I’ve been teaching business credit tactics to my friends and students that need start up supplies and money for a few years, and it can really help to grow your business if used wisely.
I started my first business with a 450 credit score, I couldn’t get a bank loan to save my life 🙂 I did it the hard way, I never knew about business credit until I had an 800 credit score with a 6 figure business a few years later, and they were throwing credit cards at me, of course when I didn’t need them anymore.
You are missing out on piles of money and paying super high taxes if you are not treating your business as a business.
Now find the “business credit” sections of the large retailers of Staples, Target, Home Depot, Best Buy, and many others. Within three weeks he had $7000 of business credit through those four companies.
As I mentioned earlier, there is also the option of establishing a DUNS number through which is the largest business credit profile company. I recommend doing this because it is helpful as your business matures, but it is not necessary as some like to claim for attaining business credit.
Pay your bill on time every month and you will be getting tons of credit offers in the mail each month because just like with personal credit, the credit card companies scan these databases for businesses that pay their bills but do not pay the entire balance.
I see no reason why $2000 to $8,000 in credit will not help get your business on the right track. Find ways to improve, raise, boost, and increase your credit score.
The simplest way to raise your credit scores is to use credit only when emergencies strike. This simply reflects consumptive and irrepressible spending, which does not bode well with credit ratings. Credit scores are essentially measures for creditors to assess whether you are worthy of their credit, and these are computed through all of your credit report information released usually by credit bureaus. Check out your credit report, and actually scan the individual items written on it.