Get a Duns Number

Did you know a DUNS number is the most widely used number for identifying companies in the United States?

Did you also know suppliers and creditors alike will pull a D&B credit check on your business when you apply for credit?

If you are serious about establishing credit for your business then the first thing to do is get listed in Dun and Bradstreet’s database and set up your company’s credit file.
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How to Get A Credit Card with Bad Business Credit

A business credit card is a common and effective credit-building tool for companies. However, if your business credit rating is tarnished and you’re struggling to qualify for a business credit card, you may have to seek out alternatives to increase your chances of getting approved.

Here are several options until your establish the creditworthiness of your company.

1. Sign up for a secured card

If you are using the credit card for credit-building purchases, it may be useful to sign up for a secured business credit card. This line of credit requires you to put down a deposit in order to obtain financing, but if you manage it wisely, the deposit will be returned and you may be elevated to a traditional credit card.
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Business Credit Ratings

Access to credit is crucial for business owners at various stages of development and growth. If your business credit rating has been damaged, however, securing a business loan or credit line can be difficult.

While you may be required to agree to less favorable terms and conditions, there are a number of ways you can obtain a traditional loan with a lower credit standing.

Put down more collateral
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Financing a Small Business

Tight credit markets have made lenders wary about extending business loans to large credit risks. As a result, banks may scrutinize your business loan application carefully when you apply for business credit. 

While the hard data – your projections, cash flows, and business credit rating – play a strong role in whether you get approved, your one-on-one with lenders will also have an impact.

Anticipating some of the most common questions lenders will ask you and preparing a strong response may help you obtain the financing you need.
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Personal and Business Credit

Operating a successful business requires a great deal of attention and effort, from cultivating your business reputation and managing day-to-day operations to keeping your company finances organized.

One of the most important tasks owners focus on is maintaining a strong business credit rating due to its influence on business lending, partnerships, investors, and vendor relationships.

One of the most difficult aspects of managing business accounts is keeping personal and business credit lines separate, namely because it’s easy to blur the two.
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Good Fico Score

One of the benefits to building a creditworthy company is lenders, creditors, and suppliers will determine the level of credit risk based on the company’s creditworthiness rather than that of the owners.

However, there are instances where a lender will require a personal credit check as part of their overall risk assessment. In these cases it would be in your best interest that you have a positive credit rating with the consumer credit agencies.

If your credit scores currently fall below 680 then you will need to focus on taking some positive steps to improving those numbers.
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How to Start Building Credit

A credit report is designed to show potential creditors, lenders, suppliers, banks, etc. how you handle your financial obligations. Unfortunately, not everything is reflected on your business and personal credit reports. 

The only way for you to get credit for all the positive payments you make to a creditor is if that particular creditor reports to a credit reporting agency.
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