Hey it's Ty Crandall with Credit Suite and in this short video I'm going to introduce you to
2 of my favorite trade vendors who can help you establish initial business credit. By the
end of this training you're going to know how to use them to build an initial credit report
and score for your business. So there's a right way to build business credit and it's typically
using trade credit or getting credit from what are known as vendors. Now when these vendors will
give you credit you use the credit you pay the bill then they report the payments on those accounts
to the business credit reporting agencies. This will establish a business credit profile for
your company this will give you a business credit score and then using this foundation these trade
lines that report to create the credit profile to create the credit score that you can you can use
that foundation to start obtaining all kinds of other business credit. This is business credit that
doesn't require a personal guarantee it doesn't require a personal credit check it's guaranteed
that it's credit that's linked to your EIN not your personal social and you're able to get
corporate credit with almost every major retailer out there, from Amazon to Walmart to Sam's club
to Costco to Staples to Office Depot even Auto Financing, Visa card, MasterCard credit but vendor
credit is the foundation of how it's all started. So one of my favorite vendors is Uline now they
sell packaging industrial supplies and they report your account to Experian and Dun & Bradstreet. So
you get a tradeline established on both of your commercial credit reports with Experian and with
D&B. Now you've got to have a DUNS number set up first you can get this with Dun & Bradstreet for
free you can go to creditsuite.com/duns d-u-n-s for a link to actually get your
DUNS number set up the right way. You'll also need to set up your entity and set up your EIN.
Now you need to buy $50.00 or more from Uline on credit in order for them to report the credit
to the business credit reporting agencies uh you may need to place a few prepaid orders before
they'll actually give you a net 30 account. So they're going to give you net 30 terms which
means you have 30 days to pay off the account in its entirety and to get those net 30 terms
you don't need to have any established business credit, but your fundability needs to be in line.
If you don't know much about fundability check out our social media channel search fundability
and we'll give you the basics of what you need to do to set up your business where it's fundable
but as long as your fundability is set up you can get approved with Uline with absolutely
from inception but if not if your fundability is a little jacked up. Then you might actually have to
place a few prepaid orders with them for them to approve you for that net 30 account. Now to qualify
you're going to need an entity in good standing an EIN number with the IRS a business address
that matches everywhere online you're going to need that DUNS number with D&B you're going to
need a business license if you're required to have one. You're going to need a business bank
account they're not going to verify it but they're going to ask you for a business bank reference
and they're going to have you actually a very short application to get approved, and again
upon credit review, they'll typically approve you for a net 30 account. Now my uh beyond Uline you
can apply by putting items in your shopping cart going to your checkout opening account and then
selecting to be invoiced you could do all this at uline.com. Now beyond Uline, Quill as my other
favorite uh vendor sometimes they report to D&B sometimes they're not reporting it just kind of
depends especially as the time i'm filming filming this uh they are currently reporting but sometimes
they go and they don't report. So you got to check and make sure that they are. Now they'll give you
a net 30 account you need to spend a hundred dollars with them to get that account reported
at least a hundred dollars with them um sometimes it's 50. So they change it up a little this is
why you want to communicate with them or if you're a Credit Suite client we communicate all that
information with you. So you really need to make sure reports spend a hundred dollars or more with
Quill to get approved you're going to need an entity goods an entity in good standing at EIN,
you're going to need a business address that matches everywhere online a DUNS number a
business license if you need one a business bank account set up because they're going to ask you for
that bank reference. And again they may require that you prepay a couple orders before they'll give
you that net account that reports. It really all depends on how your fundability is set up
so you want to make sure your fundability is set up the right way, it's really the first step of
building business credit is to set up that fundability. Then the second step is to come
in here and start getting approved for vendors like Uline and Quill. For more information on
building your business credit check out our free guide at creditsuite.com/einguide
that guide at creditsuite.com/einguide maps out the exact steps to build business
credit including information on improving your fundability. So make sure you grab that
free guide to build business credit for your EIN that's not linked to your personal social.