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Just as it is important for individuals to keep their personal credit in good standing, business owners should also pay close attention to their business credit and make sure that their rating is excellent at all times. Let’s talk about the key points on how you can keep your business in good credit standing:
Apply for a business credit tracker. Find a reputable Business credit tracker and register for an account. The best ones in the industry are Experian and Dun & Bradstreet. Check out their websites and register your business immediately.
Pay your suppliers on time. The timeliness of your payments – whether to your creditors or suppliers – will have a direct affect on your business credit report. Make sure that not a single supplier has a complaint against you. Pay your debts on time and following the terms of your contract. Complaints from vendors or suppliers regarding your payment habits can badly ruin our business reputation and credit.
Check the licensing of your business. It’s important for a business to secure all registrations and licenses that are required by the State. Whether you’re a newly opened business or you’ve already been in the industry for a long time, make sure that you file and renew all the necessary licenses for your business.
Apply for a business credit card. Business credit cards are great tools in helping you build credit. If you’ve just started with the business, all you need is a good personal credit standing to be approved for a business credit card. As long as you use your credit card wisely and you keep up with your balances, a business credit card will certainly boost your business credit.
Don’t apply for too many business credit cards. Just as it isn’t advisable to own too many personal credit cards, the same principle applies for businesses. One or two business credit cards should be enough to help you build credit. Before sending your application, make sure that you’re really serious about taking the card. Don’t send out many applications at once because too many inquiries can have a negative impact on your credit.
Pay your business credit card balances in full. Business credit cards can help you with your cash flow but see to it that the expenses you charge to your card can be paid off before your due date. The same thing applies with the use of your personal credit card. Just as credit cards help you separate your personal and business finances, it should also help you become more aware of your payment responsibilities.
Keep track of your Finances. Be aware of all financial transactions that take place in your business. For instance, credit cards for small businesses usually provide online account access and quarterly or annual reports of your account. Take advantage of these provisions to keep yourself updated about your credit.
Keep your financial records. Receipts, billing statements, and other written financial reports should all be kept and filed in a safe place. These will be valuable references when you need to apply for a loan in the future.
Allison May
http://www.articlesbase.com/finance-articles/how-to-keep-a-business-in-good-credit-standing-748736.html
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#1 by Hoping he will bless me with #1 on March 7, 2010 - 1:32 am
I am looking to get a business credit card or line of credit WITHOUT a personal guarantee. Any advice?
I currently have four business accounts (Dell, Staples, Office Depot and Exxon). I would like to get a business line of credit or credit card without a personal guarantee, so I can eventually have a business profile under my company name. All of my credit cards are in good standing. But I don’t want to have my personal debt tied in with the business debt.
I keep getting offers from Advanta but they ask for the Social Security Number for the business owner. Where can I go to get business credit solely based on the company’s Tax ID Number? All of the other credit card accounts were obtained this way.
Do you have any suggestions?
#2 by Rick B on March 7, 2010 - 6:34 am
Have you called American Express?
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#3 by robert w on March 7, 2010 - 6:36 am
forget about it . ur SS is ur business account.
visit daveramsey.com to learn to build business with out debt.
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u of h knocks
#4 by RJ on March 7, 2010 - 6:38 am
Unless you have a cosigner or good credit, don’t hold your breath
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#5 by themandrill5 on March 7, 2010 - 6:40 am
This is what everybody wants. A credit card for their business that doesn’t affect their own personal credit rating.
Unfortunately, it’s EXTREMELY difficult to do this. You must have a very large business that has been around for a long time, and have years and years of outstanding business credit built up.
I’ve worked for a guy who owns twelve furniture store franchises, and has for almost ten years, but his personal credit goes up or down along with the business because it’s tied in.
There isn’t much you can do about this, but for more info, read the following article:
http://webbizcredit.com/articles/?p=7
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#6 by caleb b on March 7, 2010 - 6:42 am
Business credit cards come with a variety of reward options. Travel rewards, stay in hotel, cashback, savings on courier services etc. are some of them. The type of your business and services you require can be compared with various business credit card offers and the most suitable credit card can be applied for.
More money when you need it most
Business credit cards are specially designed to cater to large funding requirements of businesses. The credit limits on business credit cards are higher than normal credit cards. So, you are doubly sure to get that large expense properly handled without any anxiety.
Easy application process
If you have an established business, business credit cards are very easy to get. Small businesses or fresh startups need not worry here, because credit card companies are equally eager to give business credit cards to companies with good prospects and to those who show promise. So, even if you are just starting, you can get a business credit card.
Expert business help
Business credit card issuing companies have established a good online help archive with expert advice on how to run your business in a more productive way and to achieve the maximum. If you have any kind of problem it is very easy to tap into this knowledge pool and help yourself. Check out a list of popular business credit at: http://www.credit-card-gallery.com/Business_Card.html and apply online according to your choice.
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