Business credit steps for success
Step 1. Establish Credibility
-Be sure to chose a business name that is not in a high risk industry
-Set up LLC-Corp-Trust
-Setup Ein for free with IRS
-Ensure your domain and email are professional
-Set up business licensing (state, county, and federal)
-Set up physical address or virtual address
Step 2. Business Credit Reports
-Get setup with business credit reporting agency (www.nav.com)
-Do a status search w/
2.Equifax Small Business
3.Experian Small Business
-Setup your free D-U-N-S# and dispute any inaccurate info on the reports
Step 3. Establish Intitial Vendor Credit
-Get approved for Intitial trade credit with net 10,15,20,25,or 30 day terms
-Get credit with trade vendors: Uline, Office Depot, Grainger, Monopolize Your market place, Strategic Network Solutions, Reliable Office Supplies, Gemplers, Laughlin Associates, ect
*You must have 5 account experiences reported (experience is each individual payment report per CRA)
Step 4. Get High Limit Store Credit Cards
-Most major retailers offer EIN business credit to include, Staples, Home Depot, Costco, Sam's Club, Apple inc, Amazon, Walmart, Chevron, Sprint, ect.
-Leave your ssn off the applications to avoid the PG or consumer credit check.
*Once you have 10 account experiences reported your approved to go to step 5.
Step 5. Fleet/Cash Credit & Financing
-Fleet cards can be for: Fuel, Auto Repairs, and Auto Maintenance
-Cash credit are cards you can use anywhere, like: Visa, Amex, Mastercard.
-Auto vehicle leasing and financing becomes available
-Loans (150k to 500k) become available..