TIN vs. EIN: What’s the Difference and Why Do You Need Them? 

By

TIN vs EIN

Key Takeaways

  • A TIN is any tax ID used for individuals or businesses.
  • An EIN is a type of TIN used to identify businesses.
  • Sole props and single-member LLCs may use an SSN as a TIN.
  • Most LLCs need an EIN to bank, file taxes, or get licenses.
  • The IRS issues EINs, ITINs, ATINs, and PTINs; the SSA issues SSNs.
  • You can apply for an EIN free on the IRS site.
  • TINs appear on tax forms, ID letters, and official records.
  • TINs are private, but some EINs show up in public filings.

In business, we throw a lot of acronyms around: LLC, SIC, KPI… TIN and EIN are two acronyms that look similar and are often confused, but they refer to different things. 

A TIN is a broad term, while an EIN is one specific type of TIN used for business purposes. Here, you’ll learn the key differences between the two as well as when and why you need a TIN vs. EIN.  

This is what’s in store: 

Now, let’s learn! 

What is a TIN vs. EIN? 

In short, a TIN is a “Tax Identification Number,” and an EIN is an “Employer Identification Number.” Both are issued by U.S. federal agencies to individuals or businesses for tax purposes. Let’s take a closer look at each.

Disclaimer: This article is for general information only and isn’t tax advice. For help with your specific situation, talk to a qualified tax professional or accountant.

What is a TIN? 

How to get a Tax ID number

A Tax Identification Number (TIN) is a unique number the Internal Revenue Service (IRS) uses to identify individuals or businesses for tax purposes. It can refer to a Social Security Number (SSN), an Employer Identification Number (EIN), or an Individual Taxpayer Identification Number (ITIN), depending on the situation.

A TIN may be issued by the Social Security Administration (SSA) or the IRS. 

Type of TINIssued ByUsed For
Social Security Number (SSN)SSAIdentifying U.S. citizens and eligible residents for tax and employment.
Employer Identification Number (EIN)IRSIdentifying businesses, estates, and trusts for tax filing and reporting.
Individual Taxpayer Identification Number (ITIN)IRSIdentifying individuals not eligible for an SSN, often nonresident aliens.
Adoption Taxpayer Identification Number (ATIN)IRSTemporary ID for adopted children until an SSN is assigned.
Preparer Tax Identification Number (PTIN)IRSRequired for paid tax return preparers.

You might also like: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

What is an EIN? 

Tax ID number for business

An EIN is a type of TIN that the IRS assigns to businesses. It’s used to identify a business entity. So, an EIN isn’t a separate concept from a TIN. It’s actually one specific type of TIN used for identifying businesses. 

Businesses may use an EIN when they: 

  • File tax returns
  • Open a business bank account
  • Apply for licenses and permits

Many business formation services offer EIN application services. I rarely recommend that you take advantage of this because you can apply for an EIN on the IRS website. It’s free and only takes a few minutes. The only catch is that online EIN applications are only available during IRS business hours, Monday through Friday. 

You might also like: Can (and Should) You Be Your Own Registered Agent? 

Do You Need a TIN for Your LLC? 

If your business will open a bank account or file taxes, yes, you need a TIN. Every LLC needs a TIN for tax and business purposes. In most cases, this means getting an EIN from the IRS—even if your LLC doesn’t have employees. 

If you’re a single-member LLC or sole proprietorship with no employees, the IRS may, in some cases, allow you to use your SSN instead of an EIN. 

Your business might not need an EIN if it meets all of the following conditions:

  • It’s a sole proprietorship or single-member LLC.
  • It has no employees.
  • It does not file any excise taxes (like fuel or alcohol taxes).
  • It does not withhold taxes for non-resident aliens.
  • It does not have a Keogh retirement plan.
  • It does not need to file employment, excise, or alcohol/tobacco/firearms tax returns.

In this case, the owner may be able to use their SSN as the business’s TIN for tax purposes. However, most banks and agencies still ask for an EIN. Some business owners co-mingle their personal and business finances, but this can lead to problems. Plus, when you manage business finances through a personal account, you aren’t generally eligible for business credit.  

You might also like: No-Doc Business Loans with EIN Only: Get Funds Without Proof of Income 

Where to Find Your Tax ID Number

Where you find your Tax ID Number (TIN) depends on the type of TIN you’re looking for.

How do I find my TIN?

The most common places to find your TIN are: 

  1. SSN → On your Social Security card, on tax documents like W-2s or past tax returns, and through the SSA. If you’ve lost it, you can request a replacement Social Security card. 
  2. EIN → On your EIN confirmation letter from the IRS (Form CP 575), on tax forms like your 1120, 1065, or payroll filings, and on business bank account documents or loan applications. If you can’t find it, call the IRS Business & Specialty Tax Line at 1-800-829-4933.
  3. ITIN → On your IRS ITIN assignment letter and on tax returns you’ve filed with the ITIN.

To look up someone else’s EIN (like a nonprofit), it may be listed on public records like Form 990s.

You might also like: InDinero Unveiled: A Detailed Accounting & Tax Platform Review 

Frequently Asked Questions

Can I use my SSN as my TIN?

When filing taxes as an individual, yes. As a business, maybe. If you’re a sole proprietor or single-member LLC with no employees, your SSN can serve as your TIN. But you’ll need an EIN to hire, open a business bank account, or get licenses.

How do I know if I have an EIN or TIN?

If you applied for an EIN from the IRS, you have one. An EIN is a type of TIN. If you use your SSN for taxes, that’s your TIN. Check past tax forms or your EIN confirmation letter to be sure.

How can I get an ITIN? 

To get an ITIN, file Form W-7 with the IRS, along with your federal tax return and proof of identity.

Is there a difference between EIN and ITIN?

Yes, an EIN is for businesses, while an ITIN is for individuals who can’t get an SSN, like some nonresident aliens.

How do I find out who a TIN belongs to?

You usually can’t because TINs are private. But, EINs for nonprofits or public businesses might appear on public tax documents like Form 990.

Final Takeaway

TINs and EINs might look similar, but they serve different roles in the world of taxes and business. A TIN is any tax ID used to track individuals or entities, while an EIN is the go-to ID for businesses. 

Whether you’re just starting out or growing your LLC, knowing which number you need—and how to get it—can help keep your finances legit, organized, and ready for whatever comes next.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

A Complete, Unfiltered Amex Business Gold Card Review 

By

Amex Business Gold Review

Key Takeaways

  • Earn 4X points on your top 2 spending categories (up to $150,000/year), 1X on others.
  • Get 3X points on flights and hotels, no foreign fees, and trip delay insurance.
  • Manage expenses with QuickBooks, employee cards, and year-end summaries.
  • Annual fee is $375, with up to $240 in select service credits.
  • Requires good credit (700+ FICO score), $3,000+ monthly revenue, and solid business credit.
  • Includes cell phone protection, extended warranties, and purchase protection.

Have you considered applying for the Amex Business Gold card, but not sure what you’d be getting yourself into? In business, the sheer number of financial management options can be overwhelming, but let’s simplify to determine if this choice is right for you. 

In this Amex Business Gold card review, you’ll find what the card is, see a company overview, explore the benefits, and find out if (and when) it might be worth it to apply. 

This is what’s in store: 

Now, let’s dive in. 

What is the Amex Business Gold Card? 

Why Should You Get the Amex Business Gold?

The Amex Business Gold card is a premium business credit card from American Express with a handful of standout features, including: 

  • Rewards on spending
  • Expense management tools
  • Travel perks 
  • Business services

It also offers cash flow flexibility with revolving credit, which you can pay over time when needed, along with no preset spending limit. When you apply for the card, it won’t impact your personal credit, because approval is based on your business credit score. 

You might also like: Amex Business Checking Review: What You Need to Know…Really 

Amex Business Gold Requirements

American Express Business gold card limit Reddit

Wondering how to get an Amex Business Gold card? Well, as you may know, the requirements are fairly stringent. However, they’re not clearly specified anywhere. 

So, here’s what I know is required: 

  • Solid business credit score 
  • FICO (personal credit) score above 700
  • Average monthly revenue of at least $3K  

The more revenue you have and the higher your business and personal credit scores, the more likely you are to qualify for an Amex Business Gold card. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

Business Credit Score Impact

When you apply for the Business Gold card from Amex, your business credit score might take a small hit because Amex may check it during the application process. Your personal credit score won’t be affected at this stage. 

However, If you’re approved and decide to accept the card, it may impact your personal credit, because you’ll likely need to guarantee the account. This means that, if the account defaults, you’re on the hook. 

This card could offer a good way to build business credit if you manage it well, but be sure you’re comfortable with any potential impact on your personal credit before accepting.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

Amex Business Gold APR and Fees

Amex Gold Business review

The Amex Business Gold Card offers 0% APR for the first 6 months, so no interest accrues during this time. Be mindful that the introductory 0% APR doesn’t apply to cash-like transactions or fees, and this is an intro offer, which can change any time.

After that, the APR will range from 18.74% to 27.74%, based on your credit and the Prime Rate, which can change with the market. Then, if you miss payments or have returned payments, a 29.99% Penalty APR might apply for at least a year. Paying on time helps you avoid this. 

Interest is calculated using the average daily balance method.

Amex Business Gold 200k

So, let’s say you spend $20,000 in a year using the Amex Business Gold Card and only make minimum payments—Here’s what you might expect: 

  • First 6 months: You pay 0% interest during the intro APR period. Assuming you spend evenly, your balance after making minimum payments (~$300/month) is about $8,200.
  • Next 6 months: The remaining balance and new charges start accruing interest at around 21.74% APR. You’d pay about $1,130 in interest over this time.
  • After a year: You’ll have paid about $5,300 in minimum payments but still owe $15,830, including interest.

Paying only the minimum can add up quickly. To save, pay more than the minimum, especially after the 0% intro APR period ends. And, to avoid interest, you can pay your balance in full by the due date, which is at least 25 days after the billing cycle closes. 

The card also has an annual fee of $375, but no foreign transaction fees. Late payments or returned payments can cost $39 or 2.99% of the past due amount, whichever is higher.

Amex Business Gold Benefits Worth Exploring

Is Amex Gold worth getting?

Now, let’s take a closer look at some of the benefits of being an Amex Business Gold cardholder, including rewards, tools, travel perks, and business services. 

1. Amex Business Gold Rewards

Amex Gold card benefits

This card rewards you with 4X Membership Rewards points on the top 2 categories your business spends the most in each billing cycle, from options like restaurants, gas stations, transit, software providers, and more (up to $150,000 per year; 1X points after). All other purchases earn 1X points.

Here’s an example scenario of how this might stack up: 

  1. Let’s say your business spends $2,000 on software subscriptions and $1,500 at restaurants in a billing cycle. These would be your top 2 categories, so you’d earn 4X points on those purchases, giving you 14,000 points (4 points per dollar).
  2. If you also spend $500 on office supplies, you’d earn 1X points for that, adding 500 points.
  3. In total, you’d earn 14,500 Membership Rewards points for that billing cycle. The top 2 categories adjust each cycle based on where you spend the most.

You can also get up to $240 annually in statement credits for eligible purchases at FedEx, Grubhub, and office supply stores, plus a monthly credit for a Walmart+ membership (up to $12.95/month). 

This could be a great way to earn points and save on business essentials.

2. Expense Management Tools

Amex Gold business card review

The Amex Business Gold Card offers tools to simplify expense management. 

With this card, here are the tools you could get:

  • A year-end summary to simplify expense tracking
  • Employee cards to control spending and earn rewards
  • QuickBooks integration to auto-categorize expenses

You can also take advantage of Vendor Pay by Bill.com to streamline payments and assign an Account Manager to handle tasks like payments and transaction reviews. Plus, you can stay on top of spending with account alerts, online statements, and the Amex app, which lets you track expenses and manage your account in real-time.

You might also like: BILL Spend & Expense Card Review (Formerly Divvy Credit Card) 

3. Travel Perks for Cardholders

Amex Business Gold card rewards review

The Amex Business Gold Card enhances travel with 3X Membership Rewards® points on: 

  • Flights
  • Prepaid hotels
  • Packages booked through AmexTravel.com

There are no foreign transaction fees, which can make international business travel seamless. 

Plus, you can enjoy perks from The Hotel Collection (like a $100 experience credit and potential room upgrades for stays of two nights or more), Global Assist® Hotline for emergencies, baggage insurance for lost or damaged items, and car rental insurance for theft or damage (secondary coverage). 

Finally, If your trip is delayed by 12+ hours for a covered reason, Trip Delay Insurance may provide assistance. These features can make business travel smoother and more rewarding.

You might also like: What are the Best Business Credit Cards for Travel? 

4. Business Services from Amex

Amex cardholder cell phone protection

The card also offers valuable business services to protect and support your operations. 

Some of the services include: 

  • Cell phone protection up to $800 per claim
  • Dispute resolution for fraud and unauthorized charges
  • Extended warranties (up to 5 years) on eligible purchases
  • Annual purchase protection up to $50K per year
  • 24/7 support through Relationship Care® 
Amex business Gold Reddit

These features can help safeguard your purchases and simplify some aspects of managing your business.

You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs? 

Frequently Asked Questions 

Does the Amex Business Gold card have a limit?

The Amex Business Gold card has a flexible spending limit that adjusts based on your usage, payment history, and other factors–This means your spending capacity can vary over time.

Is the Amex Gold a luxury card?

The American Express® Gold Card is considered a premium card, offering substantial rewards on dining and groceries. However, it doesn’t provide the extensive luxury perks found in higher-tier cards.

Does the Amex Gold Business have lounge access?

No, Amex Business Gold doesn’t include airport lounge access. But, it does offer other travel perks like trip delay, baggage claim, and car rental loss insurance. Lounge access is typically reserved for luxury cards like the Amex Platinum.

Is it hard to get approved for the Amex Business Gold card?

Amex Business Gold approval generally requires good to excellent credit. American Express evaluates credit history, income, and other factors during the application process.

What income is recommended for the Amex Business Gold card?

While American Express doesn’t specify a minimum income, higher revenue can improve your approval odds. They consider your overall financial profile, including income, existing debts, and both business and personal credit scores.

Conclusion: Is Amex Business Gold Worth it? 

The Amex Business Gold card offers a suite of features that can be worthwhile if you think you’ll take advantage of them. But, a $375 annual fee isn’t going to work for everyone. 

If you think the benefits can outweigh the cost for you, this is a high-value card from a reputable servicer. If you’re looking for more perks like lounge access, consider a platinum card instead. If you want something with no annual fee, keep shopping around—the right card is out there.   

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Complete Ally Financial Review: No PG, No Credit Check Vehicle Loans +More

By

Ally Financial Review

Key Takeaways

  • Ally Financial is a digital financial services company.
  • It offers banking, investment, and auto financing products.
  • Some customers report poor customer service on online review websites, and the company faces class-action lawsuits over data breaches and loan practices.
  • Ally offers no-personal-guarantee (no-PG) business vehicle loans that focus on business credit, not personal credit.
  • Their business vehicle loans have flexible terms and protect personal assets.

You can find a ton of Ally Financial reviews online. While their affiliates tend to talk them up, some of their customers are less impressed. So, what’s Ally Financial really all about? 

    Here, I’ll answer that and more. Let’s look at what Ally Financial offers, learn about the company, and get to know their no-credit check and no-PG business vehicle loans (which I love).

    This is what’s in store: 

    So, let’s dive in! 

    What is Ally Financial? 

    Ally Financial is a leading digital financial services company that offers a variety of banking and investment products. 

    Its core services include:

    • Ally Bank provides deposit products like savings and checking accounts, CDs, and money market accounts. It also offers mortgages and credit services.
    • Ally Invest allows users to manage investments with self-directed trading, robo portfolios, and personalized advice.
    • Ally Home offers home purchase and refinancing options.
    • Ally Auto provides auto financing, a key part of their offer.

    They emphasize customer care and transparency, with “no hidden fees” (according to themselves) on many of their products.

    You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024 

    What is Ally Financial Known for?

    Ally is known for being one of the first banks to eliminate overdraft fees and to make banking more accessible and customer-friendly. In the corporate world, they’re known for their no-PG business auto loans. 

    And, there are a few key aspects of their overall offer that people tend to love: 

    • As a fully online bank, Ally offers a wide range of services without physical branches.
    • Ally is a major player in consumer and business auto loans and financing.
    • In addition to banking, Ally offers investment options, home loans, and insurance products.

    As a one-stop-shop for personal finance, these factors tend to set Ally apart.

    You might also like: Business Credit Cards without Personal Guarantee 

    Company Overview

    Ally Financial Inc; GMAC Inc

    A Detroit, Michigan-based company, allegedly launched in 1919, Ally Corporate Finance, aka Ally Financial, aka Ally CF,  is listed on Crunchbase as an “automotive financial services company powered by a top direct banking franchise.” Both Ally Financial and Ally Financial Inc. were registered as entities in the state of Michigan in May, 2010, which seems to be when the trade name was changed from GMAC Inc. 

    However, GMAC Inc. was first registered in July, 2009. So, the 1919 founding date must be based on the fact that they’re a subsidiary of General Motors (founded in 1908).  

    Ally Financila Inc Delaware Company 2009

    Still, the company appears to be in good standing, and its most recent annual report was filed in 2024. 

    Out of 762 Trustpilot reviews, Ally’s Trustscore™ is a low 1.2-stars. A lot of customers warn of poor, outsourced customer service, but some praise the banking. With an online-only bank, customer service shortcomings are almost expected. But, these are pretty poor.

    Ally financial review complaints

    With the Better Business Bureau (BBB), their reviews aren’t so promising either—Ally has a C- BBB rating with 1.06 out of 5 stars, and 1,260 complaints closed in the past 12 months, 

    Ally Bank Reviews BBB

    While the BBB lists them as being in business for 40 years, this doesn’t match up with the 1919 nor the 2009 founding dates that I found. 

    Moreover, the reason their BBB rating is low and they aren’t accredited isn’t because they failed to sign up to become accredited. Instead, they’ve been slacking and can’t be accredited because of failure to respond to four complaints and having left eight complaints unresolved. 

    My loan Ally reviews Consumer reports

    To make sure we’re being completely fair, it’s important to note that most financial service companies have a hard time maintaining positive reviews. And, an unsatisfied customer is way more likely to put in the effort to leave a review than someone who is satisfied. 

    So, I did a quick search to see if they had any open or past lawsuits, hoping to come up empty-handed. Sadly, that’s not the case. 

    Ally Financial is facing multiple class-action lawsuits, including: 

    • Allegations of failing to protect customer data during a breach.
      Accusations of discrimination related to its DEI policies.
    • Private lawsuits over improper collection practices during loan repossession.

    With a quick Google search, you can find more information about some of the legal complaints against the company. With that said, I know several people, with vehicle loans through the platform, who are having no problems whatsoever.  

    In sum, Ally Financial has a mixed reputation. It faces low customer ratings on Trustpilot and the BBB, along with class-action lawsuits over data breaches, discrimination, and loan collection practices. But, some customers still report positive experiences.

    You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

    Ally Financial No PG Business Vehicle Loans Summary

    My loan Ally reviews complaints

    One of my favorite offers from Ally is their business vehicle loans–They’re one of the select few lenders I know of to offer business vehicle loans that don’t require a personal guarantee (no-PG) and no credit check. 

    Learn more about the option to get vehicle loans in your business name through Ally! 

    1. Approval Based on Business Credit

    Ally’s no-PG business auto loans evaluate your business’s credit history rather than your personal credit. This process focuses on your company’s financial health, allowing you to keep your personal credit separate from your business.

    You might also like: This is How to Leverage Business Credit to Transform Your Life 

    2. Ideal for Fleet Management

    These loans are perfect for businesses needing multiple vehicles. Whether you need cars, trucks, or specialized vehicles, Ally provides flexible solutions tailored to your growing fleet.

    Recommended: Business Car Leasing 101: How to Lease a Vehicle With Your EIN 

    3. Flexible Loan Terms

    Ally offers various loan terms, usually ranging from 36 to 84 months. You can choose short-term or long-term financing to manage payments according to your cash flow and operational demands.

    You might also like: A Full OnDeck Review: All You Need to Know About This Business Funding Offer 

    4. Competitive Interest Rates

    With no personal guarantee required, business owners can protect their personal assets. This makes no-PG business auto loans a smart choice for companies looking to expand while minimizing personal financial risk.

    5. Personal Asset Protection

    With no personal guarantee required, business owners can protect their personal assets. This makes no-PG business auto loans a smart choice for companies looking to expand while minimizing personal financial risk.

    6. Additional Costs to Consider

    Buyers should be aware of potential costs, such as down payments, registration fees, and any modifications needed for the vehicles. Understanding these costs upfront can help you budget effectively.

    7. Application Process

    To start the financing process, you can download the commercial line of credit application from Ally’s website. It’s a straightforward process that allows you to get started quickly.

    8. Work With a Local Dealer

    Ally Bank Google reviews

    Interested buyers should find a local dealer to learn more about eligibility, specific rates, and additional financing options available through Ally. To find dealers in your area that work with Ally Financial, see their dealer locator. 

    Frequently Asked Questions

    What bank owns Ally Financial?

    Ally Financial is an independent financial services company and does not have a parent bank. It was formerly known as GMAC Inc., a subsidiary of General Motors.

    Is Ally Bank FDIC insured?

    Yes, Ally Bank is FDIC insured. This means that deposits are protected up to the legal limit, which is currently $250,000 per depositor, per insured bank.

    Is Ally Bank 100% safe?

    While Ally Bank is FDIC insured, no bank can guarantee 100% safety. However, it is considered a reputable institution with security measures in place to protect customer information and funds.

    What credit score is needed for Ally Financial?

    Ally Financial typically requires a credit score of 620 or higher for its auto loans, but specific requirements may vary based on the type of loan and other factors. It’s best to check directly with Ally for the most accurate information.

    Conclusion: Is Ally Financial Any Good? 

    So, can Ally be trusted? Well, they present some appealing options, especially with their no-PG business vehicle loans—These loans allow business owners to secure financing without risking personal assets. 

    However, the company faces significant criticism regarding customer service and transparency, as shown by their low ratings on Trustpilot and with the BBB.

    While many customers do report positive experiences, the ongoing legal issues and mixed reviews warrant some level of caution. If you’re considering Ally Financial, weigh the benefits against the potential drawbacks. Conduct your own research and explore other financing options to be sure you make the best choice for your needs.

    If you’re interested in applying for Ally’s no PG business vehicle loan, watch my recent video: 

    Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today! 

    NAMYNOT Net 30: Marketing Services That Build Business Credit

    By

    NAMYNOT net 30

    If you want a way to improve your business’s cash flow while better marketing your business, NAMYNOT’s Net 30 account could be what you need—This option lets you defer payments for up to 30 days, providing more financial flexibility. 

    Curious about how their Net 30 terms work and how they might benefit your business? Keep reading to find out everything you need to know.

    This is what’s in store: 

    Now, let’s roll!

    What is NAMYNOT? 

    Namynot net-30

    NAMYNOT, aka “nmi,” offers businesses a range of marketing services to support growth and visibility. According to their own marketing message, they focus on clear communication and create strategies that fit each client’s specific needs. Whether you want to strengthen your online presence or reach new customers, NAMYNOT can help with practical marketing solutions.

    Here’s a quick look at what they offer:

    • Organic lead generation with content marketing.
    • Email marketing campaigns.
    • Custom marketing strategies, both online and offline.
    • Professional website design and maintenance.
    • Ad management.

    With experience across various industries, NAMYNOT works with businesses of all sizes—They provide straightforward, adaptable solutions that can help your business move toward their goals.

    And, they offer business bureau reporting, which means that you may be able to have your payments reported to help you establish or improve business credit. 

    You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

    Company Overview

    namynot inc. 159 n sangamon st pmb 2726, chicago, il 60607, états-unis

    NAMYNOT Inc. is a Chicago-based web services company that was allegedly founded in 1999 (according to Crunchbase) or 2000 (according to LinkedIn) by Antonio Wells. The company is active and in good standing in the state of Illinois, but their incorporation date was in 2021.

    Now, I did find namynot.com in the Wayback machine as early as 2002, which indicates that the company was probably in operation before that time. Based on the homepage screenshot saved over 20 years ago, the brand’s design trends were quite different at that time, with a focus on flash animation web design.  

    NAMYNOT web services in 2002

    For fun, I popped in to see what NAMYNOT’s website looked like in 2010, and there had been quite an improvement. 

    NAMYNOT in 2010

    Since the company’s launch, Wells has worn many hats. From 2017 to present, he’s been the Managing Director at Celebrity Myxer. From 2015 through 2017, he served as the Senior Manager of Web and Content at BlueStacks, and he was the Founder & Chief Editor at AndroidTapp for over seven years. It seems he’s an experienced entrepreneur with a focus on marketing. And, NAMYNOT is his longest-standing venture.  

    NAMYNOT CEO Antonio Wells

    While I didn’t see any past or open lawsuits against the company, the Better Business Bureau (BBB) warns that they misused the BBB brand logo in that they are not accredited with the BBB. Still, they maintain 5-star reviews on the platform. 

    Namynot reviews

    While I didn’t spend too much time searching for business aliases, I did not see NAMYNOT or nmi listed Trustpilot or Reddit. With a marketing service, this isn’t super alarming, but made me wonder if Wells had been freelancing through another platform to build clientele. 

    I did find wells on Upwork with 100% job success and great client reviews as far back as 2019. Clients consistently commend Antonio Wells for his SEO expertise, thorough research, and ability to create high-quality content that drives lasting results. 

    Antonio Wells Freelancer

    Upwork clients also value his professionalism, clear communication, and strategic insights, often noting how his work positively impacted their businesses. Many clients say that they plan to rehire him, describing him as reliable, knowledgeable, and easy to work with.

    So, despite some ambiguity around its founding date and lack of BBB accreditation, the brand maintains a strong reputation. With consistent positive feedback and a focus on marketing, NAMYNOT has quietly built trust and credibility over the years. In short, they’re likely legit.

    You might also like: How Can Crown Office Supplies Help You Build Business Credit? 

    What is a Net 30 Account?

    A net 30 account is a type of credit account that gives you 30 days to pay off a purchase after receiving an invoice. It’s pretty common in business-to-business transactions. 

    For example, if a company buys supplies from a vendor with net 30 terms, they don’t have to pay upfront—they’ll get an invoice and have 30 days to settle it. It helps businesses manage cash flow by giving them more time to pay for goods or services while still keeping operations running smoothly.

    And, many contemporary net 30 vendors offer payment reporting to business credit bureaus. 

    Recommended: How to Use 30 Day Net Vendors to Build Your Business Credit Score 

    NAMYNOT Net 30 Features & Benefits

    Again, NAMYNOT has a net 30 offer that’s worth a look. Here, explore the features and benefits of being approved for their net 30 terms. 

    1. Pay Later

    How many net 30 accounts should I have?

    With NAMYNOT’s net 30 business line of credit, you have the flexibility to purchase digital marketing services now and defer payment for up to 30 days—This means you can invest in essential services, like a website redesign or social media advertising, without immediate financial strain. 

    For example, if you need to launch a marketing campaign to promote a new product but are short on cash this month, you can use the net 30 option. You can focus on growing your business while managing your cash flow more effectively.

    2. Build Business Credit

    Who does Namynot report to?

    Timely payments on your Net 30 account contribute positively to your business credit profile. When you pay your invoices on time, your payment history is reported to Dun & Bradstreet (the leading business credit bureau). 

    This can improve your creditworthiness and open doors to better financing options in the future. As a business owner, you might become able to secure a higher credit line or more favorable loan terms, which makes it easier to fund your growth ambitions.

    Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

    3. No Personal Guarantee Required

    No PG net 30 account

    One of the significant advantages of our Net 30 account is that it does not require a personal guarantee or a credit check. This feature protects your personal credit score and separates your business finances from your personal finances. 

    For instance, if your business faces a financial hiccup, your personal assets remain safe. This can give you peace of mind as you focus on running and scaling your business.

    You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More

    4. Up to $10K Credit Line

    Namynot customer service

    You can qualify for a credit line of up to $10,000, giving you ample resources to invest in your business. Whether you want to launch a new marketing initiative, hire freelance talent for a project, or upgrade your office equipment, a credit line can give you the flexibility you need. 

    Imagine having the capital to execute a comprehensive digital marketing strategy without immediate cash outflow—this could significantly boost your business visibility and sales.

    You might also like: What is the Best Credit Card for Ad Spend? Expert Insights 

    5. Easy Application Process

    NAMYNOT net 30 application

    Applying for a Net 30 account is straightforward and free of charge. This means you can get access to critical funding without the burden of complicated applications or hidden fees. The streamlined process allows you to focus on what matters most—growing your business. 

    Once your application is approved, you can start using your credit line almost immediately, which enables you to act quickly on new business marketing opportunities.

    You might also like: Free, Printable Business Credit Application Template (+How to Use it) 

    How to Qualify for NAMYNOT Net 30

    To qualify for a NAMYNOT net 30 account, make you meet the following requirements:

    • You own a profitable, U.S.-based business. 
    • Your business is active and was registered at least 90 days ago.  
    • You want to take advantage of NAMYNOT’s services. 
    • You own at least 25% of the business. 
    • Your business has an EIN and a DUNS Number. 
    • No past, negative payment history has been reported about your business. 
    • You have a professional website. 

    If you run a profitable business, have the title of Authorized Officer, and meet all the above requirements, you can confidently apply for a NAMYNOT Net 30 account. 

    Note: If you don’t yet have a professional website, NAMYNOT might be able to help. 

    You might also like: The CEO Creative Net 30 Review: Is it Worth Your Time? 

    Final Thoughts 

    NAMYNOT offers marketing services alongside a net 30 payment option, which can help you manage cash flow while investing in your business. Whether you need digital marketing, a website redesign, or want to build your business credit, their flexible terms can help without the pressure of upfront payments. 

    With an easy application process, no personal guarantee, and credit lines up to $10K, NAMYNOT’s Net 30 option could be a practical choice if you’re looking to expand your marketing efforts. What do you think? 

    Do you wanna learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

    FairFigure Review: Is it Really That Easy to Build Business Credit?

    By

    FairFigure review

    I first discovered FairFigure when writing up my most recent post, a comprehensive Fidextech review. I found it so interesting that I put it at the top of the list to research next. Now, here’s everything I know. 

    Let’s take a look at what FairFigure is, see an overview of company leadership, and explore the features of the card in detail. 

    This is what’s in store: 

    Now, let’s roll! 

    What is FairFigure?

    Fair figure net 30

    FairFigure is a platform designed to help small business owners build, monitor, and improve your business credit. They offer a service that allows you to track both your business and consumer credit scores in real time. It includes features like a Business Credit Correct tool that helps identify and fix incorrect information. 

    FairFigure also offers the FairFigure Business Capital Card, which you can use to get funding without personal credit checks or personal guarantees.

    Key features include:

    • Business and consumer credit monitoring.
    • FairFigure Capital Card that helps build credit while providing same-day funding.
    • Payment reporting to commercial credit bureaus. 
    • Identity Theft Protection and Darknet Scanner to help secure your company.

    With FairFigure, there are no personal credit checks for funding or credit applications, since they rely on business EINs instead. The company positions itself as a tool to help businesses grow by helping them improve credit scores and secure better funding options.

    You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024 

    Company Overview

    Is Fair Figure legit?

    FairFigure Capital LLC is a Fort Lauderdale-based company that was founded in 2021 by Dana Angelino. Angelino happens to own and co-own several other companies, including numerous net 30 offers that help people build business credit. 

    His other businesses include: 

    So, FairFigure’s founder is as informed as anyone could be about the business credit building market and net 30 offers. Other than a bank executive, I can’t think of a better background for a business credit builder company leader. 

    While FairFigure is not Better Business Bureau-accredited, they have an A- rating on the platform, with minimal complaints and a handful of positive reviews from satisfied users. 

    FairFigure reviews complaints

    I didn’t find any FairFigure reviews on Trustpilot, mentions on Reddit, or staff reviews on Glassdoor. Most of the reviews I did find appeared to be affiliate reviews, so I assume they were somewhat biased. 

    FairFigure credit card reviews

    Without ever having applied for the card myself, I can only say that, if I were a betting man, I would wager that the company is trustworthy based on what I know about its leadership. 

    With that said, I did notice something about the offer that is quite misleading. FairFigure claims to offer cashback on card purchases. 

    FairFigure coupon

    However, while I was searching for the cashback amount, I came across a blog post on the official website that states: “Instead of cash back, [the FairFigure Capital Card] benefits primarily revolve around your credit.”

    FairFigure does not offer cashback

    I’m not a fan of deceptive messaging or brands with a lack of transparency, so this doesn’t sit so well with me. But, even without cashback, the offer is worth taking a look at. 

    You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

    FairFigure Capital Card Features

    FairFigure business credit card

    The FairFigure Capital Card is a “no PG” (no personal guarantee) business credit builder card. It lets you apply using your company’s EIN, which allows you to build business credit without personal credit checks or guarantees. 

    The card offers: 

    • Flexible four or eight week repayment terms. 
    • Credit monitoring tools. 
    • Identity theft protection.
    • Reporting to commercial credit bureaus. 

    Moreover, it provides funding based on business revenue and reports payments to key business credit bureaus, which helps boost your credit score. Ultimately, it’s designed to separate personal and business finances, which makes it practical for small businesses that want to build credit and access funding.

    Note, funds must be repaid in full within the payback terms you choose—It’s more like a corporate card, not a credit card. 

    Recommended: Business Credit Cards You Can Get Without a Personal Guarantee 

    1. No Personal Guarantee

    Fairfigure login

    You don’t have to worry about personal credit checks or guarantees when you apply for the FairFigure Card—This keeps your personal and business finances separate, which reduces the risk to your personal credit score and assets. 

    No PG business credit offers are perfect for businesses that want to build credit solely through their EIN.

    You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

    2. Adjustable Spending Limits

    Fairfigure credit limit

    Your spending limit with FairFigure is based on your business revenue. For example, if your business meets the qualifications, you could start with a $1,000 limit. As your revenue grows, so does your spending power. 

    So, if your business brings in $10K in monthly revenue, you might qualify for an $8K limit. The scalability allows you to extent your purchasing power as your business expands and gives you access to more capital when needed.

    3. Net 30 or Net 60 Repayment Terms

    Business credit for new business

    Net 30 or net 60 terms refer to how much time you have to pay back what you’ve borrowed. With FairFigure’s card, you can choose either 30 or 60 days to pay your balance in full. 

    If you choose net 30, you’ll need to pay off your card in full within 30 days of making a purchase. And, if you choose net 60, you have 60 days. 

    4. Personal and Business Credit Monitoring 

    Business credit builder

    For $30 per month, FairFigure offers business credit monitoring that helps you track your financial health. 

    FairFigure monitors business credit scores from: 

    1. Fundex
    2. CreditSafe
    3. Equifax

    And, provides consumer credit monitoring from: 

    1. Equifax
    2. Transunion
    3. Experian

    This service not only keeps you updated on your credit scores but also reports your $30 monthly subscription as a separate vendor tradeline. 

    So, paying for the monitoring service helps build your credit faster by adding an extra positive payment to your business credit report.

    5. Identity Theft Protection

    Business credit cards for fair credit

    With the $30 credit monitoring subscription, FairFigure includes $1 million in identity theft protection to safeguard your business. You’ll also benefit from a Darknet scanner that alerts you if your business’s sensitive information is exposed. 

    With this added security, you can focus on growing your business without the worry of identity theft.

    Recommended: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection 

    6. Reporting to Business Credit Bureaus

    Who does Fair Figure report to?

    According to FairFigure’s official website, they report data to: 

    1. Equifax Commercial
    2. CreditSafe USA
    3. SBFE
    4. Their own Foundation Report

    So, you can get your credit monitoring and FairFigure card payments reported to these bureaus. 

    However, there is no current indication that FairFigure reports to Experian Business or Dun & Bradstreet. This may change, so it’s a good idea to check their official website for the most up-to-date information.

    You might also like: Everything You Need to Know About a DUNS Number – and Why You Should Care 

    FairFigure Partnership Opportunity

    FairFigure waitlist

    Again, I first learned about FairFigure through Fidextech, a web design and marketing agency that offers FairFigure net 30 terms to their clients, which caught my attention. 

    Through the affiliate program, you can earn up to $120 for each client or customer who signs up and is approved for the FairFigure Capital card. The card allows you to offer net 30 terms to your clients who can then pay you while building positive payment histories. 

    The program supports new businesses by establishing their profiles with credit bureaus and helps most business owners get approved for at least $1,000 in initial funding. 

    You might also like: A Complete Fundwise Capital Review: Should You Use Their Business Funding Services? 

    Conclusion: Is FairFigure Legit? 

    So, can you really build business credit that easily with FairFigure? It’s a bit more complex than a simple yes or no. While FairFigure offers two tradelines—the Capital Card and the monitoring service—these alone may not be enough to significantly boost your business credit. 

    Still, you can use the FairFigure card to pay your other tradelines, which might be super helpful. Keep in mind that paying $30 for credit monitoring is optional and may not be necessary on the business credit building journey; there are other ways to track your credit without this added expense. 

    Ultimately, FairFigure provides some solid tools, but building substantial business credit often requires more than just these offerings. Consider your options carefully before you dive in.

    Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

    The Growegy Net 30 Account: Is it a Legitimate Offer? 

    By

    Growegy Net 30

    When you’re looking to build business credit, and you also need an automated project management system, Growegy might make your shortlist—It’s one of the few project management platforms that offers net 30 terms. If this is the case, there are some things you need to know for sure whether it’s legit and worthwhile. 

    Here, learn what Growegy offers, how much it costs, and whether it’s the right platform for your needs. Then, find out what you can expect from Growegy Net 30, in terms of business credit building. 

    This is what’s in store: 

    So, let’s roll…

    What is Growegy? 

    Growegy reviews

    Growegy is a marketing management platform that helps you organize, plan, and track your marketing campaigns and programs all in one place. When you log in, you’ll start with a calendar view that shows you everything at a glance, whether you want to see your tasks for the month, week, or even the day.

    Apparently, with Growegy, you can: 

    • Create and manage individual projects. 
    • Assign tasks to team members. 
    • Keep an eye on your progress. 

    The platform enables you to group your marketing efforts into campaigns—This way, everything stays connected and aligned with your goals…all while you build business credit with net 30 payment terms. 

    With customizable views and simple tools, Growegy is meant to help you make sure your marketing strategy runs smoothly across all channels. Whether you’re running a small social media campaign or a larger multi-channel effort, Growegy might be able to help you stay on top of it all.

    You might also like: The CEO Creative Net 30 Review: Is it Worth Your Time? 

    Growegy Pricing 

    Growegy login

    Growegy has two available pricing plans: 

    1. Monthly Plan (basic) for $55 per month, which saves you $60 per year. 
    2. Annual Plan (advanced) for $600 paid in $200 installments over three months. 

    Both plans include project management for up to eight users, monthly business development consultations, business credit reporting, and Growegy AI (powered by ChatGPT). 

    Basic users will be able to use GPT-3.5 and advanced accounts get the upgraded GPT-4. GPT-4 is a more advanced, accurate, and capable version of GPT-3.5, designed to better understand and generate human-like text. 

    Advanced users also get a higher credit amount reported for the full 12 months and enhanced support. 

    Company Overview

    Growegy strategy

    While Crunchbase lists Growegy Inc. as a San Francisco-based business, the company isn’t searchable in California’s Secretary of State database. On LinkedIn and a couple of other sources, Growegy is located in Boca Raton, Florida. Allegedly, the company was founded in either 2018 (according to the about page on growegy.com) or 2020 (as reported on the Crunchbase profile). 

    Growegy Crunchbase profile

    Their own website says that they were founded by “people who wanted to help small businesses grow.” But, one Pitchbook entry lists their founders as Danny Williams, Alex Gridnev, and Iana Ishcuk—this entry lists the company in Livermore, California. 

    Growegy meaning

    I couldn’t verify Growegy Inc. as a registered business in either California nor Florida. After that, I decided to peek in at Deleware’s Secretary of State database, since they have the most business-friendly laws and lots of tech businesses seem to register there and list their companies as foreign entities in other states. 

    Lo and behold, I found them registered in Delaware, though the registration didn’t become active until 2023. With all this, there is a clear lack of transparency into their location and time in business, which are red flags. 

    Business vendor credit

    On one hand, knowing that the company has only been in operation since January 2023 helps to explain why they have no profiles on Trustpilot and BBB. However, I couldn’t even find any Redditor comments, questions, or reviews, which tells me there really aren’t many trust signals at all. 

    The bottom line is that Growegy hasn’t been in business long enough for me to recommend them with any sense of confidence. However, they have received an honorable mention from Nav, which is a business credit authority that I trust. And, they are active on social media, which tells me there are probably real people running the business, but they don’t have a ton of engagement. 

    Nav & Growegy

    Recommended: Using 30 Day Net Vendors to Build Your Business Credit Score 

    Growegy Platform Features 

    Growegy offers robust tools for project management, content creation, and digital marketing. Their AI tools assist with writing and refining content, while integrations with Google Calendar, Salesforce, and Outlook keep your tasks and customer data organized. They also provide marketing services and a loyalty program with rewards for long-term users.

    You might also like: What’s the Best Remote Desktop Software for Windows & Mac? 

    1. AI-Powered Project Management

    Growegy AI project management

    Growegy AI offers a range of tools to generate and refine content. You can use it to brainstorm ideas, write drafts, fix grammar, and more. Simply click on the Growegy AI icon to start. You can chat with the AI, asking up to 25 questions per session, and access previous chats for reference. 

    Prompts guide the AI to perform tasks, and the Prompt Library helps you find and reuse prompts across different categories. Variables allow you to save and reuse specific details like company names or product info, streamlining your prompts. 

    For frequent changes, use additions directly in prompts. Growegy AI is continually expanding its features, including upcoming options for custom prompts and variables.

    You might also like: Cred AI Review: Are You Really Better Than Your Bank? 

    2. App Integrations

    Growegy API integrations

    The Growegy platform integrates with Google Calendar, Salesforce, and Microsoft Outlook—this can streamline your workflow by keeping all your scheduling, customer relationship management, and communication in one place. 

    Syncing with Google Calendar or Outlook helps make sure your marketing tasks and deadlines are seamlessly managed alongside your regular appointments. The Salesforce integration aligns your marketing projects with customer data, improving lead tracking and campaign effectiveness. 

    Overall, these integrations can help you stay organized, coordinate with your team, and stay productive, but the integration process is pretty manual and requires API authorization.

    You might also like: The PEX Card: Is it the Best Corporate Card for Your Business? 

    3. Agency Services

    Growegy agency services

    They also offer digital marketing services designed to optimize or manage your marketing. 

    Growegy’s services include:

    • Advertising, SEM, PPC, & paid social
    • Website & SEO
    • Creative & content 

    They handle the placement of your ads across various platforms, including search engines and social media, to effectively reach and persuade your target audience. Growegy can build or manage your website, offering design, development, and hosting services. They also provide SEO optimization and produce various types of content for your marketing needs.

    You might also like: 31 Free & Cheap Marketing Ideas 

    4. Loyalty Program 

    Growegy Net 30 Loyalty Rewards

    If you’re a monthly subscriber, you’ll be eligible for Growegy’s loyalty benefits after you’ve been on the platform for five months. Annual users can take advantage of the loyalty program by their fourth month. 

    Some of the rewards include:

    • A set of social media or ad copy with an image.
    • An SEO technical review.
    • A website design review. 
    • An SEO content review and keyword suggestions. 
    • Advertising account setup.
    • Five engraved bottle openers or metal business cards.

    This program lets you try out some of Growegy’s extra services as a thank you for your loyalty.

    Growegy Net 30 Overview

    Build Credit With Growegy

    To apply for a Net30 account with Growegy, you need to provide your business’s EIN or Tax ID number in addition to contact info. You’ll choose the plan you want and apply. The application process is quick, with account creation completed within 48 hours.

    Growegy Net 30 application

    After approval, you will receive invoicing details and can start using Growegy’s services.

    You might also like: JJ Gold Net 30: Build Business Credit Buying Jewelry +More 

    What Business Credit Bureau(s) Does Growegy Report to? 

    Growegy reports your transaction history to several business credit bureaus to help build your business credit. They automatically report to bureaus like Experian and Equifax. For Dun & Bradstreet, they offer manual verification to make sure your payment history is accurately recorded. 

    This means your business credit allegedly gets built across multiple bureaus to help you establish a solid credit profile.

    Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

    How Do You Cancel Your Growegy Account? 

    You can cancel your account through the billing portal, by emailing support@growegy.com, or by contacting your account manager. They will process your cancellation within 48 hours, and it will take effect in the next billing cycle.

    Conclusion: Is Growegy Legit?  

    Growegy is a relatively new player in the project management and business credit space. While they offer a unique combination of services, including AI-powered tools and net 30 payment terms, the company’s legitimacy comes with some concerns. Their recent registration and lack of established reviews or clear transparency about their business location are red flags that can’t be ignored.

    However, Growegy does report to major business credit bureaus, which is a positive sign for those looking to build business credit. They also offer a comprehensive loyalty program, which adds value for long-term users.

    Ultimately, whether Growegy is right for you depends on your risk tolerance. If you’re comfortable with a newer company and are interested in their specific offerings, Growegy might be worth a try. 

    Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today! 

    How to Find Aged Shelf Corporations Under $500 +Likely Issues 

    By

    aged shelf corporation under $500

    Starting a business is no small feat, especially when you want to hit the ground running with a company that already has some history. Aged shelf corporations can be a shortcut to many goals. They almost instantly give you an established entity with credibility that can speed up access to business credit. 

    If you’re on a budget, you might be looking for shelf corporations under $500. This guide will explore these affordable options, answer common questions, and touch on some caveats you should think about.

    This is what’s in store: 

    Now, let’s dive in.

    How Much Does a Shelf Corporation Typically Cost?

    Shelf corporations for sale

    The price of a shelf corporation can vary, much like vintage items—Prices can range from a few hundred bucks up to $10K, so it’s super important to do your research. 

    Several factors influence the cost of a shelf corporation: 

    • Older shelf corporations usually come with a higher price tag because of the corporate history. 
    • The state where the company is registered also affects the cost—Some places have higher fees and maintenance expenses while some have more corporation-friendly laws than others. 
    • Pricing can vary based on additional services like help with the ownership transfer or compliance.
    • A shelf corporation with a desirable name or specific legal structure might cost more. 
    • And, if the shelf company comes with extra documents like an EIN or credit reports, this can also increase the price. 

    Of course, demand in certain areas or industries can influence pricing trends as well. Consider your needs and check for any hidden costs before you make a decision. 

    Recommended: How to Find Aged Shelf Companies for Sale +Why Buy Them? 

    Can You Buy an Aged S Corp?

    You can absolutely purchase an aged S Corp—This is a type of shelf company that elects to be taxed under Subchapter S of the Internal Revenue Code. These entities offer benefits such as pass-through taxation, which can be advantageous. 

    S Corps are available on several shelf corporation marketplaces. If you elect to purchase one, make sure the S Corp you’re considering has kept up with necessary filings and compliance requirements.

    You might also like: How Much Does it Cost to Start an LLC (Beyond Licensing)? 

    What Are the Assets of a Shelf Company?

    Shelf companies usually don’t have significant assets or liabilities. They’re like blank slates with a history, meaning their value comes from their age and the credibility they bring, not from physical or financial assets. 

    However, this can vary. Some shelf corporations may have been involved in transactions or other activities, while others remain completely unused and empty.

    Are Shelf Corporations Legal?

    You can’t necessarily use a shelf corporation with no trading history and simply pretend it has been in business for a long time. 

    If you buy a shelf corporation that has been involved in activities like buying and selling products or services, be careful—There might be hidden problems or debts from its past. Make sure to carefully review business history and get legal advice to avoid future issues.

    You might also like: 3 Best Business Credit Cards for a New LLC +More Resources 

    Is Buying a Shelf Company Worth It?

    why do people buy shelf corporations?

    Buying a shelf company can be a smart move if you need to quickly establish business credibility. Instead of enduring the lengthy process of setting up a new business, you can quickly step in with a shelf company, making the setup process simple and hassle-free.

    An aged shelf corporation might provide:

    • Instant credibility 
    • Faster credit access 
    • Time savings 

    First, these established companies tend to provide instant street cred—Their age can make your business appear legit right from the start, which potentially earns you greater trust from customers and partners. 

    Shelf companies can also open doors to opportunities that require a business with history, like: 

    • Meet a corporate lease requirement
    • Fulfill a business contract requisite
    • Satisfy a business loan or credit stipulation

    Business lessors, decision-makers, investors, and lenders often favor companies with a few years of operation. 

    Aged shelf corporations with credit package

    So, an established shelf corp can make it easier to kickstart your business—Plus, if you want to expand into new markets, a shelf company might streamline some of the legal and regulatory aspects of your expansion. And, if the shelf company comes with a desirable name, you get the benefit of using it without the effort of registering a new one. 

    You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

    How to Choose the Right Shelf Corporation Under $500 

    List of shelf corporations under $500

    To find the best shelf corporations under $500, search online marketplaces and business brokers. 

    Make sure the shelf company meets your requirements: 

    • Age
    • Compliance status
    • State of incorporation
    • Name 
    • Financial history
    • Additional services
    • Seller reputation 

    For the most part, shelf corporations available in this price range are less than a year old. But, just because they’re not listed doesn’t mean they’re necessarily unavailable. 

    Ask your friends, family, or anyone in your network if they have an old business they never used. My uncle had one, and lots of people do. If you can get it back in good standing, you might be able to buy it for under $500.

    Now, let’s explore how you can go about making sure a registered entity has everything you need. 

    You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs? 

    1. Check the Age of the Shelf Corporation

    To start, evaluate the age of the shelf corporation—An established company with several years of history can offer significant advantages, like a credibility boost and easier access to credit. 

    If you’re looking at shelf corporations costing less than $500, you’ll usually find ones that are about a year old or younger. These newer companies might not seem as trustworthy as older ones, but they can still be useful in some cases.

    2. Verify Compliance Status

    Next, make sure that the shelf corporation is in good standing with all relevant regulatory requirements. Check that all necessary filings and fees have been paid and that there are no outstanding penalties or compliance issues. 

    A corporation in good standing reflects proper maintenance and reduces the risk of legal complications. Request documentation from the seller to verify the company’s compliance status and confirm that it meets all legal requirements.

    3. Review the State of Incorporation

    The state where the shelf corporation is registered can have a major impact on its advantages. Some states offer more favorable business laws, tax benefits, or regulatory conditions. 

    For example, Delaware is known for its business-friendly environment—this might be beneficial depending on your needs. Evaluate whether the state of incorporation aligns with your business strategy and operational requirements.

    4. Examine the Name of the Corporation

    The name of the shelf corporation is another critical factor to consider. A name that fits well with your branding or operational needs can enhance your business’s image and save you from the hassle of registering a new one. 

    Ensure the name is appropriate and does not conflict with existing trademarks or legal issues. A suitable name can help you establish a professional presence more quickly and seamlessly.

    5. Check Financial History and Liabilities

    It’s super important to investigate the financial history of a shelf corporation to make sure it’s free of any outstanding liabilities or debts. A clean financial record is crucial to avoid inheriting potential financial issues. 

    Request detailed financial statements or reports from the seller to verify that the corporation’s financial history is clear. Make sure there are no hidden obligations that could complicate your acquisition.

    You might also like: Business Credit Report – Run a Free Company Search with Experian 

    6. Look for Additional Services and Features

    When you evaluate a shelf corporation, consider any additional services or features included in the purchase. 

    Some sellers offer extras like: 

    • Help with ownership transfer
    • Regulatory documentation preparation 
    • A credit-building package

    These added benefits can streamline the setup process and provide additional value—Assess what’s included in an offer to determine if it meets your specific needs and adds convenience to the transaction.

    You might also like: How to Create a Business Credit “Entity” 

    7. Confirm the Legal Structure and Fit

    Verify that the legal structure of the shelf corporation aligns with your business needs. Whether you require an LLC, S Corp, or another type of entity, ensure that the corporation’s structure supports your operational and regulatory requirements. 

    The right legal structure can provide the appropriate legal protections, tax advantages, and operational flexibility. Confirm that the shelf corporation fits well with your business strategy and goals.

    You might also like: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

    8. Research the Seller’s Reputation

    Finally, choose a shelf corporation from a reputable seller with positive reviews and a solid track record. A trustworthy seller will make sure you receive a legitimate, well-maintained entity—this minimizes the risk of potential issues. 

    Research the seller’s background and customer feedback to verify their reliability and the quality of their listings. A reliable seller will provide peace of mind and help ensure a smooth acquisition process.

    You might also like: 11 Alternative Ways for Entrepreneurs to Raise Capital

    Frequently Asked Questions

    What are aged shelf corporations with credit packages?

    These are shelf companies bundled with additional services like credit-building packages. These packages might help you secure business credit faster with extra resources.

    What are the best shelf corporations under $500?

    The best shelf corporation depends on your specific needs and preferences. Look for companies that offer a balance of age, credibility, and any extra features you might need. 

    Are Delaware shelf corporations for sale?

    Yep, many sellers offer Delaware shelf corporations, which are popular because of Delaware’s business-friendly laws.

    Can I buy a wholesale shelf corporation?

    Yes, purchasing multiple shelf corporations at once, or a wholesale shelf corporation, can sometimes offer a discount—This option might be ideal for investors or businesses that need several entities.

    Conclusion

    Aged shelf corporations under $500 can offer a cost-effective solution for quickly establishing a business with a credible history. By understanding the costs, benefits, and legal aspects, you can find the right shelf company to meet your needs.

    Looking to boost your business with a shelf company, faster access to credit, and a year of free Business Credit Elite Club membership? Get a 3-year old shelf corporation and elevate your business today.

    Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop!

    9 Best Business Credit Books Worth Reading in 2024

    By

    Business Credit Books

    The best way to get business credit is to research and learn everything you can about the process. But, that doesn’t mean you should believe everything you read or hear. The best business credit books are those that provide practical advice, real-world examples, and proven strategies from experts who have successfully navigated the business credit landscape.

    Here, I share the best business credit books you can invest in to get tangible results.  

    This is what’s in store: 

    Now, read on! 

    What are the Best Books on Business Credit? 

    Business credit books tend to fall into one of two categories. 

    • Books on how to build business credit 
    • Credit repair business books 

    So, I’ve included a section here for each segment. First, we’ll look at the best books for small business owners that want to learn how to build business credit. Then, we’ll explore the best books for credit repair business owners. 

    You might also like: A Credit Stacking Breakdown: What it is & How it Works 

    4 Best Books on How to Build Business Credit

    Instead of just relying on your own money, traditional loans, or investors, learning how to build business credit gives you a smart way to access funds that fit your business needs. 

    These books can help you keep your personal and business finances separate, lower financial risks, and set your business up for steady growth by using credit wisely and responsibly.

    Recommended: This is How to Leverage Business Credit to Transform Your Life 

    1. The #1 Technique to Get No-Doc Lines of Credit 

    Book Get No-Doc Lines of Credit

    The free report on how to obtain up to $100K+ in business credit in 30 days offers a shortcut to acquiring significant business credit quickly, highlighting strategies to secure financing without traditional financial documentation. It outlines essential steps for building a strong business credit profile, the best tradelines for business credit, and identifies top lenders offering lines of credit and credit cards without the need for income verification. 

    You’ll need to upgrade to a membership for detailed criteria for lender qualifications and comprehensive strategies for long-term credit management. This report is ideal for small business owners who want rapid access to business credit.

    > Get The #1 Technique to Get No-Doc Lines of Credit

    2. LLC QuickStart Guide

    LLC QuickStart Guide

    If you’re looking to build business credit, the “LLC QuickStart Guide” by Matthew C. Lewis is a must-read. It covers the essential steps to form a Limited Liability Company (LLC), which is crucial to protect your personal assets and professionalize your business—This book addresses the complete LLC formation process across all 50 states, from documentation and compliance to writing Articles of Organization and an Operating Agreement. 

    It also simplifies LLC taxes and offers strategies to minimize tax liabilities. While it’s excellent for understanding the foundational aspects of LLCs and asset protection, you’ll still need additional resources on specific business credit-building strategies and maintaining a strong credit profile over time.

    Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

    3. Small Business Finance for the Busy Entrepreneur 

    Small Business Finance Book

    “Small Business Finance for the Busy Entrepreneur” by Sylvia Inks is invaluable when you’re looking to build business credit because it focuses on practical financial strategies essential for sustainable business growth. It addresses crucial elements such as how to understand business finances, manage cash flow effectively, and make informed financial decisions—all vital to lay a solid foundation to qualify for and manage business credit. 

    This book stands out by offering step-by-step instructions and real-life case studies that illustrate the impact of financial management on business success. However, while it excels in financial management tips, you’ll still need to supplement with resources specifically tailored to building and managing business credit profiles, including nuances of credit reporting and strategies to establish credit relationships with lenders effectively.

    You might also like: 1-800Accountant Reviews: Expectations vs Reality 

    4. How to Win Friends and Influence People

    Dale Carnegie Book

    When you’re aiming to build business credit, “How to Win Friends & Influence People” by Dale Carnegie offers timeless insights that can be instrumental, especially in networking with local banks—a critical aspect of credit building. This classic emphasizes interpersonal skills crucial for fostering positive relationships, which are vital when approaching lenders for business credit. 

    It addresses foundational elements like building rapport, understanding others’ perspectives, and influencing decisions positively. However, while it excels in interpersonal strategies beneficial for networking, you’ll need additional resources focused specifically on financial literacy, credit reporting nuances, and practical steps to establish and maintain a robust business credit profile effectively.

    You might also like: 3 Best Credit Unions for Small Business Banking in 2024 

    5 Best Credit Repair Business Books 

    Instead of relying solely on personal strategies or generic financial advice, learning from credit repair business books provides you with specialized knowledge to effectively navigate the complexities of offering credit repair services.

    These books offer targeted insights into: 

    • Improving credit scores
    • Disputing inaccuracies
    • Guiding clients toward financial health

    They equip you with proven techniques and legal guidelines essential for helping individuals and businesses regain financial stability and achieve their credit goals responsibly.

    1. Credit Secrets 

    Credit Secrets Book

    “Credit Secrets” by Scott and Alison Hilton is ideal for anyone diving into the credit repair business because it delves into practical strategies that helped the authors overcome financial challenges. 

    It covers essential elements like: 

    • Understanding credit repair techniques
    • Negotiating with creditors
    • Leveraging legal protections for consumers 

    This book provides valuable insights into building a credit repair business by sharing personal experiences and proven methods that can help clients improve their credit scores. 

    However, while it offers foundational knowledge and success stories, you’ll need additional resources to navigate legal complexities, stay updated on industry regulations, and master advanced credit repair techniques.

    Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

    2. How to Remove All Negative Items From Your Credit Report

    Remove Negative Credit Items Book

    The book ‘How to Remove ALL Negative Items from your Credit Report’ by Riki Roash is a valuable resource for anyone starting a credit repair business because it provides a straightforward, do-it-yourself approach to removing derogatory items from credit reports. 

    It’s particularly useful for understanding the exact steps professionals use to dispute and remove negative marks, such as charge-offs, bankruptcies, and late payments, which is essential knowledge in the credit repair industry. By following Roash’s step-by-step guide, aspiring credit repair professionals can learn how to navigate the credit reporting system effectively and help clients improve their credit scores. 

    However, while this book offers practical methods for disputing negative items, building a successful credit repair business also requires understanding consumer protection laws, ethical guidelines, effective client communication, and ongoing updates on credit industry regulations. This additional knowledge ensures compliance and enhances the credibility and effectiveness of the credit repair services provided.

    You might also like: Is Credit Suite Legit? — A Business Credit Expert Review 

    3. Rapid Results: Credit Repair Credit Dispute Letter System

    Dispute Letters Book

    “RAPID RESULTS Credit Repair Credit Dispute Letter System” by John D Harris is a valuable resource for anyone entering the credit repair business because it offers a comprehensive system backed by the author’s extensive expertise in finance and credit management. 

    Harris, with a background as a loans officer and Credit Bureau Manager, provides insider knowledge on effective credit dispute strategies and how to navigate recent legal changes affecting credit repair practices—His inclusion of attorney-written dispute letters and direct email support makes this book particularly practical for beginners looking to initiate credit repair services. 

    However, while it covers essential dispute tactics and provides direct access to the author for guidance, aspiring credit repair professionals will still need to deepen their understanding of compliance with the Credit Repair Organizations Act (CROA), maintain awareness of evolving industry standards, and develop additional skills in client communication and service delivery.

    You might also like: Credit Repair Cloud Reviews Examined: Is This Offer Legit?  

    4. The Culture Code

    The Culture Code Book

    “The Culture Code” by Daniel Coyle is a valuable resource for anyone entering the credit repair business because it provides essential insights into building a cohesive and motivated organizational culture, which is crucial for fostering teamwork and achieving business success. 

    Coyle explores how successful groups like SEAL Team Six and IDEO cultivate strong cultures of: 

    • Trust
    • Collaboration
    • Innovation

    The practical strategies that can be applied to any organization, including credit repair firms—It addresses key elements such as fostering trust among team members, promoting effective communication, and creating an environment where learning and adaptation thrive. 

    However, while it excels in explaining the dynamics of successful group cultures, aspiring credit repair professionals will still need to focus on specific industry knowledge like consumer credit laws, ethical practices in credit repair, client management strategies, and the latest developments in credit reporting and scoring systems.

    You might also like: From Hire to Retire – Finding & Engaging a Committed Workforce 

    5. Governance, Risk Management, and Compliance

    Compliance Book

    “Governance, Risk Management, and Compliance” by Richard M. Steinberg is a valuable read when you’re venturing into the credit repair business because it offers deep insights into how effective governance and risk management strategies can safeguard businesses against pitfalls and enhance long-term success. 

    Steinberg, a renowned expert in corporate governance, provides practical guidance on how to establish: 

    • Robust processes
    • Organizational structures
    • Essential technologies

    You can use this information to achieve your goals while navigating regulatory landscapes. The book delves into critical elements like compliance programs, risk management practices, and the board’s role in overseeing corporate strategy and performance measures. 

    However, while it addresses foundational aspects crucial for business stability and growth, aspiring credit repair professionals will need to complement this knowledge with specific expertise in consumer credit laws, effective dispute resolution techniques, client relationship management, and ongoing industry developments.

    You might also like: Business Credit Repair: How to Get Your Business Credit Back on Track 

    Bonus Tips to Build Business Credit Fast

    Here are some essential tips to guide you as you build your business credit profile:

    1. Start small — Begin with smaller credit lines and manage them carefully. This approach demonstrates reliability to future lenders and sets a strong foundation.
    2. Always pay your bills on time — Timely payments are crucial for building a solid credit reputation and unlocking larger credit opportunities in the future.
    3. Diversify your credit — Explore various credit options such as business credit cards, trade lines with suppliers, and small lines of credit. This diversification reduces financial risk and showcases your ability to manage multiple credit relationships effectively.
    4. Build relationships with lenders — Foster positive connections with lenders and vendors who report to business credit agencies. Their endorsements can significantly enhance your credit standing and lead to better terms.

    Remember, building business credit is a gradual process. Each strategic step you take strengthens your business’s financial health and opens doors to greater growth opportunities.

    Frequently Asked Questions

    What is good credit to start a business? 

    A good personal credit score to start a business is typically 700 or higher. But, having a strong business credit profile is equally important, which involves having a solid payment history, low debt levels, and positive relationships with lenders and vendors.

    Can I get credit with my LLC? 

    Yes, you can get credit with your LLC. Establish business credit by obtaining an Employer Identification Number (EIN), open a business bank account, access tradelines that report to business credit bureaus, and apply for the right business credit cards or lines of credit. Keep personal and business finances separate to build a strong business credit profile.

    How to get a 100 business credit score? 

    To achieve a perfect 100 business credit score, pay all your bills on time or early, maintain low credit utilization ratios, and establish diverse credit accounts such as trade lines and business credit cards. Regularly monitor your business credit reports for accuracy and develop strong relationships with vendors who report to credit bureaus. 

    How do I get my first business credit line? 

    To get your first business credit, register your business and get an EIN. Open a business bank account, apply for a business credit card or a small line of credit, and establish trade lines with vendors that report to business credit bureaus. Ensure all payments are made on time to build a positive credit history.

    Obtain Up to $100K in Business Credit With Business Credit Workshop

    Don’t miss out on the transformative power of business credit to lift your business. Mastering business credit isn’t just about funding—it’s about seizing opportunities that propel your growth and secure your financial future. Imagine accessing up to $100K in business credit within 30 days, empowering you to scale operations, invest in marketing, expand your team, or seize new business ventures. 

    Start paving the way to financial independence and business success now! Join Business Credit Workshop today!

    What is the SBFE & How Do They Impact Small Businesses? 

    By

    SBFE

    As you build your business credit, you’ll start to see the Small Business Financial Exchange (SBFE) mentioned here and there. It’s probably immediately apparent that they’re involved in business credit data. But, how does this apply to you, as a small business owner?

    Here, I’ll break down what the SBFE is, what they do, who they are affiliated with, and how this applies to small business and business credit. And, I’ll answer a couple of the most common questions I hear about the SBFE. 

    This is what’s in store: 

    Now, let’s roll! 

    What is the Small Business Financial Exchange? 

    SBFE tradelines

    The SBFE is like a guild for over 135 U.S. small business lenders, including big banks, merchant acquirers, and credit card companies. It started in 2001 and gathers info about how businesses pay their bills—This info goes to the major credit reporting companies, helping them figure out how risky it is to lend to businesses. 

    The goal is to make sure lenders have accurate insights into business’ credit health. However, it’s not a commercial credit reporting agency. Instead, it collects payment history from its member lenders and provides that data to the credit reporting agencies.

    Here’s how it works:

    1. SBFE member lenders report business payment history to SBFE.
    2. SBFE shares the data with commercial credit reporting agencies.
    3. The agencies use this data – along with information from other sources – to create credit reports and scores.

    Payments to suppliers, loan payments, commercial lease payments, and auto payments are examples of payment experiences that can end up on your business credit file via the SBFE. They collect and share both positive and negative payment information, which includes on-time payments as well as late payments.

    And, unlike personal credit data, business credit data is not protected under the Fair Credit Reporting Act FCRA, which means that anyone can access your business’s credit information without your permission. However, SBFE data is available only to SBFE members for credit risk assessment purposes, not for marketing.

    As for membership, small businesses can’t join SBFE or report payment history directly to it (the reason they don’t allow you to submit your own trade references is to prevent duplicate account reporting). SBFE membership is open to those who originate small business financing.

    Recommended: 41 Companies That Help Small Businesses Build Business Credit 

    What You Need to Know About the SBFE Score 

    SBFE score range

    The SBFE maintains independence from business credit reporting bureaus, which enables bureaus to set their own criteria for data sharing. Meanwhile their regulations help make sure the data remains unaltered once bureaus incorporate it into their systems. So, commercial credit reporting agencies come up with their own SBFE scores based on (accurate) information obtained from the SBFE as well as other sources. 

    For example, Dun & Bradstreet’s (D&B’s) SBFE Score predicts how likely a business is to have financial problems like severe delinquency, charge-offs, or bankruptcy within the next year—It ranges from 706 to 999, with higher scores meaning lower risk. 

    The score is based on data from SBFE and other sources, including tradelines that report directly to D&B. D&B’s SBFE score available for most U.S. businesses, except for some with missing info or those flagged as high risk. The score is used to help lenders determine a business’ credit risk and optimize profitability. 

    So, what is a good SBFE score for a business? Well, typically one on the higher end of the scale, which indicates lower risk for financial issues.

    Experian, Equifax, and Lexis Nexis have their own, comparable business credit scoring models. I am most familiar with D&B’s scoring models, since it’s the business credit bureau that I primarily work with (in my experience, it has the greatest breadth). 

    Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

    Company Overview

    SBFE phone number

    Small Business Financial Exchange Inc. (SBFE, LLC) is a trade association that was founded in 2001 to support the safe and secure growth of small businesses. According to Crunchbase, they’re based in Illinois, but the Ohio Secretary of State’s Website lists them as an actively-registered, foreign (registered in Delaware) Limited Liability Company headquartered in Cleveland. Their LinkedIn profile lists them in Shaker Heights, Ohio. 

    Sbfe login

    The organization has raised a total of $15.8 million in funding from investors, and recently made headlines with their efforts to strengthen small business credit decisions. 

    Prior to taking her role as the current CEO of SBFE, Elisabeth Hughes Macdonald (New York) was the Managing Director of Investment Banking at Chase and the Senior Vice President at Citizens Bank. She’s also served as a board member at Lafayette College and Impact 100 Garden State.

    SBFE CEO

    The SBFE apparently doesn’t have a lot of employees, so they don’t have a presence on Glassdoor or Indeed. As a result, we don’t know what employees think about working there or whether they approve of company leadership. And, you won’t find user reviews on Trustpilot or complaints with the Better Business Bureau because they’re not a consumer or small business-facing institution. 

    What Companies are Affiliated with the SBFE? 

    SBFE members list

    The SBFE collaborates with various entities that can significantly impact small businesses’ financial health and creditworthiness. While SBFE doesn’t publicly disclose its entire list of members, here are some key entities they work with that small businesses should be aware of.

    By understanding SBFE’s partnerships with these entities, you can gain insights into the credit ecosystem and make informed decisions about their financing options and credit management strategies.

    Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

    1. Major Banks

    Does Chase report to SBFE?

    Many of the largest banks in the United States are members of SBFE. These banks often offer a wide range of financial products and services to small businesses, including loans, lines of credit, and business credit cards.

    You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

    2. Credit Card Issuers

    SBFE credit card issuer members

    SBFE partners with credit card issuers who provide small businesses with credit cards tailored to their needs. These issuers play a crucial role in helping small businesses manage cash flow and access credit for various business expenses.

    Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

    3. Alternative Lenders

    Alternative lenders that report to SBFE

    In addition to traditional banks and credit card issuers, SBFE may also work with alternative lenders such as online lenders and fintech companies. These lenders often provide innovative financing solutions to small businesses that may not qualify for traditional bank loans.

    You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

    4. Business Credit Bureaus

    Does SBFE report to Dun and Bradstreet?

    SBFE shares data with four major commercial credit reporting bureaus: 

    1. Dun & Bradstreet
    2. Equifax
    3. Experian
    4. LexisNexis Risk Solutions

    These bureaus compile and analyze small business payment data to create credit reports and scores used by lenders to assess creditworthiness.

    Recommended: Dun and Bradstreet / How to get a DUNS Number 

    Frequently Asked Questions

    How do I find out my business credit score?

    You can find out your business credit score by contacting commercial credit bureaus like Dun & Bradstreet, Equifax, Experian, or LexisNexis Risk Solutions. They can provide you with your commercial credit report, which includes your business credit score.

    What is a small business as defined by the US SBA?

    According to the US Small Business Administration (SBA), a small business is typically one that has fewer than 500 employees for most industries—The definition can vary based on industry and other factors.

    Conclusion 

    In sum, the SBFE isn’t super transparent with small businesses when it comes to how they operate and what information they report to bureaus. They’re primarily a lender-facing institution. So, when you have questions about your business credit as it relates to SBFE reporting, it’s best to go straight to the business credit bureaus that they report to (D&B, Experian, Equifax, or Lexis Nexis). 

    If you’re unsure whether or not your lender is an SBFE member, you can ask them directly. 

    Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

    This is How to Get Grainger Net 30 Terms (+Build Business Credit)

    By

    Grainger net 30

    If you’re a business owner looking to manage your cash flow better and build business credit, Grainger’s net 30 terms can be a great option. 

    This guide will walk you through everything you need to know to get started, from understanding what Grainger net 30 is, to applying for it, and leveraging it to build your business credit.

    This is what’s in store: 

    Now, let’s dive in! 

    What is Grainger Net 30? 

    Does Grainger offer credit?

    Grainger is a leading supplier of industrial products, including tools, equipment, and supplies for various industries. And, it doesn’t hurt that their shipping speeds tend to be super fast. 

    Grainger net 30 reddit

    Grainger Net 30 is Grainger’s credit program, extended to businesses to buy now and pay later—30 days later. This means you can make purchases immediately and have 30 days to pay the invoice, giving your business more cash flow management flexibility.

    You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

    How Does Grainger Net 30 Help Build Business Credit? 

    One of the early steps to build business credit is to set up a number of tradelines with companies that report your payment history with business credit bureaus, including: 

    • Dun & Bradstreet (D&B)
    • Experian Business
    • Equifax Business

    Once your business credit is established, you can apply for and obtain business lines of credit that are typically substantially larger than what consumer credit provides. 

    When you pay your Grainger net 30 account, Grainger reports to D&B, a business-exclusive bureau. If you have your DUNS number associated with the net 30 account, in this case, your payment history will be reported. 

    So, a net 30 account in good standing can have a considerable, positive impact on your business credit score. 

    Recommended: How to Use 30 Day Net Vendors to Build Your Business Credit Score

    Grainger Net 30 Requirements

    To qualify for Grainger net 30 terms, you need to meet some basic criteria. Luckily, they’re not difficult to meet.  

    Here are the key requirements:

    • Business based in the U.S. 
    • Confirmed DUNS number 
    • In operation for at least 90 days

    Some sources say that you may need to spend at least $50 before you qualify for credit terms, but this isn’t my experience. If your experience is like mine, you should be able to make a $50 purchase with net 30 terms right away, pending that you follow the right steps. 

    You might also like: Summa Office Supplies: Should You Use Net 30 Terms for Your Business? 

    How to Apply for Grainger Net 30 

    Applying for Grainger Net 30 terms can be a straightforward process. If you follow these steps, you can successfully apply for and make the most of Grainger’s Net 30 terms to manage your cash flow and build your business credit. 

    1. Establish Your Business

    How to get Grainger net 30

    Your business should be legally established with a verifiable address. This means having a business license in your state, a registered business name, an Employer Identification Number (EIN), and a DUNS number. 

    Ensure you have all your business documents in order before applying. And, use the same business name and address consistently across all your documents.

    Recommended: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024 

    2. Register Your Grainger Business Account

    How do you quality for net 30?

    You need to register your Grainger account as a business. Do not register for a personal account. During registration, select “Register and create a new business account.” This ensures you are eligible for business credit terms and reporting. 

    To do this:

    • Visit the Grainger website.
    • Click on “Register” at the top right corner.
    • Under “Registration type” select “Register and create a new business account.”
    • Fill out the required information about your business.

    This part is pretty straightforward.

    You might also like: How to Convert Credit Cards into Cash 

    3. Have Clean Business Credit History 

    How to get net 30 with Grainger

    Grainger doesn’t check your business credit history for the starter $1,000 credit line. However, a clean credit history is helpful for future credit limit increases. For the starter limit, they will verify your business registration with the Secretary of State (SOS) database, a quick and efficient process. 

    For a Grainger net 30 account, make sure your business is registered with the SOS and keep your business information up-to-date. It’s also crucial to pay all of your accounts on-time as agreed when establishing business credit history. 

    Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

    4. Provide Trade References (Optional)

    Grainger net 30 application

    While not required, providing trade references can strengthen your application. These references are other businesses or suppliers that you have successfully conducted transactions with and who can vouch for your creditworthiness. Including them can make your application more robust.

    Gather contact information and permission from your trade references. Use references who can confirm timely payments and good business practices.

    Recommended: Trade References: Learn Everything You Need to Know [+Templates] 

    5. Choose the ‘Credit’ Billing Option

    After your account is established, you should have the option to request payment by credit or billing. To leverage net 30 terms, choose ‘credit.’ You may need to contact Grainger (via chat or customer service) to enable this option—This allows you to use the net 30 terms effectively.

    Log into your Grainger account to check your billing options. Contact Grainger’s customer service if the credit option is not automatically enabled.

    While Grainger doesn’t officially have a minimum purchase amount on an invoice to qualify for net 30 terms, they prefer that you spend at least $50. This helps ensure that your payment history is reported to a business credit bureau, which is beneficial for building your business credit profile.

    Plan to make purchases of at least $50 to ensure your payment is reported. Track your purchases and payments to maintain a good credit record.

    Recommended: How to Establish Your First 5 Trade Lines of Credit 

    Frequently Asked Questions

    What is the credit limit for Grainger?

    The default credit limit for Grainger’s net 30 account is $1,000. For this initial limit, Grainger does not perform a credit check but verifies your business registration with the SOS database. If you need a higher limit, you may need to provide additional financial documents and have a good payment history.

    Does Grainger sell to individuals?

    Yes, Grainger does sell to individuals, but net 30 terms are typically reserved for business accounts—If you are an individual looking to purchase from Grainger, you can still buy their products, but you will need to pay at the time of purchase rather than receiving credit terms.

    How many net 30 accounts do you need?

    While there is no specific number of net 30 accounts you must have, it is generally recommended to have at least 3-5 Net 30 accounts to build a strong business credit profile. These accounts should be from different vendors and report your payment history to business credit bureaus.

    Final Thoughts

    Setting up net 30 terms with Grainger can be a valuable step for your business, since it gives you cash flow flexibility and can help establish your business credit profile. By following the steps outlined in this guide, you can ensure a smooth application process and take full advantage of the benefits Grainger offers. 

    Whether you’re just starting out or looking to strengthen your existing business credit, Grainger’s net 30 program can be a useful tool in your financial strategy.

    Do you want to learn exactly how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

    Business Credit Blog

    · Recommended Resources
    · Using 30 Day Net Vendors to Build Your Business Credit Score
    · How to Create a Business Credit “Entity” – Tutorial

    Recent Posts

    · Sign Up for Business Credit Workshop Online!
    · Login – Business Credit Workshop Online
    · Forgot Password?
    · Latest Posts
    · Affiliates