How To Build Business Credit Fast?

Business Credit; First and foremost, if you want more money for your company, you'll need a business checking account. 

Having a business checking account

NorthOne provides business checking accounts that can be set up in less than three minutes and done entirely online. Because you actually need a business, you will need to register it with your state's Secretary of State. 

Once you've set up your account, you'll see that having a business checking account with NorthOne is amazing and simple; you can even integrate all of your different merchant processing accounts.

For example, if you have a PayPal or Stripe account, you can integrate it into the account, and any deposits made will be deposited directly into your NorthOne account. 

Then, in addition to statements from your merchant processor, such as PayPal, Square, or Stripe, you'll have business checking account statements from North One that you can simply download and create a PDF of, and you'll have all of your statements in one place.

You can use your business checking account statements in this manner, and many lenders will lend to you based solely on that information. 

Get your business checking account with NorthOne today and receive this free debit card that can be used anywhere in the United States.

How to build business credit fast?

Are you prepared to obtain a large number of business credit cards, lines of credit, and loans in order to expand your business in the same way that I d

Let us now discuss business credit. Because it changed my business, business credit has changed my life. However, there is a significant difference between business credit and personal credit. So let me quickly explain the distinction.

"Also read: How can I create a custom email address for free?>"

Most of you are already familiar with personal credit; you've probably heard of Experian, Equifax, and TransUnion; you're probably aware that if you borrow money, you'll have trade lines on your credit report, and you'll have a personal credit score known as a FICO score.

Many of you are probably aware that if you have a high personal credit score, you can borrow large sums of money in your name and it will appear on your credit report. 

However, business credit is similar to personal credit, albeit better. There is still Equifax, but it is only for Equifax. There is Experian business and Dun and Bradstreet. 

Because they've been around the longest, Dun and Bradstreet is the most trusted business credit reporting agency. The benefit of business credit is that it does not show up on your personal credit report. 

Like I said, business credit has its own credit reporting agency, and you'll have your own trade lines for business credit as well as a business credit score. A Paydex score is what Dun and Bradstreet calls it.

Business credit means you can borrow in your business's name, and it doesn't report on your personal credit. You can usually borrow a lot more for your business than you ever could in your personal name. 

That is your business credit, meaning if something happened to your business or you are not able to pay, in many cases, it would not affect yourpersonal credit score.

The first thing you'll need is, of course, a business, and you'll need to register your business with the Secretary of State. Registrations are classified into three types. You can form an LLC, a limited liability company, or a corporation, a C Corp, or a S corporation.

"Also read: The Top 7 Sales Books for Startup Founder"

I'm not going to tell you what kind of business entity you should form. However, I will tell you that my first businesses were all LLCs, which was a simple and easy process that didn't cost much money to set up. 

The next thing you'll need is an EIN, which is an employer identification number. This is similar to your company's social security number, and you can obtain one for free. Simply go to irs.gov.

The next thing you're going to need is a professional website, a professional email and a professional phone number.

This is all very simple to do. You will need a domain name, such as noellerandall.com, in order to create a website. I purchased that domain from Google Domains, but you can also use GoDaddy, Ethics, and other similar services. 

There are numerous options for purchasing a domain name for your company's website. You can easily purchase a professional email address to avoid using a generic one like Gmail or Hotmail. 

Businesses will literally lend to you once you have these five things. I'm going to show you how to get some tradelines quickly so you can start getting those credit cards. 

One of the things you'll notice is that you'll need a professional address for your business. Of course, you can use your home address when registering your business. However, I do not advise it. 

If you want to get a lot of money for your business, such as business credit cards like American Express, you'll need a professional office. But the best part is that you don't have to rent or lease office space; you can get a virtual office, and I have a great option for you called Nuu Office.

It includes both a virtual and physical address, allowing you to have a physical address for your business. You will be able to receive mail as well. 

Check out nuuoffice.com, which is powered by NuuRez Incorporated. That's N U U O F F I C E. You can get an instant virtual office with a real address.

Build your business credit report

Now that you have everything you need for your company, let's talk about how you can quickly build your business credit report using Dun and Bradstreet. You will receive your DUNS number after visiting Dun and Bradstreet. 

This is your company's identification number for the credit reporting agency Dun and Bradstreet; many entities, including car dealerships, leasing companies, and various types of lending agencies, will look up your Dun and Bradstreet credit report.

Get your DUNS number

The best part is that you can obtain your DUNS number for free. Simply go to dnb.com and create your business using the information below. 

Your business name, EIN, physical address, phone number, email, and all of the other information that I mentioned will be entered into the system, and you will receive a code in the mail from Dun and Bradstreet because they want to verify who you are.

"Also read: Top-10 Books for startup entrepreneur Should Read."

Once you receive that number, you will go back to Dun and Bradstreet website, enter that number and you will be all set. This is the beginning of how you will get a great business credit score. 

Now that you have your DUNS number all set up and your business is ready to go, now it's time to build trade lines. Trade lines are actual credit that people have lent to your business. Again, in your business's name. 

Best Startup Business Loans

I'm going to give you some companies right now that will lend to you even if you're a startup. One of the companies is a company called Uline. That's U L I N E. It's a company that lends to businesses and help businesses get equipment, supplies and things like that for their business. 

You can buy simple items for your business such as paper or laundry detergent; they sell a variety of items for businesses. Uline will invoice your company and give you 30, 60, or 90 days to make a payment. 

In other words, you can get the items right away without having to pay anything. However, in order for this to appear on your credit report, you must spend at least $50.

Granger and Quill are two other companies that are similar to Uline in that they will not lend money to other businesses. Granger is spelled G R A I N G E R, while Quill is spelled Q U I L L. 

These are three companies that I know that offer invoices to new businesses and report to Dun and Bradstreet, assisting you in building trade lines quickly so that you can get that business credit and built quickly. 

When you receive those invoices, make sure you pay them on time, and then go back to Dun and Bradstreet to pull your credit report.

You will usually want to wait 30 to 60 days to make sure that those trade lines are reporting and then you can easily go to the next step. 

"Also read: Growth Hacking For Startups in 2023."

Instant approval store credit cards

The next step in establishing business credit will be to obtain store credit cards or even gasoline cars from companies such as Chevron and Texaco. 

When you visit Dun and Bradstreet to check your credit score, you will be given a Paydex score. This is very similar to your FICO score in the world of personal credit. 

A Paydex score ranges from 0 to 100, with a score of 80 considered excellent for business credit. I've seen students achieve Paydex scores of more than 80 using only the three trade lines I mentioned. 

It's an excellent way to begin your business credit journey, and it will quickly grow, with people lending more money to your company than to you personally.