualify for AR Financing your business must be open for at least 12 months. The lender will review your existing receivables or purchase orders and will look into the company that your receivables are with.

If the companies who owe you money have a good history of paying their debts, you can easily get approval regardless of your personal credit quality.

Do You Have Credit Issues Now?

The Credit Suite Account Receivable Financing program is perfect for business owners who have credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval and be advanced 80% of your receivables, even with severely challenged personal credit and low credit scores.

Get approval with a personal credit score lower than 500, even if you have recent derogatory items and major collections on your credit report. Lenders truly don’t care about your personal credit; they care more about the credit of the company where you have the receivables.

This is one of the best and easiest business financing programs in existence that you can qualify for and get really good terms even if you have severe personal credit problems.

You can get paid tomorrow instead of waiting weeks or months for payment. And you can do this for less than the cost of you accepting a credit card payment from your customers.

There are very few other programs in existence that can give you these low rates even if you have severe personal credit challenges.

Demolish your funding problems with 27 killer ways to get cash for your business.

1. The Credit Suite Credit Line Hybrid is a Terrific Alternative to a PPP Loan

A credit line hybrid is a form of unsecured funding.

Our Credit Line Hybrid program is extremely popular due in part to how easy it is to get approval. To qualify lenders will look solely at your or your credit partner’s personal credit quality. They are looking for very good personal credit with no derogatory items reporting.

Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. You can get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). Your credit utilization on each of your revolving accounts has to be less than 40%. You can have no more than six inquiries per bureau in the past six months. Fewer inquiries are preferable. You cannot have more than four unsecured accounts opened within the past 12 months. And you cannot have any bankruptcies in the previous seven years.

Plus, there can be no open (unpaid) collections, liens, or judgments. And no late payments in the last 24 months. You will need to have a seasoned bank card trade line with a $2,000 limit or higher. A higher limit is preferred.

Plus, you must have at least two open revolving accounts with a good payment history spanning a year and a half to two years.

No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Do You Have Credit Issues Now?

If you have good credit there is a good chance you can get approval for our Credit Line Hybrid. But even if you have personal credit issues now and no established business credit, we still might be able to help.

You can qualify for our Credit Line Hybrid program with a personal guarantor. If you have someone such as a business partner who does have good personal credit, they can apply and qualify for unsecured financing for the business.

Our collateral-based financing programs are perfect for consumers with personal credit challenges. Get approval with great terms and get approval even with severe credit issues. You can also qualify for financing with us if you have been open more than a year and have active cash flow for your business now.

You can use our Business Credit Building Program to help quickly establish a business credit profile and score so you can qualify for unsecured financing based on your business credit. We even work with a powerful network of credit improvement specialists who can help you repair your personal credit damage.

Paycheck Protection Program and its Alternatives: Takeaways

The Paycheck Protection Program has been in flux ever since it was first announced over a year ago. And the fact that it’s again out of funds should come as no surprise.

But don’t despair if you feel you’ve missed out on business financing. Try any of our alternatives to the PPP – and these three just scratch the surface when it comes to all that Credit Suite has to offer.

You can get business funding and stay afloat – no matter what’s going on with the PPP. Why not reach out today to find out the details on what you can get for your business?

The post What’s This? The Paycheck Protection Program is out of Money Again? appeared first on Credit Suite.

What are the Different Types of Business Loans and How Can You Tell What’s Best for You?

What are All the Different Types of Business Loans?

There are several different types of business loans out there.

All Businesses Need Funding

It’s that simple. You would be hard-pressed to find a business owner that doesn’t know that. What many do NOT know is that there are many more types of small business loans out there than the traditional banks loans everyone knows about.

Choosing Among the Many Different Types of Business Loans Means Knowing What’s Right for You

Knowing the different types of small business loans is only half the battle. You have to know how to figure out which one is right for you. The answer to that will vary based on a number of factors, and it may even change over the course of your business.

But the right type of loan for your business now may not be the right type for your business later. The best way to start figuring out which loan is right for your business is to figure out what’s available. Did you know that traditional bank loans are not the only option?

Types of Small Business Loans

There are many more, including:

SBA loans
401(k) financing
Merchant Cash Advances
Equipment Financing
The Credit Line Hybrid
Traditional Lines of Credit

Let’s dive in to each one and figure out which one is best for your business right now

Different Types of Business Loans: SBA Loans

Guaranteed by the federal government. Issued by participating lenders, usually banks. They offer a lot of the perks of traditional loans, such as lower interest rates and favorable terms. Due to government guarantee, lenders are able to offer them to those with a lower credit score than would typically be required.

Eligibility for SBA Loans

Lenders and loan programs have unique eligibility requirements. In general, eligibility is based on what a business does to receive its income, the character of its ownership, and where the business operates. Hence even those with bad credit may qualify for startup funding.

Normally, businesses must meet size standards, be able to repay, and have a sound business purpose. The lender will provide you with a full list of eligibility requirements for your loan. See www.sba.gov/document/support–table-size-standards.

More About Eligibility for SBA Loans

General eligibility also includes:

Being a for-profit business – the business must be officially registered and operating legally
Doing business in the US – the business must be physically located and operating in the US or its territories
Having vested equity – the owner must have invested their own time or money in the business
Exhausting other funding options – the business must not be able to get funds from any other financial lender

Ideal credit scores for an SBA loan are 680 or above. There are a number of SBA loan programs, each one designed to work for different needs and situations. Some of the most common SBA loan programs include:

7(a) loans
504 loans
Microloans
Disaster loans
Express loans

These are just a few the of the options available. Find out more at SBA.gov.

Demolish your funding problems with 27 killer ways to get cash for your business.

Which SBA Loan is Best?

The thing about SBA loans is that they each have a specific purpose. For example, if your business has suffered due to a natural disaster, you need a disaster loan. If you need $50,000 or less, a microloan may be the best option. But the 7(a) loan program is the most versatile.

SBA 7 (a) Loan Program Details

A standard 7(a) loan can be for up to $5 million. The maximum SBA guarantee is 85% for loans up to $150,000 and 75% for loans greater than $150,000. The interest rate varies but cannot exceed the SBA maximum. The turnaround is 5 – 10 business days. These funds can be used for a number of things, and the minimum credit score is 640. But of course the higher the better.

Who Do SBA Loans Work Best For?

These loans work well for those that are not in a hurry to get funding

The approval and funding process can take a while, especially with the government red tape required for the government guarantee. If you can wait, meet all the requirements, and want a more traditional type of loan, SBA loans are an option.

Demolish your funding problems with 27 killer ways to get cash for your business.

Different Types of Business Loans: 401(k) Financing

If you have an eligible 401(k), you can use those funds to get money for your business. You must not be currently contributing. You must not longer be working for the company that the 401(k) is under. And you must have a balance of at least $35,000.

You can even still earn interest on your account, and there are no tax penalties. Personal credit doesn’t really matter much. Interest rates are usually low.

401(k) Financing Details

In fact, they are often less than 5%. Close and fund in less than 3 weeks. Can usually get up to 100% of what’s “rollable” within your 401(k). This type of loan works well for anyone that has an eligible 401(k) account.

Different Types of Business Loans: Merchant Cash Advances

Businesses that accept credit cards as a form of payment may qualify for a merchant cash advance. This means your business must have a merchant account in order to be able to accept credit card payments. Your business must bring in $100,000 or more per year in credit card sales. Typical approval is equal to one month’s credit processing volume. The minimum credit score is 500.

Qualifying for a Merchant Cash Advance

They do not ask for a lot of documents. This is not like what most conventional lenders will want. You won’t need financials, business plans, or resumes. You don’t even need collateral.

Your business’s credit card receipts and business bank statements tell lenders all they need to know. These loans work well for businesses that qualify and need funds fast, and those with credit that is less than perfect. It’s a great way to get money for your business fast with few requirements.

Different Types of Business Loans: Equipment Financing

Businesses looking to buy or lease equipment can use equipment financing. Rates vary widely depending on risk factors. Usually can get approval with a 650 or better credit score. This is for major equipment only, not a combination of a lot of small equipment. These loans work well for those that have good credit and just need to financing equipment. The equipment is the collateral, so that helps out some with rates.

Credit Line Hybrid

It can provide some of the highest loan amounts and credit lines for startups. You can get 0% business credit cards with stated income. There are no financials required. These report to business CRAs; you can build business credit at the same time. This will get you access to even more money without a personal guarantee.

Credit Line Hybrid Details

You can usually get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000. Easily five times what you could get on your own when applying for cards. You can get cash out on this program as well.

Credit Line Hybrid Benefits

There will be no impact on your personal credit with this type of financing. You need a 680 credit score or a guarantor with good credit to get an approval. In addition, this type of financing report to the business credit reporting agencies. This means you can build stronger business credit while funding your business.

Who Does the Credit Line Hybrid Work Best For?

This is a good option for virtually everyone. Because even if you have bad credit, you can get funding by using a credit partner. Works especially well for those who need to build business credit. See www.creditsuite.com/business-loans.

Demolish your funding problems with 27 killer ways to get cash for your business.

Different Types of Business Loans: A Traditional Line of Credit

This is similar to a traditional term loan in terms of where you get it, and approval requirements. However, it is revolving financing more like a credit card. Typically have better interest rates that credit cards. They work well for those who qualify for traditional term loans but want revolving credit rather than a term loan.

Which Types of Small Business Loans are Best for Your Business?

If you know what types of business loans are available to your business, you can make a more educated decision about which types of business loans will work best for you. Knowing what’s out there is only half the battle. You also have to understand your own eligibility and funding needs.

The Different Types of Business Loans: Takeaways

All businesses need funding. Traditional term loans are not the only option. Other options exist to help you money faster. Or funding despite bad credit. And you can better rates and terms than you would get with a traditional term loan.

The post What are the Different Types of Business Loans and How Can You Tell What’s Best for You? appeared first on Credit Suite.

What’s Luck Have to Do With It? 5 Credit Score Myths About Your Business

A strong business credit score does not just appear at the end of the rainbow. There are a lot of myths out there. So many so, that it can be difficult to separate reality from fiction. Don’t fall for these 5 credit score myths.

Don’t Believe These 5 Credit Score Myths When it Comes to Your Business

Most of the confusion comes from a lack of understanding about business credit scores. Many do not even know what it is, how you build it, or even that it exists. Let’s take a look at each of these common 5 myths about credit scores and clear up a few things.

5 Credit Score Myths: If You Have Business Debt, You Have a Business Credit Score

This may well be the most common of these 5 myths about credit score. A lot of business owners have some vague idea that a credit score for their business is a thing, but they totally miss the boat on how it actually works. They know they have a personal credit score because they have personal debt. They know that their credit score depends on how well they handle that personal debt, and how much they have. As a result, most believe business credit builds the same way. This could not be further from the truth.

Building Business Credit

You do not automatically have a business credit profile. You have to intentionally set up your business properly to establish a business credit profile. Then, your business credit accounts do not automatically report your payments to the business credit reporting agencies. That means, you do not necessarily have accounts reporting positive payment history, even if you are handling your business credit responsibly. You have to seek out accounts that will report.

Keep your business protected with our professional business credit monitoring.

This makes building a strong business credit score a little trickier than building a strong personal credit score. A business credit expert is a great resource to help you make sure your business is set up properly, establish your business credit profile, and find accounts that will report your on-time, consistent payments. Don’t leave it to luck. It won’t happen.

5 Credit Score Myths: If Your Personal Credit Score is Good, You Do Not Need a Business Credit Score

Because you can get a business loan with a good personal credit score, a lot of business owners think they don’t need to worry about their business credit score. However, there are a number of reasons to work on building a strong business credit profile regardless of your personal credit report. For example:

Having separate business credit keeps some business accounts from affecting your personal credit report. This can keep you from running into trouble buying a home or car if your business struggles.
Separate business credit opens more funding opportunities so that you can access more money for your business.
Even when lenders rely on your personal credit score, a strong business credit score can help you get better rates and terms than you would otherwise.

While it is possible to fund a business totally on the merits of a good personal credit history, it is not efficient or wise, and it will lower your personal credit score.

5 Credit Score Myths: Personal Credit Score Doesn’t Affect Business Credit Score

Your business credit profile, if set up properly, is all together separate from your personal credit profile. Handled the right way, business accounts do not show up on or affect your personal credit report. However, the reverse is not necessarily true.

In some cases, your personal credit score may be used in the calculation of your business credit score. Not only that, but it is always a consideration when it comes to the overall fundability of your business. This means that even if you have a solid business credit history, you can’t ignore your personal credit score.

5 Credit Score Myths: You Can Monitor Business Credit for Free

It makes sense. I mean, you can get a free copy of your business credit report. There are a ton of free apps that let you peek at your personal score throughout the year. Why wouldn’t you be able to do this with business credit?

Keep your business protected with our professional business credit monitoring.

There are no free business credit monitoring services, though you may be able to get a peek or a sample one time for free. The business credit reporting agencies offer some options for a fee, but Credit Suite can help you monitor your business credit score for a fraction of the price.

5 Credit Score Myths: You Don’t Need Anyone to Help You Build Your Business Credit Score

Credit repair companies are abundant when it comes to personal credit. Many of them are simply trying to make a buck. It’s almost always a scam. The only sure fire way to fix your personal credit score without ending up worse off in the long run is to pay your bills consistently on-time.

This is not necessarily true when it comes to your business credit score. A business credit expert can help you in a number of ways. They have relationships with vendors, lenders, and other knowledge that can be extremely valuable as you work to establish and build a strong business credit profile.

Analyze Fundability

A business credit expert can help you analyze and assess the overall fundability of your business. While it may technically be possible to do this yourself, it is a huge job. It takes a lot of time, and there are so many factors to consider it can be easy to miss something. Furthermore, it can be difficult to access some of the information. A business credit expert will have the contacts and expertise necessary to talk to the right people at the right place to get things done.

Keep your business protected with our professional business credit monitoring.

Properly Set Up Business Foundation

As mentioned earlier, your business has to be set up properly before you can even establish a business credit profile, let alone build a business credit score. A business credit expert can work with you to determine if your business foundation is set up as it needs to be. If not, they can help you fix that.

Get Accounts Reporting

Even with a business credit profile, there is no credit score until you have accounts reporting. The thing is, not all business accounts report payments to the business credit reporting agencies. In fact, very few of them do. What’s worse, is most companies do not make it clear to customers whether or not they report payments.

A business credit expert has relationships with specific vendors that they know report payments. You don’t have to rely on trial and error. Doing that, you could go months thinking you are building your credit score and really, nothing at all is happening. Working with an expert ensures you get on the right track and head down it as quickly as possible.

Your Business Credit Score is Not Found at the End of the Rainbow

When it comes to building strong fundability with the best business credit profile and highest business credit score possible, strategy trumps luck every time. You have to be intentional and follow the process. Once business owners know this, most are willing. The problem is, it is difficult to navigate these waters alone. Lenders and vendors do not always offer up the information needed easily. Also, few average Joe business owners know where to look or what to look for to evaluate fundability. This is where a business credit expert is priceless. They have the knowledge and skills needed to speed up the process exponentially. This not only saves time, but in the long term it also saves money. Get your free consultation with a Credit Suite business credit expert today.

The post What’s Luck Have to Do With It? 5 Credit Score Myths About Your Business appeared first on Credit Suite.

What’s the Best Way to Build Business Credit in a Recession? We Have the Secret!

Thinking of throwing in the towel, as it looks like the US slides further and further into a recession? Don’t! This can be a great time to regroup and get your business set up for even more success down the line. Building business credit should be on your to-do list. So, find out the best way to build business credit in a recession.

Learn the Best Way to Build Business Credit in a Recession

We can show you the best way to build business credit in a recession! Get the kind of business funding that can take your business to new heights! And it can happen no matter what goes on with the economy.

Economic Downturns and Company Funding

The United States’s economy has been through any variety of changes throughout the years. Our financial fortunes can depend upon developments in technology, diplomatic ties (or cutting those ties), the weather, and also more. Business credit, fortunately, is an asset which you can develop even during financial slumps. Nonetheless, you may need to get a little creative with it, and with various other forms of business funding.

The Best Way to Build Business Credit in a Recession – But What’s Business Credit, Anyway?

Small business credit is credit in a business’s name. It doesn’t link to a business owner’s personal credit, not even if the owner is a sole proprietor and the sole employee of the small business.

Accordingly, a business owner’s business and individual credit scores can be very different.

The Benefits

Because business credit is distinct from consumer, it helps to secure a business owner’s personal assets, in the event of a lawsuit or business bankruptcy.

Also, with two separate credit scores, a business owner can get two different cards from the same merchant. This effectively doubles buying power.

Another benefit is that even start-ups can do this. Heading to a bank for a business loan can be a recipe for frustration. But building company credit, when done the right way, is a plan for success.

Individual credit scores rely on payments but also various other factors like credit usage percentages.

But for company credit, the scores actually just hinge on whether a company pays its debts on a timely basis.

The Best Way to Build Business Credit in a Recession – The Process

Building business credit is a process, and it does not occur automatically. A business will need to actively work to build company credit.

Nonetheless, it can be done easily and quickly, and it is much speedier than building consumer credit scores.

Merchants are a big aspect of this process.

Undertaking the steps out of order will lead to repetitive rejections. Nobody 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 denial 100% of the time.

The Best Way to Build Business Credit in a Recession – Enhancing Company Fundability

A company must be fundable to credit issuers and vendors.

Therefore, a company will need a professional-looking web site and email address. And it needs to have site hosting bought from a vendor like GoDaddy.

Also, business telephone numbers must have a listing on ListYourself.net.

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

A business will also need a bank account dedicated strictly to it, and it needs to have all of the licenses essential for operation.

Licenses

These licenses all have to be in the exact, appropriate name of the company. And they need to have the same business address and telephone numbers.

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

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Working with the IRS

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

A company may begin as a sole proprietor. But they absolutely need to change to a type of corporation or an LLC.

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

A business entity matters when it concerns tax obligations and liability in case of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and taxes. Nobody 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.

The Best Way to Build Business Credit in a Recession – Starting Off the Business Credit Reporting Process

Begin at the D&B website and obtain a cost-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 business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have something to report on.

Starter Vendor Credit

First you should establish 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 start to get credit for numerous purposes, and from all sorts of places.

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

But first off, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are usually Net 30, instead of 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 have to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. Unlike revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To launch your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then make use of the credit.

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

Vendor Credit – It Makes Sense

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with very little effort. You also want 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. This is to continue to demonstrate you are reliable and pay punctually. 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 business 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 company 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

Quill

Quill is another true starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies. And they also sell toner, office furniture, and even shipping and school supplies. They report to Dun and Bradstreet every quarter.

To apply, you MUST have a D&B PAYDEX score. If not given a Net 30 they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report but you would need them to have given you a Net 30 account. Net 30 accounts require $50.00 purchase to report.

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. Terms are Net 30.

Here’s how to qualify:
Your business entity must be in good standing with the applicable Secretary of State
You must have an EIN and a D-U-N-S number
Business address (it has to match everywhere)
Business license (if applicable)
A corporate bank account

Apply online or over the phone.

Grainger Industrial Supply

Grainger Industrial Supply is also 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 business address matching everywhere
A corporate bank account
A D-U-N-S number from Dun & Bradstreet

Your corporate entity must be in good standing with the applicable Secretary of State. If your company does not 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.

The Best Way to Build Business Credit in a Recession – 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 worth.

You can always ask non-reporting accounts for trade references. Additionally, credit accounts of any sort should help you to better even out business expenses, consequently making budgeting less complicated.

Store Credit

Store credit comes from a variety of retail companies.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.

Fleet Credit

Fleet credit is from companies where you can buy fuel, and fix and maintain vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the business’s EIN.

Learn more here and get started toward establishing small business credit in a recession.

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 often MasterCard credit cards.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

Update Your Data

Update the data if there are mistakes or the data is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

The Best Way to Build Business Credit in a Recession – Fix Your Business Credit

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

Get your company’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

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

Fixing credit report inaccuracies also means you precisely itemize any charges you dispute. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you mailed in your dispute.

The Best Way to Build Business Credit in a Recession – A Word about Building Business Credit

Always use credit smartly! Don’t borrow more than what you can pay off. Monitor balances and deadlines for payments. Paying promptly and in full will do more to raise business credit scores than nearly anything else.

Building company credit pays. Good business credit scores help a small business get loans. Your credit issuer knows the small business can pay its financial obligations. They recognize the small business is bona fide.

The business’s EIN links to high scores and lenders won’t feel the need to ask for a personal guarantee.

The Best Way to Build Business Credit in a Recession – Takeaways

Business credit is an asset which can help your company for many years to come. The recession will not last forever.

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