How to Build Business Credit Fast: The Quick & Easy Way
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- Опубліковано 18 січ 2021
- After watching this video you will know the steps you need to take in order to develop your business credit score quickly.
#business #businesscredit #ppp #ppploan
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Business credit is great because it helps you protect your personal credit being that they're two separate things. Your personal credit score is linked into your social security number and your name. While your business credit is linked to your business entity and separate tax ID number. you can get competitive loans with better interest rate offers, and you will be able to do it for this business, a business' credit score does not apply to other businesses. Each business is like its own person or existence and should be treated as such.
It is very important that you establish business credit because it could be that one time in the future you and your business may have trouble with funding things like operations or a great idea that can help your business scale much bigger. With business credit, it helps you leverage cheap debt so that you will be able to make a business investment that will return more money back into the business and hopefully you will be able to pay off your business debt quickly.
There will be three main business credit bureaus that will be evaluating your credit score which include Dun & Bradstreet, Experian and Equifax. Each bureau uses different methods to calculate how much your business credit score will be.
Dun & Bradstreet use PAYDEX, which uses a scale from 1 to 100 based on the business' payment history. That means you better pay your debt on time!
Equifax takes three things into consideration in order to determine if your business is capable of paying debt, which is paying on time, whether you're capable of paying on time and how likely it may be that your business closes.
Experian uses a tool called intelliscope plus, which calculates your score on a scale of 1 to 100, and it takes factors such as how many years you have in business, how well your business payment history is, how many new lines of credit you have opened for your business and how many time you have smashed the like button for the UA-cam Algorithm.
You can use websites like Nav.com to check on your credit scores and reports, this website will help clear any confusion you may have on business credit, and you will even be able to apply for the PPP loan on the Nav website. Not only that, but they have an entire section of their website that is dedicated on recommended business credit cards. I would recommend that you click on each one so that you can see what rewards and offers you feel you can leverage with your business. Also, there is a section for anything that would you need to know about business loan like micro loans, SBA loans and start up loans.
Nav Link: nav.nkwcmr.net/AqK4D
Before you can get started with business credit you got to make sure that your business has been registered and the you have registered a DUNS number. The DUNS number is just a number to identify your business quickly when your business credit is being reported. Links for registering your DUNS and everything else will be in the description box below. You can still get a business line of credit without getting a DUNS number, but by getting yours ahead of time, it will definitely speed up the process.
Register Business: bit.ly/3iyXyyB
DUNS Link: bit.ly/2XSlcfE
The easiest ways to get started with your business credit is to apply for a small business loan or a line fo credit from a Company that reports to the credit bureaus.
Ensure that you have a business checking account, I personally find azlo.com to be the website that has the simplest signing up process completely for free. All you need is your EIN, operating agreement and to have your business registration. It is very important that you keep your personal finances and personal completely separate.
Azlo link: bit.ly/35VzDnz
Make sure you pay your bills as quickly as possible, that's is pretty much how you can build your business credit quickly, you need more payment history. Also, keep your credit utilization low, ideally below 30% of what your credit limit is. Try to pay out your balance in full every single month. If you follow these three tips which you should be doing with your personal credit. You should develop a great business score within 6 to 8 months.
Disclaimer:
Please consult with a professional before taking any financial decision, I am not responsible for any financial decision that you take after you watch this video. This video and its contents is made for entertainment only.
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