To build business credit, you need to establish tradelines with creditors that report to the business credit bureaus. Otherwise, your business credit score(s) will stagnate, and the opportunity to qualify for larger future loans will remain beyond your reach.
As a business owner, you can use Home Depot net 30 terms and Home Depot credit cards to grow your business credit–They’re one of my top recommended vendors for new business credit building journeys.
One of the key reasons I love them is that they report on-time payments to all three major business credit bureaus. Here, learn how to leverage a Home Depot business account to eventually obtain even larger credit lines to grow your operations.
This is what’s in store:
- What is a Home Depot Business Account?
- How to Qualify for a Home Depot Commercial Account
- Frequently Asked Questions
- Next Steps
What is a Home Depot Business Account?
A Home Depot business account, aka commercial account, is a type of credit account offered exclusively to businesses under their Pro Services & Contractor Supply line of benefits.
With a Home Depot business account, you can choose from two types of accounts:
- Commercial Account card with net terms
- Commercial Revolving Account
These tradelines charge no annual fees, include flexible payment options, itemized billing statements, and online account management. In addition, these cards offer users one-year returns, fuel discounts at Shell, and up to 60-day terms on revolving accounts.
And, both tradelines report payment history to all three leading business credit bureaus: Dun & Bradstreet, Equifax Small Business, and Experian Small Business.
Here is a quick audio that summarizes the credit building options available with Home Depot and tips for how to apply.
Click the play button below:
Make sure you’ve registered your DUNS ™ number, then visit the Home Depot Credit Center to apply today.
The Home Depot Commercial Account Card
A Home Depot Commercial Account card is a business charge card that you can make Home Depot purchases with. It’s like a Home Depot net 30 account but, In this case, you can get a 2% Early Pay Discount when you pay your invoice online within 20 days, or take up to 60 days to pay (net 60 terms).
The main difference between a charge card and a credit card are the payment terms. A charge card must be paid in full within the agreed upon timeframe and a credit card has revolving terms.
Authorized users can be given buyer IDs, enabling employees to charge on your account. Optimize your business cash flow with the ability to itemize invoices. This card is easier to qualify for.
You might also like: Use 30 Day Net Vendors to Build Your Business Credit
The Home Depot Commercial Revolving Charge Card
With a Home Depot Commercial Revolving Charge card, aka ProXtra card, you can either make low monthly payments or pay in full each month. It’s essentially a Home Depot business credit card. And, you can add authorized employees as users to make purchases on your account.
This card is a little more difficult to qualify for than the Commercial Account, but gives you access to revolving payment terms. If you’re interested in qualifying for revolving business credit cards like this one, you’ll first need to establish your business credit.
You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]
How to Qualify for a Home Depot Commercial Account
To qualify for a Home Depot Business Credit Account, you’ll need to provide some details:
- Your business name, address, phone number, and EIN (Employer Identification Number).
- Details for the owner or primary guarantor, including Social Security Number (SSN) for verification.
- A DUNS number from Dun & Bradstreet.
Home Depot’s commercial accounts do require a personal guarantee, which means they’re not EIN-only. So, you’ll typically need a fair to good business or personal credit score (around 620 or higher).
You might also like: Business Credit Cards without Personal Guarantee
Frequently Asked Questions
Can I get a Home Depot card in my business name?
Yes, Home Depot offers business credit cards that can be registered in your business’s name. You’ll need to provide your business information and may also be required to give a personal guarantee.
Which Home Depot credit card is best for business?
It depends on your business needs. The Commercial Account offers net 30 or net 60 terms, while the Commercial Revolving Account allows for monthly payments or pay-in-full options. Choose the one that best suits your cash flow and credit goals.
Does Home Depot do a hard pull for business credit cards?
Yes, Home Depot generally performs a hard credit pull when you apply for a business credit card.
Next Steps
To build business credit with a Home Depot account, start by choosing the Commercial Account (net terms) or the Commercial Revolving Account. Both report to major business credit bureaus, helping strengthen your credit profile with on-time payments.
Before applying, make sure your business has a DUNS number and other required details. Then, apply through the Home Depot Commercial Credit Center. Using your account responsibly sets you up to qualify for larger credit lines as your business grows.
If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today!