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9 Best Business Credit Books Worth Reading in 2024

By Joe

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: 

  • What are the Best Books on Business Credit?
    • 4 Best Books on How to Build Business Credit
      • 1. The #1 Technique to Get No-Doc Lines of Credit
      • 2. LLC QuickStart Guide
      • 3. Small Business Finance for the Busy Entrepreneur
      • 4. How to Win Friends and Influence People
    • 5 Best Credit Repair Business Books
      • 1. Credit Secrets
      • 2. How to Remove All Negative Items From Your Credit Report
      • 3. Rapid Results: Credit Repair Credit Dispute Letter System
      • 4. The Culture Code
      • 5. Governance, Risk Management, and Compliance
  • Bonus Tips to Build Business Credit Fast
  • Frequently Asked Questions
  • Obtain Up to $100K in Business Credit With Business Credit Workshop

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!

Centier Bank Review: Is it Ideal for Business Owners too? 

By Joe

Centier Bank Review

Last year, Centier Bank was named on Forbes’ list of best-in-state banks in Indiana, and their account holder ratings tend to be great. But, I wanted to know more about their offer as it applies to businesses, so I did the deep dive. 

If you’re a business owner, your bank account is a fundamental asset – you need to know you’re banking at the right institution, especially if you plan to apply for credit. 

So, is this where you should be banking? Let’s find out. 

Here’s what’s in store: 

  • What Makes a Business Bank Account so Significant?
  • What Kind of Bank is Centier?
    • Centier Bank Company Overview
  • Centier Bank Business Offer Summary
    • Business Banking Products
    • Online & Mobile Banking
    • Autobooks™
    • Business Funding Offers
    • Centier Bank Commercial Card
  • Frequently Asked Questions
  • Final Thoughts

So, let’s jump in! 

What Makes a Business Bank Account so Significant? 

You probably already know that a business bank account is important because it keeps your business money separate from your personal cash. Naturally, it makes you look pro in front of clients and keeps the taxman happy. 

Plus, you get access to cool business services like loans and credit cards. It’s convenient too with online banking. And, it helps build your business’s credit history, which is awesome for getting loans or sweet deals from suppliers. 

And, it can protect your personal stuff if things go south with your business. While some contractors and solopreneurs opt to use one account for business and personal transactions, the institution you bank with is definitely a big deal for any business!

Now, what you may not know is that your relationship with your bank is one of the most powerful assets you can nurture when you want substantial lines of credit. So, let’s find out if Centier has the right stuff. 

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

What Kind of Bank is Centier? 

Centier Bank is a family-owned bank that primarily operates in the state of Indiana, USA. It’s considered a regional bank with a strong focus on community banking. As a family-owned institution, it often emphasizes personalized service and community involvement. 

Centier Bank provides a range of financial services, including: 

  • Personal banking 
  • Business banking
  • Loans
  • Credit services
  • CDs and IRAs

Its community-oriented approach sets it apart from larger, national banks, making it a more personal and local choice for customers in Indiana.

Centier Bank Review Yelp

In our workshops, I typically recommend that business owners bank away from bigger banks. I often cite community banks and credit unions as the best places to open business accounts. For the record, I’m also a fan of many regional banks.

Recommended: 3 Best Credit Unions for Small Business Banking

Centier Bank Company Overview

Henry Schrage founded Centier Bank in 1895, and the company has been registered in the state of Indiana since 1937 – The institution has been around for over a century. So far, the Schrage family still stands behind their “not for sale” promise to account holders and the community. 

I suspected that, after some digging, I might find that the company had been sold, in part, to someone outside the family…many times, marketing teams take plenty of liberty with their messaging. Fortunately, this time, that’s not the case. The current President and Director of Centier is Michael E. Schrage, Henry Schrage’s great grandson. 

Centier Bank Reviews BBB

In my experience, this level of transparency is quite rare, and it impresses me. The Schrage’s even opened a museum that details the history of Centier in Whiting, Indiana (about a 40 minute drive from the bank’s headquarters in Merrillville). 

Centier is the state of Indiana’s largest privately-owned bank, so the offer falls somewhere on the midline between big bank and community credit union. 

And, just for fun, here’s an image of a Minecraft build of the Centier Bank tower and lobby in Gary, Indiana by u/WillofIam.

Centier Bank Reviews Reddit

Recommended: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2023 

Centier Bank Business Offer Summary

If you’re thinking of conducting any business banking with Centier, you need to know about more than the company size and leadership. So, let’s explore some details about the financial products. 

Business Banking Products

Centier Bank Business Checking Account

Centier Bank offers two business checking account options. 

The MyBiz Checking account is well-suited for small to mid-sized businesses. It provides features like free first 400 transactions, a business debit card, and various digital banking features, including account management and bill payments. Notably, this account does not have a monthly fee.

For businesses requiring Automated Clearing House (ACH) transfers and domestic Wire Transfers, the MyBiz Plus Checking account is an option. It has the same features as MyBiz Checking but includes ACH Origination and Wire Origination for a monthly fee of $15. 

These accounts cater to various business sizes and operational requirements, making Centier Bank a versatile choice for business banking needs.

Centier Bank Business Savings Account

Centier also offers a business savings account. It’s a no-frills business savings account designed to help businesses grow their savings while keeping costs in check.

The Commercial Savings account offered by Centier Bank is a straightforward option for businesses looking to save. To avoid the $3 monthly fee, you’ll need to maintain a minimum balance of $1,000 – This account earns monthly interest if the minimum balance is maintained, provides online access, and is FDIC insured, ensuring the safety of deposited funds. 

Centier Bank’s savings account interest rate is not disclosed in their advertising because it’s variable for the Commercial Savings accounts. However, personal accounts can earn up to 5%, so the amount is likely to be somewhere in this realm. Connecting your savings account to your checking account will impact the rate, as will the number of transactions going through your checking account each month. 

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

Online & Mobile Banking

How do I check my Centier balance?

Centier Bank’s business online and mobile banking offers a range of features to facilitate efficient banking for businesses:

  • Nationwide ATMs – Access to a wide network of ATMs.
  • ACH & wire – Facilitates electronic fund transfers between institutions.
  • Unlimited checks – No restrictions on check usage.
  • Mobile deposit – Allows depositing multiple checks through the mobile app.
  • Bill pay – Provides secure 24/7 bill payment services.
  • Manage cards – Easily handle card-related tasks.
  • Manage alerts – Customizable notification settings.
  • Money management – Tools to track expenses and financial goals.
  • Sub-user access – Control online banking permissions.
  • Quicken® and Quickbooks® integration – Convenient data export to popular financial software programs (in addition to Autobooks™).
  • Mobile banking app – 24/7 access to banking services.
  • Digital wallet – Compatibility with various mobile payment options like Google Pay and Apple Pay.

These services aim to streamline business banking, but specific terms and fees may apply depending on the chosen features.

Recommended: 6 Best Fintech Credit Cards to Apply for (Consumer & Business) 

Autobooks™ 

Centier Bank App

Autobooks™ is Centier’s bespoke digital payment solution for small businesses.

Features include:

  • Receive payments directly in your online and mobile banking.
  • Accept credit cards, debit cards, and ACH transfers.
  • Create custom digital invoices with your logo.
  • Easily monitor all transactions in one place.
  • Automate bookkeeping entries and access financial reports.
  • Receive expertise from Centier’s Business Banking team.

This solution can simplify payment processing and invoicing, accessible in your Mybiz Business dashboard and mobile banking. A transaction fee applies for card-based and ACH transactions after the first two months free trial.

The transaction fee for Autobooks™ is as follows:

  • 3.49% of the transaction amount for card-based transactions.
  • 1% of the transaction amount for ACH.

It’s important to note that there are no equipment costs or per-item charges associated with Autobooks.

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

Business Funding Offers

Centier Bank Business Credit Card

Centier Bank also offers a variety of business loans and lines of credit: 

  1. Term loans – These provide extended working capital with various terms and repayment choices, making them suitable for real estate acquisition, equipment purchase, and expansion.
  2. Lines of credit – Seasonal and revolving lines of credit offer short-term working capital to supplement cash flows, aiding in financing seasonal expenses and supplier discounts.
  3. Letters of credit – These assist in guaranteeing payment to suppliers and establishing credit with new vendors, whether for local or global trade.
  4. Middle market loans – Available for businesses with financing requirements from $1,000,000 to $115,000,000+, providing a diverse lending solution.
  5. Small business loans – Assistance with navigating Small Business Administration (SBA) loan options is available to help businesses find the most suitable option.

The terms for these Centier’s funding options vary. You can find our more by reaching out to a Centier banker in your area. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

Centier Bank Commercial Card

Centier Bank Credit Card

Centier Bank’s Commercial Card offers a range of benefits for your business. With this card, you can earn monthly cash back rebates, which are deposited directly into your Centier Business Checking account. 

The best part? – There are no membership or monthly service fees, and monthly payments are automatically debited from your business checking account for added convenience. 

You can also: 

  • Manage your cards
  • View account activity and statements
  • Run audit reports online
  • Issue employee cards
  • Monitor and control spending

Additionally, you can rest easy knowing that Mastercard provides protection against unauthorized charges if your card is ever lost or stolen. 

Recommended: Have You Heard About the Free Stripe Cashback Corporate Card? 

Frequently Asked Questions

What type of bank is Centier? 

Centier Bank is a full-service regional bank based in Indiana, offering a wide range of personal and business banking services, including checking and savings accounts, loans, credit cards, and more. It is a community-focused bank with a strong local presence.

Is Centier Bank FDIC insured? 

Yes, Centier Bank is FDIC insured. Your deposits with Centier Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowable limit, providing a high level of security for your funds.

What is the cut off time for Centier bank? 

The cut-off time for Centier Bank may vary depending on the specific transaction or service. It is advisable to contact your local Centier Bank branch or their customer service for precise cut-off times related to your banking needs.

How long does it take for a deposit to go through Centier? 

The processing time for deposits at Centier Bank can vary depending on the type of deposit and the specific transaction. Electronic transfers and direct deposits typically clear within a business day. For detailed information regarding a specific deposit, contact Centier Bank directly for accurate processing times.

Final Thoughts

In summary, Centier Bank offers a strong choice for business owners. They provide a range of business banking services, including tailored checking and savings accounts, funding options, and the Autobooks™ solution for payment processing.

As a family-owned regional bank in Indiana, Centier emphasizes community involvement and personalized service. Their online and mobile banking services offer convenience and flexibility.

The Commercial Card allows businesses to earn cash back rebates without monthly fees, making it a beneficial choice. Centier Bank is also FDIC insured, ensuring the safety of your funds.

Overall, if you’re a business owner in Indiana, Centier Bank is a solid and community-focused banking option to consider.Interested in learning how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!   

Uncover the Best Credit Card for Your Agriculture Business

By Joe

best credit card for agriculture business

If you’re an agriculture business owner, you know that there are a lot of expenses involved in running your operation. From buying supplies to hiring employees, it can be tough to keep up with the costs. That’s where a business credit card can come in handy.

A business credit card can help you earn rewards on your purchases, which can be used to offset your business expenses. Plus, many business credit cards offer other benefits, such as travel insurance and purchase protection.

Here, we’ll explore the best credit cards for agriculture businesses, including popular options such as Capital One Spark Business, American Express, Tractor Supply Credit Card, John Deere Credit Card, and Affirm. 

2% cash back on all purchasesNo annual fee and 2X points on eligible purchasesSpecial financing and rewards on purchasesFlexible financing for John Deere productsFlexible financing with clear repayment plans
→ Learn More→ Learn More→ Learn More→ Learn More→ Learn More

We’ll also address common questions and concerns related to business credit cards for agriculture businesses.

Here’s what’s in store: 

  • What to Look for in a Business Credit Card
  • Let’s Choose the Right Business Credit Card for Your Agriculture Business
    • Spark 2% Cash Plus Business
    • American Express Blue Business Plus
    • Tractor Supply Co. Business Credit Card
    • John Deere® Credit Card
    • Affirm Virtual Card
  • Frequently Asked Questions
  • Wrapping Up

Now, let’s get goin! 

What to Look for in a Business Credit Card

When it comes to choosing the right business credit card for your agriculture business, there are a few important factors to consider. 

  1. Rewards – Find a card that offers relevant rewards, like cash back on fuel and farm supply store purchases. Earn rewards on these expenses to save money in the long run.
  2. Interest Rate – Carefully consider the card’s interest rate, especially if you plan to carry a balance. High rates can eat into your profits, so choose a card with an affordable rate or look for lower-rate options.
  3. Annual Fee – Some business credit cards charge an annual fee. Consider whether the benefits and rewards justify the cost. If you don’t expect to use the card extensively or the benefits don’t outweigh the fee, opt for a card with no annual fee.
  4. Features and Benefits – Look for additional features like travel insurance, purchase protection, or expense tracking tools. Choose a card that offers the features most important to your agriculture business, such as travel insurance for agricultural conferences.

By considering these factors, you can find a business credit card that aligns with your agriculture business’s needs and helps you save money while managing your finances effectively.

→ Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

Let’s Choose the Right Business Credit Card for Your Agriculture Business

No matter what your business needs, there’s a business credit card out there that can help you save money and grow your business. Do some research to find the best card for you, and start taking advantage of the rewards and benefits today.

Here are some top credit card options to consider from major banks. Keep in mind that you may have better luck with a small local community bank or credit union. 

Spark 2% Cash Plus Business

capital one spark business

Issuer: Capital One 

Rewards: Earn unlimited 2% cash back on every purchase for your agriculture business. Additionally, you can earn unlimited 5% cash back on hotel and rental car bookings made through Capital One Travel.

Interest Rate: Variable purchase rate: 20.99% APR. The APR may vary with the market based on the Prime Rate.

Annual Fee: The Spark 2% Cash Plus credit card has an annual fee of $150.

Features and Benefits: This credit card offers several features and benefits that can be highly advantageous for an agriculture business. It has no preset spending limit, adapting to your business’s needs based on spending behavior, payment history, and credit profile. 

If you spend at least $150,000 per year, you can receive an annual fee refund of $150. The card provides business-grade capabilities, including free employee and virtual cards, enabling your team to make purchases while earning rewards. 

It also offers benefits such as: 

  • Account management tools
  • Employee access
  • Travel perks
  • Fraud liability protection
  • The ability to download purchase records in multiple formats for easy record-keeping.

Summary: The Spark 2% Cash Plus credit card is a valuable choice for agriculture businesses. With unlimited 2% cash back on all purchases, it allows businesses to earn rewards on their everyday expenses. The card’s business-specific features, such as free employee and virtual cards, empower team members to make purchases while earning rewards. 

Additionally, the annual fee refund of $150 incentivizes higher spending. The card’s benefits, including account management tools, travel perks, fraud protection, and easy record-keeping, provide further convenience and protection for agriculture businesses. 

Overall, the Spark 2% Cash Plus credit card can help agriculture businesses maximize their rewards, streamline purchasing processes, and enhance financial management.

American Express Blue Business Plus

small business credit cards

Issuer: American Express

Rewards: Earn 2X Membership Rewards® points on eligible business purchases up to $50,000 per calendar year. After reaching the spending cap, you earn 1X points on other eligible purchases.

Interest Rate: The introductory APR on purchases is 0% for the first 12 months from account opening. After that, the APR becomes a variable rate ranging from 18.24% to 26.24%.

Annual Fee: The Blue Business® Plus Credit Card has no annual fee, making it a cost-effective choice for agriculture businesses.

Features and Benefits: The Blue Business® Plus Credit Card offers various features and benefits that can be beneficial for agriculture businesses. It provides cash flow flexibility through Expanded Buying Power, allowing you to make purchases above your credit limit based on your payment history, credit record, and other factors. 

The card earns Membership Rewards® points, which can be accumulated quickly, offering potential rewards for your business expenses. Employee cards come with no annual fee, and you can earn points on their eligible purchases. 

The card also offers expense management tools such as: 

  • QuickBooks® integration
  • Online statements
  • Account alerts
  • A year-end summary for efficient budgeting and expense tracking
  • Vendor Pay by Bill.com 
  • The American Express® App
  • Dedicated customer service via Relationship Care®
  • Insurance coverage, including Car Rental Loss and Damage Insurance, Extended Warranty, and Purchase Protection 

Amex Blue Business provides added peace of mind for business transactions.

Summary: The Blue Business® Plus credit card is an excellent choice for agriculture businesses. With its rewards program, agriculture businesses can earn 2X Membership Rewards® points on eligible purchases. The introductory 0% APR for 12 months and no annual fee offer cost-saving advantages. 

The card’s expense management tools, such as employee cards, QuickBooks® integration, online statements, and account alerts, help streamline financial management. The Vendor Pay feature simplifies bill payments, and the Year-End Summary aids in budgeting and tax preparation. The card also provides insurance coverage and access to the American Express® App for convenient account management. 

With its valuable features and benefits, the Blue Business® Plus Credit Card can enhance cash flow, reward business spending, and provide essential financial tools for efficient operations in the agriculture industry.

Tractor Supply Co. Business Credit Card

agriculture credit cards

Issuer: Tractor Supply Company (TSC)/ Citibank

Rewards: New cardholders receive a $20 reward with their first qualifying purchase of $20 or more. Earn 5% in rewards storewide on eligible Tractor Supply Co. purchases.

Interest Rate: Variable purchase rate: 30.99% APR (as of May 9, 2023). The APR may vary with the market based on the Prime Rate.

Annual Fee: The TSC card has no annual fee. 

Features and Benefits: Deferred interest promotional offers:

  • No Interest if Paid in Full in 6 Months
  • No Interest if Paid in Full in 12 Months
  • No Interest if Paid in Full in 18 Months
  • No Interest if Paid in Full in 24 Months

Summary: The TSC Visa credit card provides attractive benefits for new cardholders, including a $20 reward with their first qualifying purchase and 5% in rewards storewide on eligible Tractor Supply Co. purchases. These rewards can be utilized to offset future expenses or used towards purchasing agricultural supplies and equipment. 

Additionally, the card offers deferred interest promotional offers, allowing cardholders to make purchases and pay no interest if the balance is paid in full within specific periods of 6, 12, 18, or 24 months. However, if the balance is not paid in full by the end of the promotional period, interest charges will be imposed at the variable purchase rate of 30.99% APR. 

Agriculture businesses can take advantage of these promotional offers to manage their cash flow effectively and make necessary purchases while avoiding interest charges if paid within the specified timeframes.

John Deere® Credit Card 

john deere credit card

Issuer: John Deere

Rewards: The John Deere Credit Revolving Plan Account does not explicitly mention a rewards program.

Interest Rate: The periodic rate is 0.06370% per day, which corresponds to an annual percentage rate (APR) of 23.25%. The periodic rate is 0.07192% per day, which corresponds to an APR of 26.25%

Annual Fee: The John Deere revolving credit account has no annual fee. 

Features and Benefits: The account is accepted at John Deere dealers and SiteOne Landscape Supply locations, providing flexibility in purchasing parts, attachments, batteries, equipment service, and more. Consolidate all purchases into one easy-to-read statement, making it convenient to track expenses.

This card offers options for minimum monthly payments or full payment, providing flexibility in managing cash flow. And, account holders may receive special offers on equipment, parts, and service, providing potential cost savings.

Summary: The John Deere Credit revolving account offers a flexible line of credit for financing purchases related to John Deere products. The account provides convenient payment options with minimum monthly payments or the choice to pay in full. Account holders may benefit from special offers on equipment, parts, and service. However, it is important to note that the account has relatively high-interest rates, with a regular purchase rate of 23.25% APR and a default rate of 26.25% APR. 

Despite the interest rates, the account can still be beneficial for an agriculture business as it offers convenience, consolidated statements, and access to necessary equipment and services from John Deere dealers and SiteOne Landscape Supply locations. 

It allows businesses to manage their cash flow and make essential purchases to keep their operations running smoothly.

→ Recommended: Is a Floor & Decor Business Credit Card Still Worth It? 

Affirm Virtual Card

affirm credit card

Issuer: Affirm Loans

Rewards: Affirm loans do not offer traditional rewards or cashback programs.

Interest Rate: The interest rates for Affirm loans can range from 0% to 36% APR, depending on the customer’s creditworthiness and the specific loan offer.

Annual Fee: Affirm loans do not charge an annual fee.

Features and Benefits: Affirm loans provide flexible financing options for customers, allowing them to make purchases and pay over time with fixed monthly payments. The loan terms and interest rates are clearly disclosed upfront, ensuring transparency and enabling customers to make informed financial decisions. 

Affirm loans also offer a user-friendly platform and a seamless application process, making it convenient for customers to access financing for their online purchases.

Summary: Affirm virtual cards provide a convenient and flexible financing option for customers, allowing them to make purchases and pay over time with fixed monthly payments. While Affirm loans do not offer traditional rewards or benefits, they enable customers to access financing with transparent terms and clear repayment plans. 

Remember, the virtual card expires 24 hours after it’s issued. If you don’t use it, you won’t owe anything. You can cancel the card anytime before it expires without any obligations. It works with Apple Pay and Google pay. If you don’t use the full amount on your card, that’s okay. You’ll only owe the amount you spend, plus any accrued interest. 

After the merchant processes your purchase, Affirm will provide a payment schedule for the full card amount. After 21 days (or longer, depending on the transaction), any unused funds will be returned, and the payment schedule will be updated accordingly. This means you may have a smaller final payment, fewer upcoming payments, or both.

Keep in mind that you can’t use your virtual card at merchants that violate Affirm’s Terms of Service, such as those selling firearms and alcohol.

While not a traditional business credit account, Affirm can help you with larger agriculture business expenses by giving you the ability to pay over time. 

★ Note: This can also be beneficial for agriculture businesses as it expands the purchasing power of customers, making your products or services more affordable and accessible. By partnering with Affirm, you can attract more customers, increase sales, and enhance customer satisfaction by offering a convenient and transparent financing solution.

Frequently Asked Questions

What is credit card farming?

Credit card farming refers to the practice of obtaining multiple credit cards to take advantage of sign-up bonuses and rewards. However, it’s important to use credit responsibly and avoid accumulating excessive debt.

Can I use a business credit card for multiple businesses?

Generally, business credit cards are intended for use by a specific business entity. Using a single credit card for multiple businesses can complicate your financial records and accounting. It’s recommended to have separate credit cards for each business.

Do you need a DBA to open a business credit card?

While a Doing Business As (DBA) name can help you establish a separate business identity, it’s not always a requirement for opening a business credit card. Each credit card issuer may have its own criteria and guidelines. I usually recommend an LLC registered with a low-risk NAICS code. 

Do I need a business bank account to apply for business credit?

Having a dedicated business bank account can demonstrate financial stability, but it’s not always mandatory for applying for a business credit card. Check with the credit card issuer to understand their specific requirements. I typically recommend businesses bank with a local community bank or credit union. 

Can you have a business credit card with bad credit?

It may be challenging to obtain a business credit card with bad credit. However, some credit card providers offer secured credit cards or cards specifically designed for businesses with less-than-perfect credit – The best thing to do is fix your personal credit before you apply for business credit.

Can a nonprofit get a credit card?

Yes, nonprofit organizations can apply for business credit cards tailored to their specific needs. Many credit card companies offer cards designed for nonprofits, which may include features such as donation rewards or special nonprofit discounts.

Wrapping Up

Choosing the best credit card for your agriculture business requires careful consideration of your specific needs, rewards programs, fees, and flexibility. Explore options from trusted providers such as Capital One Spark Business, American Express, Tractor Supply, John Deere, and Affirm to find a card that aligns with your agricultural operations. 

Remember to use credit responsibly, keep your personal and business expenses separate, and always pay your bills on time to build a positive credit history.

Wanna know a secret? 

You can get much larger lines of business credit when you establish your entity properly, work with local small banks and credit unions, and follow a proven process. 

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

6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

By Joe

best business credit cards for entrepreneurs

As an entrepreneur, managing your finances is crucial. And guess what? A business credit card can be a game-changer. In this article, we explore the world of credit cards designed specifically for entrepreneurs. We’ll reveal the leading contenders, highlight their impressive features, and address the burning questions you have about credit cards for contractors, independent contractors, and self-employed individuals.

But first, let’s give you a sneak peek of the cards—because that’s what you’re here for!

Presenting the most practical (and rewarding) business credit cards for entrepreneurs:

Chase Ink Business Preferred
Generous rewards program and travel benefits

→ Learn more
BoA Mastercard Business Platinum
Comprehensive travel insurance coverage

→ Learn more
American Express Business Gold
Flexible rewards and bonus categories for common expenses

→ Learn more
Capital One Spark 2% Business Cash 
Unlimited 2% cash back on all purchases

→ Learn more
CitiBusiness/AAdvantage Platinum Select
Travel benefits and rewards for American Airlines 

→ Learn more
Divvy Corporate Card
Simplified expense management and budget controls

→ Learn more

These credit cards from major banks are quite popular, but here’s a little secret: If you have a solid relationship with a small community bank or credit union, you might be able to secure even higher credit limits. In fact, we specialize in teaching entrepreneurs like you how to build those relationships and access credit lines worth hundreds of thousands of dollars at Business Credit Workshop. So, don’t overlook the potential benefits of working with local financial institutions!

Now, let’s take a closer look at each of the cards mentioned above and uncover valuable information and advice to help you maximize your business credit profile. Get ready to elevate your financial strategy and unlock new opportunities for your business!

Here’s what’s in store: 

  • Explore the Best Credit Cards for Entrepreneurs
    • 1. Chase Ink Business Preferred
    • 2. BoA Mastercard Business Platinum
    • 3. Amex Business Gold
    • 4. Capital One Spark 2% Cash for Business
    • 5. AAdvantage Platinum Select
    • 6. Divvy Corporate Card
  • How to Build Credit for a New LLC or Business with No Credit History
    • What if You Have Bad Credit?
    • What if Your Business Has Bad Credit?
  • Frequently Asked Questions
  • Final Takeaway

Now, let’s get crackin’!

Explore the Best Credit Cards for Entrepreneurs

Chase Ink Business PreferredCompetitive APR, employee cards, Mastercard Easy Saving® ProgramCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
BoA Platinum Plus® Business Mastercard® Competitive APR, employee cardsCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
Amex Business Gold4X points on top 2 business categories, 1X points on other purchasesCash flow flexibility, expense management tools, travel benefits, additional services
Spark 2% Cash Plus BusinessUnlimited 2% cash back on every purchase, 5% cash back on hotels and rental cars booked through Capital One TravelFlexible underwriting, cards for every employee, seamless software integration
AAdvantage Platinum Select Travel benefits, mileage benefits, additional benefitsFirst checked bag free, preferred boarding, savings on inflight purchases
Divvy Corporate CardFlexible rewards programControl over rewards earnings, effortless management, various redemption options

When it comes to choosing the perfect credit card for your small entrepreneurial venture, it’s smart to consider some of the major cards specifically tailored to meet the needs of small business owners like yourself. Before we delve into the world of business credit and its intricacies, let’s take a closer look at the unique features and benefits offered by each of these top credit cards.

Recommended: What’s the Best Credit Card for a Small Construction Business? +TIPS 

1. Chase Ink Business Preferred

Startup business credit cards ein only

Credit Card: Ink Business Preferred® Credit Card

Issuer: Chase

APR: 20.99%–25.99% variable APR

Annual Fee: $95

Rewards Program:

  • Earn 3X points on shipping and other select business categories
  • Earn unlimited 1 point per $1 spent on all other purchases. Points do not expire as long as the account is open
  • Redeem points for cash back, gift cards, travel experiences, and more through Chase Ultimate Rewards
  • Get 25% more value when redeeming points for travel through Chase Ultimate Rewards
  • Earn 5X points on Lyft rides through March 2025

Benefits:

  • Employee cards at no additional cost, with individual spending limits
  • No foreign transaction fees
  • 1:1 point transfer
  • Travel and purchase coverage
  • Stay on top of your business with expense tracking tools
  • Referral program: Earn up to 200,000 points per year by referring other business owners to any Chase Ink® Credit Card

The Ink Business Preferred® Credit Card from Chase is a top choice for entrepreneurs looking for flexible and rich rewards. With a generous sign-up bonus, accelerated points earning in select business categories, and various redemption options, it provides value for business expenses. The card also offers additional benefits like no foreign transaction fees, point transfers, and purchase coverage. Positive customer reviews highlight its effectiveness for earning rewards and the overall satisfaction of cardholders.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. BoA Mastercard Business Platinum

How much money do you need to make for your business to get credit line?

Credit Card: Platinum Plus® Mastercard® Business card

Issuer: Bank of America

APR: 0% introductory APR for the first 7 billing cycles, then a variable APR of 16.24% to 27.24%

Annual Fee: $0 

Benefits:

  • Employee cards at no additional cost: Get employee cards with credit limits set by you
  • Mastercard Easy Saving® Program: Automatic rebates when using the card at tens of thousands of locations across the U.S.
  • Cash flow management tools: Suite of online services for managing your business finances
  • Online and mobile access: Secure access to manage your account online 24/7
  • Travel and emergency services: Includes travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and more
  • Free access to business credit scores: View Dun & Bradstreet business credit scores within Business Advantage 360, Bank of America’s Small Business Online Banking platform
  • Security features: Zero liability protection, fraud monitoring, paperless statement option, and more
  • Balance Connect® for overdraft protection: Link your credit card to a Bank of America business checking account for overdraft protection

The Platinum Plus® Mastercard® Business card from Bank of America offers competitive features, including a 0% introductory APR, no annual fee, and a $300 online statement credit offer. It also provides benefits such as employee cards, access to the Mastercard Easy Saving® Program, cash flow management tools, travel and emergency services, free access to business credit scores, and various security features. This card can be a suitable choice for businesses looking for a straightforward credit card option with cost-saving benefits.

Recommended: Bank of America Corporate Cards: A Complete, Uncut Review 

3. Amex Business Gold

Best business credit cards for new business (Amex)

Credit Card: Amex Business Gold Card

Issuer: American Express

Annual Fee: $295

Rewards:

  • Earn 4X Membership Rewards points on the top 2 business categories where your business spends the most each billing cycle.
    • Airfare purchased directly from airlines
    • U.S. purchases for advertising in select media
    • U.S. purchases made directly from select technology providers
    • U.S. purchases at gas stations
    • U.S. purchases at restaurants (including takeout and delivery)
    • U.S. purchases for shipping
  • Earn 1X points on other select purchases made using the Business Gold Card.

Benefits:

  • Pay Over Time APR: APR on purchases will be a variable rate of 19.24% – 27.24%, based on creditworthiness and other factors at the time of account opening
  • Acceptance: American Express can be used at 99% of places in the US that accept credit cards
  • Expense management tools for better cash flow management
  • Travel benefits and additional services

The American Express Business Gold Card offers a competitive rewards program with the opportunity to earn 4X Membership Rewards points on the top 2 business spending categories each billing cycle. It also provides 1X points on other select purchases. With a special welcome offer of 100,000 Membership Rewards Points and various expense management tools, this card aims to provide flexibility and benefits for business owners. The card has a variable APR for purchases and is widely accepted across the US.

Recommended: Amex Business Checking Review: What You Need to Know…Really

4. Capital One Spark 2% Cash for Business

How much of a business loan can I get with a 700 credit score?

Credit Card: Spark 2% Cash Plus

Issuer: Capital One

Annual Fee: $0

Rewards Program:

  • Unlimited 2% cash back on every purchase, everywhere, with no limits or category restrictions
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel

Benefits:

  • Pay-in-Full Charge Card: The balance must always be paid off in full every month
  • No Preset Spend Limit: Adapts to your needs based on spending behavior, payment history, and credit profile
  • Annual Fee Refund: Get your $150 annual fee refunded every year you spend at least $150,000
  • Business-Grade Capabilities: Empower your team with free employee and virtual cards, and easily pay vendors
  • Additional benefits include account management tools, employee access, travel benefits, service and protection features such as automatic payments, $0 fraud liability, year-end summaries, account managers, purchase records, and virtual card numbers

The Spark 2% Cash Plus card from Capital One offers excellent cash back rewards with unlimited 2% cash back on all purchases and 5% cash back on select travel bookings. With a one-time cash bonus of $1,200 and the option to earn an annual fee refund, this card provides significant value for business owners. It also includes various business-grade capabilities, such as employee cards, vendor payments, and a range of benefits and features to manage accounts and protect against fraud.

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

5. AAdvantage Platinum Select 

Can I get a start-up business loan with 500 credit score?

Credit Card: AAdvantage® Platinum Select® World Elite Mastercard®

Issuer: Citibank

Annual Fee: $0 intro annual fee for the first year, then $99

Rewards:

  • AAdvantage® Miles: Earn miles from purchases
  • Loyalty Points: Earn 1 Loyalty Point for every 1 eligible mile earned from purchases

Benefits:

  •  First checked bag free on domestic American Airlines itineraries for you and up to 4 travel companions on the same reservation (savings of up to $300 per round trip)
  • Preferred boarding on American Airlines flights
  • 25% savings on inflight food and beverage purchases on American Airlines flights when you use your card
  • Variable APR for purchases and balance transfers: 20.99% – 29.99% based on creditworthiness.
  • No foreign transaction fees

The Citi® AAdvantage® Platinum Select® World Elite Mastercard® offers travel benefits, including a free checked bag, preferred boarding, and savings on inflight purchases. You can earn AAdvantage® miles and loyalty points for eligible purchases. The card has a variable APR for purchases and balance transfers, and there are no foreign transaction fees. The annual fee is $0 for the first year, then $99*.

Recommended: Should You Open a Citibank Commercial Card Account?… It Depends! 

6. Divvy Corporate Card 

Best business credit cards for startups with bad credit

Credit Card: Divvy Corporate Card

Issuer: Divvy

Annual Fee: $0

Rewards: 

  • Earn up to 7x points by paying off your balance more frequently
    • Weekly: 7x points on restaurants
    • Semi-Monthly: 5x points on hotels
    • Monthly: 2x points on recurring software subscriptions
    • 1.5x points on everything else
  • Unlimited Earnings: Earn rewards points daily with no cap and no expiration.
  • Effortless management: Track and redeem points easily through the rewards dashboard.
  • Boost your ad spend: Earn up to 2.25% cash back on advertising spend through Divvy, with no limit on earnings.
  • Flexible rewards redemption options: Cash back, gift cards, statement credit, and Divvy Travel partnership for double the point value and industry-leading rates.

Benefits: 

  • Free, fast, and flexible business credit with credit lines up to $15M
  • Credit line scales with your business, with the ability to apply for credit line increases
  • Flexible underwriting options based on your business’s unique needs
  • Cards for every employee with proactive spend controls
  • Seamless software integration with desktop software and highly-rated mobile app
  • Advanced fraud protection for secure transactions

The Divvy Corporate Card is a free business credit card that offers fast and flexible funding options for businesses of all sizes. With its simple online application process, businesses can access credit lines up to $15M. The card scales with your business and offers flexible underwriting options to fit your needs. Divvy provides cards for every employee, seamless software integration, and advanced fraud protection. Additionally, businesses can earn rewards based on payment frequency. The Divvy Corporate Card is a valuable tool for managing business expenses and streamlining financial operations.

Recommended: In-Depth Divvy Credit Card Review: Read This Before You Apply  

How to Build Credit for a New LLC or Business with No Credit History

Startup business credit cards no personal guarantee

If you’re eager to build your business credit fast, I’ve got some great insights for you! Building solid business credit can open up funding options beyond your personal credit limits and even help you secure lower insurance rates.

But before we dive in, let’s address some commonly asked questions about business credit. Can you use your EIN (Employer Identification Number) to apply for credit? Absolutely! 

As long as you have an EIN assigned by the IRS, you can use it for business credit applications. Getting a business credit card isn’t as hard as you might think. With a high business credit score, you’ll have no trouble securing one. While some business credit cards may do a soft or hard pull on your personal credit, there are others that don’t. 

And yes, an LLC can have a credit score! With an EIN and a DUNS number from Dun & Bradstreet, your LLC can have a credit score separate from your personal credit score.

Now, let’s jump into the steps to build business credit quickly. Remember, just like with personal credit, paying your debts on time is crucial for maintaining a good score. 

Here’s a breakdown of the steps:

  1. Form your business — Just like laying a strong foundation for a building, you need to properly form your business. Choose a neutral business name that allows for flexibility in funding options. Once you settle on a name, try to stick with it to show stability. Decide how you want to establish your business entity, whether it’s through an attorney, an online service, or manually with your local Secretary of State
  2. Get your company “business credit ready” — Think of this step as adding a rough frame to your business. Establish a physical address (avoid using P.O. boxes), get the necessary business insurance if required, obtain any required business licenses, and create a strong online presence with a website and domain. Listing your business in relevant directories adds credibility and trustworthiness.
  3. Network with local banks — Networking is vital, whether in buildings or business credit. Attend local Chamber of Commerce events if possible, or network online with local professionals to build connections. Research local banks and credit unions to understand their financing programs and underwriting processes.
  4. Setup business credit profiles — This step involves setting up insulation for your business. Establish a business credit profile with Dun & Bradstreet (D&B) to obtain your PAYDEX score, which is a crucial business credit score. Monitor your Equifax and Experian business credit scores for free, fixing any inaccuracies you come across. Utilize business credit monitoring services like Nav to stay on top of your credit profile.
  5. Build small trade lines of credit — Here’s where we add the finishing touches to make your building habitable. Establish small tradelines of credit, which are credit accounts with vendors or suppliers. These tradelines play a significant role in solidifying your business credit. Secure credit with suppliers and make timely payments to build trust and a positive credit history.

By following these steps, you can accelerate the process of building your business credit. We teach the full, 7-step process to build business credit in Business Credit Workshop. 

Now, find out what you can do if your credit needs some work. 

What if You Have Bad Credit? 

Can I start a business with 700 credit score?

If you’re wondering if personal credit affects business, it does. So, before you apply for large lines of business credit, it’s important that you clean up your personal credit score. 

Here’s my best advice to clean up bad personal credit. 

  • First, educate yourself. Gain knowledge about credit repair strategies and consumer protection laws that can work in your favor. Understanding the credit reporting system will help you navigate the process more effectively.
  • Next, identify errors. Carefully review your credit reports for any inaccuracies, incomplete information, or unfair items. These errors are common and can have a negative impact on your credit score. Disputing and resolving these issues is crucial.
  • And, take action! — This is key and may include sending dispute letters to creditors and credit bureaus, requesting the removal or update of erroneous information. Follow step-by-step tutorials and utilize letter templates provided in credit repair resources.
  • Furthermore, take advantage of legal loopholes. Learn about the consumer protection laws that safeguard your rights. This knowledge can empower you to file small claims lawsuits against creditors, credit bureaus, or collection agencies if they have violated these laws. Seek legal advice when necessary to understand the best course of action.
  • Then, as you make changes, maintain good financial habits. Focus on making on-time payments, reducing debt, and managing your credit responsibly. Avoid common credit mistakes, such as late payments, high credit utilization, opening multiple accounts simultaneously, relying too heavily on one type of credit, and neglecting to review your credit report for inaccuracies.
  • Finally, seek professional help if needed. While credit repair resources like books and online communities can provide valuable insights, it’s always wise to consult with professionals, such as credit counselors or attorneys, for specific legal advice or guidance tailored to your situation.

Remember, cleaning up your personal credit takes time and effort. Stay committed and patient as you work toward improving your financial health and credit scores.

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

What if Your Business Has Bad Credit? 

Secured business credit card

So, let’s talk about fixing your not-so-great business credit in a way that’ll make you feel optimistic about the future. There could be a few reasons why your business credit isn’t where you’d like it to be. Maybe you had some hiccups in the past, like late payments, debts piling up, or even unfortunate situations like liens or bankruptcy.

 But hey, don’t fret! You have the power to turn things around.

Now, when it comes to your credit score, one important thing to consider is the Paydex score from Dun & Bradstreet (the main business credit bureau). It’s like a report card that ranges from 0 to 100 — The higher your score, the better your creditworthiness. If your business credit isn’t so hot right now, your Paydex score might be on the lower side. But fear not, my friend, because there’s a way to fix it so that you don’t have to rely on those high-interest business credit cards for bad credit. 

So, how do you get started on the road to credit recovery? 

Let’s break it down in a way that’s easy to understand:

  1. Become a champion of timely payments — One of the biggest factors in improving your credit is paying your bills on time. It’s like scoring a winning goal in the game of credit. Make it a priority to pay your suppliers, vendors, and lenders right on schedule, or even earlier if you can. Timely payments are key to boosting your creditworthiness.
  2. Tackle those overdue accounts — If you have any lingering debts or accounts that are past due, it’s time to face them head-on. Develop a plan to pay off those outstanding balances as soon as possible. Don’t be afraid to negotiate payment arrangements or settlements with your creditors. You’ll feel a weight lifted off your shoulders once those accounts are squared away.
  3. Say bye-bye to high debt levels — Picture this: your debt levels dropping like confetti at a celebration. It’s a beautiful sight, isn’t it? High levels of debt can drag down your credit score, so it’s important to reduce those balances. Make consistent payments and resist the temptation to take on unnecessary new debt. Gradually, you’ll see that credit score start to rise.
  4. Build friendships with credit-worthy partners — Relationships matter in business and credit building is no exception. Seek out vendors and suppliers who are willing to report your stellar payment history to credit bureaus. It’s like having cheerleaders in your corner, rooting for your credit success. These positive credit relationships can work wonders in improving your creditworthiness. You might consider working with a credit broker (proceed with caution), but I am more inclined to recommend a business credit consultant or coach. 
  5. Embrace the power of a fresh start — In some cases, if your current business has deep-rooted credit issues, starting anew might be the way to go. It’s like hitting the reset button and getting a chance to build a shiny new credit profile. Just remember, starting a new business comes with its own considerations, so consult with the experts to figure out the best approach for your situation.

Remember, improving your credit takes time and dedication. But don’t be discouraged! — With each positive step you take, you’re moving closer to a brighter credit future. So roll up those sleeves, put on your optimistic mindset, and let’s get to work on fixing that business credit of yours. 

The future is looking mighty bright!

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

Frequently Asked Questions

What is good credit for small business owners?

A Paydex score between 70-80 is a strong score that can be considered “creditworthy” by business lenders. 

How can I get a 100 business credit score?

By having several positive reporting tradelines, you can get a perfect (100) Paydex score. But, this isn’t a common or believable score for a business to have. 

How good does my credit need to be to get a business loan?

Nearly any business with income can get a business loan. Even with a low business credit score, most companies can qualify for merchant cash advances, factoring, and other alternative loans. The higher your credit score, the more likely you are to qualify for business loans with lower rates and more favorable features and rewards. 

What credit score does a business start with?

The minimum credit score (Paydex) for a business is zero — Scores are calculated on a scale of 0-100. If you have no reporting tradelines, you will not have a credit score. You can use net 30 accounts and gas cards to establish your business credit score. 

Final Takeaway

Business credit is a tool that can help you improve your cash flow to grow your company in invest in your future The cards listed here are some of the most popular business credit cards for entrepreneurs — Each has its own set of pros and cons. 

  • The Chase Ink Business Preferred offers a generous rewards program and travel benefits, making it an attractive choice. 
  • If comprehensive travel insurance coverage is a priority, the Mastercard Business Platinum is a great option to explore. 
  • For those seeking flexible rewards and bonus categories tailored to common expenses, the American Express Business Gold is worth considering. 
  • The Capital One Spark Cash for Business provides unlimited 2% cash back on all purchases, offering simplicity and value. 
  • If you’re a frequent flyer with American Airlines, the CitiBusiness/AA Advantage Platinum Select offers travel benefits and rewards specifically designed for American Airlines customers. 
  • Lastly, the Divvy Business Card streamlines expense management and budget controls, making it an efficient choice for businesses. 

With these options in mind, you can choose the business credit card that aligns with your specific needs and preferences.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

What’s the Best Credit Card for a Small Construction Business? +TIPS

By Joe

Best credit card for small construction business

Taking control of your finances is vital for small construction businesses. And, guess what? A business credit card can be a game-changer. Here, we’re diving into the world of credit cards tailored specifically for small construction businesses. We’ll uncover the top contenders, highlight their awesome features, and even tackle those burning questions you have about credit cards for contractors, independent contractors, and self-employed folks. 

But first, let me give you a sneak peek of the cards…since that’s what you came here for! 

Introducing the best business credit cards for small construction businesses:

Amex Business PlatinumCapital One Spark Cash SelectBrex Corporate Card Chase Ink Business Unlimited
Key Benefits:Robust rewards program and expense managementFlexible rewards and business management toolsTailored for startups with no personal guaranteeWide range of card options and rewards

Note, that these are the most popular credit cards available from big banks. And, while I don’t have anything against them, you can sometimes obtain a lot more credit (hundreds of thousands of dollars) when you have a relationship with a small community bank or credit union — which is precisely what we teach at Business Credit Workshop. 

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

Let’s dive in a bit deeper to learn more about each card above, then explore some information and advice that can help you get even more from your business credit profile. Get ready to level up your financial game!

Here’s what’s in store: 

  • Best Credit Cards for Small Construction Businesses
    • 1. Amex Business Platinum
    • 2. Capital One Spark
    • 3. Brex Business Credit
    • 4. Chase Ink Business Preferred
  • Most Important Credit Card Features for Construction
  • How to Build Business Credit to Access More Funding
  • Frequently Asked Questions
  • Conclusion

Now, let’s dive in. 

Best Credit Cards for Small Construction Businesses

When it comes to selecting the best credit card for your small construction business, it’s a good idea to explore major cards that are designed to cater to small business owners with operations like yours. Before we get into the tricks of the trade (business credit), see what each of these top cards has to offer. 

1. American Express Business Platinum

Best small business credit card for construction

The Business Platinum Card from American Express is a credit card designed for businesses. It has an annual fee of $695. By spending $15,000 on eligible purchases within the first 3 months, you can earn 130,000 Membership Rewards Points. This offer is subject to availability and may not be available if you leave the webpage and return later.

With the Business Platinum Card, you can earn points on your purchases. You’ll earn 5X points on flights and prepaid hotels booked on AmexTravel.com, 1.5X points on eligible purchases in key business categories and on eligible purchases of $5,000 or more everywhere else, and 1X points on other eligible purchases.

The card also offers various benefits. You can get statement credits for select purchases, such as $200 back semi-annually for U.S. purchases with Dell Technologies, $90 back per quarter for purchases with Indeed, $150 back per year for select business subscription purchases with Adobe, and $10 back monthly for select purchases with U.S. wireless phone service providers.

Additionally, the card provides access to the Global Lounge Collection, offering access to more than 1,400 airport lounges across 140 countries. You can receive up to $200 in airline fee credits per year, enjoy benefits like Clear membership, and get 35% points back when using points for eligible flights booked through Amex Travel.

Other perks include hotel benefits, premium car rental privileges, and various travel insurances. The card also offers cash flow flexibility with a Pay Over Time option and has no preset spending limit. Expense management features include employee cards, QuickBooks integration, online statements, account alerts, and a year-end summary.

Recommended: Amex Business Checking Review: What You Need to Know…Really 

2. Capital One Spark Cash Select

Best credit card for construction business

The Spark 1.5% Cash Select card is an excellent business credit card offered by Capital One. With this card, you can earn unlimited 1.5% cash back on every purchase for your business, without any limits or category restrictions. It’s a great way to maximize your rewards and get some extra cashback.

The best part? There’s no annual fee for this card, so you can enjoy the big rewards and cash bonus without any additional costs. Capital One also offers additional cash-back rewards of 5% on hotels and rental cars booked through Capital One Travel, adding even more value to the card.

Redeeming your cash-back rewards is easy too. You can cash them in for any amount at any time, and they don’t expire for the life of the account. It’s a flexible and convenient way to enjoy the benefits of your hard-earned rewards.

In terms of the interest rate, the variable APR for purchases ranges from 18.24% to 24.24%, depending on your creditworthiness. As always, it’s important to manage your credit responsibly and pay off your balances in full to avoid any interest charges.

The Spark 1.5% Cash Select card also comes with a range of benefits to make managing your business easier. You can conveniently manage your accounts online, provide employee access, enjoy travel services, set up automatic payments, and benefit from $0 fraud liability in case your card is lost or stolen. Additionally, you’ll receive year-end summaries for simplified budgeting and tax time, and the option to assign an account manager to handle purchases and payments.

When it comes to applying for this card, the process is quick and straightforward. It only takes about 10 minutes to complete the application, and you’ll receive a decision within seconds. Just make sure to have the necessary information on hand, such as the legal names, addresses, and Social Security Numbers of all business owners, as well as your business’s legal name, address, and tax ID number.

The Spark 1.5% Cash Select card has received positive reviews from customers, with an overall rating of 4.4 out of 5 stars based on 946 reviews. The majority of reviewers highly recommend this card, which speaks to its value and benefits.

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

3. Brex Business Corporate Card

Best credit card for independent contractors

Accepted worldwide, the Brex Corporate Card provides both physical and virtual cards on the reliable Mastercard network. And with the highly rated 5-star app available on iOS and Android, you can manage your card effortlessly from your phone. Features like Apple Pay integration, card cancellation, and spend monitoring are all conveniently accessible in one place.

What sets the Brex Corporate Card apart is its rewarding nature. Earn up to 7x back on your spending and redeem your rewards for cash back, credits, or even billboards. This enables you to maximize your benefits and get more value from your expenses.

With credit limits tailored to your business, you can enjoy a card limit that suits your needs based on financial factors such as revenue or funding raised. This flexibility ensures that your card aligns with your business’s financial capabilities.

The Brex Corporate Card is not just a single-purpose card; it caters to various business needs. Enable spend for travel, procurement, and more with worldwide card acceptance. Additionally, Brex offers specialized cards for travel and entertainment expenses, vendor expenses, purchase cards, benefits cards, and more. The flexibility to customize spend limits for specific purposes ensures that your policies are enforced with every card swipe.

Expense management is simplified with the Brex Corporate Card. It automatically collects itemized receipts compliant with IRS or local tax laws, generates memos, and categorizes expenses to the right general ledger and/or project. Real-time expense tracking allows you to monitor card limits and expenses in real-time, increasing accountability. It’s an all-in-one solution that streamlines your expense reporting process.

Best credit card for handyman

Brex offers local cards in over 20 currencies, allowing you to conduct operations locally wherever you do business. The comprehensive global features enable you to manage your company’s credit limit, subsidiary-specific limits, expenses, and billing in one console, reducing risk and increasing control. By issuing cards in employees’ local currencies and enabling subsidiaries to pay statements from their local bank, you can avoid intercompany transactions and foreign exchange fees.

Recommended: Brex Card Review: Is This Corporate Card Offer Too Good to be True? 

4. Chase Ink Business Preferred

Chase ink business preferred credit card for construction

Chase’s Ink Business Unlimited® Credit Card might be the perfect credit card solution for your business. With the Ink Business Unlimited card, you can enjoy a range of benefits designed to maximize your rewards and simplify your financial management.

With the Ink Business Unlimited card, you’ll earn unlimited 1.5% cash back on every purchase made for your business. Whether it’s office supplies, equipment, or other business expenses, you can earn cash back on all of your transactions. Plus, there’s no annual fee, ensuring that you can enjoy the benefits without any additional costs.

To give you even more value, the Ink Business Unlimited card offers a 0% introductory APR for 12 months on purchases. This allows you to make business purchases and pay them off over time without accruing interest. After the introductory period, the variable APR will be between 18.24% and 24.24%, based on your creditworthiness.

Redeeming your rewards is a breeze with the Ink Business Unlimited card. You can choose to redeem your cash back rewards for cash, gift cards, travel, and more through Chase Ultimate Rewards®. This flexibility allows you to use your rewards in a way that suits your business needs.

Another great feature of the Ink Business Unlimited card is the option to add employee cards at no additional cost. These employee cards not only help you manage your expenses but also enable you to set individual spending limits for each employee. This allows you to keep track of spending while giving your employees the ability to earn rewards on their purchases

Finally, for those who frequently use Lyft, the Ink Business Unlimited card offers an exciting benefit. Earn a total of 5% cash back on Lyft rides through March 2025. This includes an additional 3.5% cash back on top of the 1.5% you already earn on travel purchases, making it a valuable perk for business travelers.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

Most Useful Credit Card Features for Small Construction Businesses

Can you use credit card for contractors?

As I said before, the cards above are just some of the offers that are great for small construction businesses like yours. And, there are virtually hundreds of credit cards you might apply for, based on your stage in business, credit profile, and your financial health. 

I always recommend you do your due diligence (which you’re doing now — good job!) to find the right card for your situation. Still, there are some super valuable credit card features that you should be looking for.  

When it comes to credit for your construction business, you can get the most from a card with the following features: 

  1. Robust expense tracking — Construction businesses deal with many expenses that require effective management. When choosing a credit card, prioritize those with handy expense-tracking features. Look for cards that provide detailed transaction descriptions, spending categories, and downloadable reports. These tools will simplify the task of monitoring and analyzing your expenses, making your bookkeeping process a breeze.
  2. Flexible credit limits — Construction projects come in all shapes and sizes, each with its unique scale and cost. To meet the ever-changing financial requirements, it’s crucial to have a business credit card with a flexible credit limit. This flexibility ensures that you have the necessary purchasing power to cover expenses like materials, equipment, and other project-related costs. Having a credit card with a flexible credit limit allows you to adapt to the varying financial demands of your construction projects effectively.
  3. Rewards on construction-related spending — When searching for a credit card for your construction business, keep an eye out for rewards or cash-back programs specifically tailored to construction-related spending. Some cards offer enhanced rewards for purchases made at hardware stores, home improvement retailers, or building material suppliers. By maximizing these rewards, you can offset costs and enjoy additional benefits. It’s a smart way to make the most out of your business expenses while you get more value from your card.
  4. Introductory offers — You’ll find that many business credit cards come with enticing introductory offers that can be quite valuable for your construction business. These offers may include bonus rewards points, statement credits, or even waived annual fees for the first year. Taking advantage of these introductory perks can provide you with significant value, especially when you’re starting or expanding your construction business. It’s a great way to give your business a financial boost and maximize the benefits of your credit card.
  5. Expense management tools — Managing expenses effectively is of utmost importance for construction businesses. When choosing a credit card, it’s essential to look for one that offers comprehensive expense management tools. These tools can include handy features like mobile apps, receipt capture capabilities, and integration with accounting software. By utilizing these tools, you can streamline the process of tracking expenses, monitor your finances in real time, and seamlessly manage your financial operations. It’s a smart way to stay on top of your expenses and ensure efficient financial management for your construction business.
  6. Business-specific benefits — Certain credit cards provide extra perks specifically designed for construction businesses. These benefits can be quite advantageous and may include discounted rates on equipment rentals, exclusive access to construction industry events or trade shows, or special partnerships with suppliers offering favorable rates or exclusive deals. These tailored perks are aimed at supporting and enhancing the operations of construction businesses, providing valuable advantages that can contribute to their success.

Remember, the best business credit card features for your construction business may vary depending on your specific needs and preferences. Evaluate your business’s spending patterns and requirements to choose a credit card that offers the most relevant and valuable features for your construction operations.

How to Build Business Credit to Access More Funding

Did you know that you can actually build business credit in as little as 30 to 90 days? And, with a perfect business credit score, you can access higher amounts of funding? Business credit is a great channel to grow and scale your business, invest, and pay for emergencies. 

In brief, here’s how to build business credit fast: 

First, you need to form your business. Establish a proper business entity, choose a neutral business name and category, and decide on the best method to establish your business entity.

Next, it’s important to get your company “business credit ready.” Set up a physical address, obtain necessary business insurance and licenses, establish an online presence, list your business in relevant directories, and open a business bank account.

Then, you’ll want to network with local banks. Attend local Chamber of Commerce events or network online to build relationships with bankers and financial professionals. Research financing programs offered by local banks and credit unions.

Recommended: ​​3 Best Credit Unions for Small Business Banking in 2023 

After that, set up business credit Profiles: Establish business credit profiles, such as a PAYDEX score from Dun & Bradstreet (D&B), by obtaining a DUNS number. Monitor your Equifax and Experian business credit scores for accuracy using services like Nav.

Finally, you have to develop small tradelines of credit and net 30 accounts that report your on-time payments to business credit bureaus. Consider using gas cards and store cards, ensuring that payments will be reported.

By following these steps, you can lay the foundation for a strong business credit profile and access better funding options for your business.

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

Frequently Asked Questions

Can I get a business credit card with a 1099?

Yes, you can get a business credit card with a 1099. Many credit card issuers consider 1099 income as eligible for credit card applications. However, specific requirements may vary among different credit card providers. A 1099 is not like an EIN and will not qualify you for business credit on its own. It’s always best to check each lender’s individual policies.

Is being an independent contractor the same as owning a business?

In short, no, but only because most independent contractors operate as an individual. However, independent contractors and self-employed individuals can obtain business credit if they create a business entity and structure their businesses properly. 

Do business credit cards verify income?

Yes. Most business credit lenders verify income. There are a few outliers, but your income and/or assets will almost always play into a credit decision. Some lenders look at cash flow and revenue while others might look at collateral (cash on hand) during the underwriting process. 

What is the 5/24 rule?

The 5-24 rule is a guideline used by Chase and some other credit card issuers. It states that if you’ve opened five or more credit card accounts within the past 24 months, you may be ineligible for certain Chase credit cards.

Conclusion

Picking the perfect credit card for your small construction business can work wonders for your financial management and score you some awesome perks. We’ve got your back with options like American Express, Capital One, Brex, and Chase, all geared toward meeting your unique business needs.

But hold up, there’s more to the credit card game! We’re here to demystify credit cards for contractors, independent contractors, and self-employed folks. We’ll answer your burning questions and equip you with the knowledge you need to make savvy financial decisions for your growing business.

But hey, getting a credit card is just the first step. If you’re serious about leveling up your small construction business and snagging up to $100,000 in business credit fast, we’ve got a killer recommendation. Join Business Credit Workshop and tap into our expertise. We’ll teach you insider strategies and techniques to skyrocket your business credit journey. Get ready to take charge of your finances and make some serious waves in the construction industry!

Want to learn how to obtain up to $100K in business credit for your small construction business in as few as 30 days? Join Business Credit Workshop today.

Should You Hire a Business Credit Consultant?

By Joe

BUSINESS CREDIT CONSULTING

Empower Your Business with Tailored Credit Solutions

Improve Cash Flow & Financing With a Skilled Business Credit Consultant

Accelerate your business’s financial success with our specialized business credit coaching. Let us assess your company’s creditworthiness, develop targeted strategies, and provide actionable guidance to optimize your credit profile. 

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Joe really knows his stuff!

“With Joe’s help, I obtained $320,000 in unsecured business credit.  It’s super powerful and now I’m able to expand my business…

…I did the step-by-step tasks, and it works!”

Sergey D.

Parker Management LLC

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Maximize Your Financial Strategy with Expert Credit Consultation


Enhance Your Credit Profile
Evaluate your current credit profile, identify areas for improvement, and develop strategies to enhance your creditworthiness.

Get Access to Funding 
Identify the best funding sources, improve your loan applications, and increase your chances to secure the funding your business needs..

Improve Business Cashflow 
Optimize your cash flow management strategies and get advice on techniques to shorten your cash conversion cycle and reduce penalties.

Negotiate Ideal Terms
Learn negotiation tactics and industry knowledge to help you land more favorable terms with suppliers, creditors, and lenders.

Mitigate Common Risks
Conduct a thorough credit risk assessment to minimize credit-related risks that can arise when you try to navigate business credit alone.

Save Time and Resources
Save valuable time and resources — Instead of mulling through the complex credit landscape, rely on expertise to focus on the most productive tasks.

Get Expert Guidance
Learn about credit management best practices to maintain a strong credit profile and cultivate a credit-conscious culture within your organization.

Start Optimizing Your Business Credit Today 

Hire a leading business credit consultant to provide you with valuable insights, actionable strategies, and personalized guidance to maximize your credit profile. Increase funding opportunities and improve your business’ financial stability.

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Do you need a business credit consultant?

Managing credit is vital for businesses seeking financial stability and growth. But, the complex world of business credit can be challenging — you often need expert guidance to navigate it. Here, I’ll explore the role of business credit consultants and give you some insights into whether hiring one is the right choice for your specific needs. 

Whether you’re in search of a business credit consultant in your area, interested in building business credit, negotiating business credit cards, or understanding the benefits and drawbacks of credit consultants, this article will give you all the information you need.

What Does a Business Credit Consultant Do? 

A business credit consultant specializes in helping businesses improve their credit profiles and access financing. 

They can help business owners by providing various customized services: 

  • Credit status evaluation
  • Credit-building strategy development
  • Connecting businesses with vendors and suppliers offering trade credit
  • Suitable financing option identification 
  • Documentation and application assistance
  • Business credit education  

Their expertise lies in credit scoring systems, lending practices, and creditor requirements. And, they work alongside business owners to enhance creditworthiness and facilitate access to funding.

Signs You Might Need a Business Credit Consultant

Not everyone needs a business credit consultant…but many do. 

Here are some indicators that your business could benefit from the expertise of a business credit consultant:

  • You have limited access to credit — If your business is struggling to obtain credit or is limited to low credit limits, a credit consultant can help you improve your creditworthiness and access larger lines of credit.
  • Your business has a lack of credit history — If your business has a limited or nonexistent credit history, a credit consultant can guide you in establishing a strong credit profile by building trade lines and diversifying credit sources.
  • Business loan applications have been denied — If your business consistently faces rejections when applying for loans or financing, a credit consultant can evaluate your credit profile, identify weaknesses, and provide strategies to increase your chances of approval.
  • Your existing accounts have high interest rates — If you’re paying high interest rates on loans or credit, a credit consultant can help you improve your credit profile, potentially qualifying you for lower rates and better terms.
  • You depend on personal credit to fund your business — If your personal credit is heavily relied upon for business expenses, a credit consultant can assist in separating your personal and business credit, protecting your personal credit score, and providing strategies to establish independent business credit.
  • Your credit report is Inaccurate — If you suspect errors or inaccuracies on your business credit reports, a credit consultant can help you identify and correct these mistakes, ensuring accurate information that reflects positively on your creditworthiness.
  • You have a need for funding or growth — If you’re planning to expand your business or require additional funding, a credit consultant can develop strategies to optimize your credit profile, increase lending options, and improve your chances of securing the necessary funds.
  • You have a lack of credit management knowledge — If you’re unsure about credit management best practices, credit scoring systems, or how to navigate the complex landscape of business credit, a credit consultant can provide education and guidance to help you make informed decisions.

In these situations, a credit consultant with expertise in business credit can provide valuable insights, customized strategies, and assistance to overcome credit challenges and improve your business’s financial standing.

Factors to Consider Before Hiring a Business Credit Consultant

Before you hire a business credit consultant, you need to look at expertise, reputation, location, cost, and understand the services they offer.

  • Assess their experience and qualifications in business credit.
  • Research their reputation through reviews and testimonials — In addition to looking at Google reviews and Trustpilot, ask around on anonymous sites like Reddit for uncensored experiences. 
  • Decide if a local or remote consultant is preferred.
  • Evaluate their pricing structure and fees.
  • Ensure they provide the specific services your business needs.

And, if you need a consultant to negotiate business credit, there are a few more items to look at. 

  • Look for a consultant with a proven track record in negotiating business credit.
  • Verify their understanding of the credit card industry.
  • Assess their ability to negotiate favorable terms.
  • Evaluate their fees relative to potential savings.
  • Consider client feedback that specifically mentions their negotiation services.

Considering these factors will help you select the right consultant for your business credit needs.

Debunking Myths: Is Business Credit Real?

Business credit is indeed real and plays a crucial role in financial management. 

So, let’s debunk some common myths:

  • Myth #1: Business credit is the same as personal credit. 
    • Reality: Business credit and personal credit are separate entities. Establishing business credit requires building a credit profile specifically for your business, distinct from your personal credit history.
  • Myth #2: Only large corporations need business credit.
    • Reality: Businesses of all sizes can benefit from building business credit. It helps demonstrate credibility, secure better loan terms, attract suppliers, and separate personal and business finances.
  • Myth #3: Business credit is not necessary if I don’t need a loan.
    • Reality: Even if you don’t currently require financing, establishing business credit is essential. It opens doors for future borrowing needs, enhances business credibility, and allows for favorable vendor terms or leases.
  • Myth #4: Personal credit doesn’t affect business credit.
    • Reality: While separate, personal credit can impact business credit, especially for small businesses or sole proprietors without a well-established business credit history. Lenders may consider personal credit when evaluating the creditworthiness of a business.
  • Myth #5: Business credit is only based on revenue.
    • Reality: Business credit is determined by a range of factors, including payment history, credit utilization, industry risk, years in operation, and public records. Revenue alone is not the sole basis for establishing business credit.

It is important to recognize business credit as a legitimate and vital component of financial management — Building and maintaining a strong business credit profile can help your business thrive, gain access to financing, negotiate favorable terms, and establish a solid reputation in the marketplace.

Alternatives to Hiring a Business Credit Consultant

Before you hire a business credit consultant, you should know that you’ve got options. Some popular choices are business credit courses and workshops, business credit builders, and diy business credit building. 

Let’s look a bit closer at each of these options. 

1. Business Credit Courses and Workshops

Business Credit Workshop helps small business owners and startups obtain large lines of unsecured business credit. We offer guidance on obtaining business credit cards that don’t appear on personal credit reports, accessing unsecured business lines of credit with no documentation, and getting loans for both new and established companies. 

Business Credit Workshop provides online workshops, personal coaching, and a simple three-step approval process for obtaining business credit. We also offer case studies, education, and free guides. Joe Lawrence, the founder, is a leading business credit coach and investor who helps small business owners obtain business credit and teaches methods to develop a strong business credit profile. 

Business Credit Workshop is based in Somerset, New Jersey, and offers services to businesses nationwide.

To learn how you can get up to $100K in business credit in as few as 30 days, join BCW online. 

2. Business Credit Builders

Business credit builders are services or programs designed to help businesses establish and improve their credit profiles. They focus on building a strong credit history, which can enhance a business’s credibility, borrowing capacity, and access to favorable financing terms.

One notable credit builder program is the Dun & Bradstreet Credit Builder. Dun & Bradstreet is a leading provider of business credit information and solutions. Their Credit Builder program allows businesses to establish a credit file and obtain a DUNS number, which is a unique identifier. By registering with Dun & Bradstreet, businesses can start building a credit profile and track their creditworthiness over time.

Recommended: Everything You Need to Know About a DUNS Number

The Dun & Bradstreet Credit Builder offers services such as credit monitoring, credit alerts, and access to business credit scores. This program enables businesses to proactively manage their credit and take necessary steps to improve it, such as making timely payments, maintaining low credit utilization, and ensuring accurate business information.

In addition to Dun & Bradstreet, there are other notable credit builder programs available. Some of these include Experian’s Business Credit Advantage, Equifax Small Business Credit Builder, and NAV Small Business Boost. These programs provide similar services, helping businesses establish credit profiles, monitor credit activity, and access resources for credit improvement.

Recommended: The Ultimate Tillful Review

By participating in credit builder programs like those offered by Dun & Bradstreet and other providers, businesses can take proactive steps to establish and improve their credit. This, in turn, can open up opportunities for better financing options, partnerships, and overall business growth.

3. Tradelines and Business Credit Cards

Using business credit cards helps build credit and establish a favorable credit history. 

Choose cards that report to business credit bureaus like Dun & Bradstreet. Popular credit card options include Chase Ink, Amex Business Platinum, Capital One Spark, and Discover it Business. Use cards responsibly, make timely payments, keep credit utilization low, and pay attention to balances. This improves creditworthiness and increases access to financing opportunities.

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

Net 30 accounts that report to credit bureaus are also beneficial for business credit building when they report to business credit bureaus — not all net 30 accounts report payment history. 

Recommended: 41 Companies That Help Build Business Credit

Is it Worth it to Pay a Business Credit Consultant? 

While managing credit can be complex, hiring a business credit consultant can provide the expertise and guidance needed to navigate this landscape successfully. Whether you’re seeking assistance with negotiating business credit cards, building business credit, or improving your credit score, a knowledgeable coach or mentor can help you achieve your goals. 

However, it’s essential to weigh the benefits, cost, and alternatives before making a decision. By understanding the role of credit consultants and conducting thorough research, you can choose the path that best suits your business’s credit management needs.

If you want to learn how to obtain up to $100K in as little as 30 days, join Business Credit Workshop. 

To get customized, one-on-one support from a business credit expert, apply to work with Joe. 

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Business Credit Workshop’s Official Business Credit Building Checklist

By Joe

Business Credit Checklist PDF

→ Download the Business Credit Checklist PDF

Get the PDF Now →

As an entrepreneur looking to build credit for your small business, you’ve probably realized how important it is to establish creditworthiness. Building credit for your business is crucial to secure start-up funds, get financed for operating costs, or expand your offer. 

Establishing business credit can be challenging, but by following this checklist, you can get your business on the right track. Here’s a comprehensive business credit checklist with nine essential steps to help you build and maintain business credit. From getting your personal credit in check to applying for business credit, we’ll walk you through each step to help you establish a strong credit profile for your small business.

Here’s everything covered in this checklist:

  • 1. Get Your Personal Credit In Check
  • 2. Establish Your Business for “Credit Readiness”
  • 3. Open a Business Bank Account
  • 4. Establish Relationships at the Bank
  • 5. Make Sure You Have a DUNS Number
  • 6. Establish Your First Trade Lines of Credit
  • 7. Pay Your Accounts at the Right Time
  • 8. Check and Monitor Your Business Credit
  • 9. Apply for Business Credit
  • Final Thoughts

Now, let’s get to it! 

1. Get Your Personal Credit In Check

Before you start building business credit, you need to get your personal credit in check. It doesn’t necessarily have to be perfect, but most business credit lenders require a “personal guarantee” (PG). This means your personal credit can impact your ability to obtain funds for your business. 

If you don’t know without a doubt that your personal credit is excellent, here’s what you need to do: 

  1. Obtain a copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion — You can do this through AnnualCreditReport.com or individual credit bureaus’ websites.
  2. Review your credit reports carefully and dispute any errors or inaccuracies with the credit bureau(s) reporting it.
  3. Pay down any outstanding balances on loans, credit cards, or lines of credit to decrease the size of outstanding debt in proportion to your available credit. This will lower your credit utilization ratio, which can boost your credit score over time.
  4. Make timely payments on all current and prior debt obligations and avoid negative marks by paying your bills on time.
  5. Try to increase the average length of your credit history by keeping your oldest credit card account(s) open and active (closing them can reduce your credit history and negatively affect your credit score).
  6. Avoid opening multiple new credit card accounts or loans at once, as it can impact your credit score negatively in the short term.
  7. Monitor your credit reports regularly to ensure that they reflect your current creditworthiness.

Your personal credit score can impact your ability to secure business credit, so it’s crucial to maintain healthy financial habits like making timely payments and keeping credit balances low. Improving and maintaining your personal credit score is an investment in the future of your business. 

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

2. Establish Your Business for “Credit Readiness”

Whether your business is established or brand new, there are several items you need to be “credit ready.” Go through this list and make sure you’ve done everything you need to make your business seem credible to lenders. 

Note that you need to choose a consistent business name and address, and a start date, get a business phone number, and create a legal entity for your business. If your business has a physical location, determining an address is easy. If not, you can use a virtual address or shared office space. And, use a consistent date for your business start date.

Here’s how to properly set up and establish your business:  

  1. Register your business with the appropriate authorities and file state and federal paperwork as required.

See: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

  1. Apply for an Employer Identification Number (EIN) from the IRS in the company’s name.
  2. Set up a dedicated business phone line and list it on 411 under the exact business name used on your registration. 
  3. Create a professional business website and email address.  
  4. Ensure credibility by meeting the following requirements for business credit approval:
    1. Use the full legal name, including DBAs, and ensure it matches the corporation records for the business name.
    2. Obtain necessary business licenses required by your industry and state.
    3. Make sure your EIN matches exactly with your state filing.
    4. Have a physical business address and avoid using P.O. box. If you use your home office address, establish a suite number.
    5. Use a real business or VOIP number instead of your mobile or home phone — for a free or low-cost option, look into Google Voice. 
    6. Have a business fax number — you can use an online service for this, if you don’t want to mess with a fax machine.
    7. Ensure there are no liens, judgments, or lis pendens exist against the business in public records.

By following these steps, your business can establish good business credit, which is necessary for obtaining business credit approval.

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

3. Open a Business Bank Account

You need a business bank account to get business credit because it helps lenders verify your financial stability and separate your business and personal finances. Without one, you may not be able to provide the necessary information to apply for business credit, and it can harm your chances of approval.

Here’s how to open a business bank account:

  1. Research and identify a suitable bank or credit union for your business needs. Small community banks and credit unions are often a great option for businesses.

See: 3 Best Credit Unions for Small Business Banking 

→ Interested in online banking? See our full write-ups on Novo Bank, Amex Business Checking, Bluevine, and NorthOne. 

  1. Gather your business’s legal documents such as your state and local business license, Articles of Incorporation or Organization, and the employer identification number (EIN) issued by the IRS.
  2. Schedule an appointment with the bank and bring the business documents, along with the personal identification documents of anyone authorized to make transactions on the account.
  3. Choose the type of account you need, such as a checking or savings account, and ensure that it meets the requirements of your business.
  4. Provide the bank with the business’s address, phone number, and tax/EIN number to set up the account.
  5. Ask about any fees, minimum balance requirements, and transaction limits associated with the account and make sure you understand the terms and conditions.
  6. Commit to using this account for all business expenses and avoid using it for personal expenses. Mixing business and personal transactions can make it difficult to track expenses, which can lead to complications come tax season.

Opening a business bank account is essential for establishing financial credibility for your business. By choosing the right account and keeping personal and business expenses separate, you can effectively manage your business finances, and build a positive relationship with your bank or credit union.

4. Establish Relationships at the Bank

Establishing a good relationship with your bank provides several benefits, including quicker loan processing, more flexibility, access to financing, personalized services, and financial expertise. It lays a strong foundation of mutual understanding, trust, and communication, which can help your business grow and succeed.

Here are some steps you can take to establish rapport at your bank:

  1. Schedule a meeting with a business banker at your bank to introduce yourself and your business. Use this opportunity to learn more about the bank’s lending policies and requirements.
  2. Use your bank account regularly for all business transactions. This can help you establish a positive payment history and build trust.
  3. Avoid overdrafts and NSFs from your bank account. 
  4. If your business needs a loan, consider applying for a small business loan through your bank rather than going to alternative lenders like online lenders or credit cards. This can help you establish a credit history with the bank and show that you are committed to building a relationship with them.
  5. Attend local business events and network with other entrepreneurs and business professionals. Building these relationships can help entrepreneurs gain referrals and make useful connections.
  6. Be open and honest with the bank about your business’s financial situation, plans, and goals. Honesty can help build trust.
  7. Regularly communicate with the bank to nurture the relationship and ensure that they are aware of your business’s successes and challenges.

Taking these steps can help you establish strong relationships with your bank and increase your odds of obtaining business credit. Building a relationship with your bank is important in establishing financial credibility and creating a successful business.

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

5. Make Sure You Have a DUNS Number

A business needs a DUNS number to establish a credit file, enhance credibility, access loans and credit, and increase visibility. It’s a unique identifier assigned by Dun & Bradstreet (the leading business credit bureau) that allows for easy tracking and reporting of credit history, and it’s free and easy to obtain online.

Here’s how to make sure your business has a DUNS number: 

  1. Check if your business is listed with the major business credit reporting agencies, including Dun & Bradstreet, Equifax, and Experian. You can search for your business on their website or through a free Nav account.
  2. Apply for a free D-U-N-S number from Dun & Bradstreet, which is required to create a business credit profile in their system. It can take 4-6 weeks to process.

When you take these steps, you can properly build business credit. It’s important to stay on top of your payments and ask others to report on your payments as well to ensure you build a positive credit history.

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

6. Establish Your First Trade Lines of Credit

Establishing the first tradelines (credit accounts) for your business is crucial to building and improving your business credit score. It involves paying on time and generating a positive payment history with suppliers or vendors that report to credit reporting agencies. By doing this, you increase your chances of obtaining financing and credit on favorable terms for your business.

To obtain vendor credit, follow these steps:

  1. Locate 3-5 vendors who report to business credit reporting agencies.

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

  1. Ask all vendors, suppliers, and service providers to report on your payments to improve your score — your CPA and attorney might be able to report on your payments as well. 
  2. Apply for vendor credit using your EIN without revealing your SSN.
  3. Purchase products from these vendors, following their reporting terms.
  4. Use the newly approved credit to buy over $50 worth of items.
  5. Pay your accounts on time, preferably early in the billing cycle.

You can build business credit and establish a positive payment history by following these steps — this will allow you to access credit and better financing options in the future.

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

7. Pay Your Accounts at the Right Time

Paying business tradeline accounts on time is crucial to maintain a positive payment history, improve your business credit score, and build positive supplier/vendor relationships. Late payments can harm your credit score, trigger fees, and damage your reputation, making it harder to obtain financing and business opportunities in the future.

Here’s how to build business credit by paying on time:

  1. Set up reminders, alerts, or auto payments to pay business accounts on time.
  2. Pay your bills early to further improve your credit score, (this also helps you take advantage of discounts with suppliers).
  3. Proactively contact suppliers to avoid late fees or negative reports if you can’t make a payment on schedule.
  4. Connect the tradeline to your business account and use it to pay the credit card bill to establish a good payment history.

*By connecting your tradeline to your business bank account and using it to pay your invoices, you establish a good payment history and keep cash flowing through your account.

Recommended: eCredable: A Deep Dive Into the Business Credit Reporting Platform 

8. Check and Monitor Your Business Credit

Reviewing business credit reports often, promptly correcting any errors, and taking action if fraudulent activity occurs can protect you from business credit fraud and identity theft. 

Here are some action steps to monitor your business credit effectively: 

  1. Understand the number of payment experiences required to qualify for different types of business credit — as a rule, you should gather at least 3 payment experiences on your business credit report.
  2. Obtain credit reports from business reporting agencies such as D&B, Experian, and Equifax by obtaining a DUNS number for free from D&B and enrolling for reporting agencies.
  3. Check credit reports every month to monitor for unfamiliar inquiries or accounts you didn’t authorize.
  4. Review reports from all agencies quarterly, correct errors promptly, and take action if any fraudulent activity occurs.
  5. Use a monitoring service to stay informed of any changes.

When you have three reporting payments, this gives you an 80 Paydex score, which is the ideal business credit score. However, specific lenders may have unique qualifying requirements.  

Recommended: Nav Review: A Tool that Helps Build Up Your Business Credit Score 

9. Apply for Business Credit 

When you have your perfect Paydex score (80), you’re ready to apply for business credit. You can start with store cards, revolving cash credit, or credit cards. Let’s take a quick look at each. 

How to apply for business store credit:

  1. To obtain revolving credit at popular stores like Best Buy, Amazon, Walmart, Target, and Staples, establish a business credit profile with at least a D&B and Experian score and at least five reported payment experiences.
  2. Contact the store directly to learn how to apply, research their approval requirements, and complete the application without including your social security number.
  3. Use your newly established business credit accounts to purchase products and timely pay bills while monitoring your credit reports.
  4. Establish at least ten reported payment experiences, including vendor and revolving credit, to start getting approved for more cash credit.

How to secure revolving cash credit:

  1. Establish a business credit profile with at least a D&B and Experian score and at least ten payment experiences, including at least one reported account with a $10,000 high limit.
  2. Locate cash credit sources and complete the business application form without including your social security number.
  3. Use your new credit to purchase items and timely pay bills to increase your business credit score.
  4. Monitor your credit reports to ensure your new accounts are reporting.

How to use a business credit card:

  1. Pay your business credit card on time to boost your business credit scores and improve overall creditworthiness.
  2. Note that some business credit cards may report to the owner’s personal credit reports with all activity or just negative activity in the case of unpaid bills.
  3. Before applying for a small business credit card, ensure you have good personal credit scores and sufficient income from all sources.
  4. Review credit card offers carefully as terms and rewards vary widely.
  5. Determine whether to issue business credit cards to employees to help with expense reporting and segregating business expenses.
  6. Connect the tradeline to your business account and use it to pay the credit card bill.

By following these steps, businesses can establish a credit profile and obtain business credit. Establishing payment experiences for revolving and cash credit, researching approval requirements, and monitoring credit reports regularly are key to building and maintaining business credit. Using a business credit card can also be an effective tool to manage expenses and improve credit scores.

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

Asking for Help is Not a Sign of Weakness

Building business credit can be complex and overwhelming, but it’s essential for the success of your business. Remember that asking for help is not a sign of weakness. Resources and experts are available to guide you through the process and help you establish strong credit for your business. With guidance from people with experience, you can navigate the complexities of building business credit and take your business to the next level.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

The Ultimate Business Credit Deep Dive: 130+ Statistics & FAQs

By Joe

business credit

We work personally with thousands of business owners (and interact with tens of thousands online) to help people build business credit and improve their credit scores so they can obtain substantial lines of credit to grow their companies.

Over the years, we’ve answered and kept records of the top questions people ask when embarking on their business credit-building journey. Today, we’ve decided to share our exclusive insights here, so anyone can access them. 

First, we will share the most interesting takeaways from 3,988 surveyed business owners, and explain how we respond to their queries. We’ll answer the top questions entrepreneurs have about business credit. Keep in mind, we always recommend that you consult with an attorney and a CPA before making legal or financial decisions regarding your business.

Here’s your in-depth exploration into the realm of business credit: 

  • What Motivates People to Seek Out Business Credit Education?
    • 1. Help With Their Credit Scores
    • 2. Lack of Business Credit Knowledge
    • 3. Locate Business Credit Offers
    • 4. Hone Their Expertise
    • 5. Obtain Specific Types of Funding
    • 6. Solve Work-Related Challenges
    • 7. Increase Their Existing Credit Lines
    • 8. Learn About “Credit Piggybacking”
  • Final Takeaway

Now, let’s dive in!

What Motivates People to Seek Out Business Credit Education? 

The top 8 motivators to learn about business credit are credit score issues, lack of knowledge, funding offers, leisure/expertise, specific funding types, business challenges, increasing credit lines, and credit piggybacking

Credit is a crucial factor that lenders, suppliers, and other businesses consider when evaluating a company’s creditworthiness and financial stability. A strong business credit score can help a small business or larger company secure favorable loan terms, negotiate better payment terms with suppliers, and potentially even attract new customers. On the other hand, a poor credit score can make it difficult for a business to secure the funding it needs to operate and grow.

While each situation is unique, business owners have various reasons for seeking business credit education that I’ve broken down into eight categories: credit scores, general business credit knowledge, interest in current offers, curiosity, information about specific funding types, business-related challenges, increasing existing credit lines, and even selling credit. 

Here, we examine the top questions people have about business credit, then read answers to those queries. 

1. Most Business Owners Need Help With Their Credit Scores

The most common credit score issues business owners face are low credit score, too few or no accounts reporting, no idea how to manage their business credit score, and a lack of no-PG funding options.

The top reason people come to us is for help with their credit scores. Sometimes this pertains to business credit, while other times there are issues with personal FICO scores. 34.4% of business owners need help with their credit scores when they begin their business credit-building journey. Whether it’s personal or business credit that people need to build or repair, credit score queries are our number one issue. This topic is where we exert most of our energy. 

First of all, there are things you can do to improve your credit score: 

  • Pay your bills on time to prevent negative marks on your report
  • Keep your credit utilization below 30% to optimize your credit score
  • Don’t open too many new accounts at one time to minimize the negative impact of credit inquiries 
  • Monitor your credit score so you can catch and dispute errors right away
  • Focus on one area at a time, so as not to overwhelm yourself (sometimes, patience is key)

Here are answers to common questions about general credit score issues: 

What is the fastest way to fix your credit score?

The quickest way to fix your credit score is to pay off any outstanding debts right away, to make sure that all of your accounts are current. Moreover, you can try to dispute any errors or inaccuracies on your credit report, as these can negatively impact your credit score. I recommend the Credit Secrets system to anyone with a low credit score. 

Who can I talk to to help me with my credit score?

For help with your credit score, you can talk to a financial advisor, credit counselor, or credit coach for help with improving your credit score. They can provide you with advice and resources to help you pay off your debts and manage your finances in a way that will positively impact your score. In some circumstances, you may also be able to find free or low-cost credit counseling services through non-profit organizations or your local government.

Can I pay someone to clean up my credit report?

I generally advise against paying someone to “clean up” your credit report. The truth is, companies that offer services like this are generally expensive while the industry is flooded with scammers. If you do decide to pay for a service like this, check with the Better Business Bureau, read company reviews, and do your due diligence before you proceed, as paid credit clean-up is a high-risk solution for poor credit. 

Is it easier to qualify for a business credit card?

A business credit card is not easier to qualify for than a personal credit card because it requires that the applicant submit business financial documents, sometimes in addition to personal credit information. However, if they take the right steps, a business may be able to build credit faster than an individual. 

Relative to general credit score challenges, a number of people we interact with have problems specifically related to business credit. Of those that need help with their business credit scores, ⅓ of them have an existing, low business credit score or negative items on their report that they want to clean up. These issues need to be handled on a case-by-case basis since there are so many possibilities, and what works for someone with too many inquiries won’t work for someone whose utilization is too high. 

In many ways, business credit is similar to personal credit, and some of the same strategies that help boost an individual’s FICO score can help increase a company’s Paydex score and other business credit scores. 

Let’s look at the usual queries people have about business credit problems: 

How can I fix my business credit score?

To fix your business credit, you can start by paying all bills and debts on time, as agreed. Next, keep your balances low on credit cards and lines of credit. Furthermore, you should regularly review your credit reports for errors. In some cases, it can also be helpful to build a positive credit history by taking out small loans or credit cards and using them responsibly.

How do I remove negative items from my business credit?

To remove negative items from your business credit, you can try disputing the errors with the credit bureaus or negotiating with the creditor to have the item removed in exchange for payment. It is also a good idea to regularly review your credit reports and address any errors or issues as soon as possible. You may also try a goodwill request for the deletion of valid negative marks on your report.

What is a goodwill request for deletion?

A goodwill request for deletion is a letter or email that you can send to a creditor (not a credit bureau), asking them to remove a negative item from your credit report as a gesture of “goodwill.” These requests are typically made when the negative item on your credit report is the result of a one-time mistake or misunderstanding, and you have an otherwise good credit history.

Do goodwill deletion letters work?

Yes, goodwill deletion letters can work to mitigate accurate, negative marks on a credit report, though usually only when the individual or entity making the request has a history of otherwise positive records.

Much of the time, credit score problems are based on a scarce number of accounts on a business credit report. 26.1% of the businesses with credit score issues report too few or no accounts listed on their business credit report. This can occur when the company utilizes tradelines that don’t report to D&B, a new credit line hasn’t been reported yet, or when the business hasn’t applied for credit. Again, these problems need to be resolved on a case-by-case basis. 

Having a limited credit history can make it difficult for businesses to establish a strong credit score, which is based on a variety of factors, including payment history, credit utilization, and the length of credit history. If a business has a limited credit history, it is impossible for any credit scoring algorithm to accurately assess a business’s creditworthiness and financial stability.

Here’s what business owners want to know about a limited number of accounts on a business credit report: 

How many business credit accounts should I have?

Prior to applying for business funding, you should establish tradeline accounts to establish credit. You first need to set up your business so that it’s optimized for obtaining business credit. To build credit fast, you need a minimum of three tradelines reporting to business credit bureaus, before your score is adequate for lenders; A perfect score requires more.

Can I self-report business credit?

As an individual or entity, you cannot simply report your payments to business credit bureaus. However, there are steps you can take to have certain bills reported. For example, eCredable has options to link utility payments to users’ accounts to have them reported. And, you can apply for certain types of funding that report on-time payments to business credit bureaus.

Why does my business credit card not show on my credit report?

Many business credit cards report on the cardholders’ personal credit reports, not the business credit reports. In a case where you know that your business credit card should be reporting, you may have to wait, as it takes some lenders longer to report than others.

How long does it take business credit to report?

The length of time it takes lenders to send payment activity to business credit bureaus varies from bank to bank. In many cases, it can take over 30 days before payment history shows on a report. Some lenders do not report until after the second billing cycle.

Does Amex report to Dun & Bradstreet?

As a rule, Amex reports all business credit history to the Small Business Financial Exchange (SBFE). Only negative payment activity is reported by Amex to Dun & Bradstreet.

Does Chase report to Dun & Bradstreet?

Yes. Chase does report business credit payment history to Dun & Bradstreet. 

In the segment of those whose credit score motivates them to seek more information, 26.1% of business owners express that their personal credit prohibits them from obtaining business credit. From this, I gather that these people are in need of personal credit repair. When a FICO score requires a lot of work, it can take a while to repair it. In the meantime, these individuals might not be quite ready to build business credit. 

Nonetheless, we are here to answer everyone’s questions, and try to help them get where they need to be to obtain substantial lines of business credit. Personal credit, after all, can have an impact on business creditworthiness.   

See the answers to the most frequently asked questions people have when their personal credit holds them back from obtaining business credit: 

Can personal credit affect business credit?

Yes. For most lenders, personal guarantees are required for business loans and business credit cards. This means that your personal credit will usually be considered when you apply for business credit.

Does personal credit affect LLC credit?

Personal credit may impact an LLC’s credit score. On the contrary, an LLC’s credit score will not impact the owner’s personal credit score.

What is the minimum credit score for a small business loan?

Underwriting terms for all banks vary. This means that each bank looks at personal credit scores differently. Still, to obtain business credit, the owner should have a FICO score of at least 640 as a rule.

Do all banks check personal credit for business credit funding?

No. While banks that do not require a personal guarantee for business credit funding are rare, they do exist. With that said, most corporate cards do not require a personal guarantee since they are backed by a business’ revenue as opposed to its credit score.

Of those that come to us with credit score issues, 14.8% of business owners just want to learn how to manage their business credit score. Some business owners need to clean up their personal credit reports, while others want to know how to find and manage their DUNS number or find a business credit monitoring solution. 

For these people, we offer education about the major business credit bureaus, credit scores, and credit monitoring tools. While there are a plethora of business credit services out there, we only recommend those that we have vetted and that we know will impact credit decisions from legitimate lenders. 

Here are answers to the business credit score management questions we hear most: 

What credit bureau is used for business loans?

There are three major business credit bureaus that we recommend business owners keep an eye on: Dun & Bradstreet, Experian Business, Equifax Small Business. CreditSafe, LexisNexis Risk Solutions, and other specialty bureaus are also used by some lenders to determine a company’s creditworthiness. 

Where can I check my business credit score?

There are tons of credit monitoring tools available to business owners, the most trusted being Nav. The platform is free to use and helps businesses manage and get more from their financial data. 

How do I access my company DUNS number?

Any business can look up their DUNS number by visiting Dun & Bradstreet’s website and searching for their business. For established businesses, the owner can claim an existing profile to access their DUNS number. In some cases, a business owner may need to add their business to the directory to establish a profile. 

Is a DUNS number the same as an EIN?

No, a DUNS number is not an EIN. A DUNS number is assigned by Dun & Bradstreet, which is a business credit bureau. An EIN is assigned by the United States Internal Revenue Service (IRS) and is designated for tax purposes. 

What is a DUNS number used for?

A DUNS number distinguishes businesses from one another and is used by lenders to look up a company’s PAYDEX score (D&B business credit score). The PAYDEX score is used by lenders to determine a company’s creditworthiness. 

Does my LLC have a credit score?

If you have established business credit through tradelines, business loans, or business lines of credit that are reported to business credit bureaus, your LLC likely has a credit score. But, if you have no business credit, your company may not have an established profile with any bureaus. 

Relative to personal credit scores, 12.5% of business owners sought funding that requires no personal guarantee (No PG). While such funding is scarce, it does exist. We do our best to help people understand that this type of funding is rare, but that it does exist (and how to get it if they so choose). 

It’s very possible — though not always ideal — to obtain loans and credit cards without sharing a social security number. On our blog and in our workshops, we’ve explained how to get business credit with no personal guarantee, which is essentially what this group wants to know.  

Most often, people who want to know about “no PG” funding have the following queries:

Can I get a business loan without using my personal credit?

Most business credit is backed by a personal guarantee, which requires you to use your social security number to obtain funding. There are some lenders and loans that do not require personal guarantees, the most common type of funding being merchant cash advances (these usually come with excessively high interest rates).

Can I use my EIN to get a credit card?

In most cases, business credit cards and lines of credit require a personal guarantee, which means that, even if you apply using an EIN, your social security number is also required. With that said, yes, there are ways that you can obtain credit with just an EIN. 

Can I use my EIN to get a loan?

As with credit cards, most lenders require a personal guarantee. In this case, even with an EIN, you will still need to share your social security number. But, in limited scenarios, you can get a loan with just an EIN.

2. Many People Have a General Lack of Business Credit Knowledge

People want to brush up on their business credit knowledge to learn the first steps of the process, learn where to start, discover why they get rejections, or to find out more so they can help others.

After those with credit score issues, the next most common reason people come to us is that they simply don’t have a strong understanding of business credit. We help people who want to move into the first phase of building business credit, those who have no idea what they need, others who want to know why they’re getting rejections, and even some who want to learn so they can help others. 

31.6% of business people have a general lack of business credit knowledge that drives their decision to learn about the subject. In a nutshell, our core offer is business credit education. Those with a lack of understanding are in the right place when they stumble onto our materials. Some of them want to know why they keep getting denied, how to qualify for substantial credit lines, or just want to learn as much as they can so they can help others. 

We have a five-step process that is especially helpful for this group: 

  1. Form your company in a way that optimizes your business credit potential
  2. Take the steps to get your company “business credit-ready”
  3. Network with local banks to understand underwriting requirements
  4. Set up your business credit profiles with the three main bureaus
  5. Build your first, small tradelines (lines of credit) to officially establish your credit score

Our advanced process is available to business credit workshop coaching students. 

From this segment, here are the top questions we’ve been asked: 

How do I obtain business credit as a beginner?

The very first step you must take to obtain business credit is to establish a business in a way that it is likely to be worthy of business credit: Choose a neutral name and business category. The same company name over a long period shows dependability. You can get your articles of organization from your Secretary of State. 

How do you explain business credit?

Business credit is your company’s ability to borrow from banks and other lenders. In most cases, your business credit score is central to a bank’s perception of your company’s creditworthiness.

What can I use business credit for?

You can use business credit for almost anything you need to grow and scale your company. Business credit can be used to replace or repair equipment, make investments, and pay vendors or utilities. You can even use business credit to pay rent. 

Does my EIN have a credit score?

In a word, no. An EIN assignment does not automatically establish a business in any credit bureau databases. However, there are credit scores attached to EINs separately from SSNs.

Why is my business credit card on my personal credit report?

If your SSN was used to obtain a credit card, then it will report to consumer credit bureaus. The same credit card may or may not report to business credit bureaus. 

Will a business credit card build my credit score?

With responsible payment history, a business credit card can serve to boost a business credit score. However, aside from secured credit accounts, most business credit cards require some sort of credit history before a company is considered creditworthy. 

Should I pay off my business credit card in full?

Paying off your business credit card in full each billing cycle will help you avoid interest accrual. In most cases, yes, this would be beneficial and the cost of using the card would be less.  

Most of those who with a lack of business credit knowledge just want to know where to start. 44.4% of business owners with a lack of knowledge specifically seek how to establish business credit or want to know the first steps of the process. Once they get the early training, many of them are surprised that the way they establish their business itself plays a major role in obtaining business credit. Sometimes, people need to make changes to their business structure through their state or establish a new business. 

In a nutshell, you need to incorporate your business, establish an EIN, register with the right state and local government agencies, and open a business bank account before you can move on to what people tend to think of as the early steps. 

For those who want to learn how to navigate the early stage of establishing business credit, here are the most common questions we answer: 

How long do you have to have an LLC to get business credit?

Banks look at your time in business to determine creditworthiness, but not all banks are the same. Since some lenders will extend credit to new businesses when they can show a certain amount of revenue. To determine your odds of qualifying for credit, check the bank’s underwriter for the time in business requirements.

Do you need an EIN to build business credit?

Yes. To obtain business credit that is based on your business credit score, your company must have an EIN.

What is an EIN?

An EIN is a nine-digit employer identification number, assigned by the IRS that acts as a tax ID for a business. An EIN is required to establish a business bank account. 

How do I find my EIN?

Your business is not automatically assigned an EIN when it is established. You need to apply for an EIN with the IRS. Note: if you accidentally apply for a state tax ID instead of an EIN, and you do not have employees, your state may send undue tax invoices throughout the year. So, be sure to apply for your EIN on the IRS website. 

Of those who lack business credit knowledge, many of them are clueless when they begin. 32% of individuals don’t know where to begin or what they’re looking for. For this group, I lay out the basics of building credit. Again, this involves establishing your business the right way. Before we explore that, this group requires a more fundamental understanding. 

In general, these people are asking broad questions, which usually requires that we start asking questions about their business so that we can steer them in the right direction. For the most part, this group is the most eager to learn. 

Here are the questions we hear most from those who don’t know where to begin: 

How do small business owners build credit?

First, small business owners looking to build credit should establish their business in such a way that their company is likely to be considered creditworthy. They then need to network with local banks to learn about business credit requirements and establish an EIN and a business bank account. Finally, they must establish their first tradelines or net 30 accounts. 

What is the minimum business credit score?

Business credit scores range from 0 to 100. Most business credit lenders require a minimum business credit score of 70 to deem a company creditworthy. 

What should I look for when building business credit?

Depending on whether or not your business is properly established to obtain business credit, you may need to look at your business structure and whether or not your company name and category are neutral. Next, you should research the underwriting requirements of the banks you would like to obtain funding from. 

From the group with little business credit understanding, some of them need to understand what factors lead to business credit denials from banks. 16% of people who cite a lack of business credit knowledge have no idea why they get rejections from lenders. This fact reinforces the significance of learning as much as you can about business credit before applying for new credit lines. 

There are a variety of reasons that a business might be denied credit. A lack of credit history, poor credit history, insufficient collateral or income, and excessive debt might lead to the inability to obtain business credit. 

Here’s what this group tends to ask, and how we generally respond: 

Why do I keep getting denied business credit?

Requirements for any type of credit vary from lender to lender. You might be denied business credit when you have a poor credit history or a low personal or business credit score, not enough collateral or revenue, a lack of time in business, or limited financial resources among other things.

How many times can you apply for business credit?

There is no set limit to the number of times you can apply for business credit. With that said, hard inquiries on your credit report can have a negative, albeit temporary impact on your personal and/or business credit score. So, too many applications in a short timeframe can damage your capacity to qualify for business credit.

How long after being refused business credit can I reapply?

There is no set limit to the time you should wait before reapplying for business credit. However, you should take enough time to find out why you were denied, assess your creditworthiness, and remedy any issues with your credit before you file a consecutive business credit application. 

Does it hurt your business credit score if you are denied a line of credit?

A turndown for funding is not damaging to your business credit score, but a hard inquiry for business credit can lead to a slight, temporary decline in your credit score. Depending on which credit reports are pulled during the application process, applying can affect your personal and business credit scores. 

What rights do you have when you are denied credit?

 When you are denied a line of credit, you have the right to receive a notice of the action taken, to request a free copy of your credit report that was provided to the lender, to dispute incorrect information, and to file a complaint with the Consumer Financial Protection Bureau (CFPB). 

Maybe the most intriguing statistic from these findings — for me anyway — is the fact that 7.4% of people seeking business credit knowledge want it so that they can help others. Some of them even cited spiritual reasons for learning more about the topic. While I have always genuinely been driven to help others by teaching business credit topics, before these instances I had never considered the opportunities might be considered sacred to some people.   

The group that wants to learn so they can help people is highly inquisitive and asks questions all over the board. They tend to ask almost every query on this page, and we love it! 

3. More Than One Out of Ten Want to Locate Business Credit Offers

People looking for specific business credit offers want to find the best banks and lenders, discover which vendors report to business credit bureaus, or learn how to spot a financial scam.

Many people want to stay in the loop about legitimate banks and lenders, tradelines that report to business credit bureaus, and weed out scammers. 11.3% of business leaders want to know more about the business credit offers that are currently available. Though not the majority, there are many people who come to me because they want to know more about banks and lenders that offer the right of financing for their needs. More than one out of ten people who come to Business Credit Workshop are interested in learning about specific business credit offers!  

The most common general questions about business credit offers are below: 

What is the best business credit card?

The “best” credit card for a business depends on the company’s financial status, its credit standing, and its funding goals. We don’t have a favorite business credit card, but the offer that we most often refer business owners to is Divvy. 

What bank is best for a business account?

In general, for a business bank account, we recommend business owners research local community banks and credit unions to see what offers are available for business. This way, they can determine which is best suited to their needs. We continually review banks and business credit offers on our website and YouTube channel to try to keep people informed. 

What is the best credit union for a small business?

We recommend that business owners first turn to their local community banks and credit unions when starting on the business credit-building journey. We do have a list of our favorite nationwide credit unions that we sometimes refer people to. 

While anyone can do the research online to see relevant offers for their business, it’s not always easy to find, especially when you don’t know exactly what you’re looking for. Of the business leaders who want to find out about specific offers, 65.5% are looking to find out which lenders and banks offer the best funding options. We regularly cover the most popular business credit offers on our blog and our YouTube channel. 

One-on-one, here are the top questions people ask us about banks and funding options: 

What bank has the best business credit offers?

Of course, offers from Amex, Discover, Chase, and the like are legitimate. Most major banks have a plethora of business credit offers. However, we recommend a local community bank or credit union for the highest business credit limits and best interest rates — this is the core of what we teach. 

Is it better for a business to bank with a credit union?

While it’s impossible to answer this question for every possible scenario, at Business Credit Workshop, we do typically recommend small community banks and credit unions over traditional, big banks for small business owners. 

What is the safest bank to do business with?

Most banks in the United States are FDIC insured, which covers deposits, dollar-for-dollar, and any accrued interest. So, they’re pretty safe. One bank that comes up (a lot) as a servicer for some of our favorite business credit offers is Celtic Bank. And, we often recommend people look into offers from Navy Federal Credit Union. 

Is Chase a good bank for a small business?

For business owners who want a traditional offer from a big bank, yes, Chase has a full suite of options for business owners. They provide robust online banking features, credit cards, loans, and lines of credit. But, our general advice is to check with local credit unions and community banks to learn what’s available for small businesses. 

One of the early steps to building business credit is to establish tradelines that report on-time payments to business credit bureaus. Without net 30 vendors and gas cards, the path to a substantial business credit line is long and difficult. 27.6% of entrepreneurs in this group are seeking a list of vendors or tradelines to establish their reporting accounts. We cover tradelines all the time on our blog and YouTube channel and share a list of 30+ reporting vendors to Business Credit Workshop participants. 

The following tradeline-related questions are commonplace: 

What is the best tradeline for a small business building credit?

You should choose a tradeline that offers something you actually need and reports payment history to business credit bureaus. A couple of vendors that we often recommend are Summa Office Supplies and Crown Office Supplies, though many others also report. 

How many tradelines do I need to build business credit?

After your business credit profiles are established, you should have a minimum of three tradelines reporting, and more for a perfect business credit score (which you need to obtain substantial credit lines).

Which net 30 vendors report to business credit bureaus?

Quill, Lowe’s, Uline, and SupplyWorks are just a few of the many net 30 vendors that report on-time payments to business credit vendors. Business fuel cards can also be a great option for business credit. 

What is the easiest business gas card to get?

Business fuel cards are not difficult to get, because they typically have net terms (you pay in full as you spend). This means that a credit score is not required to obtain a card. Most recently, we reviewed AtoB’s gas card offer, and we pretty much love it. 

With so many ads coming at us from all directions, it’s smart to be aware of fraud. I was not at all surprised to learn that fear of scammers kept 6.9% of these business owners from applying for business funding. People want to know that they’re not being scammed before they sign up for an offer, especially when it involves their business. 

Here’s what people want to know about business funding scams: 

How do you know if something is a financial scam?

Most of the time, if something seems too good to be true, it is. If a so-called business pressures you to make a decision quickly, this is a huge red flag. And, in most cases, a legitimate financial offer won’t require money upfront to apply. Before you sign up for any offer, do your due diligence: read reviews and make sure funding offers are upfront about the banks backing them. 

Can you get money back from a fraudulent funding offer?

If you can catch the scammer, you may be able to get your money back. But, in most cases, fake funding offers are gone before you know what hit you. If you use your credit card or debit card to pay for any upfront fees, the bank may be able to help you recover what you’ve lost. 

Is business credit a real thing?

Yes! Business credit is real, and it doesn’t impact your personal credit. In general, business lines of credit are typically larger than personal lines of credit, and you can build business credit in as few as 30 days. 

4. Plenty of Entrepreneurs Simply Enjoy Honing Their Expertise

Those who learn for leisure usually report no pending business credit problems, and some want to make sure their understanding is up to date.

Of the thousands of people who came to us to learn about business credit education, hundreds were just learning for leisure or to sharpen their mastery. 10.2% of small business entrepreneurs reported that they enjoy brushing up on the subject of business credit. Some of the people who were casually learning are credit repair specialists (of course, not all of them told us so). Whether they had no problems or just wanted to make sure they were up-to-date, they signed on to find out just what we were teaching — their questions were mostly procedural and unrelated to what we teach. 

Of the leisurely learners, 76.9% of people in this segment cited no problems with or questions about business credit. I gather that they were either just learning for leisure, or they were researching for a personal or professional project. As you might guess, they weren’t super inquisitive about the process. 

However, they weren’t the only ones enjoying themselves while learning, and the other portion of this segment wasn’t so quiet. 23.1% of the business owners in this group admitted that they already knew about business credit, but were updating their understanding. And, they wanted to ask about … 

Here are the queries we heard most from those who wanted the skinny on modern business credit concepts: 

What’s the fastest way to build credit for an LLC? 

The fastest tactic for building business credit, after your business is established in an optimal way, is to use tradelines and gas cards that report to business credit cards. Of course, you need to pay these accounts as agreed to avoid negative marks on your business credit report. 

How can I get a business credit card for a new business?

The first step is to establish your business the right way.  There are many factors that contribute to a company’s creditworthiness. Many people who obtained business credit on behalf a prior, established company don’t realize that, in the past, their tradelines reported to business credit bureaus, which boosted their business credit score.

Should I use my SSN for business credit?

Most business credit cards are backed by a personal guarantee (PG), so yes, it’s most likely that you will include your social security number in a business credit application. However, no PG business credit lines do exist.

What gas card can I get with a 600 credit score?

You can get most gas cards with a 600 credit score. In fact, fuel cards usually come with net terms, which means that you pay in full each billing cycle. So, most of these offers are not based on FICO scores at all.

What credit score do you need to get a gas card for your business?

You do not need a certain credit score to qualify for a gas card. Because most gas cards have net terms, you pay in full each billing cycle. The credit lines for a fuel card are based on income, not credit scores — increased spending limits are usually offered over time.

5. Some Business Owners Want Help Obtaining Specific Types of Funding

Business owners looking for certain types of funding usually want cash flow to launch a new business. Some seek business loans or mortgages. Others are looking for standard business loans.

While they’re not the majority, there are quite a few people who ask us about funding for specific uses. 5.9% of business owners want to learn how to find and obtain a specific type of business credit or funding. They might ask about startup funds, real estate loans & mortgages, or business loans. 

In general, here’s how we address this group’s top issues:

Can I get a business loan without business credit?

There are types of funding that business owners can get using their personal credit. And, there are income-based business lines of credit. Aside from corporate cards, however, business funding for a company with no credit score tends to come with high-interest rates.  

What are the main types of credit businesses can get?

 Businesses can obtain secured and unsecured credit cards, term loans, SBA loans, equipment loans, corporate cards, mortgages & real estate lines of credit, gas cards, as well as invoice factoring & merchant cash advances (not recommended).

Within this segment, most often, individuals seek startup funds. In most cases, they’re looking for a way to fund and launch a new business idea. In fact, 40% of individuals looking for a specific type of business funding want startup funds. Some of them are under the wrong impression — they tend to think that there might be a way to get funding with no revenue or positive credit history to back it. This group benefits tremendously from learning the fundamentals.  

Here’s what they ask: 

How much can I get for a startup business loan?

That number ranges from $0 to $500K but depends on what you have to prove your creditworthiness. In a nutshell, you need a credit score and some proof of your ability to repay the funds. We teach businesses how to obtain up to $100K in business credit, which they can use as startup funds or for any other business purpose. 

How do I get startup credit for my business?

The first step is to incorporate your business. Next, you must apply for an EIN and set up business banking. You’ll need to get your business set up in such a way that it appears trustworthy to lenders and open a business credit file. Then, you need to establish a number of tradelines that report on-time payments to business credit bureaus. 

What is your business credit score when you first start?

If you have not established any tradelines, your business credit score starts at zero. 

Is business credit better than private funding?

Many people would say that they prefer business credit over VC and private equity funding because they do not want investors in control of their business operations. Others would prefer private capital because they are interested in expert guidance, and eventually exiting their business for a profit.

Of those who seek a specific type of funding, 33.3% want business real estate loans or mortgages. While we don’t focus a ton on mortgage options, we do share what we know — We share information about various commercial mortgages and the BRRRR method of real estate investing, as well as alternative options for purchasing homes and real estate. 

These are the questions we most commonly answer: 

What is a mortgage for a business called? 

A business mortgage is called a commercial mortgage. Another type of funding that businesses can consider when purchasing property is a real estate investor line of credit. In some cases, business owners have paid for homes with credit cards or revolving lines of credit. 

Can a business get a 30-year mortgage?

Business property loans typically have 7-20 year terms rather than 30. And, the amortization period for a commercial mortgage can last up to 30 years, which means that payments may still be required after the terms are up.

Are business mortgages cheaper?

As a rule, no. The APR is typically higher on a business mortgage than on a consumer mortgage. However, businesses have some funding options that are not available to individuals.

Of the group looking for a specific type of funding when they come to us, 26.6% want a business loan. These people are pretty quick to the gun, ready to do what they need to get funding. 

Most often, here are their queries: 

What do I need to get a business loan?

You’ll need a business that has been established properly, an EIN, good personal and business credit, a number of tradelines reporting on your business credit report, substantial business revenue (this will vary based on the credit line you want), and documentation to provide lenders.  

What is the minimum income for a business loan?

There is no minimum income required for a business loan because offers vary from lender to lender. For a smaller line of credit, $5K or less monthly income may suffice. For larger business loans, there may be higher income requirements, but there are banks with underwriting requirements that are easier to meet. 

What is the best loan for a business?

The best loan for a business can vary tremendously based on the company’s needs. We often share in-depth reviews for popular and recommended business loans and credit cards after learning more about an individual’s goals and requirements. 

6. Numerous People Want Business Credit to Solve Work-Related Challenges

Most people who want to use commercial credit to solve business challenges don't feel they earn enough revenue. Others either don't have trackable income or think that their line of work holds them back.

Whether it’s their occupation or industry, the fact that they run a cash business, or a lack of revenue, 4.7% of business owners have a business-related challenge they need to learn how to overcome when they seek out business credit knowledge. Establishing business credit can give this group a way to access financing, secure loans, and get better terms on credit offers. The funds that they obtain can then help them grow their business. 

In general, we answer the following for this segment: 

How can I use credit to grow my business?

Once you establish a strong credit profile, you can obtain substantial credit lines. If you use your funding responsibly, you can make investments that improve your profitability. 

How fast does business credit grow?

If you make all the right moves, you can have an established business credit profile with an excellent credit score in as little as one billing cycle, or as soon as your accounts are reported to business credit bureaus. 

In the group with work-related challenges, 83.3% of business owners say that they don’t generate enough revenue. They might be looking for an income-generating investment: equipment, staff, advertising, you name it. And, those who are serious about implementing our training can find new ways to boost profits. 

Here’s what they tend to ask us: 

How do you use credit to generate income?

You can leverage your credit to make investments that are profitable. It’s as simple as that. Some people invest in inventory, real property, or business equipment. Others might opt for something less tangible like digital assets. Though, all investments come with some risk. If you do use your credit to generate income, always be sure that your profit is higher than your account interest and fees. 

Can I use a credit card to invest?

Yes. Technically, you can use a credit card to invest in stocks or bonds. When you use credit for investing, it’s probably smarter to look at assets with less risk like business equipment, advertising, or retail inventory. 

Does credit funding count as income?

No. Credit funding is debt. It does not count as income and can not be taxed as such. 

Can you use a credit card to invest in Bitcoin?

Yes, some of the bigger crypto exchanges allow users to invest using credit cards. Though, we don’t generally advise beyond that on the crypto market or investments in general.  

Another work-related problem is that 8.3% believe that their cash business is holding them back from obtaining business credit. It’s actually pretty common for a company to do business using cash. Luckily, this problem has a simple solution (as long as you’re not trying to hide your money from the mafia). Really, you just need to use your bank account.  

This is what we most often address with this crowd: 

Can I get a business credit card with a cash business?

Yes, you can obtain business credit, even if your income is cash. However, you will need to first make sure that your business is legally established and “credit-ready.” And, you will most likely need to have your money in a business bank account. 

Can I get a business credit card with no money in the bank?

In most cases, no. You can not get a business credit card without traceable money. If you are going to apply for business credit, you will need money in a business bank account. 

What business funding can I get with a cash-only business?

If you run a cash business, and you refuse to keep all of your money in a business bank account, your funding options will likely be limited to bootstrapping (owner-funding), private investing, and crowdfunding. 

Akin to undocumented revenue, another 8.3% say that they believe their occupation or industry keeps them from being able to obtain credit. For example, freelancers and independent contractors have had a particularly hard time, and attribute their type of work to their inability to get funding. The truth is that any business can get funded — they just need to establish their company properly. 

For the most part, here’s what this group is asking: 

Can I get a business credit card with a 1099? 

Yes, you can get a business credit card, even if all of your income is from contract work. To do so, you will need to establish your business properly and account for your financials in a way that makes you appear creditworthy to lenders. 

Can I get a business credit card if I am self-employed? 

Yes. Self-employed businesses are no less creditworthy than businesses with employees. As with all businesses, you will first need to establish your business properly and get it “credit ready” before you can obtain funding.  

Can freelancers get business credit cards? 

Yes. Freelancers are self-employed businesses. The thing is, you just need to have your ducks in a row before you apply: Incorporate your business and get it “credit ready.”

Can I get a loan being an independent contractor? 

Yes. Independent contractors can get business credit, as long as they set the proper foundation. You will need to incorporate your business, get an EIN and business bank account, and establish your business profiles before anything else.

7. Those Who Want to Increase Their Existing Credit Lines Are a Minority

While not the smallest group, there are not many people who want to grow business credit lines that they’ve already obtained. Only 1.2% of business leaders who seek business credit education want to increase their existing credit lines. Looking at this, I think it’s safe to assume that most people who already have business lines of credit are not super likely to be actively learning about the topic. But, they do have some specific inquiries. 

Here, you have the typical questions that this group asks:  

How can I get my line of credit increased?

Credit card issuers ultimately want to earn profit from credit card interest. When a cardholder shows that they make payments on time, as agreed, this can lead to an increased credit line. However, making minimum monthly payments is usually insufficient. Paying an account in full while the card is still in regular use is sometimes the fastest way to show worthiness for a credit limit increase. 

Why is it so hard to get a credit line increased?

The final determination for a credit limit increase, for any bank, is based on the profitability forecast for the account. Most banks have private underwriting terms, which makes it difficult for many people to determine what will make their account eligible for an increased spending limit. 

Will requesting an increase in credit line harm my business credit?

Some banks may conduct a hard pull to your personal or business credit report when you request a credit limit increase. While a hard inquiry does impact your account, the impact is typically low and is always temporary.  

When should you ask for a credit line increase?

The best time to request a credit line increase is when you actually need it. But, you should consider your payment history over the past few months, and be sure that your account usage is not nearing your existing credit limit when you do so. 

What’s a good credit limit on a business loan?

We often see business term loans in the amount of $20K-100K. The best amount would be whatever you need to grow your business and ultimately improve profitability.  

Does canceling a business credit card hurt your credit score?

If you cancel a business credit card, it would decrease your credit limit; this could increase your utilization. You should try to keep your total credit utilization below 30% to optimize your credit score. 

8. A Handful of People Are Curious About “Credit Piggybacking”

When they first come to us, 0.7% of small business entrepreneurs are interested in learning how to earn money by allowing others to “piggyback” on their credit. This is the smallest group. And, honestly, I was taken aback when the first person came to us looking to sell business credit since this isn’t a service that we offer. Still, I take everyone’s interests into account. In fact, I reviewed one of the most highly-rated tradeline brokers some time back. 

Note: I try not to censor anything I share with Business Credit Workshop readers and coaching students (even when it is controversial). While I don’t endorse tradeline brokering, I have several coaching students who partake in the practice, and I see even more in the online groups I’m part of. Tradeline brokerages can absolutely be legitimate businesses, and — although there are considerable risks — there is potential to earn money for those with an abundance of credit.  

So, here’s the skinny on the credit piggybacking questions we most often hear: 

Is piggybacking credit legal?

Yes, adding an authorized user to a credit account is legal. Though, it is meant for family and close associates who actually intend to share an account. Many lenders prohibit cardholders from adding strangers to their accounts or using tradeline brokers.  

Does adding someone as an authorized user hurt my credit?

No, adding a new user to a credit account does not harm your credit score. However, if the authorized user uses the account irresponsibly, it can negatively impact your credit. 

Can piggybacking hurt credit?

Yes, adding an authorized user to an account can hurt credit if the authorized user uses the credit card or line of credit irresponsibly. Simply adding multiple users has no negative impact on a credit score. 

What are the disadvantages of credit piggybacking?

Credit piggybacking, as advertised through tradeline brokers may be prohibited by your lender. This means that if the lender found out that you participated, they might close your account. Another risk is that an authorized user who has access to your line of credit may spend irresponsibly, which has the potential to ruin your credit. 

What is a tradeline broker?

A tradeline broker is a middleman between a credit account holder and a client who wants to “buy” (more appropriately, “rent”) an account, or be added as an authorized user. Clients are willing to pay for the chance to temporarily show an increased credit line prior to applying for a mortgage or other high-limit financing. 

How much can I sell my tradeline for?

Depending on which tradeline broker you were to go with, you could earn from $50 to $2K per month to participate in credit piggybacking. 

Final Takeaway

There are several motivations that drive people to seek out education on business credit. The most common reason is the need for help with their credit scores. Many people also have a general lack of knowledge about business credit, and more than one in ten are interested in locating specific business credit offers.

Moreover, some entrepreneurs enjoy learning more about various financial topics, while others want help obtaining specific types of funding or want to use business credit to solve business-related challenges. A small minority of business owners are interested in increasing their existing credit lines, and a handful of people are curious about “credit piggybacking.”

We have assisted thousands of business owners in building business credit and improving their credit scores, enabling them to obtain lines of credit to grow their companies. This post contains the top questions asked by entrepreneurs about business credit. These are our exclusive insights and responses to these queries based on our experiences working with these business owners. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? If so, join Business Credit Workshop today.

How to Use Business Gas Cards to Build Your Business Credit

By Joe

How to use fleet cards to build business credit

After a call with a Business Credit Workshop student of mine, several years ago, I compiled a list of business gas cards. Originally, I summarized the key points from the conversation and shared my findings here. At the time, the article was meant as a supplement for current students of the e-course. I’ve since decided to provide even more information, make it public, and regularly update this directory of credit-boosting business gas cards. 

Here, you will learn what a business gas card is and how it differs from a regular credit card, everything you need to know about using one, and how to select the best card(s) for your company. Then, you’ll find a list of 11 cards to study including terms, rates, and rewards. Read all the way to the end for bonus advice about your application and payments! 

Contents:

  • First, What is a Business Gas Card?
    • FAQs
  • 11 Easy-Approval Business Gas Cards to Boost Your Business Credit Score
    • 1. AtoB Business Gas Card
    • 2. Shell Small Business Card
    • 3. Comdata Universal Mastercard
    • 4. Sunoco Universal Fleet Card
    • 5. Exxon Mobil FleetPro™ Card
    • 6. Conoco Universal Card
    • 7. Chevron and Texaco Business Card
    • 8. BP Business Solutions & Business Solutions Plus
    • 9. Valero Fleet Fuel Cards
    • 10. Speedway Business Fleet Card
    • 11: Wex Small Business Fuel Cards
  • Bonus: Business Fuel Card Advice
  • Final Thoughts

Let’s get the ball rolling… 

First, What is a Business Gas Card?

A business gas card, fuel card, or fleet card is a secured or unsecured credit line — often with net 30 or comparable terms — that enables business owners and staff to pay for gas and sometimes other expenses like insurance and auto maintenance. Many cards offer benefits such as fuel cost discounts. And, these cards are typically easier to qualify for than traditional credit cards. 

As a bonus, fleet card servicers typically report on-time payments to business credit bureaus, including D&B. So, fuel cards provide a convenient way for businesses to build credit. 

Frequently Asked Questions

How Does a Business Gas Card Work?

A business fuel card is used in place of cash, credit, or debit to pay for gas. The cards enable drivers within a company to acquire petrol at stations within a designated network. The business, not the individual, is responsible for making the monthly payment in full.  

What Credit Score is Needed for a Gas Card?

While credit cards require certain respective credit scores, business gas cards are often leveraged as secured credit. So, a certain score is not typically required. Instead, the card issuer takes a risk in return for a monthly service fee or other arrangement.  

Can’t You Just Use a Regular Business Credit Card for Gas?

Yes, you can use most business credit cards to pay for gas (if you are authorized to do so). However, with business fleet cards, you often get discounts on fuel. And, some people use fuel cards with net 30 terms to build business credit before applying for a traditional, revolving business credit card? 

Are Company Fuel Cards Worth it?

According to some sources, a gas card is arguably not a good idea. These sources say that fuel card interest rates run higher than a typical credit card and that companies are better off choosing another funding source. However, because of their approval rate, value, and convenience, they are one of the best to build business credit. And, for those naysayers, AtoB has a completely free offer. 

So, yes, company fuel cards are worthwhile for many people. 

What Are the Benefits of Having a Fuel Card?

Business fuel cards come with several advantages. While some of the pros have already been stated, here’s a list of benefits. 

  • Convenience – No need for cash, credit, or debit cards. 
  • Consistent Pricing – Fuel up within one network of stations. 
  • Payment Security – Payments are made through a secure server.
  • Organized Cost Tracking – No need to manually collect receipts. 
  • Tax Write-Off Monitoring – Easily access fuel spending during tax preparation.
  • Discounts & Rewards – Discounts & rewards are offered to cardholders. 
  • Customized Reporting – Gain a clear picture of your fuel budget.
  • Unified Billing – Pay for all business fuel costs at one time. 
  • Account Alerts – Get notified about important account information.
  • Electronic Receipts –  Receive receipts electronically via SMS or email. 
  • Purchase Amount Control – Gain more control over fuel purchases. 
  • Time-Savings – Administration efforts are cut tremendously.  
  • Credit Building – Issuers report on-time payments to credit bureaus. 

With on-time payments, a gas card can tremendously enhance your operations and help increase your business credit score. 

What Business Gas Card is Easiest to Get?

Fleet cards aren’t known for being especially difficult to get. In fact, they’re typically used to build credit. But, in my experience, AtoB looks like the best offer —  they offer a free, secured card to business owners who might not qualify for their normal net 7 terms in the beginning (over time, with responsible payments, AtoB might upgrade terms). 

11 Easy-Approval Business Gas Cards That Can Help Boost Your Business Credit Score

Leverage these companies to build positive trade lines that report to Dun & Bradstreet (D&B) and other bureaus. Responsible use and on-time payments with these vendors will help boost your D&B, Experian Business, and Equifax Business credit scores.

1. AtoB Business Gas Card

AtoB business gas card
  • Terms: Net 7 (pay-in-full weekly)
  • Rates: FREE
  • Rewards: Save up to 25¢ per gallon on fuel purchases, use anywhere Visa is accepted, see the best prices from nearby gas stations, spending control, and use your card to pay insurance, payment, tolls, and more. 

Recommended: AtoB Business Gas Card Review (Is it Really a Superior Card?)

2. Shell Small Business Card

Shell small business gas cards
  • Terms: Revolve or pay-in-full
  • Rates: Up to Prime +20.74% variable APR
  • Rewards: Save up to 6¢ per gallon of fuel purchases and discounts at participating Jiffy Lube® locations.

3. Comdata Universal Mastercard 

Comdata fleet card
  • Terms: Revolve, pay-in-full, or prepaid 
  • Rates: Up to Prime +23.99% variable APR, up to $10 per month service fee, and up to $50 one-time setup fee
  • Rewards: Save up to 6¢ per gallon of fuel purchases, an additional 6¢ per gallon for the first six months, 5% on maintenance at participating Firestone® and Tires Plus® retail locations, and up to 3¢ per gallon rebate with participating merchants within the Retail Savings Network, use anywhere Mastercard is accepted. 

4. Sunoco Universal Fleet Card

Sunoco fleet card by Wex
  • Terms: Pay-in-full
  • Rates: 6.99% monthly percentage rate, $2 monthly service fee, and $40 account setup fee
  • Rewards: Save up to 6¢ per gallon on fuel purchases and up to 25¢ per gallon through the promotional period

5. Exxon Mobil FleetPro™ Card

Exxon Mobil fleetpro card
  • Terms: Revolve or pay-in-full
  • Rates: 23% variable APR and minimum $2.99 finance charge
  • Rewards: Save up to 6¢ per gallon of fuel purchases

6. Conoco Universal Card

Conoco universal gas card
  • Terms: Revolve or pay-in-full
  • Rates: 28.74% variable APR, 0% APR if paid in full monthly, and minimum $2.00 finance charge 
  • Rewards: Save up to 7¢ per gallon, accepted at 95% of gas stations

7. Chevron and Texaco Business Card

Chevron Texaco business card
  • Terms: Revolve or pay-in-full
  • Rates: 9.99% monthly percentage rate with up to $10 service fee
  • Rewards: Save up to 10¢ per gallon on fuel purchases in the first six months

8. BP Business Solutions & Business Solutions Plus

BP business gas cards
  • Terms: Revolve or pay-in-full
  • Rates: 14.99% to 23.99% variable APR (revolving) or 1.95% monthly percentage rate (non-revolving) and up to $10 service fee
  • Rewards: Save up to 6¢ per gallon on fuel purchases

9. Valero Fleet Fuel Cards

Valera Business gas cards
  • Terms: Revolve or pay-in-full
  • Rates: 16% to 24% variable APR (revolving) 1.33% to 2% monthly percentage rate (non-revolving) with no minimum interest
  • Rewards: No discounts (To save up to 8¢ per gallon on fuel purchases, large fleets might look into the Valero Fleet Credit Card)

10. Speedway Business Fleet Card

Speedway gas card
  • Terms: Pay-in-full
  • Rates: 7.99% monthly percentage rate and a $75 minimum service fee
  • Rewards: Save up to 5¢ per gallon on fuel purchases

11: Wex Small Business Fuel Cards

Wex fleet cards

Use Wex to help you make the right card selection for your operations. Choose between credit or charge cards, and select your state and your preferred brand to compare the best available options — they have a ton of cards. 

  • Terms: Variable
  • Rates: Variable
  • Rewards: Variable

Bonus: Business Fuel Card Advice 

The first key to building business credit starts before you obtain your card. When you apply for business gas cards, if you have 5 or more employees and have done business for two or more years, it will usually eliminate your personal guarantee. So, apply as a business using your EIN or DUNS™ number instead of your social.  

Next, the number of employees you have and the amount of time you’ve been in business are stronger indicators of eligibility than the number of vehicles you use. So, if you only have one vehicle, only list one fleet car. The more honest you are, the more relevant terms you will receive.

Finally, you may need to make a tough decision about how to pay on your account. For most gas cards, even with revolving credit, you can avoid periodic interest rates by paying your account in full each period. If you’re looking for the highest possible savings, this is a good idea. 

However, as with most revolving credit, some bureaus consider a small balance under 30% of your limit ideal. So, when you qualify for revolving terms on your preferred gas card, carefully weigh the pros and cons before you determine whether to pay a portion or to pay your entire balance each month. 

Final Thoughts 

If you’ve made it here, congratulations — you are officially one step closer to boosting your business credit score. You have the information you need to fully leverage business gas cards, so go put it to use. In the meantime, Would you like to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

Read This Before You Hire a Business Credit Coach [Quick Guide]

By Joe

Business Credit Coach

You’ve probably landed here because you’re thinking about hiring a business credit coach. In most small business owner/startup scenarios, we recommend you do because business credit can help you obtain the working capital you need to improve, grow, and scale your operations. But, before you take the leap, you need to know a few things including alternative options and what to expect. 

Here, you’ll learn everything you need to consider before you hire a business credit coach. This is what’s covered: 

  • What is Business Credit?
  • What are Your Alternatives for Business Capital?
  • What is a Business Credit Coach and How Can They Help?
  • Frequently Asked Questions
  • Are You Ready to Pull the Trigger?

What is Business Credit? 

Business credit refers to a company’s ability to access credit cards, lines of credit, and loans. It is based on the business’ creditworthiness, which is typically determined by a business credit score. Business credit bureaus and business divisions within consumer credit bureaus measure business credit separately from personal credit. 

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

What are Your Alternatives for Business Capital? 

Most small US businesses are launched and operated using personal capital, which includes personal cash, savings, and credit. Business credit frees up more opportunities for growth. But, it’s not your only option. You should know what alternatives are available before you invest in something you might not necessarily need.  

So, here’s a quick list of your options and summaries of what each entails. 

  • Personal debt financing – A high FICO score through consumer credit bureaus can give business owners access to personal loans, lines of credit, and credit cards that can be used to fund business ventures. Funding amounts are typically lower than with business credit. 
  • Working capital loans & merchant cash advances – Short-term loans can be accessed through certain lenders based on business income or accounts receivable for urgent funding needs. Interest rates and fees are usually especially high. 
  • Venture capital (VC) & angel investing – Funding can be obtained through private investors and VC firms. In most cases, these investors take partial ownership over the business, or at least a share of future profits, in exchange for funding.  

Business credit is the only funding option (aside from reinvesting profits) that helps owners maintain freedom and control over their business with reasonable costs and is not limited by personal credit. 

What is a Business Credit Coach and How Can They Help?

Now, what do credit coaches do? A business credit coach will learn about your current financial situation and hear your struggles. They will help you set business credit goals and lay out a plan for you to achieve them. A good coach will then help you take the steps needed to get to the end goal and help you overcome any obstacles that you might encounter along the way.  

From establishing your business properly to getting business credit-ready and obtaining large lines of credit, capable business credit coaches know the ins and outs of the business credit world. They can help you ensure that you file the right paperwork, stay in compliance with regulations, and tell you when and how you need to take action. 

Recommended: 41+ Companies That Help Build Business Credit 

Frequently Asked Questions

Before we wrap up, let’s take a look at brief answers to some of the most common questions that I hear from my business credit coaching clients. 

  • Can you repair business credit? 
    • Yes, as with consumer credit, business credit restoration can help you improve your credit score and increase your business’ creditworthiness. 
  • Can you get business credit with an LLC? 
    • Yes, you can get business credit with an LLC or any other corporation. In some cases, you can get business credit with Sole Proprietorships, but we always recommend that our clients establish their company as a corporation. 
  • Can I use my EIN to apply for credit? 
    • Yes, many business credit applications ask for an EIN. We also teach how to actually get business credit with just an EIN. 
  • Is business credit linked to personal credit?
    • Yes, most (not all) business credit lenders require a guarantor who will be responsible to repay the debt if a business fails to do so. The guarantor on a business line of credit, loan, or credit card is usually the owner… but not always. 

Are You Ready to Pull the Trigger? 

At Business Credit Workshop, we’re not like some of the other coaches. There are a few ways that we go above and beyond for our clients. For example, we have a large database of thousands of local community banks and credit unions that offer business credit. And, we have interviewed every one of them. 

Next, we have a support system made up of Business Credit Workshop students and clients. In our network, those seeking business credit help each other out. Here, you can learn from real people who are actually seeing success.

Finally, we use a trusted 7-step process to get clients $500K+ in business credit without ever having to walk into a bank. If you’ve made it this far and you’re 100% certain that you’re ready to pull the trigger, complete your business credit coaching application today.

Next Page »

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