The Fastest Way To Build Credit For Your Business

The Fastest Way To Build Credit For Your Business

Why should you put in so much effort to build your credit score? A high credit score not only attracts customers but also secures investors and gives you better access to affordable small business loans. So how can you enjoy these benefits? This article will cover all the ways that you can build your credit scores with!

1. Make sure your credit looks good

Anything you do to improve your credit score or credit history will automatically improve your business's credit. Paying off all your old debts will make your credit report look very good and enables you to acquire loans easily. Payments made on time show that you are responsible and dependable.

2. Applying for Small Business Loans

Another way to build your credit is to keep taking out small loans regularly. Traditional loans are much easier to acquire when your credit score is perfect.

3. Associate your company with a credit reporting agency

To track your credit is equally important. To do that you will have to register your company with a credit reporting agency using the corporation's Employer Identification Number (EIN/).

4. Use a business credit card

Using your business credit card consistently and making regular payments is an efficient way to establish quick credit histories that experience quicker progress.

5. Build friendly relations with your suppliers and vendors

Your suppliers and vendors are a vital part of the smooth functioning of your business. Maintain friendly relations with them can enable you to enjoy inventory space or services without having to pay hefty payments in advance. When vendors report your payment details to the credit reporting agency, your business credit score is bound to increase.

6. Keep your credit report in check

We’re human. We make mistakes. So do credit reporting agencies. An incomplete or incorrect data can have a huge negative impact. If you regularly monitor your credit report, you will be able to rectify any mistakes, and hence your credit score will go the only way it should go –upwards.

7. Keep your personal and business finances separate

This is a significant step in increasing your business credit score. Keep these finances separate will keep your possessions safe in case of financial trouble. This way, the investors, and suppliers will also take you more seriously.

Follow these steps, and your business credit score is going to rise!

If your business is in need of funds to build your credit, First Union is here to help. We offer small business loans. Call today!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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