5 Tips for Building Business Credit

Corporate Business Solutions offers critical information that is needed for growth in the small business marketplace. Our consultants often see business owners looking to build their business credit. This may seem like a daunting task to a business owner, but it doesn’t have to be too difficult.

If you are amongst those looking to improve business credit, we have some tips that may help you reach your goal:

  1. Understand the basics- If you have a line of credit, you can start building a business credit history. The point is to be able to show that your business has, over time, been able to meet its obligations by paying back what it owes when it’s supposed to.
  2. Make sure your personal credit score is in good shape – Banks will base their decision on whether to lend to small or newly established businesses at least partially on the credit history of the business owner.
  3. Kickstart your credit history as soon as possible – Even if you don’t need it quite yet, it’s a good idea to sign up for a credit card to get your business track record going. Use this credit card responsibly and don’t take out more than you can handle, but do pay back what you owe. Once you get the card, keep your personal and business expenses separate.
  4. Look for credit in more than one place – Do business with more than one financial institution, preferably of varying sizes. Large banks offer convenience and a variety of financial products, but small banks make it easier to build personal relationships with your potential creditors.
  5. Always pay your bills – With every bill you pay on time and every time you chip away at your balances, you are establishing your business’ reputation and its credit history.

To learn more about us and / or to schedule your appointment with the business experts at Corporate Business Solutions, call us today at 877-357-9366.

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