With most business credit cards you need to have good CONSUMER
credit to get approval. But what if your personal credit isn’t good
and you don’t have a guarantor? This is when BUILDING BUSINESS
CREDIT makes a ton of sense. Even if you have good personal credit,
building your business credit helps you get more money and without
a personal guarantee.
Business credit is credit in a business name, that’s linked to the
business’s EIN number not the owner’s SSN.
How to Start Building Business Credit
Most consumer credit starts with secured credit cards or an account
with a well-established co-signer. But co-signed accounts and secured
accounts really aren’t popular or widely used in the business world.
Most business credit starts with VENDOR accounts instead.
VENDOR accounts are accounts that often offer terms like Net 30,
instead of revolving so if you get approval for $1,000 in vendor credit
and use all of it, you must pay the money back in a set term like within
30 days on a Net 30 account.
You must pay a Net 30 account in full within 30 days.
In contrast, you must pay a Net 60 account in full within 60 days.
Unlike with revolving accounts, you have a set time to pay back what
you borrowed or the credit you used.
Take a quick look at what you get inside Business Credit Suite.
Call or Email us when you are ready to find out more https://www.jjjconsultantsgroup.com/contact/