steps to establishing business credit

To build business credit, here are the steps to take:

  • Establish tradelines that report to DNB, Business Experian and Business Equifax. 
  • Focus on business-to-business providers who report to your business credit file.  Then apply for lines of credit from these providers, buy their products and services, and pay early. 
  • Establish a high scoring business credit profile. 
  • As your business pays bills as agreed, your business generates a business credit score that attracts the approval of lenders.
  • The more you use these lines of credit, the more credit is extended to you. In seems strange, but the more business credit you use, the more becomes available.  It’s the opposite to personal credit.  And further, business credit is usually many times greater than personal credit.   With an established credit profile and score, you can now access retail and cash credit.

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