Your company's business credit score is important. This article offers some expert tips on how to begin to build business credit in 30 days. Keeping your business's PAYDEX scoreup to par is key for qualifying for business credit lines and business loans that you'll need to grow your company.
4 tips to build business credit in 30 days
Taking smart steps to build business credit can open up numerous opportunities to secure financing, equipment, real estate, and other assets your business needs to thrive and grow. Focusing more on utilizing the proper amount of your available credit, making prompt payments, and establishing a credit history are all integral for success.
Build Business Credit in 30 Days: Don't Max Out!
It is important to utilize credit intelligently and to not get overextended. Most lenders like to see only about 30% of an applicant's total credit availability utilized. If you are above 30%, then focus on spending down and refraining from using more before the balance is paid off.
Build Business Credit in 30 Days: Don't Be Late!
If you want to build business credit for the long-run, then make it a point to pay your bills on time, every time. It's even better to pay them before they are due. Lenders like applicants who can show that they pay their bills on time and do not allow themselves to get overextended.
Build Business Credit in 30 Days: Don't Neglect Personal Credit
While there are ways to get start-up business loans with bad personal credit, it isn't easy. Some business lenders will make loans to entrepreneurs with bad credit, however, the loans are likely to have high interest rates. If you have bad personal credit and want to build business credit, then you should place some extra focus on getting rid of any negative marks on your FICO reports.
Build Business Credit in 30 Days: Apply for a DUNS Number
A Data Universal Numbering System (DUNS) Number is a 9-digit code issued by Dun & Bradstreet (D&B). It represents the Live Business Identity of a company and contains information about the business it represents - including the name, address, owners or officers, payment history as reported from suppliers, vendors, utility companies, credit card companies, and lenders.
It is free to get a DUNS Number
. Doing so will allow you to establish business bank accounts, vendor trade lines, and credit history with D&B, Experian, and other business credit reporting agencies.
Still wondering how to build business credit in 30 days? It's OK. We can help. Call or email the friendly professionals at Genesis Business Credit
today to discuss how we can help you to build business credit, even if your personal credit score is poor shape. We help entrepreneurs to get approved for business loans and credit lines for up to $50,000 - with poor credit and no collateral. Sources D&B