how to get corporate credit fast and build business credit





Every small business owner and entrepreneur needs to understand there is an enormous difference between building business credit fast and building corporate credit fast when they try to build business credit . However, once you understand these 2 differences you’ll be able to build your build business credit and business credit scores to get business credit cards.
First, lets talk about how to establish business credit or the building business credit process, because these term have caused a lot of confusion for small business owners and entrepreneurs. For most business owners that are in business or thinking of starting a business they usually don’t follow this process until it’s two late. But in reality, if most small business owners and entrepreneurs do this first, they more likely will never have to worry about funding their business or getting qualified for a small business loan.
Now understanding that there a tons of business credit programs out there, many of them really don’t tell the truth when it comes to business credit building. They usually just put you on a monthly pay as you go type of system that only benefits them and their agencies.
This system I’m referring to is called a tier based business credit building system.
Read here the steps to make this business credit building system work.
Get Incorporated
They set your business up a a corporation, not an LLC, DBA, or S-corporation. The reason for this is so that your business is totally separated from you. This also helps relieve you from any liability under the corporation just in case someone tries to sue the business. Another benefit for this type of structure so that the business could borrow money without using your personal guarantee.
2. Open a business bank account
After you receive you articles of corporation, you then go open the business bank account. This is another reason why many small business get denied small business loans and other types of funding. As most small business owners and entrepreneurs make profits in their business they either do one of the two, they either put the money right into their pocket or they put it into their personal bank account. So the banks and other financial institutions penalize you, because you cannot show proofs that you’re a profiting business.

So, now that the corporation and business bank account is established, it’s time you register the the business credit bureaus. The main business credit reporting agencies that most small business owners are familiar with are Dun and Experian business, Equifax business and Dun and Bradstreet.
For this post were going to focus on Dun and Bradstreet business credit reports for most know them as DnB. Dun and Bradstreet have been around for decades collecting small business data from all around the world and reselling that information to companies that are considering offering you business credit or vendor trade credit.

These business credit building companies sign you business up with dnb so that you can get a Duns Number and a Paydex Score. Let me explain these two numbers scores so that you won’t be confused.

A Duns Number is like recognized like a social security number a unique nine-digit identifier for businesses. It is used to establish a business credit file, which is often referenced by lenders and potential business partners to help predict the reliability and/or financial stability of the company in question. D-U-N-S, which stands for data universal number system, is used to and maintain accurate and timely information on a businesses.

A Paydex Score is a business credit score that’s generated by Dun & Bradstreet (D&B). Their model analyzes a business’ payment performance (i.e., if it pays its bills on time) and gives it a numerical score from 1 to 100, with 100 signifying a perfect payment history.

A business’ D&B PAYDEX score is used much like an individual’s FICO score. It helps lenders, vendors and suppliers determine whether to approve you for financing and on what terms. Typically, the better the score, the more generous the terms extended. This can save your business money and give you more time to pay for supplies or services, leveling out cash flow.

Also, its very important you send Dun and Bradstreet strong qualified projected financial projections in order for them to give you a business credit rating and a strong business credit profile But don’t worry we teach you how to get a perfect business credit score in the program here.

Now that you understand the difference between the two, you need to understand how to get them.

The Duns Number you can get for free thru their government link instead of paying for it. Most people are not aware of this so they allow Dun and Bradstreet to coerce they to business their business credit program in order to get this number. Dun and Bradstreet has a history of forcing small business owners and entrepreneurs to buy their business credit program although you may not need it.
3 Vendors That Will Help You Build Business Credit

So, once you have a Duns Number you’ll need a Paydex Score and the way you get this score is by purchasing products from companies that report to your Dun and Bradstreet business credit report.

Here’s how this work, you as a small business owner or entrepreneur buy products from companies like Grainger, Seton, Uline, Strategic Network, and Quill. You may have to buy from them two or three times in order for them to report that you have established trade vendor lines of credit with them. The sooner you pay the higher your paydex score. Once, you get that Paydex score over 80 then this lets other trade vendors that maybe considering to offer your business trade credit that you pay your bills on time.

This is called your 1st tier business credit building process and it could take anywhere from 2 monthas to 3 months to get through this process.

Let’s move on to your 2nd tier business credit building process. This process is where you would start applying for department store credit cards using your business tax id number or (EIN) employer identification number instead of your personal credit score. You would fill out the business credit applications for stores like, Stapes, Home depot, Lowes, and Office Max or office depot. Once you’re approved for these cards, you would need to use them once or twice for them to show up on your business credit file.

Now before I continue writing, I must warn you. That if your business does not have enough vendor tradelines reporting on your business credit file from the 1st tier of credit vendors, the 2nd tier trade vendors will pull your personal credit. This is the secret that the business credit industry is not disclosing to small business owners and entrepreneurs.

Also this process may take another 3 to 6 months and you still have not received a business credit card, business line of credit, or small business loan.

Moving on to the 3rd business credit building tier, which is where you would start applying for business gas fleet cards. This process could take you an extra 3 to 4 months.

As you can see, you’ll be close to 9 months to a year before you ever get to apply for one business credit card or business line of credit.

I know you’re probably wondering if there is a faster way in establishing business credit to get funding for your small business or start-up and the answer is yes. I’ll be explaining that process in my next blog where we discuss non traditional ways of business financing like merchant cash advance or if you just want to get instant access to business credit funding system click here.

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