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The Ultimate Business Credit Deep Dive: 130+ Statistics & FAQs (2023)

By Joe

Business Credit

We work one-on-one 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.

What is the Best Bank of America Business Credit Card for Your Needs? 

By Joe

Best Bank of America Business Credit Card

Recently, we shared an overview of Bank of America’s corporate card offer, which comes with some pretty robust benefits. And, while putting that together, we realized that we hadn’t covered their small business credit cards yet. Currently, BoA is promoting seven business credit cards, each with its own set of pros and cons. This might leave you scratching your head, wondering which card is best for your situation. 

Well, I’m going to break each BoA business credit card offer down for you. At the end of each section, you’ll find a quick overview of who that card would be best for. 

Here’s what’s in store: 

  • Bank of America Company Overview
  • Bank of America Business Credit Card Requirements
  • The Business Credit Card Offers
    • 1. Business Advantage Customized Cash Rewards Credit Card
    • 2. Business Advantage Unlimited Cash Rewards Credit Card
    • 3. Business Advantage Travel Rewards Credit Card
    • 4. Alaska Airlines Visa® Business Credit Card
    • 5. Platinum Plus® Business Credit Card
    • 6. Business Advantage Unlimited Cash Rewards Secured Card
    • 7. Bank of America Executive Explorer Card
  • Final Thoughts

Let’s get moving. 

Bank of America Company Overview

Bank of America was founded in 1998 in San Francisco, California. Since then, they’ve grown to become one of the largest and most well-known banks in the country, if not the world. In fact, they’re a household name. 

The bank has a traditional offer, providing almost every financial service under the Sun, from personal banking to business finance management (and beyond). The company is a publicly traded, for-profit investment bank. With these credentials, it’s safe to label them as trustworthy.

Bank of America’s current CEO, Brian Moynihan, was promoted to this position in 2009 and still leads a team of nearly 200K staff members.  

Bank of America Business Credit Card Requirements

Bank of America Business Credit Card Application

Nearly any business structure can apply for a Bank of America business card, including corporations, LLCs, sole proprietors, and freelancers. 

To apply for a business credit card with them, you’ll need to have the usual information handy: 

  • Legal and preferred business names
  • Type of business
  • Business address
  • EIN or SSN (for sole proprietors & freelancers)
  • Articles of organization 
  • Business contact information
  • Years in business
  • Annual revenue and expenses

A good FICO credit score can be important for new business owners, since Bank of America may elect to look at applicants’ personal credit history when making a decision. For cases in which an applicant’s credit isn’t great, though, they do offer secured cards. 

The Business Credit Card Offers

6 out of 7 of the Bank of America cards below are Mastercard,™ which means that cardholders can take advantage of the perks that come along with that. Mastercard standard benefits include zero-liability protection, theft protection, and emergency assistance. 

Note: Visa™  cards also come with some advantages of their own, such as discounts on partner offers.  

These cards are designed for businesses and report on-time payments to Equifax Small Business, so they can have an impact on your business credit score.  

Now, we’ll take a look at Bank of America’s business credit cards, one-by-one. 

1. Business Advantage Customized Cash Rewards Credit Card

Bank of America Credit Card: Customized Cash Rewards

The first card we’ll look at is the Bank of America Business Cash Advantage Customized Cash Rewards Card. In this case, “customized” means that you can earn 3% cash back on the category with the highest spending. For example, you might choose to use your card primarily for fuel purchases, in which case you could earn 3¢ for every dollar spent at a gas station. 

To take advantage of the 3% cash back, cardholders must select their own “choice” category, which is managed in the app or cardholder dashboard. 

This card also comes with 2% cash back on dining and 1% on everything else. No matter what, you’re earning at least 1¢ per dollar spent. You can redeem cash rewards as statement credit, a paper check, or have it deposited directly into a Bank of America checking or savings account.   

There is no annual fee with the Customized Cash Rewards card, and you can increase the amount of interest earned if you bank with Bank of America. 

Currently, there’s an introductory offer with this card, which promises a $300 statement credit if you use your card to spend at least $3K in the first 90 days and 0% interest for the first 9 billing cycles (after that, it’s ≤25.99%). 

Who is this card good for? 

The Business Advantage Customized Cash Rewards Mastercard™ from Bank of America is best for business owners who like to take advantage of cash rewards and are pretty organized with their spending. While you can earn 1% cash back on all spending, you would want to use this card if you plan to spend primarily in one category to maximize your rewards. 

You should also have a good business and personal credit score since it’s an unsecured card with a competitive interest rate from a traditional lender. 

2. Business Advantage Unlimited Cash Rewards Credit Card

Bank of America Business Account: Unlimited Cash Rewards Card

Next, let’s take a peek at the Business Advantage Unlimited Cash rewards card. “Unlimited” implies that you will earn on all spending. The standard cashback rate for this card is 1.5%. So, you will earn at least 1.5¢ with every dollar you spend — it’s a pretty simple offer.  

Like the Customized Cash Back card above, you can earn more if you’re a Bank of America business banking member (if you qualify for the Preferred Rewards Business Tier). And, there is no annual fee. 

The Unlimited Cash Back card also has an intro offer of $300 statement credit with $3K spending in the first 90 days and 0% interest for the first 9 billing cycles ( and ≤25.99% thereafter).  

Who is this card good for? 

The Business Advantage Unlimited Cash Rewards Mastercard™ from Bank of America is structured for someone who is looking for a simple rewards card. You can earn on all spending without prioritizing a specific category. Bank of America banking members may see even more benefits. 

You should have a good credit score. Again, we’re looking at a traditional lender’s unsecured credit card with competitive rates, so they need to see proof that you will pay as agreed.  

3. Business Advantage Travel Rewards Credit Card

Bank of America Business Advantage Credit Card Reviews: Travel Rewards

Now, let’s explore the Business Advantage Travel Rewards credit card. Instead of cashback, with this card, you will earn points (though the math usually comes out about the same with points as it does cash) at a rate of 1.5 points per dollar spent. 

Points can be redeemed as statement credit, gift cards, or toward offsetting travel or dining purchases. And, cardholders who make travel purchases through the Bank of America Travel Center can book hotels (from 200K+ brands) and flights (from 200+ airlines) with no blackout dates. 

The current online introductory offer can get you 30K bonus points with $3K in spending in the first 90 days. As with the other Business Advantage credit cards’ intro offers, this can also be redeemed as a $300 statement credit but is limited to use toward travel or dining purchases. As of now, you can also take advantage of 0% APR for the first 9 billing cycles (≤25.99%  after that).  

Who is this card good for? 

The Business Advantage Travel Rewards Mastercard™ is designed for business owners who want to earn travel or dining rewards with their credit card spending. This might be the right card for you if you would find benefit in redeeming 

Not to sound like a broken record, but you should have a good credit score — Bank of America tends to follow conventional standards with their underwriting for unsecured credit cards. 

You Might Also Like: Marriott Bonvoy Business Credit Card Review & Comparison 

4. Alaska Airlines Visa® Business Credit Card

Bank of America Credit Card: Alaska Airlines Business

Now, we have the Alaska Airlines Business Credit Card. Unlike other credit cards from Bank of America, this is a Visa. And, you can earn “miles” rather than cash back or points. The benefits of this card come at a cost of $50 per year, but you can earn 3 miles per dollar with spending at Alaska Airlines and 1 mile per dollar on all other spending. 

Since miles usually convert the same as points, this card has triple the rewards potential of the Business Advantage Travel card (if you use it solely for purchases with the airline).

Miles can be redeemed with oneworld™ Alliance and Bank of America’s Global Partners. Some airlines include:

  • Alaska Airlines
  • American Airlines
  • British Airways
  • Cathay Pacific
  • Finnair +more

In addition, if you get this card, you will get Alaska’s famous companion fare every year on your account birthday. This will enable you to purchase one round-trip, coach ticket for a traveling companion for just $121 — companion tickets must be purchased at the same time as the base ticket and on the same itinerary. 

Furthermore, you will get one free checked bag for yourself and up to six guests traveling with you; the value is $60 per bag. Plus, while traveling, you can enjoy 20% off in-flight purchases when you pay with your card. 

The latest introductory offer is 40K bonus miles with $2K in spending in the first 90 days. 

Note that the APR is ≤27.74% variable. 

Who is this card good for? 

The BoA Alaska Airlines Business Visa is suited, first, for any business owner who will take advantage of the companion fare yearly. With redemption, the $50 annual fee will pay for itself instantly. And, the high miles rewards offer makes this a natural choice for business travelers who frequent Alaska airlines will reap the most rewards. 

All others will earn only 1 mile per dollar and would probably be better off applying for one of the Business Advantage cards instead.  

Finally, you will almost certainly need a high FICO score of 700 or better to qualify. 

5. Platinum Plus® Business Credit Card

Bank of America credit card limit: Platinum Plus Business Mastercard

While there are no rewards offered, the interest rates with the Platinum Plus Business Credit Card are lower than with other unsecured business credit cards from Bank of America (≤24.99%).  

This card has no annual fee — it’s comparable to the Business Advantage cards in that way. And, you can take advantage of many of Bank of America’s free financial tools such as unlimited employee cards and automatic bill pay. 

There is an ongoing intro offer, right now, for 0% APR for the first 7 billing cycles and $300 statement credit with $3K spending in the first 90 days.  

Who is this card good for? 

The Bank of America Platinum Plus Business Mastercard™ is great for a business owner who wants a simple business credit card with a lower interest rate. If you’re not interested in rewards, and you just want to be able to leverage the buy now, pay later features of a revolving card, this could be your best bet. 

Once more, you’ll need good credit to qualify. 

6. Business Advantage Unlimited Cash Rewards Secured Card

Bank of America Business credit card application status: Cash Rewards Secured Mastercard

The Business Advantage Unlimited Cash Rewards Secured Credit Card is very similar to the unsecured Unlimited card (see above). 

Here’s how the two cards are the same: 

  • ≤25.99% standard APR
  • $0 annual fee
  • 1.5% cash back rewards
  • Rewards redemption options:
    • Statement credit
    • BoA checking or savings deposit
    • Paper check 

What’s different about the secured card is that it’s intended to help you build business credit. So, if your credit scores are lower, this card provides a solution. 

A $1K minimum deposit is required to open an account, and payments are reported to credit bureaus. 

Who is this card good for? 

The Bank of America Business Advantage Unlimited Cash Rewards Secured Mastercard™  is designed for business owners who might want to apply for the unsecured Unlimted Cash Rewards card.  

With a secured card, there’s no need for excellent credit, because you will use your own funds to build credit. 

7. Bank of America Executive Explorer Card

Bank of America Business credit card login: Executive Explorer Mastercard

Finally, the Executive Explorer card is another offer you might want to consider. With this card, there is a $375 annual fee. While that’s a bit steep, if you take advantage of everything the card offers, it more than makes up for the fee. 

For example, you can get a $600 Lounge Access credit every year and $100 Airport Fast Track credit every four years, just for having the card. Then, you can access the Benefits on Us and Dinova Rewards programs, which are covered in our Bank of America corporate card review

The catch is that this isn’t a revolving credit line. Instead, it’s essentially a charge card that you must pay in full. You must be an executive or owner of your company to join the program. 

Who is this card good for? 

The Bank of America Executive Explorer Mastercard™ is great for business owners and executives who want discounts on the occasional airport lounge experience and Airport Fast Track. Anyone who might like to leverage dining and culture rewards (and thinks they’ll make the $375 annual fee worthwhile) should contact the sales team at Bank of America to discuss details in full. 

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

Final Thoughts

Bank of America seems to have a credit card for every type of business owner. Whether you’re a corporate executive spending hundreds on Lounge Access for business travel, or you simply need to build your business credit, one of the above cards could be right for you. 

Keep in mind, though, they’re not the only cards out there. Explore some of our previous business credit card reviews to make sure you’re applying for the right card. 

Bank of America does require a personal guarantee, so their business credit cards can affect your personal credit score. 

If you want to learn how to obtain up to $100K in business credit (that won’t affect your personal credit) in as few as 30 days, join Business Credit Workshop today.

Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

By Joe

Bluevine Business Checking Review

I’ve been really excited to review Bluevine since so many people have asked me about it. This is a free small business checking account offer that earns 50X the national average interest with no monthly fees or minimum deposits. Of course, they can’t possibly cater to every business owner… Can they?

That’s what we’ll explore here.   

  • Bluevine Business Checking Overview
    • Bluevine’s Line of Credit
    • Bluevine’s Bill Pay
  • Bluevine Company Overview
  • Frequently Asked Questions
  • The Verdict: Is Bluevine Legit?

Now, let’s fire away!

Bluevine Business Checking Overview

Bluevine offers free, single-user business checking accounts that can earn 2% interest on up to $100K with qualifying activity. There are no minimum deposits or NSF fees, which is incredible. 

One standout feature that Bluevine doesn’t seem to advertise much is the ability to give your bookkeeper access to your account without sharing your dedicated login information — this can come in handy!

Bluevine login

To qualify for interest accrual, account holders must meet at least one of the following requirements: 

  • Spend $500 with your Bluevine debit card in a calendar month OR
  • Receive or deposit $2.5K via ACH, mobile deposit, wire transfer, or via a merchant payment processor (not ATM). 

Bluevine uses the MoneyPass ATM network, with 37K locations nationwide. So, if you’re super rural, you may not be able to access a surcharge-free ATM. In this case, you would pay $2.50 for every ATM transaction. 

While most services are free online and within the MoneyPass network, Bluevine charges $4.95 for all cash deposits made at an ATM. This might be steep for a business that makes multiple cash deposits, but online businesses wouldn’t be affected much. 

There are no limits to the number of transactions that can be made in a Bluevine account, but cash transfers are limited to $1.5K per transaction, $2K per day, and $7.5K per month.  

ProsCons
Free checking with no monthly feesNo joint accounts
2% interest on balances up to $100KMinimum requirements to collect interest
No minimum deposits$7.5K maximum monthly cash transfers
Sub-accounts with dedicated account numbers$2.50 fee for out-of-network ATMs
Unlimited, fee-free transactionsNo branch access (ATM-only)
No NSF fees$4.95 fee for cash deposits

So, a Bluevine checking account seems like a fantastic option for certain businesses. The offer seems to be catered to accountants, bookkeepers, freelancers, and other service businesses that primarily conduct digital transactions. 

Bluevine review Reddit

Naturally, there are businesses that Bluevine isn’t going to work well for. 

For one, partnerships might not be a great fit, since only one account holder is permitted for each account. Next, super rural businesses without easy access to MoneyPass ATMs might end up paying quite a bit in surcharges (assuming you would need ATM access).  Finally, this offer is simply not well-suited for businesses that need to deposit more than $7.5K in cash monthly, as that’s where Bluevine maxes out. 

Fun Fact: Bluevine checking is powered by Coastal Community Bank, which is also the servicer for the X1 credit card. 

Bluevine’s Line of Credit

Bluevine offers lines of revolving credit up to $250K, with rates as low as 4.8%, serviced by Celtic Bank.  Once approved, you can get access to funds quickly. Note that the advertised interest rate is “simple interest,” which means compounding isn’t accounted for, and the low 4.8% is based on a 26-week repayment plan. 

Bluevine loan

You can apply for a line of credit online in minutes. Bluevine uses Plaid to connect to your bank account and analyze cash flow. To qualify, you must have been in business in the U.S. for at least 6 months, have at least $10K in monthly revenue, and have a personal FICO score of 625 or higher. 

Bluevine reviews

According to at least one satisfied lendee, you cannot apply for a Bluevine loan using your Bluevine checking account, which seems a little wonky. Hopefully, they will update their lending platform to work with their own bank at some point in the future. But, as of now, there doesn’t seem to be a workaround. 

If you apply and are approved for a Bluevine line of credit, you can choose to wire transfer funds for access within a few hours and a fee of $15. Alternatively, you can choose an ACH deposit, which can get your funds to you as soon as the next business day (however, in some cases this can take a few days). 

Recommended: Meet Celtic Bank: A Humble Brand With an Enormous Reach 

Bluevine’s Bill Pay

If you have the banking information for your payees, you can add them manually in your Bluevine account dashboard. I feel like online check services like Checkbook.io might be easier to use, since you only need an email address and name to deliver payments. But, bill pay is a nice feature for any bank account. 

Moreover, you can connect Bluevine to Quickbooks to view income and expenses from your checking account dashboard. 

Bluevine Bank

Bill pay funds are held by Silicon Valley Bank, a trusted FDIC-insured institution. All-in-all, I think Bluevine’s bill pay options are competitive. 

Bluevine Company Overview

Bluevine Inc. was co-founded in July 2013 by Eyal Lifshitz, Moti Shatner, and Nir Klar in Redwood City, California. The company started as an invoice factoring company, offering capital loans from $5K to $50K with “cash in as fast as 1 day.” They exited the factoring game and announced their free checking account offer in early 2020.  

I found this gem from 2014 in the Wayback Machine: 

Bluevine capital

Frequently Asked Questions

What happened to Bluevine?

There are a few rumors floating around that Bluevine is not accepting new applications. This is not the case — Bluevine is accepting new applications for lines of credit and new bank accounts. The rumor that they were closed may have started when PPP funding ended, as Bluevine was an approved lender for the Paycheck Protection Program. 

Is Bluevine accepting new applications?

Yes! Despite the hearsay, Bluevine is currently accepting applicants for business checking accounts and lines of credit. 

Does Bluevine run a credit check?

Yes, Bluevine runs a credit check for applicants looking for a line of credit. For approval, applicants must have a FICO score of 625 or higher. 

Does Bluevine do a hard pull?

For businesses organized as an LLC, Bluevine does not do a hard pull, so applicants’ credit will not be negatively impacted. 

What bureau does Bluevine pull from?

Bluevine has a partnership with Experian, Equifax, and Dun and Bradstreet, and reports on-time payments to all three. 

Does Bluevine affect credit score?

Since they report payments to business credit bureaus, on-time payments to Bluevine will have a positive impact on your credit score.  

Does Bluevine charge a fee?

The only fees Bluevine charges for checking accounts are ATM fees for cash deposits. Most ATMs within the MoneyPass network are surcharge-free for Bluevine account holders. 

How much can I withdraw from Bluevine?

The maximum amount you can withdraw from Bluevine is $1,500 per transaction, $2,000 per day, and $7,500 per month

Is Bluevine a direct lender?

No. Bluevine’s lines of credit are serviced through Celtic Bank. 

Who owns Bluevine?

Bluevine was founded by Eyal Lifshitz, Moti Shatner, and Nir Klar, who still currently own and operate the company. 

What credit score does Bluevine use?

Bluevine uses applicants’ FICO scores to determine creditworthiness. 

Is Bluevine FDIC insured?

Bluevine checking accounts, loans, and bill pay funds are FDIC insured through the respective banks that service these offers (Coastal Community Bank, Celtic Bank, and Silicon Valley Bank).  

How many customers does Bluevine have?

As of February 2022, Bluevine had 450K customers. 

The Verdict: Is Bluevine Legit? 

Yep! This business checking offer is legit, and I would go as far as to say that I recommend it… for some business owners, namely accountants, freelancers, and other entities that conduct mostly digital banking. However, if you move a lot of cash through your company, or you have more than one owner, Bluevine probably isn’t your best option. 

As far as Bluevine’s line of credit, I do trust offers from Celtic Bank, but I’m not the biggest fan of these fast-cash-type offers that use the owner’s personal FICO score to determine creditworthiness. Instead, I like to teach business owners to obtain credit using their business credit. What I do like is that Bluevine reports payments to D&B. So, with responsible payments, a Bluevine loan can help you build business credit.  

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

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

By Joe

OnDeck Review

In the past, we’ve reviewed business funding offers from Fundbox, Lendio, and Kabbage. Until now, OnDeck (a company with a similar offer) has somehow slipped through the cracks. It’s vital for business owners who seek funding to know about all of their options. So, I want to provide a breakdown of OnDeck’s business lines of credit and term loans. 

Here, I’ll share everything you need to know about the offers from OnDeck so that you can decide if this is the right option for your business funding needs. 

Here’s what’s “in the hole:” 

  • What is OnDeck?
    • OnDeck Term Loans
    • OnDeck Lines of Credit
    • OnDeck Requirements
    • OnDeck Interest Rates
  • What to Expect When You Apply with OnDeck
    • OnDeck Partners
  • Frequently Asked Questions
  • The Verdict

Now, batter up! 

What is OnDeck? 

OnDeck is a small business lending company that promises to make the process fast and easy. The company has an A+ BBB rating, and has funded $14 billion to small business owners in the U.S., and they have a 4.8 TrustScore on TrustPilot. In a nutshell, they provide what seem like trusted term loans and lines of credit. 

So, are they legit? Let’s find out!

OnDeck Term Loans

OnDeck’s core offer is a term loan for small businesses. Term loans are set-amount, fixed-rate, loans with specific repayment schedules.

Here, you can get $5K to $250K loans with up to 24-month repayment terms. Automatic payments for an OnDeck term loan will be made daily or weekly. 

OnDeck Lines of Credit

The secondary offer from OnDeck is a line of credit. Lines of credit are a pre-set borrowing limit with revolving terms that can be used at any time. 

Here, you can get $6K to $100K lines of credit with 12-month repayment terms. Automatic payments for an OnDeck line of credit will be made weekly. 

OnDeck Requirements

As with most business funding options, you will need to meet minimum requirements to successfully obtain funding. With OnDeck, you must have at least one year in business, a consumer FICO score of at least 625, $100K annual business revenue, and a business bank account. 

Next, you must also operate outside of OnDeck’s list of restricted industries. Any business in the following industries are prohibited from obtaining funding through the platform:

  • Adult entertainment
  • Drug dispensaries
  • Firearms vendors
  • Government  
  • Non-profit and civic organizations 
  • Public administration
  • Horoscopes and fortune telling
  • Lotteries, casinos, and gambling
  • Gaming
  • Money service businesses
  • Rooming and boarding houses

Finally, funding through OnDeck is unavailable in Nevada, North Dakota, or South Dakota. 

When the minimum requirements are not met, anyone who applies through the platform will be referred out to OnDeck’s Trusted Lending Partner team. 

OnDeck.com login

OnDeck Interest Rates & Fees

I have said this before, but I can’t say it enough. ALWAYS read the fine print. 

OnDeck Interest Rates

The average rate for OnDeck’s term loans is 62.1% APR and 48.9% APR for lines of credit (ouch!). This means that if you carry a balance, you’ll be paying a ton of interest, and could get yourself into trouble if you’re not careful. 

OnDeck reviews Reddit

Let me break this down assuming 50% interest on a $100K, 12-month OnDeck loan: Your monthly payment would be approximately $10,309.82 and your total interest would be $23,717.90 at the end of the year. 

This is without considering fees, which, according to several sources, are not disclosed until closing, and can run in the thousands of dollars. 

OnDeck costs and loan fees

I think that if you have the revenue to qualify, you would be much better off looking into a free corporate credit card from Stripe, Torpago, Ramp, Divy, or Brex. And, if you aren’t there yet, you would do well to build your business credit. 

Recommended: 41 Companies That Help Build Business Credit

What to Expect When You Apply with OnDeck

If you choose to apply for funding with OnDeck, the first thing you’ll be asked is how much funding you think you need. If your needs fall within the $5K to $250K range, there might be an offer for you here. 

Next, they want to know how soon you need the funding. If you have 72 hours or you are looking for funding a month out, this will help determine how the company proceeds with your application. 

Then, they need to know what you need the money for. You’ll be provided with a space to describe how you will use any funds you obtain. 

From there, you’ll share your contact information with OnDeck and choose a password to create an account. You may be asked to enter a referral code (this will ensure that the person who referred you gets any bonus or incentive that they’re entitled to). So far in the process, the application process is simple. 

After that, you will need to share information about your business: legal entity name, address, phone number, EIN, gross annual revenue, and average bank balance. Finally, you will be asked to enter identifiable info about yourself, including your social security number (which lets me know they may do a hard pull to your personal credit. Update: We have been told by OnDeck that they do soft pulls, even after approval, but please verify this information). 

When you submit your application, OnDeck will immediately analyze the information you submitted, and attempt to make a pre-approval decision. 

OnDeck reviews

Once pre-approved, be prepared to submit documentation to complete the loan process. Then, you can receive your funds or credit line within as few as 24 hours. Then, after 6 months or so of on-time payments, you may be able to refinance your loan for a lower rate. 

And, if you run into financial troubles, you will be required to pay your loan, possibly without much flexibility (this should be expected with most business financial offers, though some lenders will give you some grace). 

OnDeck reviews BBB

OnDeck Partners

The OnDeck Trusted Lending Partner team can be reached via email at tlp@ondeck.com at any time. But, an unsuccessful applicant will be contacted within 48 hours with offers from partners. OnDeck promises that they do not share your information with partners before asking for your consent. 

So, who is in the partner lineup? 

OnDeck has two types of partners: editorial and financial. 

Editorial partners are essentially affiliates. Anyone with a captive small business audience that might benefit from OnDeck’s offer may inquire. 

Financial partners are sales organizations or direct lenders who want to receive customer referrals from OnDeck. In exchange, OnDeck receives a referral fee. Lending partners must have been in business for at least two years, offer at least $1M in monthly business funding, have a functional, encrypted website, active business insurance, and be based in the United States.

Currently, OnDeck is referring applicants whose businesses are too young for internal financing to BitttyAdvance, who works with businesses as young as 6 months. They do require at least 3 months of business bank statements, a personal credit score of 450 or higher, and at least $5K in monthly business revenue.

OnDeck Partner Offer: BittyAdvance

BittyAdvance offers instant approval and next-day funding, and they have a good TrustPilot score. Before you apply, please do your due diligence — I haven’t had the chance to fully explore this offer yet, and can’t say whether or not I recommend it.

Note: OnDeck also has programs in Australia and Canada.   

OnDeck Company Overview

Originally located in the greater New York area, OnDeck Capital Inc. was founded in 2006 by Mitch Jacobs, the founder and current CEO of Plink. 

In July 2020, the OnDeck was acquired by Enova International, the company that purchased Pangea Monay Transfer in 2021. OnDeck’s home base is now in Chicago. The current CEO is Joe Coughlin. 

OnDeck is a publicly-traded company, and they’ve received a total of $1.2 billion in funding since launch. I would say they are here to stay. 

Frequently Asked Questions

Is OnDeck still in business?

Yes, OnDeck was acquired in 2020, and they are still very much in business. 

Who owns OnDeck?

OnDeck is now owned by Enova International and is publicly traded. 

Is there a minimum credit score for OnDeck?

Yes, OnDeck requires a minimum FICO score of 625.

What is the maximum amount you can borrow from OnDeck?

The most you can borrow from OnDeck at one time is $250K, in the form of a term loan. 

What type of loan is OnDeck?

OnDeck offers both term loans and lines of revolving credit. 

What are the terms for OnDeck?

OnDeck’s lines of credit should be paid in full within 12 months, while their term loans vary with repayment terms of up to 24 months. 

How does OnDeck make their money?

OnDeck makes money by charging loan fees and interest, with early rates in the 50% range. 

For a borrower, what are the benefits of choosing OnDeck?

OnDeck offers fast cash, with funds received within 24 hours. The catch is in the cost. 

Does OnDeck conduct credit checks?

Yes, OnDeck asks for a social security number in the loan application and requires a minimum personal FICO score (625) to approve funding. 

Does OnDeck require a personal guarantee?

Yes, OnDeck required a personal guarantee. Both the business and the owner are liable for any debts incurred. 

Does OnDeck use Plaid?

Yes, OnDeck uses Plaid for read-only access to business bank account information. 

The Verdict

Is OnDeck the home run you’re looking for? 

To be fair here, OnDeck is a legitimate company that seems to have a ton of happy borrowers — in fact, I know some of them personally. They are transparent with their offer, and they seem to be honest lenders (that in itself is a breath of fresh air). I am not one to turn people away from an offer like this… unless something better is available — in this case, better options might be available.  

However, if you won’t qualify for other, more feature-rich business funding options, OnDeck could be exactly what you need to get fast cash flow that helps you grow your business. Just make sure to explore competitors. And, no matter which platform you choose to obtain funding, be sure to do the math before you apply (i.e. How much will a loan actually cost, and can you afford it?).

If you’re interested in learning how you can obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.  

Is Biz2Credit Legit? A Complete Review

By Joe

Biz2Credit Review

As I’ve reviewed business credit builders and fintech offers on the rise, I keep seeing Biz2Credit pop up. I’ve seen a lot of advertising, and, most recently, I noticed that prior to linking a bank account to Tillful, their user dashboard links out to funding options from Biz2Credit — this tells me that the brands have partnered. And, since I like Tillful’s secured card offer, I thought I might find something good here as well. 

Now, before I give you the final verdict, it’s important for you to understand what makes me come to the conclusion I have. So, in the meantime, here’s everything you need to know: 

  • What Kind of Company is Biz2Credit?
  • Company Overview
  • How Does Biz2Credit Funding Work?
  • Biz2Credit Loan Requirements & Terms
    • 1. Working Capital
    • 2. Term Loans
    • 3. ERTC Loans
    • 4. Commercial Real Estate Loans
  • BizAnalyzer Overview
  • Biz2Credit’s Disaster Relief Hub
  • Biz2Credit’s Referral Program
  • Biz2Credit Partners
  • Frequently Asked Questions
  • Takeaway: Is This The Best Option for Small Business Funding?

Now, let’s get moving. 

What Kind of Company is Biz2Credit? 

Essentially, Biz2Credit is a business funding platform that helps small businesses get the cash they need (before they finish their cup of coffee). The goal is to provide owners with access to capital using technology to simplify the process. 

Biz2Credit offers a range of services, including working capital, business term loans, ERTC loans, and commercial mortgages. Biz2Credit provides a direct lending option through a subsidiary and partners with third-party lenders, which means they act primarily as an online broker to provide businesses with targeted partner offers. 

I know that one of the lending companies Biz2Credit worked with for PPP loans was Itria Ventures, which is a subsidiary of Biz2Credit. Beyond that, I didn’t find a lot of information about which partner lenders they work with regularly. 

Next, it seems like most people who work for Biz2Credit would recommend a job at the company to a friend, and almost all employees approve of the CEO (according to Glassdoor). So, the company culture is likely great.  

Biz2Credit reviews Trustpilot
Note: Biz2Credit’s offer seems pretty similar to Lendio’s, except that Lendio also provides access to credit cards and acquisition funding.   

Company Overview

Biz2Credit Inc was founded in NYC, in 2007, by Ramit and Rohit Arora. So, the company has been around for over a decade — in that time, they’ve received $387 million in funding. Most recently, in 2019, they raised $52 million in a series B funding round led by Westbridge Capital. This tells me that Biz2Credit is likely here to stay. 

Ramit, the current company president, has ten-plus years of experience in risk management and has worked with notable companies like Citibank and Xerox. And, Rohit, the present CEO, has been a member of the Forbes finance council since 2017. They seem to me like a pair of trustworthy leaders. 

Biz2Credit did receive a lot of poor reviews following PPP loan services, and there was at least one class action lawsuit filed (also re: PPP). But, to be fair, everyone was navigating new territory at that time, and the class action was recently dismissed. 

Biz2Credit Reviews BBB

Not to mention that, despite the onslaught of PPP complaints, the company still has a 4.6 Trustpilot rating, which is pretty difficult for any financial service to maintain. 

How Does Biz2Credit Funding Work?

The first thing you can expect, if you decide to apply for funding through Biz2Credit is to “apply, which starts by you creating an account on the platform. You don’t have to move through the application process to create a user dashboard on the account. You do not have to share your social security number to create an account, but a hard inquiry is likely if you choose to follow through with a funding application. 

Biz2Credit Login

Biz2Credit also offers both iOS and Google Play apps, but neither have been updated in the past couple of years, so I would recommend keeping the application process online or via phone. 

Biz2Credit app

Biz2Credit enables applicants to submit information online or to apply over the phone by calling 800-200-5678. Once an application is submitted and approved, and your bank account is connected via Yodlee, your funds should be deposited directly within 72 hours (or less — many applicants say they got their funds in a day).

Funding requirements seem to be based on a blend of business revenue and your personal credit score, and any financing offer you receive will fall into one of four categories. 

Biz2Credit Loan Requirements & Terms

Requirements vary by funding type, but if your annual revenue is lower than $250K or your personal credit score is lower than 575 for working capital, or 660 for all other loans, you will not qualify. 

If you’re unqualified based on your personal credit score,  learn how to get business credit with just an EIN. But, if you think you may qualify, read on. Below is a quick overview of the terms and requirements for each type of Biz2Credit funding.  

1. Working Capital

Working capital loans (for financing day-to-day expenses) from Biz2Credit start at $25K and go up to $2M+. These loans can be paid back daily, weekly, or bi-weekly, as a percentage of your business receipts. 

Requirements: 

  • Greater than $250K annual revenue
  • Credit score of at least 575
  • 6 months+ in business  

2. Term Loans

Biz2Credit offers term loans from $25K to $500K to grow your business or free-up cash flow; terms range from 12-36 months and interest rates start at 7.99%. These loans can be repaid weekly or bi-weekly.

Requirements: 

  • Greater than $250K annual revenue
  • Credit score of at least 660
  • 18 months+ in business

3. ERTC Loans

The Employee Retention Tax Credit (ERTC) is a refundable credit that companies can claim on their taxes for qualifying wages, insurance, and employee costs in response to COVID-19. Biz2Credit offers loans that can be repaid upon receipt of the credit in amounts of up to 65% of the amount of the upcoming IRS payment. 

These are interest-only loans for the first 12 months. What this means is that your payments will be lower at the beginning, since you will not pay toward the loan principal. 

Requirements: 

  • Pending payment of IRS credit of $100K or more
  • Credit score of at least 660
  • Must have been in business in February 2020 and still operating

If a payment is not received from the IRS, Biz2Credit’s ERTC loans will roll over into term loans for up to 24 months. 

Note: the ERTC deadline is May 12, 2023. So, these loans are likely to end at that time. 

4. Commercial Real Estate Loans

Finally, Biz2Credit offers commercial real estate loans (CREs), ranging from $250K to $6M with interest rates starting at 10%. These can be used to purchase, renovate, cash out, or refinance real estate. CRE terms range from 12 to 36 months and are repaid monthly. And, some applicants can qualify for interest-only payments for a portion of the loan. 

Requirements: 

  • Greater than $250K annual revenue
  • Credit score of at least 660
  • 18 months+ in business
  • Must be a commercial real estate owner

BizAnalyzer Overview

Biz2Credit doesn’t only offer to fund — they also have a sort of business credit score called BizAnalyzer, which companies can use as a “virtual CFO.” This platform sort of combines factors like revenue, personal credit score, time in business, and debt to income, to come to a determination.  

Biz2Credit Credit Score

The platform could be super helpful for some companies and can give you an idea of where you stand in your industry/what you might need to improve. 

What I dislike about BizAnalyzer is that it’s based on the owner’s personal credit score — I’m a fan of building business credit that has no impact on personal credit and building a business credit score with the three major credit bureaus. 

Recommended: Everything You Need to Know About a DUNS Number

Biz2Credit’s Disaster Relief Hub

Another highlighted feature on the Biz2Credit website is the disaster relief hub. At one point, this was primarily used to guide applicants on how to obtain COVID-related business funding and forgivable loans. Now, the company shares resources related to current natural disasters, as declared by the U.S. Small Business Administration (SBA).

Biz2Credit’s Referral Program

Most financial companies offer referral rewards for account holders. And, Biz2Credit’s offer isn’t bad at all — for every applicant you refer to Biz2Credit, you can earn a $200 Amazon gift card.  

However, there are some limitations to the referral offer: To receive your gift card, the borrower that you refer must make it all the way through the application process and obtain funding through the platform. And, you’re capped at five referrals. 

If you wanted to refer more than five people/businesses, it would be more appropriate to join Biz2Credit’s affiliate program. 

Biz2Credit Partners

While their terms and conditions are very clear, most people don’t read the fine print on every offer they sign up for. So, it’s important to note that Biz2Credit partners with B2B financial companies like TaxAct, The Hartford, lenders, and more. This means that when you apply for funding, you may receive solicitations from partners. 

Biz2Credit Reviews Reddit

Frequently Asked Questions

Is Biz2Credit a direct lender?

Yes and no; Biz2Credit offers some direct funding through a subsidiary, but also works with partners to secure funding for account holders based on business revenue and the owner’s personal credit score. 

Who is the lender for Biz2Credit?

Intria Ventures LLC is a subsidiary of Biz2Credit Inc. and is the primary lender used for PPP loans through the platform. 

Does Biz2Credit check your credit score?

Yes, Biz2Credit will inquire about the business owner’s personal credit score when making a determination about creditworthiness for business funding. However, you do not need to share your social security number to apply for an account and access the Biz2Credit dashboard. 

Is a Biz2Credit loan forgivable?

If you received PPP funding through Biz2Credit, yes, it is forgivable under federal law. However, Biz2Credit doesn’t currently offer forgivable business funding. 

How do you apply for loan forgiveness through Biz2Credit?

For PPP loans obtained through Biz2Credit, forgiveness must be applied for through the SBA’s PPP loan forgiveness program. 

Is Biz2Credit still funding?

Biz2Credit still provides working capital, term loans, ERTC loans, and commercial mortgages through its platform. The company is no longer servicing PPP loans, since the program ended on May 31, 2021. 

Takeaway: Is This The Best Option for Small Business Funding? 

If you’re wondering if Biz2Credit is legitimate, the answer is yes — they’re an established company, and they’ve helped many small businesses obtain funding. They’re not the only broker in the business funding market, but their offer is definitely competitive. 

Businesses looking for certain types of funding might find what they’re looking for here. However, Biz2Credit’s options are somewhat limited. For example, in some cases, it might be best to work directly with the lender you want to apply with. And, supposing you need a credit card or other funding not offered by Biz2Credit, you’ll have to keep looking.

There are plenty of other lenders out there that offer business credit based on your business credit score. Subscribe to this blog to stay in the loop about the best (and the worst) business funding offers.  If you want to learn how to build business credit so you can obtain up to $100K in funding in 30 days, enroll in Business Credit Workshop today.

The Ultimate Tillful Review (+New Secured Credit Offer for Businesses)

By Joe

Tillful review

Recently, I came across a Facebook post in a private group, announcing a new secured credit card for businesses — it’s perfect timing for an offer like this since Wells Fargo and Brex no longer offer secured business credit cards. So, naturally, I had to explore the offer. And, what I found was so much more than just a credit card. 

This complete Tillful review is a breakdown of everything I learned, and how you might use this offer to build business credit. 

Here’s what’s covered: 

  • What is Tillful?
    • Tillful Business Credit Score Overview
    • Partner Offers Overview
    • Business Credit Education Overview
  • The Tillful Credit Card
  • The Tillful App
  • Tillful Company Overview
  • Frequently Asked Questions
  • Tillful Secured Credit Card Competitor Overview
  • The Verdict: Is Tillful the Real Deal?

Now, let’s get going! 

What is Tillful? 

Tillful is a fintech company that offers businesses a free credit score (which is different from a DUNS number and other traditional credit scores) that they use to match account holders with curated financial offers. To me, the business closely resembles a new Credit Karma for business. 

By connecting to users’ business bank accounts via Plaid, the platform is able to gain financial information about companies, which is delivered back to users to see how they stack up. 

Tillful also offers their own free, secured business credit card with 1.5% cash back, to help owners build business credit, an innovative and timely offer. 

Tillful Business Credit Score Overview

The folks at Tillful have created their own business health score, which ranges from 0-100 and is based partially — i.e. mostly — on a company’s cash reserves and industry, a measure of real-time financial performance. The Tillfull score is never shared with lenders and is meant to give users a fresh view of their company’s financial health. 

Tillful Business Health Score

I’m not confident that this scoring system will actually influence potential lenders outside Tillful’s platform, but it seems like a pretty clever and helpful tool. 

In addition, Tillful has partnered with Experian, who recently launched a machine-learned business credit score called Intelliscore Plus V3 (IPV3) — the new model is said to improve risk assessment for business lenders. Active Tillful account holders can request their free IPV3 business credit score at any time.

Experian IPV3 business credit score

However, Tillful users who want to see a full report will have to order it from Experian using a quick link in their Tillful account dashboard or by visiting Experian’s website directly. 

At least in part, the IPV3 score is based on a company’s tradeline payment history and ranges from 300-850. Rather than a 12-month model prediction, the IPV3 is based on the previous 24 months of credit history. 

Coming from Experian, I think this scoring system is going to stick and that continually more traditional lenders will use it to make funding decisions. 

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

Currently, Tillful has a 4-star rating on Trustpilot, which tells me they’re making users happy, for the most part. 

Tillful reviews

Most business owners typically don’t have all of the information they need to access business lines of credit — Tillful gives them a new way to establish business credit at no cost (other than a security deposit for the secured credit card). 

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

Partner Offers Overview

New businesses that show very low financial reserves won’t qualify for the Tillfull credit card, but will be directed to Biz2Credit for alternative funding. If you have multiple business bank accounts, consider connecting all of them to get more relevant offers. I caution against connecting bank accounts in poor standing. 

Tillful login

In addition to funding offers, Tillful might connect you with a new business banking or insurance offer. Especially since the company is fairly new, I assume they will continue to expand their partner offer — as of right now, it seems on par for a business just starting to build credit history (as long as you do your due diligence to make sure a better competitor offer doesn’t exist and pay your accounts responsibly). 

Business Credit Education Overview

Tillful is built to help companies improve their credit (and to earn from partner commissions), so the offer wouldn’t be complete without business credit education. Tillful’s blog is stacked with information about how to improve your credit score, streamline your cash flow, create an effective budget, and learn about COVID-19 financial relief. 

Tillful business credit resources

After browsing the blog, my official stance is that the information seems to be well-written, easy to digest, and helpful for businesses trying to build credit. 

The Tillful Credit Card

The Tillful business credit card is a secured card for legal entities. Like a charge card, the balance should be paid in full each month. Unlike other secured business credit cards, Tillful uses Plaid to connect to your business bank account, sizes up your cash flow and reserves, then makes an offer to apply if you are likely to qualify. 

Tillful card login

One highlight is that this card comes with 1.5% cash back rewards on all spending. If you read the fine print, this is a promotional rate, which means rewards could decrease over time. Next, there is no personal guarantee. Finally, there’s no hard pull to an applicant’s credit.  

Currently, the card reports payments to business credit bureaus to help build business credit scores. Tillful plans to report to Dun & Bradstreet in the near future.  

Since it is a secured card, you will be required to deposit funds into your account, and the minimum security deposit is $500.  

The Tillful App

If you didn’t already guess, Tillful also has an app available on the iOS App Stores. It has a 4.4-star rating on the platforms. So, users can conveniently monitor business credit and apply for funding from an Apple device. Thus far, there is no Tillful app in the Google Play store (you might just as easily log in using your mobile browser).  

Tillful app

Using the app, you can get your free business credit score and see financial product recommendations, including funding options. It’s pretty straightforward. 

Tillful Company Overview

Located in the San Francisco Bay area, Tillful was founded by Ken So in June 2020. Tillful is a subsidiary of Flowcast, which is a company that uses AI to help financial institutions make credit decisions (hence the fast friends situation with Experian). 

Tillful Crunchbase

Flowcast has been around since 2015, and has a five-star glassdoor rating. So, from what I can tell, they’re a great company to work for — in full disclosure, there are currently only two reviews, so this isn’t a particularly scientific sample to base opinions on. 

So, let’s talk about the founder, Ken So (also Flowcast’s CEO). Before all of this, So was the Director of Corporate Development at Ericsson and previously worked in the corporate dev department at Qualcomm – both very reputable companies. To me, this seems like a strong and trustworthy leader and makes me believe the offer is likely to be around for a while. 

According to Growjo.com, Tillful’s current annual revenue is estimated at $2.3 million. And, since they’re not reliant on external funding, they’re likely at an advantage over other newcomers in the business credit-building arena. 

Tillful valuation

Frequently Asked Questions

Here are the answers to the questions people are asking about Tillful:

Is Tillful free?

Yes, Tillful’s offer is completely free – users can access their credit score and secured credit card. However, any partner offers that Tillful recommends may charge fees and interest.  

Does Tillful do a hard inquiry?

No, Tillful does not do a hard pull on business or credit reports. Instead, credit card approval is based on other factors. 

Does Tillful report to credit bureaus?

Yes, Tillful reports payment history to business credit bureaus, as the credit card offer is intended to help entities build credit. 

Which credit bureaus does Tillful report to?

Currently, Tillful reports payments to Experian and Equifax Business. 

Does Tillful report to Dun & Bradstreet?

Unfortunately, no. As of October 2022, Tillful does not report on-time payments to D&B or Equifax Business. However, they plan to in the near future. 

Tillful Secured Credit Card Competitor Overview

Tillful is not the only secured business credit card on the market — a couple of veterans still exist: Bank of America (BoA) and First National Bank of Omaha (FNBO). See how these three secured business credit cards stack up next to one another.

Tillful competitors, Tillful vs BoA vs FNBO

The key tradeoff with the Tillful secured card is that you should pay your account in full each month, while the other available cards have revolving terms — you can make a monthly minimum payment if you choose, so there’s a bit more freedom with the old-timers. 

However, monthly minimums come with the risk of high fees and interest; with the Tillful secured business credit card, if you make your payments as agreed, you’ll avoid this. Now, if you pay a BoA or FNBO card in full each month, you will avoid interest charges, so these offers almost balance each other out, not factoring FNBO’s $39 annual fee.

Tillful is available with a smaller minimum credit line. So, businesses with less cash in reserves are more likely to qualify. Plus. Tillful does no hard pull to your credit and there is no personal guarantee (the business owner is not liable for repayment of the funds — the business is), which is not the case with BoA or FNBO. 

If I were going to use a secured credit card to establish business credit, I would choose Tillful over BoA or FNBO. 

The Verdict: Is Tillful the Real Deal? 

Of course, the question I was most interested in answering when I started down the Tillful rabbit hole is whether or not this is a good offer for building business credit. After some digging, it appears that this is a legitimate offer with a ton of potential. The offer is free, the company will help businesses improve credit (with on-time payments, anyway), and the brand is transparent about what they provide. 

Right now, the biggest downside to Tillful’s offer is that they do not report on-time payments to D&B. To report to D&B, companies need at least 300 active accounts. So, I think it is likely that Tillful will do this in the future, in which case I would probably give the offer a 5-star rating (when appropriately utilized). 

With that said, Tillful does currently report payments to Experian Business, and they claim that they will be reporting to Dun & Bradstreet as well as Equifax Business soon. Whether they deliver on that offer is yet to be seen, but do keep your eyes peeled.  

Note that as far as business credit monitoring platforms, I’m still a bigger fan of Nav — mostly because I have more trust in established companies (Plus Nav has an Android app). But, I do encourage you to check out both offers and see which one you like best.

I teach a seven-step process to get up to $100K in business credit in as few as 30 days by leveraging the right combination of offers and setting up your business the correct way. If you’re interested in learning exactly how it works, join Business Credit Workshop today.

Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

By Joe

Credit Strong Review

If you’re here, your credit profile might leave something to be desired. So, you’re presumably looking for a way to boost your score. Maybe you want to buy a house or obtain financing for another major purchase in the near future. Or, maybe you own a company, and you need to build out your credit profile to obtain business credit. 

Either way, Credit Strong’s name is floating around in your world, and you’re kicking the tires because you want to know if their offer is legit and helpful (or if it’s just another new gimmick). Here, you’ll find out about both their personal and business credit builder offers.  

This is everything I know about Credit Strong’s big-picture offer — which includes more than typical credit builder loans — so that you can find out if signing up is in your best interest. 

Here’s what we’ll look at: 

  • What is a Credit Strong Account?
    • How Does Credit Strong Work?
  • Credit Strong Terms & Fees
    • Personal Terms & Fees
    • Business Terms & Fees
  • Credit Strong Account Requirements
    • Personal Requirements
    • Business Requirements
  • Frequently Asked Questions
  • Credit Strong Company Overview
  • Credit Strong Competitors
  • More Answers to Related Questions
  • Conclusion: Is Credit Strong Legitimate?

Now, let’s get the show on the road. 

What is a Credit Strong Account? 

According to the company website a Credit Strong account is “the first fusion” of savings at an FDIC-insured bank and credit building. In my opinion, this isn’t a super clear value proposition. And, after reading user reviews, I think some account holders who have unsuccessfully tried to leverage the offer would agree. So, what does the company mean when they say “first fusion?”  

Credit Strong reviews

Some users say that the offer appeared in search results when seeking out a loan — it’s crucial to understand that Credit Strong’s credit builder offer is not a traditional loan. So, the generally-expected financing terms don’t apply. 

In a nutshell, Credit Strong provides a way to simultaneously build credit and fund a savings account with four secured-type financial product options:

  1. Revolv. – Add $500 to $1K revolving credit line to your credit profile without a credit card. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $99 per year, plus monthly account payments

  1. Instal. – Add a $1K or $2.5K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $15 or $30 per month, plus monthly account payments.  

  1. Magnum – Add a $5K or $10K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. This plan can be leveraged by small business owners, with no EIN, who want to establish a larger credit line.

Cost: $55 or $110 per month, plus account payments

  1. Business – Build $2.5K, $5K, or $10K of commercial credit. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. You’ll need an EIN to open a business account.

Cost: $149 to $749 account setup fee, and $100 to $440 per month

Note: The business offer is not easily found on Credit Strong’s website main navigation — You can find more information here. 

How Does Credit Strong Work? 

Credit strong accounts establish a credit line on your consumer credit profile without a loan or credit card. When you make monthly payments on time, they are reported as “pays as agreed,” to the credit bureaus. In the meantime, those payments go into an escrow account that you may withdraw from later — this offer gives you a chance to save money while building your credit. 

Credit Strong reviews MyFico

Funds saved in a Credit Strong account may be withdrawn if you choose to cancel your account. But, if you withdraw before the end of the amortization period (10 years on standard personal installment accounts), you will still have to pay the interest owed. 

This is standard with most credit builder financial offers and Credit Strong is transparent about amortization schedules. 

Credit Strong Terms & Fees

Here’s a breakdown of the fee structure for Credit Strong’s personal and business accounts. 

Personal Terms & Fees

Credit Strong’s personal account cost structure seems to be unpopular with many users who have canceled their accounts. 

Credit Strong reviews BBB

These unsatisfied users tend to expect traditional loans or traditional savings offers. But, what they’re actually getting is something different: a distinctive “credit-builder” offer with an escrow account. Many credit builder loans and secured credit cards come with high fees, as with most products and services designed for individuals with poor credit. 

Here’s a breakdown of terms & fees for personal Credit Strong accounts: 

Credit Strong Account Terms & Fees

If you have a difficult time saving money on your own and need to diversify the type of accounts on your credit profile to boost your score, a credit builder option like this can help. Expectedly, you will be charged for the service. 

After looking at the offer from a bird’s eye view, an Instal. account doesn’t seem like a good idea to me, simply because the standard loan term is 10 years, and payments toward savings are amortized. So, if you open an installment loan with Credit Strong, it could take a decade to save $1K to $2.5K — And, in the end, you will pay quite a bit to make it happen. With that said, you can always make additional payments to fulfill the terms early and save on interest (plus, Credit Strong does not charge prepayment penalties). 

Business Terms & Fees

There are two fee options with Credit Strong’s business offer: (1) with interest or (2) without interest. 

Of course, the interest accounts end up costing more than the no-interest accounts, but the initial account setup fees are lower than the latter. So, if you have the cash to pay the fees upfront, it’s best to go with the interest-free option. 

Here’s an overview of Credit Strong’s business terms & fees:

Credit Strong Business Terms & Fees

By the end of two years and one month, if you pay as agreed, you could have up to $10K in savings with a Credit Strong™ business account.  

Note that with the interest business accounts, payments are split between interest and “principal,” which means you’ll probably pay more toward the interest you owe during the first ¼ of your loan term. Toward the end of the terms, more of your payments will be applied toward principal — this is called amortization and is how most installment loans work.  

Credit Strong Account Requirements

To apply for a Credit Strong account, you should meet specific minimum requirements: 

Personal Requirements

To qualify for a personal Credit Strong account, you must meet the following requirements: 

  • US resident with a physical US address (other than Vermont & Wisconsin)
  • Valid SSN or ITIN (individual taxpayer ID)
  • Good-standing checking account, debit card, or prepaid card 
  • Working mobile phone number or Google Voice account
  • Valid email address

Credit Strong will not use a credit pull or consider your income to determine eligibility for an account — basically, they only need to properly identify who you are and where you live. 

Business Requirements

To qualify for a business Credit Strong account, you and your company need to meet certain requirements. 

Individual requirements are as follows: 

  • At least 18 years of age and a permanent US resident
  • US resident with a physical US address
  • At least 25% ownership in the company
  • No other co-owners that individually own 25% or more of the company
  • Valid SSN or ITIN
  • Valid, state-issued identification 

And, here are the company requirements: 

  • Registered EIN
  • At least 3 months since the business was legally established
  • LLC., Partnership, or Corporation
  • Located in the US with a valid, physical business address

Additionally, you must not take part in any prohibited business activities. 

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Credit Strong’s offer gets mixed reviews. Depending on why a credit score is low, on-time payments on a Credit Score account may improve account holders’ credit scores by reporting on-time payments to credit bureaus. However, unpaid accounts can be reported as delinquent. So, it is only one piece of the credit-building puzzle. 

Does Credit Strong do a hard pull?

Credit Strong vs Self vs Kikoff

No, Credit Strong does not do a hard pull to the applicants’ credit to approve accounts. So, if you apply for an account (so long as you make responsible payments) your credit score is safe. 

Is Credit Strong a tradeline?

If you open a Credit Strong Business account, you can establish a financial tradeline in the form of a secured (pre-paid) installment loan. However, the company doesn’t yet report to business credit bureaus but does claim that they plan to in the future.  

Does Credit Strong report to Dun & Bradstreet?

As of September 2022, Credit Strong does not report to Dun & Bradstreet (D&B) or any other business credit bureaus. The company reports to consumer credit bureaus Equifax and Paynet and claims that they do plan to eventually include Experian, D&B, and SBFE. So, the only way that Credit Strong might help build business credit currently is through helping to improve a business owner’s personal credit score and fund their savings account up to $10K. 

It takes a bit of work, and specific qualifications for lenders to report to business credit bureaus. So, I choose to be optimistic and assume Credit Strong is working on building its user base to meet these requirements,  and that they will start reporting to the business bureaus soon. 

How many points does Credit Strong give you?

How many points do you get from Credit Strong?

The number of points your credit score will increase with Credit Strong’s offer depends on the account holder’s current credit profile and their ability to make on-time payments on their account. There are several factors that influence credit scores: 

  • Payment history
  • Amounts owed & utilization
  • Length of credit history
  • New credit applications (inquiries/hard pulls)
  • Types of credit used

So, Credit Strong is merely a tool that can be used to build credit, but must be part of a comprehensive strategy — I recommend Credit Secrets for credit-building advice. 

What happens if you stop paying Credit Strong?

If you stop paying Credit Strong as agreed, they can report negative information to credit bureaus. However, you may terminate your account at any time with no fees or prepayment penalties.

If you stop paying because your account terms are fulfilled, you can either leave your money in the savings account to accrue interest or transfer the funds to your bank account — getting your money from Credit Strong can take about a week. 

Credit Strong Company Overview

Credit Strong was launched in 2019, so the offer is pretty new. However, the parent company, Austin Capital Bank, has been around for a decade and a half, since 2006. Austin Capital Bank is a trusted community bank in Austin, Texas. 

Who owns Credit Strong?

The bank’s founder and CEO, Erik Beguin, was previously a member of the Federal Reserve Board in Washington DC and served as a Chairman for the Federal Reserve Bank of Dallas before that, so he definitely knows finance. 

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

Here’s a quick view of how Credit Strong, Self, and Kikoff compare, side-by-side, as accounts that build credit.

Credit Strong vs Self vs Kikoff

Credit Strong, Self, and Kikoff have credit builder offers that report payments to consumer credit bureaus with no hard pull to the applicant’s credit report. And, each of them offers an escrow/savings account. 

None of the above companies report payments to any business credit bureaus, but Credit Strong promises that they will in the future. 

Credit Strong is the only company, from the list above, that has an offer for businesses, and their account options are quite a bit more robust than the other two. Furthermore, they have more options for larger accounts. Nevertheless, the offers from Self and Kikoff might be better for individuals that would prefer a simple setup. 

Credit Strong reviews Reddit

While these competitors seem to get the most interest in the credit builder and savings space, they are not your only options for credit builder loans or savings offers. Before you sign up for a Credit Strong account, I recommend you research offers from local community banks, such as a shared-secured loan, secured credit cards, and Individual Development Accounts (IDAs or “matched savings”) before you commit to anything new and shiny. 

Recommended: 3 Best Credit Unions for Small Business Banking 

More Answers to Related Questions

For those considering an individual credit builder offer, I feel like I should answer some general and more fundamental questions before I wrap up. But, if you’re a company owner exploring Credit Strong’s business offer, you might want to skip to the end. 

What is considered a good credit score?

A FICO score between 670 to 739 is considered “good.” 

What is an excellent credit score?

A FICO score of 800 and up is considered “excellent.”

How long does it take to build credit to 700?

The duration that it takes to increase a credit score to 700 depends on the individual’s existing credit profile and the tactics used. It can take from 60 days to several years to boost a score into this range.  

How can you raise your credit score by 200 points in 30 days?

If you paid your credit down to utilization in the 30% range or lower, optimized your debt-to-income ratio, and had always made on-time payments to diverse accounts, it’s possible you could raise your credit score by 200 points in 30 days. But, this answer is highly broad — it could take some people many years to grow their score by 200 points, and others might be able to do it by removing discrepancies from their credit report (which can be done in 30 days).  

How long does it take to build credit from 500?

Many people build credit from 500 within a few months. Again, this answer varies from credit profile to credit profile. 

How fast can you build credit?

You can build credit in as little as 30 days, which is how long it takes most reporters to notify credit bureaus of changes to a credit profile (including payments made). 

How fast can you rebuild credit?

If you have a smart strategy and funds, and your profile isn’t too messy, you can rebuild your credit in a month, but it often takes longer. 

How can you raise your credit score in 90 days?

The best way to raise your credit score is to make on-time payments to all lenders, keep your utilization below 30%, and include a diverse array of accounts (revolving, installment, etc.). You should also monitor your credit report to watch for discrepancies and mistakes, and report them when they arise. 

How long does it take to build credit to buy a house?

To buy a house, the credit score needed varies from lender to lender. It could take a few months or a few years to build a credit score high enough to qualify for a mortgage. 

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

Conclusion: Is Credit Strong Legitimate? 

From my research, I gather that Credit Strong is absolutely a legitimate company with an honest offer, which is intended to simultaneously build credit and savings. Secured loans and lines of credit are often used to build credit while savings are difficult for some people to manage on their own, so it’s natural that an offer like this would exist. 

While there is a wave of poor Credit Strong reviews flooding the web, these seem to primarily come from account holders who did not understand the offer when they applied. 

This tells me that the company might be better off if they clarify the details upfront, for those who might not understand what they’re signing up for. While I found Credit Strong to be pretty transparent, I can see how someone without a lot of credit-building knowledge would have a contrary opinion. 

With that said, since they don’t yet report on-time payments to business credit bureaus, I don’t consider Credit Strong to be a particularly powerful offer to build business credit, but I look forward to watching that side of their offer evolve.

Now, if you’ve made it this far into this review, you should understand everything you need to decide whether the offer is right for your situation. Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

AtoB Business Gas Card Review: Is it Really a Superior Fleet Card?

By Joe

AtoB business gas card review

I have not used this card myself, but AtoB has been coming up in conversations about building business credit for over a year now. People in my network are giving the card and the company rave reviews. So, I had to find out what was up for myself. Now that I know, I definitely want to share this offer with readers.  

Here, learn everything you need to know about an AtoB business fuel card: overview, benefits, highlights, and application process (there’s even a bit of info about bonus offers from AtoB). 

Here’s the breakdown: 

  • What is the AtoB Gas Card?
    • Where is AtoB Located?
    • Who Owns AtoB Fuel Card?
  • AtoB Fuel Card Highlights (Beyond Savings & Ease)
    • 1. It’s Completely Free… Really
      • If it’s Free, How Does the AtoB Fuel Card Make Money?
      • Extra Offers From AtoB
    • 2. Get On-Time Payments Reported to Experian Business
    • 3. It’s Universal: Use Your Card Anywhere Visa is Accepted
    • 4. See the Best Nearby Stations to Buy Fuel
    • 5. Use Your Card to Pay Insurance, Maintenance, Tolls, & More
    • 6. Control Spending to Prevent Card Misuse
  • Here’s How to Apply for an AtoB Gas Card
    • The Secured Card Option From AtoB
  • Answers to Related Questions
  • Final Thoughts

Now, learn what this offer has in store.  

What is the AtoB Gas Card? 

AtoB offers a business “fleet card” for companies that would like to buy now and pay later for fuel and automotive services. In addition, the card offers bonuses like discounts up to 25 cents per gallon (determined by the underwriting team upon approval) on gas… and it’s free — zero fees.  

Fleet cards aren’t just for business owners, but for anyone who drives for your company. So, you can request multiple cards and provide one for each driver. 

The AtoB card is different from a typical credit card in that you don’t make minimum monthly payments. Instead, the terms are net 7 (you pay the card in full every week). 

I heard that AtoB offers net 7 terms (true) — this means cardholders are expected to pay their balance in full every 7 days — and that these terms could be expanded to net 14. While there might have been an offer to extend payment terms in the past, this is not the case. As of today, according to an AtoB sales rep, the only available terms are net 7.  

AtoB gas card reviews

Finally, their offer is geared toward but is not limited to serving the trucking and logistics industry, which is natural since trucking and logistics companies have the largest fleets. 

Where is AtoB Located? 

Celegans Labs, Inc., the name of AtoB’s parent company, is located in San Francisco, California, at Four Embarcadero Centre, Suite 1400. Their company actually does business from Carr Workplaces, a co-working space off Mission Street — a building about 8 blocks from Oracle Park (makes me wonder if they’re Giants fans). 

Who Owns AtoB Fuel Card? 

AtoB was founded in 2019 (not very long ago!) by Harshita Arora, Tushar Misra, and Vignan Velivela. Collectively, they seem to be a brilliant tech team. 

Harshita Arora, AtoB Co-Founder
Harshita Arora
Tushar Misra, Co-Founder of AtoB
Tushar Misra
Vignan Velivela, Co-Founder & CEO of AtoB
Vignan Velivela

Harshita Arora is a backend software engineer who previously founded Harshita apps, the company that built Crypto Price Tracker, which was acquired a few years back. 

Before AtoB, Tushar Misra attempted to build a decentralized charging station network for lighter-than-car vehicles as the CEO and Founder of Grido. In the course of fewer than 18 months, the company scaled to five cities in the US and Mexico before it looks like they closed the shop.

Vignan Velivela, AtoB’s current CEO, is a Carnegie Mellon graduate. And, before this venture, he worked full-time as a software engineer at Cruise (he created motion-planning software for self-driving cars).  

AtoB Fuel Card Highlights (Beyond Savings & Ease)

In addition to the savings (up to 25 cents per gallon) on fuel and the ease of making one fuel payment for multiple drivers, AtoB has some pretty impressive features and benefits. Take a look: 

1. It’s Completely Free… Really

The key benefit of an AtoB card is that it is free for qualified businesses. Most business gas cards charge monthly fees and interest. Not to mention, AtoB’s maximum savings are at least double that of any card I’ve ever heard of. 

If it’s Free, How Does the AtoB Fuel Card Make Money? 

Most fleet cards earn money with merchant rebates — essentially asking the merchant for a rebate each time a driver pays for fuel with their card. In AtoB’s case, where they offer up to 5% savings, rebates would have to be loftier than that. And, traditionally, merchant rebates range between 1-4%. 

According to a Buzzfile report on the company, AtoB generated just above a quarter million dollars in 2019 (this isn’t much for a company that now has at least 158 employees). 

AtoB Fuel Card Reviews

Someone told me that they believed AtoB had halted operations because of changing market conditions. As of today, September 2022, this rumor is false, and AtoB is still in operation — the business is very much alive and well. Any sluggish business in recent months could have had something to do with the funding round that just took place. 

After some digging, I found that AtoB has received a total of $257 million from 5 funding rounds since August 2020. Most recently, they announced another $75 million raised on August 16, 2022. And, with the founders’ tech background, I would wager that the majority of future profits will come from their software offer. 

Furthermore, AtoB has additional offers that generate revenue. 

Extra Offers From AtoB

Complementary to the zero-fee gas card offer, which certainly stands out, AtoB has other offers within its platform. 

  • AtoB Plus – Paid, subscription-based offers for added benefits. 
  • AtoB Wallet – Stripe-powered digital wallet. 
  • AtoB Payroll – In-app W2 and 1099 payroll platform.  
  • AtoB Factor – Invoice factoring for outstanding earnings (partner offer).

If any of these interest you, I encourage you to look into them — for non-cardholders, see AtoB’s terms & conditions to learn more.  

2. Get On-Time Payments Reported to Experian Business

Anyone building business credit will want to check out AtoB’s full offer when they find out that they report on-time payments to Experian Business every 30 days. 

Does A to B fuel card report to credit bureaus?

Several fuel cards do this — In fact, there are at least a dozen or so business gas cards that report on-time payments to credit bureaus (but, you don’t see me sharing full reviews about all of them, do you?).  

3. It’s Universal: Use Your Card Anywhere Visa is Accepted 

Many, if not most business gas cards are limited to specific, in-network gas stations. AtoB has eliminated that headache and can be used at any station that accepts Visa.  

AtoB fuel card reddit

Full disclosure: AtoB is not the only fuel card that does this. For instance, Comdata has a Mastercard, and Wex has some universal options — they have at least 30 small business gas card offers with various terms. 

4. See the Best Nearby Stations to Buy Fuel 

After 90 days of account and card activation, cardholders can access the AtoB app. You’ll have to reach out to support to activate this perk after you’ve been using your card(s) for a few months.

With the AtoB Driver mobile app, anyone can find the best in-network fuel savings in their area, even when they’re on the go — And, the in-app directory includes the fuel grade at each location, to make thoroughly-informed decisions. 

Where can I use atob gas card?

5. Use Your Card to Pay Insurance, Maintenance, Tolls, & More

Most fuel fleet cards offer variable savings on fuel for every gallon purchased. AtoB offers more savings. In addition, they offer business owners the option to opt-in to use your cards on other purchases

So, if you choose, you’ll be able to unlock the ability to use your card(s) to pay auto insurance, vehicle maintenance, bridge & interstate tolls, and other business costs. 

6. Control Spending to Prevent Card Misuse

According to a US fraud report from Shell, 86% of Fleet managers think that drivers’ card misuse results in 30 cents per gallon or 10% in added costs. And, AtoB has used this statistic to power their strategy, add security features to their offer, and to provide a savings prediction for businesses.   

A to B fuel card discounts

So, you’ll not only save via instant discounts but also prevent card misuse for up to 10% savings on gas costs. 

Here’s How to Apply for an AtoB Gas Card

AtoB fuel card application

If you’re ready to apply, head over to AtoB.com, and click Get Started.

The application asks for basic contact info, company info, financial information, and your business location. You’ll have to be a legitimate business owner with an EIN to complete the online form. You’ll also need to share your weekly fuel spend and the number of vehicles you have, along with how many cards you need. And, you’ll need to upload a copy of your driver’s license.  

You can either link your business bank account or upload your three most recent business checking account statements. If you try to use a personal checking account, you won’t be able to proceed. 

A to B fuel card application financial information

Before you submit, you’ll have a chance to review the application info you entered. Once your email is confirmed, AtoB will review your information and get back to you within 5-7 business days (that is, according to the website — the sales rep I spoke with said it could take up to 14 days for a decision). 

AtoB fuel card requirements

While they state in their terms & conditions that they reserve the right to pull consumer credit, AtoB does not ask for a social security number during the application process. 

The Secured Card Option From AtoB

Business owners with lower, provable business income may qualify for a secured card (you put money into your account, and refill your fund balance as you go). While secured cards aren’t typically recommended — traditional secured card fees are just too high — this one is free and comes with most of the benefits AtoB offers. 

So, if you are unsure about your ability to qualify for a tradeline, this might still be an offer worth looking into. You be the judge.   

Answers to Related Questions

Will a gas card help build credit?

Many fuel cards report payment activity to credit bureaus, which can help build out the cardholder’s credit profile and, in turn, build credit. Fleet cards (business gas cards) often report on-time payments to D&B, Experian Business, and/or Equifax Business. So, yes, responsible payments made toward a balance on a gas card can help build credit.

Is there a “universal gas card?”

AtoB Fuel Card

Universal gas cards aren’t limited to in-network fuel purchases. There are universal cards. AtoB, for example, can be used anywhere Visa is accepted. And, companies like Comdata and Wex have universal options. 

Is fuel cheaper with a fuel card?

When used at discount locations, which vary from card to card, fuel cards enable the cardholder to save on the price per gallon of gas. AtoB offers savings of up to 25 cents per gallon at select locations and up to 5 cents per gallon universally.  Some fuel cards offer “cash price” or better at select stations.

What fuel card can be used anywhere?

Several fuel cards can be used anywhere. Any card with a Visa or Mastercard logo can be used wherever these types of payments are accepted. AtoB is a universal Visa card, Comdata offers a Mastercard, and Wex has a handful of universal card options. 

What business gas card is easiest to get?

Any secured business gas card is easy to get because you can fund the account with your own cash (and still take advantage of card benefits). Some secured cards come with high fees. AtoB, however, offers a free, secured business gas card to those who might not qualify for net 7 terms at the gate. Over time, most secured cards can be upgraded to more traditional credit terms.      

How do I apply for a gas card?

To apply for a gas card, 99% of the time, you can visit the website of the card you want and apply online. There may be some cases where you must file a paper application. Review a business credit application template to see what you might expect. 

Final Thoughts

In addition to the features and benefits already listed above, I love that AtoB, as a company, is so transparent — they’re not trying to hide anything (as far as I can tell), and their offer stands out from every competitor that I know of. 

If you’re in the market for a fleet card, I recommend you do more research on AtoB, and consider their offer. It seems to be a hit! Before you do, take a look at our list of gas cards that report to business credit bureaus.   

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.

Free, Printable Business Credit Application Template (Plus, How to Use it Correctly)

By Joe

Download Your Free, Business Credit Application Template

Download business credit application PDF
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*This template is intended for informational purposes. All legal documents should be reviewed by an attorney before use, and terms should be defined to protect you in the event of default.  

Download your free, printable business credit application template so you can extend credit to your customers, or just find out what a business credit application looks like.

Business Credit Workshop coaching students get access to hundreds of actual business credit applications used by banks across the US.

Join Now

Most of the time, we focus on ways to improve credit profiles and obtain business credit. But, many of our readers, members, and students run B2B operations that serve other businesses. So, it’s crucial that we understand the ins and outs of extending credit to our business clients and customers… when the opportunity arises. 

If you offer your business customers the chance to buy now and pay later, you open a portal to attract more high-ticket sales from those that might not otherwise be able to afford a product or service in a single payment. Plus, by extending lines of credit or private tradelines, you can increase total profits by way of interest and fees. 

Or, if you’re just curious about what to expect when you start applying for business credit yourself, this information (and the downloads above) can be helpful.

Here, I provide a breakdown of the essential elements of a business credit application. Finally, I’ll answer some frequently asked questions and provide guidance for new creditors, including options to create online business credit application forms.  

  • What is a Business Credit Application?
    • Fundamentals of a Business Credit Application
  • Here’s How to Create an Online Credit Application Form
    • i. Use Google Forms
    • ii. Use Jotform
    • iii. Use Your Website’s Form Builder
  • How Should You Ask a Customer to Fill Out a Credit Application?
  • Don’t Forget to Do These 3 Things When You Offer Credit to Your Customers
    • 1. Do Your Due Diligence and Be Selective
      • How to Pull a Business Credit Report From D&B
      • How to Pull a Credit Report From Experian Business
      • How to Pull a Credit Report From Equifax Business
    • 2. Consider Reporting Payments to Business Credit Bureaus
      • How to Report On-Time Payments to D&B
      • How to Report On-Time Payments to Experian Business
      • How to Report On-Time Payments to Equifax Business
      • How to Report On-Time Payments to Creditsafe
    • 3. Enlist a Third-Party App or Platform to Manage Your Credit Program
  • Summary

Now, let’s get cracking.

What is a Business Credit Application? 

A business credit application is a form that enables a registered entity to apply for a line of credit, term loan, revolving tradeline, or a private net 30 account. It collects identifiable information about the business to determine its creditworthiness. 

What is a business credit application form? - A form that enables a business entity to share identifiable information in order to apply for a line of credit, term loan, revolving credit, or net 30 account.

A business credit application serves dual purposes: 

  1. Gather personal, business, and financial data about the applicant
  2. Serve as a contract between the applicant and creditor

A credit application is considered a legal document, as it should ask for the applicant’s signature. Hence, once signed, and if all terms and conditions are properly outlined in the document, it is legally binding. 

Any company that extends credit to their customers needs an application form to weed out those who would not be eligible for any type of financing. 

Fundamentals of a Business Credit Application

What do you write on a credit application? - Contact information, Company information, Bank references, Trade references, Financial information, Terms of the contract, Applicant authorization

To make an informed determination whether or not a company is worthy of business credit, you need specific identifying information. 

  • Contact Information
    • Full Name
    • Professional Title 
    • % Ownership in Business (Most creditors require at least 50%)
    • Company Name
    • Tax ID or SSN
    • Personal Address (Street, City, State, Zip)
    • Business Phone Number
    • Business Email Address
  • Company Information
    • Type of Business
    • Years in Operation or Business Start Date
    • Business Address (Street, City, State, Zip)
    • Legal Entity Type (Proprietorship, Partnership, LLC, Corporation)
    • State Registered in
    • If DBA or Subsidiary, Parent Company Name & Business Start Date
    • Name of Principal Responsible  
    • Principal’s Address (Street, City, State, Zip) & Phone Number
    • Name of any Co-Principal Responsible (optional)
    • Co-Principal’s Address (Street, City, State, Zip) & Phone Number 
  • Bank References
    • Checking Account (Bank Name, Account No., Contact Info)
    • Savings Account (Bank Name, Account No., Contact Info)
    • Credit Line (Bank Name, Revolving/Term, Account No., Contact Info)
  • Trade References (Most creditors ask for at least three)
    • Company Name
    • Contact Name
    • Company Address
    • Company Phone Number
    • Account Age or Account Open Since
    • Credit Limit 
    • Current Balance
  • Financial Information
    • Amount of Credit Requested
    • Total Business Assets
    • Total Business Liabilities
    • Annual Net Income
    • Yes or No: Have Any Officers Filed a Bankruptcy Petition?
    • Yes or No: Is Your Company Subject to Any Litigation? (+Explanation)
  • Contract Terms
    • Terms of use
    • Interest and Fees
    • Penalties for Noncompliance
    • Additional Forms Required (Articles of Organization, etc.)
    • Disclosure of Credit Pull 
  • Applicant Authorization
    • Applicant Full Name
    • Legal Business Name
    • Applicant Signature & Date Signed

(and/or)

  • Company Seal & Date Stamped

Once the applicant has submitted their app– assuming it appears they have what it takes, and that you would extend them credit — you’ll need to verify their information and move through the rest of the process.  

Here’s How to Create an Online Credit Application Form

In place of or in addition to a paper, pdf, spreadsheet, or doc application, you might want to offer your customers the option to fill out an online credit application form(this is super helpful, especially when applicants are not local). 

So, here’s the scoop. There are multiple ways to create online forms, but here’s what I recommend. 

i. Use Google Forms

Google Forms

Google Forms has a straightforward user interface and simple design. While it’s not super customizable, it will get the job done, and it’s free for Google Workspace users — both free, personal accounts and business accounts.  

ii. Use Jotform

Jotform

Jotform is another option — super easy to use — that is free for up to 5 forms and 100 monthly submissions. It’s more customizable than Google forms, with integrations with other platforms you might use like PayPal, Google Sheets, Adobe Sign, and HubSpot. It can cost up to $99 per month, depending on your usage  

iii. Use Your Website’s Form Builder

If you’re already collecting customer information via contact or subscribe forms on your website, you likely have a form builder that you use. You can probably get into your website dashboard and whip something up based on what you’ve learned here. 

There are many other options out there to help you offer an online application — I’ve just found these to be the simplest to use and most reliable.

How Should You Ask a Customer to Fill Out a Credit Application? 

If you’re eager to extend credit to customers — perhaps you want to use your credit offer as a highlight to make more sales — you can include your credit option at checkout (in-person or online) or during the sales process, depending on how your operations run. 

Service businesses might want to mention their credit application in proposals or bids — at the point just before the sale is made or earlier.  

I also recommend that you bookmark or download our trade reference request template and cover letter template (or create your own), because you can share them with your applicants to help them provide you with more information. Then, you can better determine if they meet your requirements for a credit account.

Recommended Reading: Trade References: Learn Everything You Need to Know

Don’t Forget to Do These 3 Things When You Offer Credit to Your Customers

Here are a few tasty reminders with a helping of details for you to munch on. 

1. Do Your Due Diligence and Be Selective

The application form is only the first part of a credit application. If you are going to extend credit to your business customers, it’s so important to make sure that you verify everything that the applicant tells you. 

Double-check credit report information with Dun & Bradstreet (D&B), Experian Business, and Equifax Business. Pull personal credit reports if you’re wary. Call the references applicants list on their app. Be 100% sure that someone is honest and qualified before you trust anyone in a buy now, pay later situation.  

How to Pull a Business Credit Report From D&B

To get a full D&B credit report and PAYDEX Score, visit D&B’s website and select your plan. It will cost from $61.99 to $799 per year, depending on how many reports you will need. 

Request D&B business credit report

How to Pull a Credit Report From Experian Business

To obtain an Experian Business credit report, go to Experian’s website, search for the business (be sure to select Other Business), and choose whether you would like a one-time report for $39.95 or $1,495 to $1,995 per year (for anyone who needs more than three reports monthly). 

Request Experian business credit report

How to Pull a Credit Report From Equifax Business

To receive an Equifax Business credit report, visit Equifax’s website and fill out the contact form on the Small Business Credit Report page to connect with the sales team — they can hook you up with the right plan. 

Request Equifax business credit report

2. Consider Reporting Payments to Business Credit Bureaus

As a courtesy to your customers and other creditors, consider reporting on-time payments to the business credit bureaus. Doing so will help your customers establish and grow their business credit profile, and can be a selling point that places you ahead of your competitors.  

Furthermore, reporting slow, late, or missed payments help protect other businesses (like yours) from disreputable companies that tend to stiff their creditors on payments. 

So, you might want to consider reporting on-time payments to D&B, Experian Business, Equifax Business, and Creditsafe — this typically requires that you join their trade exchange programs. 

How to Report On-Time Payments to D&B

To report account activity to D&B, you must either be a part of their DNBi or PPP programs or join the trade Exchange Program. To sign up for D&B’s Trade Exchange Program, you need at least 300 active credit customers.  

To apply, either visit D&B’s website or call 1-844-201-9144 to speak to your relationship manager. 

How to Report On-Time Payments to Experian Business

Experian doesn’t charge creditors for reporting, but they have requirements such as, members must report a full portfolio monthly. To become an Experian reporting partner, shoot an email to bisdatareporting@experian.com.

How to Report On-Time Payments to Equifax Business

You can register to report payments to Equifax via the registration page on their website or by calling 1-800-831-5614 (Select option three to speak to the correct department). 

How to Report On-Time Payments to Creditsafe

Creditsafe is not the most popular business credit reporting solution, and will never hold more weight than one of the primary bureaus. Still, third-party data continues to become more and more desirable to creditors. So, after you pull an Experian Business or Equifax Business credit report, you might also pull from Creditsafe. 

Why I mention them here, is because you can join their Trade Exchange Program a bit easier than the other bureaus… and they can automate reporting through your accounting software. Here’s how to leverage the program: 

  1. Claim your company on Creditsafe’s directory
  2. Login to your Creditsafe account
  3. Authorize your accounting or ERP software

Many popular accounting tools will easily integrate (Xero, Quickbooks, and Freshbooks, to name a few). If the platform doesn’t integrate with your software, or if you don’t use accounting software, you can still manually report. 

3. Enlist a Third-Party App or Platform to Manage Your Credit Program (At Least Think About it)

If the sole reason you want to offer business credit is to get more high-ticket sales, and you have no desire to earn income from fees and interest, explore your options for third-party credit offers, since they will make your job so much easier. 

Affirm for small business

Your choices vary greatly and depend on your business offer. For example, check out Affirm, Klarna, and Afterpay to see if your business might qualify to offer customers their buy now pay later terms — if so, they will do everything for you. 

If you do want to manage your credit program, it’s a good idea to explore debt collection offers so that you might outsource that portion of your work (I can almost guarantee you will have to collect on missed payments at some point). 

Summary

To extend business credit to your customers, you can use the business credit application template at the top of this page to get started — note that all legal documents should be reviewed by an attorney. And, printable applications are great, but so are online applications. 

If you’re just starting down the path to offering business credit to your customers, remember to do your due diligence and verify everything on the application. Think about reporting on-time payments to business credit bureaus. And, consider enlisting help from third parties (if you can find an offer that meets your needs). 

Do you have a customer or client who didn’t quite meet the mark and got rejected for a line of credit through your program? Invite them to join Business Credit Workshop to learn how to boost their business credit score and obtain up to $100K in business credit in as few as 30 days.

Business Credit Repair: How to Get Your Business Credit Back on Track 

By Joe

business credit repair

Since you’re interested in repairing your business credit, I’ll assume that you had a good credit score at one point. Now, for one reason or another, it has taken a hit (If that’s not the case, and you haven’t established credit yet, you might want to start here). 

First of all, if your business credit is not so great, don’t beat yourself up — it happens more than you would think. 

Don’t believe me? According to US Courts, in 2021, a total of 14,347 businesses filed bankruptcy in 2021. If you think this might have been a COVID-related spike, think again — the same source cites 23,157 business bankruptcy filings in 2017, a couple of years before the pandemic began. 

But, I don’t want you to focus too long on anything negative. Instead, let’s be solution-oriented and explore how business credit repair works. 

Bear in mind that business credit is not the same as personal credit and some of the laws protecting consumers don’t apply, which isn’t necessarily a bad thing. In fact, business credit is much easier and faster to restore than personal credit. 

This is what’s in store: 

  • What is Business Credit Repair?
    • The Golden Rule of Good Credit
  • 8 Steps to Repair Your Business Credit
    • 1. Review Your Business Credit Reports
    • 2. Note Every Item You Want Removed From Each Report
    • 3. Dispute Entries in Your Dun & Bradstreet Report
    • 4. Dispute Entries in Your Experian Business Report
    • 5. Dispute Entries in Your Equifax Business Report
    • 6. Reach Out Directly to Creditors
    • 7. Establish New, Healthy Accounts
    • 8. Continue to Monitor Your Business Credit
  • Final Thoughts

Now, here’s everything you need to know to restore your business credit. 

What is Business Credit Repair? 

Business credit repair or restoration typically refers to a third-party service that attempts to get negative information, like missed or late payments and defaulted accounts, removed from business credit reports in exchange for a payment. 

How do I repair my business credit?

A business might have a net 30 account on their report that shows as a late or slow pay that they want to clear up. Or, maybe they need to remove an old address from the credit bureau’s record. Business credit repair organizations might offer a service to help for a monthly or one-time fee in addition to any settlement offers they submit to creditors. 

Luckily, in most cases, these services are not needed. You can easily restore business credit on your own, which is the primary focus of this guide. 

The Golden Rule of Good Credit 

Whether you’re talking about business or personal finance, here’s the golden rule of good credit: Make your payments to lenders on-time, as agreed. 

While this may seem too obvious, it’s crucial. If you make your payments to lenders as agreed, you are very likely to maintain a high credit score. 

So, when life gets in the way, and you can’t make business loan and credit card payments like you expected, stay in communication with your lenders. As soon as you think you might miss a payment, pick up the phone and reach out to ask about your options. 

If you’re reading this early, at the first sign that your credit is about to slip — you never know — the above advice might be enough to keep you afloat while you figure out your finances. 

If you’re already sitting on a low business credit score, it’s time to take action.  

8 Steps to Repair Your Business Credit

Here’s the process, step-by-step, to restore your business credit. 

1. Review Your Business Credit Reports

The first thing you need to do when restoring your business credit is get an up-to-date copy of each of your credit reports from the business credit bureaus. 

There are three main business credit bureaus that most lenders will use to determine whether or not your company is worthy of financing. 

Get a copy of your report from each bureau: 

  1. Dun & Bradstreet: Access your PAYDEX report 
  2. Experian Business: Get your Experian business credit report 
  3. Equifax Business: Obtain your Equifax business credit report

Download or print copies of each report so you can thoroughly review for accuracy. 

Fast credit repair

You may be able to obtain copies of your business credit report at no cost if you have recently been denied financing. Within 90 days of your denial, mail a request to the creditor and ask that they send a copy of your business credit report to you. 

Set up a free account with Nav to access and monitor your Experian and Dun & Bradstreet business credit summaries. 

Note: In addition to these three bureaus, I have heard of a couple of outliers here and there. But, I don’t recommend you pay them any attention (unless you are getting denials after cleaning up the main 3). Every business credit lender I’ve ever worked with has used one of the above to determine a company’s creditworthiness. 

Recommended: How to Check Your Business Credit Score

2. Note Every Item You Want Removed From Each Report

The more organized you are at this stage, the better. Examine every potentially negative item on your report and read through your company details for inaccuracies. 

Incorrect and negative information on your business credit report not only decreases your chances of obtaining financing, but adds additional hurdles. For example, you might pay higher insurance premiums, be charged higher interest rates on the funds you do receive, and find it difficult to rent equipment or office/retail space because of a mistake on one of your reports. 

Experian credit repair

Look for any slow or late payments on your accounts that might affect your score. In addition, look for old business addresses or outdated contact information that you would like removed. 

For each report, list each item that you would like reviewed for removal. Include the following: 

  • The account number
  • The date of the disputed information
  • Explanation of the inaccuracy
  • Company that provided the disputed information
  • Type of disputed information (contact, missed/late payment, etc.)

Once you have completed your list, you’re ready to move forward. 

3. Dispute Entries in Your Dun & Bradstreet Report

For Dun & Bradstreet, the simplest option is to dispute incorrect items online via your account dashboard. You can pay for an upgraded account, but all you need is the free version (there aren’t many scenarios where I recommend paying for a premium account). 

Simply login to your account > navigate to D-U-N-S Manager > scroll down to Trade Payments in the left sidebar.

Your trade accounts will appear in the dashboard with an option to select from the dropdown under Initiate Investigation. 

How long does it take to fix business credit?

Follow the prompts to continue at the bottom right of the screen until you come to the summary page. 

Does an LLC have a credit score?

Accept the terms of service, then click Submit. 

You will receive a reply relatively quickly, letting you know whether the investigation has resulted in a removal of the items you requested or not. 

4. Dispute Entries in Your Experian Business Report

The best way to execute Experian business disputes is to print your full, updated report, circle the incorrect information, and write-in the reason you are disputing each item. 

Scan and email the edited report to businessdisputes@experian.com, along with any additional documentation you have to support your request for information removal. 

Alternatively, you can open an account with Experian business, then call in to initiate a dispute: (888) 397-3742. When you place the call, have your list handy so that you can accurately indicate which items you want the bureau to investigate. 

5. Dispute Entries in Your Equifax Business Report 

Equifax disputes can be handled online or via mail, email, or phone. Recently, I’ve seen email disputes resolved within about one week. 

Equifax Inc. 

P.O. Box 740249

Atlanta, GA 30374-0249

commercialdisclosures@equifax.com 

(800) 727-8495

Business credit dispute template

Download business credit dispute template PDF

6. Reach Out Directly to Creditors 

After you’ve waited about a month after initiating your dispute(s), or you’ve heard back from the bureaus, are there any red flags still on your reports? If so, it might be worth reaching out to the creditor directly. 

In some cases, you may be able to negotiate a deal to get negative information removed from your account. For example, if an account shows unpaid, you might be able to get the creditor to report the account paid in full with a lump sum payment. 

If you do negotiate a deal like this, be sure that you get the agreement in writing, including the date by which the creditor will report to the credit bureaus. 

7. Establish New, Healthy Accounts

A crucial ingredient for a strong business credit score is to have healthy accounts. If your credit profile is sparse, it might be a good idea to add a few accounts that report on-time payments to the business credit bureaus. 

After your reports have been cleaned up, you might benefit from opening new accounts — depending on how established your business credit profile is. 

To get started, see our list of 41+ Companies That Help Build Business Credit. 

Be sure to keep any revolving accounts below 30% utilization for an optimal impact to your credit score. For example, if you have a revolving business credit card with a $30K limit, never use more than $10K at a time. Better yet, pay the card off in full each month. 

Ask for credit limit increases on revolving accounts. From time to time, some creditors will automatically increase your spending limit. Other creditors require that you make the requests for increases yourself. If you can request an increase from your account dashboard, go ahead — if not, pick up the phone and call customer service and ask if you qualify for a higher spending limit.

8. Continue to Monitor Your Business Credit

Like personal credit, it’s important to monitor your business credit and keep an eye out for inaccuracies. If you haven’t already, sign up for a Nav account. 

Nav can help you monitor your business credit… and more. 

  • Get actionable insights into credit and cash flow 
  • See relevant financing recommendations
  • Research customer and partner credit profiles
  • Boost your chances of obtaining business credit

It doesn’t hurt to maintain accounts with all three bureaus, but you can accomplish most of what you need from a single dashboard with Nav alone. 

Final Thoughts

Credit repair is important when you want to increase your business financing limits. Start by reviewing your reports from the three major business credit bureaus. Then, dispute any inaccuracies you find on your reports. If you need to, reach out to creditors directly to clean up any accounts in poor standing. After that, maintain healthy accounts, and monitor your business credit to watch for new inaccuracies or mistakes. 

To learn how to obtain $100K in business credit in 30 days, join Business Credit Workshop today.

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