Vendors who can help you build business credit and how to get approved with no personal credit
check or guarantee.This is how business credit is built having an EIN doesn't mean you have established
credit if you go to a bank to try and get cash credit using your EIN with no credit
established you'll always be denied guaranteed. That is unless you did have good personal credit and
used it to get approved while supplying your personal guarantee, lots of people fail at building
business credit, because they try banks first and are turned down this is frustrating but don't give up.
Let's talk about building business credit the right way you can't start with the roof you must start with
the foundation first and build up, you can't start with store or cash credit from your bank if you do
you'll be denied 100% of the time. First you must build trade lines that report that's also known as
vendor credit then you'll have an established credit profile, and then you'll get a business
credit score, and with an established business credit profile and score you can start getting
revolving store in cash credit. Net 30 accounts must be paid in full within 30 days and Net 60
accounts must be paid in full within 60 days unlike with revolving accounts you have a set
time when you must pay back what you borrowed or the credit you used. To start your business credit
profile the right way you need to be approved for vendor accounts that report to the business
credit reporting agencies. Once that's done, then you can then use the credit pay back what you used
and the account is reported to Dun & Bradstreet, Experian, and Equifax. Once reported then you have
trade lines, an established credit profile and an established credit score. Using a newly established
business credit profile and score you can then get approval for store credit and then eventually
you can get store credit without needing to supply your Social Security Number or personal guarantee.
This is possible because now your EIN credit profile is established it can stand on its own
so if you leave your Social Security Number off the application the credit issuer then pulls your
EIN credit sees a solid profile and score, and can then approve you for your real revolving credit.
For building business credit this is what you need to know not all retailers will approve you
just because of your credit profile and score, some sources like Home Depot or RadioShack also
have a time and business requirement. You may need to be in business 1-3 years to get no
personal guarantee credit some sources like Home Depot might require that you meet certain revenue
requirements for no personal guarantee credit to but most retailers will approve you without these
requirements. This is the process you won't get a Visa or MasterCard right away instead you need to
start with trade lines also known as vendor credit you need to have credit to get more credit, and you
need 10 or more trade lines to get the big payoff. Getting initial credit is the hardest part over
97% of trade vendors who issue credit don't report it to the business reporting agencies, as a result
you must find sources which actually report. There are many vendor credit benefits vendor credit is
an important step in building business credit, vendor credit is easier to get them store or
fleet credit it can lead to store and fleet credit establishing credit will lead to lenders approving
you, this process is proven to work. Here are 5 companies which provide vendor credit and report
to the credit reporting bureaus, they are Uline Shipping Supplies, Quill Office Supplies, Grainge,
Industrial Supply, Monopolize your Marketplace and the Wells Fargo business secured credit card.
Uline shipping supplies sells shipping packing and industrial supplies they report to Dun &
Bradstreet you must have a DUNS number before starting with them they will ask for 2 trade
references and a bank reference, you usually need for an order to be $50 or more before
they'll report it. Your first few orders might need to be prepaid initially so your company can
get approved for Net 30 terms, here's how to apply with them add an item to your shopping cart go to
checkout, select to open an account, select to be invoiced, you can visit them online at
www.uline.com. Here are some more benefits of vendor credit you must have 5 vendor accounts
reporting to move on to store credit. It will take 30 to 90 days for those accounts to report at 60 days
on average, do not apply for store credit without having 5 accounts first. What about getting
approved with no personal credit check or guarantee, you need vendor accounts to start a
business credit profile and score this is a total of 5 payment experiences reported to start getting
revolving store credit a payment experience is an account reported to a business credit reporting
agency, so if you get approval with a vendor who reports to Dun & Bradstreet and Experian that
counts as two payment experiences if that account only reports to Dun & Bradstreet then that is just one
payment experience. How about getting initial business credit, you need 5 payment experiences to
start getting approval for revolving store credit cards using your EIN only for approval. These are
credit cards at places like Best Buy, Lowe's, Staples, Amazon, Dell, and Apple you then need a
total of 10 payment experiences to get approval for a cash credit like Visa and MasterCard type credit.
To get that cash credit you also need to have one of those payment experiences have a $10,000
limit or hire at least to start getting generous limits on the cash credit you secure,
so when it comes to using vendor credit to build business credit apply and get credit for
your EIN. Start with vendor credit work with starter vendors who will report to Equifax,
Experian and or Dun & Bradstreet always manage your credit responsibly we can help.
Contact us today to learn more about 5 vendors who can help you build
business credit and how to get approved with no personal credit check or guarantee.