Posts tagged “loan

Building Business Credit

I think that one of the most difficult things to do is to build business credit. It’s almost impossible to establish yourself starting from scratch but the important thing is that you gotta’ start somewhere!

Building business credit may be easier than you think..for starters, you think about the bills that you already have, and go from there. When you think about it, what is a common bill that you may already pay that’s in you personal name…well…one of them is your cell phone bill…why not build credit for something that you already pay anyway?!?!?!

The next thing that a small business needs is supplies…I suggest STAPLES or OFFICE DEPOT; they give lines of credit to entrepreneurs for abour $500…BUT…never use all of that credit! You should start off with like the basics, buy about $150-$200 worth of supplies, but pay it ALL off immediately, that way you can build a tradeline with them and it will get reported on your credit report as GOOD STANDING!

I’m quite sure that you can find other suppliers and such to build your business credit…afterall, you want to build a good relationship with creditors, and perhaps; your good payment history can help you build lines of credit with other companies…

GOOD LUCK!