Author: Pamela Kummer

New comment by DavidG7 in "Ask HN: Who wants to be hired? (February 2021)"

Location:
Current: Ireland,
Desired: USA (specifically New York, Chicago, Philadelphia, Pittsburgh, Atlanta, Boston)

Remote: No

Willing to relocate: Yes

Technologies: Scala, Kotlin, Java 8, Microservices, Kubernetes, PostgreSQL, product engineering.

Résumé/CV: On request

Email: On request

Experienced backend engineer with a background in developing and operating large scale production grade systems, distributed in the cloud for one of Europes largest ecommerce companies.

The post New comment by DavidG7 in "Ask HN: Who wants to be hired? (February 2021)" appeared first on ROI Credit Builders.

The Seven-Day Impeachment

The best outcome now is to make the House vote the end with no Senate trial.

Enjoy the Gift of Small Business Lending Companies This Holiday Season

This has been a year to remember for sure.  With the holidays, small business lending companies are coming out of the woodwork to offer the gift of small business loans.  But, which ones are a real gift, and which ones are a trap?  How do you find the best options for you?  Do you even qualify?  

Unwrap the Gift Small Business Lending Companies are Offering

You can’t just grab any gift under the tree.  You have to choose the one that is exactly right for you.  The problem with small business lending companies is, they don’t put the name of your business on the ones that will work best for you.  Nefarious companies want you to take the first small business loan you see, and hopefully one that will be very profitable for them. 

There are some small business lenders however, that will work with you to find the perfect option for you and them.  That’s who you want. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

How Can I Get Small Business Loans? 

Before you can choose the right loan for you, you need to know where you stand.  The truth is, you may not qualify for what would otherwise be the best option out there.  You have to choose the loan with the best terms and rates for which you qualify.  That means knowing where you stand, and knowing how to improve your position if needed. 

4 Cs of SMB Lending

So, what are SMB lenders looking for when it comes to handing out funds?  Well, some will lend to anyone.  That’s not what you want. You want a lender that will fairly assess your ability to repay your loan, and offer terms in accordance with that ability.  What are they looking for? 

Cash Flow

If you do not have cash, you can’t pay your bills.  That includes loans.  Lenders will want to see that you have enough cash coming in each month to cover your obligations. 

Collateral

Most small business loans require some sort of security, or collateral.  It could be the business itself, or it may be equipment or a building you are trying to purchase. Whatever the case, lenders like to know there is some asset there to back up the loan. 

Credit- Personal

With most loans, even business loans, solid personal credit is vital.  There are some types of financing and non-traditional loans you can get based on the credit of your business alone.  However, traditional business loans will definitely be easier to get with a strong personal credit score. 

Credit- Business

This is where you start shaking gifts.  Business credit can make or break your ability to get a small business loan.  Small business lenders are looking for a business that can handle its debt based on its profits. The problem is, many business owners do not understand business credit, or how to get it. 

How to Build Business Credit

Business credit is credit based on the merits of your business alone.  It is totally separate from the owner’s consumer credit report. However, it does not build on its own, like consumer credit does.  You have to intentionally set your business up in the right way to establish and build business credit.  Here’s how. 

Separation from Owner

Your business needs to stand alone as a separate entity from you, the owner.  The start of this is pretty simple.  You just need to make sure you have separate business contact information.  Do not use your personal phone number, address, or email address as your business contact information.  

Then, you need to get an EIN.  This is an identifying number for your business that acts the same as your SSN does for you personally.  You can get one for free from the IRS.

After that, you need to incorporate.  For the purposes of setting your business up to be separate, you can choose either a corporation, S-corp, or LLC.  However, you may need to choose one over the other for liability protection needs or budget purposes.  That is best discussed with an attorney or tax professional. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

You’ll need a DUNS number next.  Get this for free on the Dun & Bradstreet website. 

Lastly, a separate, dedicated business bank account is essential.  Many lenders consider the date the account was opened to be the start of business.  They also may want to see a certain minimum average balance.  In addition, you can’t get a merchant account without one anyway, which means you can’t accept credit cards payments.  This is bad, as studies show people tend to spend more when they can use a credit card. 

Of course, there are many other things that go into overall fundability, but if your business is not set up this way, there is no way to build separate business credit. 

Starter Vendor Credit

After your business is set up at a separate entity, you need to get accounts reporting to your newly established business credit file.  This is often easier said than done for a few reasons.  First, if you don’t have business credit, it’s the same as bad credit to many lenders. It’s a vicious cycle.  How do you get credit without having credit? However, the other side of this is you have to not only get accounts, but you need accounts to report to your business credit file.  There are not a lot of companies that will do this. 

Starter vendors are vendors that will extend net terms on invoices without a credit check, and then report your payments on those invoices to the business credit reporting agencies.  The thing is, it’s pretty hard to find a complete list of enough of these types of lenders to build business credit fast.  It helps to work with a professional. 

What Are the Best Small Business Lending Companies and Loans?

The best small business loans are those with the best terms that you qualify to get. This can take some research.  However, here are two options that are a great starting point. 

SBA Loans

SBA small business lenders are a great option for those that have at least decent personal credit. There are many options.  Look for small business lending companies that partner with the Small Business Administration to apply for these loans.  

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Credit Line Hybrid

A credit line hybrid is unsecured, rotating financing for your business.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  

Your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit. 

If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these small biz lending requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

The process is pretty fast, but this is another time when it’s very beneficial to have a qualified expert to walk you through it.  

This type of financing also helps build business credit. 

Conclusion

It can be tricky to find the best small business lending companies and small business loans for your specific business.  However, setting up your business to build business credit and knowing what to look for are both great places to start.  Start shaking the gift of small business loans and find out which lenders have the best options for your business today. 

The post Enjoy the Gift of Small Business Lending Companies This Holiday Season appeared first on Credit Suite.

New comment by higroup in "Ask HN: Freelancer? Seeking freelancer? (November 2020)"

SEEKING WORK | Ljubljana, Slovenia (Europe, UTC+2) | REMOTE Six person team of developers + PM, focused on the development of web/mobile IT products and services for private or corporate customers. We look at your product’s success as a 100% reflection of our work. Can work as an outsourced team. Email: info [at] higroup.si Website: …

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The Presidential Endgame

Trump has the right to fight in court, but he needs evidence to prove voter fraud

Top 20 The Twilight Saga Podcasts You Must Follow in 2020

Top 20 The Twilight Saga Podcasts Contents [show] ⋅About this list & ranking The Twilight Saga Podcasts Twilight Decoded Gender Forking Remember Twilight? Unbitten It’s 2020 And We’re Reading Twilight TwiFight After Midnight Twilight Phase The Twilight Sleuths Edward is a Vampire Into the Twilight Twilight Saga Podcast Books as Bad as Twilight The Twilight Saga Rewatch […]

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Top Des Moines News RSS Feeds (City in Iowa)

Top Des Moines News RSS Feeds

Des Moines News RSS Feeds

1. Des Moines Register RSS Feed

RSS Feedrssfeeds.desmoinesregister.c.. 

Sitedesmoinesregister.com

Des Moines, Iowa, United States

About Site – We are on a relentless quest to provide trustworthy, smart and engaging news and information and actively inform, connect and inspire
Frequency 30 posts / day

2. WHO Tv RSS Feed

WHO Tv

RSS Feedwhotv.com/feed 

Sitewhotv.com

Des Moines, Iowa, United States

About Site – Subscribe us to get local news, sports news, weather updates, information about events and contests from whotv.com.
Frequency 19 posts / day

3. KCCI News RSS Feed

KCCI News

RSS Feedkcci.com/topstories-rss 

Sitekcci.com

Des Moines, Iowa, United States

About Site – The KCCI news team brings you the best in local coverage and all the top stories from across the state of Iowa.
Frequency 30 posts / day

4. Business Record RSS Feed

Business Record

RSS Feedbusinessrecord.com/RSS/248 

Sitebusinessrecord.com

Des Moines, Iowa, United States

About Site – Business Record is an Iowa-based media company that serves business, cultural and philanthropic communities.
Frequency 6 posts / day

5. Cityview Magazine RSS Feed

Cityview Magazine

RSS Feeddmcityview.com/feed 

Sitedmcityview.com

Des Moines, Iowa, United States

About Site – Cityview Magazine is Central Iowa’s Independent Newsmagazine. Keep up with news, events, business, politics and more.
Frequency 1 post / day

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Top Women In Leadership RSS Feeds

Top Women In Leadership RSS Feeds

Women In Leadership RSS Feeds

1. Lolly Daskal | Leadership Executive Coach, Keynote Speaker RSS Feed

Lolly Daskal | Leadership Executive Coach, Keynote Speaker

RSS Feedlollydaskal.com/feed 

Sitelollydaskal.com/blog

New York City

About Site – Lolly Daskal is one of the most sought-after executive leadership coaches in the world. As founder and CEO of Lead From Within, her proprietary leadership program is engineered to be a catalyst for leaders who want to enhance performance and make a meaningful difference in their companies, their lives, and the world. Keep up with articles on Leadership Development and Organizational Development by subscribing her blog.
Frequency 1 post / day

2. Progressive Women’s Leadership | Advancing the Women’s Leadership Movement RSS Feed

Progressive Women's Leadership | Advancing the Women's Leadership Movement

RSS Feedprogressivewomensleadership… 

Siteprogressivewomensleadership.com

About Site – Progressive Women’s Leadership is a resource center and community that’s empowering, forward-looking and supportive of both women and men who want to change the way women are viewed in the workplace and beyond. Subscribe to get expert guidance to develop leaders among women.
Frequency 8 posts / year

3. Random Acts Of Leadership Blog | Everyday Leadership Through Everyday Actions RSS Feed

Random Acts Of Leadership� Blog | Everyday Leadership Through Everyday Actions

RSS Feedfeeds.feedburner.com/randoma.. 

Siterandomactsofleadership.com

Vero Beach, Florida, United States

About Site – Founder and author of the Random Acts of Leadership blog, Susan writes about the simple, yet powerful, acts of every day leadership and has Co-authored two books: The Character-Based Leader: Instigating a Revolution of Leadership One Person at a Time, and Energize Your Leadership: Discover, Ignite Breakthough. Random Acts of Leadership blog provides pathways for everyone to lead based on what matters most to them rather than their title or position.
Frequency 1 post / week

4. Aspire-CS | Mary Jo Asmus on Leadership RSS Feed

Aspire-CS | Mary Jo Asmus on Leadership

RSS Feedaspire-cs.com/feed 

Siteaspire-cs.com/mary-jo-asmus-..

About Site – Mary Jo Asmus is an executive coach, writer, internationally recognized thought leader, and a consultant who partners with organizations of all kinds to develop and administer coaching programs. This blog is dedicated to all the committed leaders out there who want to be the best they can be by developing solid relationships with the people who will support them in their journey.
Frequency 16 posts / year
Since – Feb 2008

5. Red Shoe Movement Blog RSS Feed

Red Shoe Movement Blog

RSS Feedredshoemovement.com/feed 

Siteredshoemovement.com/featured

New York, USA

About Site – The Red Shoe Movement is a leading company dedicated to the career and leadership development of women. Diversity & Inclusion is in our DNA. We Provide Career and Leadership Development Programs for your Latina Employees.
Frequency 1 post / week

6. Outstmart Your Brain | Brain Tips Blog | Transformational Coaching and Effective Leadership RSS Feed

Outstmart Your Brain | Brain Tips Blog | Transformational Coaching and Effective Leadership

RSS Feedoutsmartyourbrain.com/rss 

Siteoutsmartyourbrain.com/brain-..

Phoenix, AZ

About Site – Dr. Marcia Reynolds, president of Covisioning LLC is the master of teaching others how to engage in powerful conversations that connect, influence, and activate change, even when emotions are strong. Subscribe for tips on Leadership and Communication Strategies based on the latest research.
Frequency 1 post / day
Since – Dec 2007

7. LaRae Quy | Empower the Leader in You RSS Feed

LaRae Quy | Empower the Leader in You

RSS Feedlaraequy.com/feed 

Sitelaraequy.com/blog

San Francisco

About Site – LaRae Quy is former FBI counterintelligence and undercover agent and founder of the Mental Toughness Center. She writes for audiences who are hungry, scrappy and ambitious in the pursuit of their goals—and drawing upon her own experiences as an FBI agent, she shows them how grit trumps talent by combining hard-nosed neuroscience with social psychology.
Frequency 1 post / month
Since – May 2013

8. SmartTribes Institute Blog RSS Feed

SmartTribes Institute Blog

RSS Feedsmarttribesinstitute.com/feed 

Sitesmarttribesinstitute.com/blog

San Francisco, CA

About Site – We believe every company can forge a culture of safety, belonging and mattering. We help leaders to create this, to see into their blind spots, to expand their vision, and to help themselves and their teams to perform at new levels while fostering deep fulfillment in their work. Keep up with posts on Neuroscience-Based Executive Coaching, Training, Leadership and Culture Performance by subscribing this blog.
Frequency 1 post / week
Since – Dec 2007

9. Global Female Leaders summit RSS Feed

Global Female Leaders summit

RSS Feedglobalfemaleleaders.com/feed 

Siteglobalfemaleleaders.com/blog

Berlin

About Site – The Global Female Leaders summit brings together high-achieving leaders from all over the world. Their mission is to discuss global challenges and issues, explore current trends and innovations shaping tomorrow’s business realities. Subscribe their blog to get latest updates in your inbox, each morning.
Frequency 1 post / month

10. NextMapping | The Future of Work Blog RSS Feed

NextMapping | The Future of Work Blog

RSS Feednextmapping.com/our-nextmapp.. 

Sitenextmapping.com/our-nextmapp..

About Site – Cheryl Cran is the founder of NextMapping/NextMapping.com and the CEO of parent company Synthesis at Work Inc. Recognized as the #1 Future of Work influencer by Onalytica, and author of 7 books including NextMapping How Great Leaders Inspire Everyone to Create the Future of Work. Follow her blog for all things related to the future of work. Guest bloggers include CIO’s, Behavioral Scientists, CEO’s, Data Scientists including posts by founder Cheryl Cran.
Frequency 3 posts / month
Since – Mar 2011

11. Leading Women Blog RSS Feed

Leading Women Blog

RSS Feedleadingwomen.biz/blog/rss.xml 

Siteleadingwomen.biz/blog

Anywhere You Are

About Site – Leading Women’s blog delivers unconventional news and cutting edge insights about women’s advancement and closing the leadership gender gap.
Frequency 1 post / week

12. YWomen RSS Feed

YWomen

RSS Feedywomen.biz/feed 

Siteywomen.biz/in-the-news

Atlanta, GA

About Site – Jeffery Tobias Halter is the country’s leading male expert on advancing women and engaging men. He is the President of YWomen, a strategic consulting company focused on engaging men in women’s leadership issues. YWomen helps organizations create Integrated Women’s Leadership Strategies, drive actionable business plans and strategies to attract, retain and advance women and address gender bias in the workplace. Jeffery is the former Director of Diversity Strategy for The Coca-Cola Company.
Frequency 3 posts / quarter
Since – Mar 2015

13. Majo Molfino Blog | Women’s Creative Leadership Coach & Podcast Host RSS Feed

Majo Molfino Blog | Women's Creative Leadership Coach & Podcast Host

RSS Feedmajomolfino.com/blog?format=RSS 

Sitemajomolfino.com/blog

About Site – Majo (pronounced Ma-ho) Molfino is a writer, speaker, and women’s creative leadership coach. With a Masters in Design from Stanford, she supports women in becoming better, more resilient creative leaders at top companies such as Facebook, Twitter, Airbnb, and IDEO. Her work has been highlighted in FastCoDesign, The Huffington Post, Medium and LinkedIn. She is also the host of HEROINE a podcast featuring the journeys of top creative women leaders and risk-takers.
Frequency 1 post / week

14. Pegine | Keynote Speaker on Leadership, Business and Motivation RSS Feed

Pegine | Keynote Speaker on Leadership, Business and Motivation

RSS Feedpegine.com/feed 

Sitepegine.com/business-leadersh..

Florida

About Site – Pegine offers quotes, tools & kick butt actions to inspire, grow, be great in leadership and business. She is a feisty, fearless, focused and fun leadership keynote speaker. Pegine is in the Motivational speaker Hall of Fame Speaker, who has audiences think, laugh and take action. Her message ‘Be Powerful! Be You! Have Impact!’ in leadership and business.
Frequency 2 posts / year

15. Women in Leadership Nexus | Leadership Development, Professional Development RSS Feed

Women in Leadership Nexus | Leadership Development, Professional Development

RSS Feedwilnexus.com/blog?format=RSS 

Sitewilnexus.com/blog

Providence, RI

About Site – The Women in Leadership Nexus was created to help you become this type of leader—the next-gen leader. Get Insights and blog posts about topics surrounding leadership, entrepreneurship, culture, professional development and negotiation.
Frequency 1 post / week

16. Leadership Momentum | Elizabeth Doty RSS Feed

Leadership Momentum | Elizabeth Doty

RSS Feedleadershipmomentum.net/feed 

Siteleadershipmomentum.net/news

San Francisco, CA

About Site – Ms. Doty writes regularly for strategy business magazine, and is a 2016 Top Thought Leader in Trust. From 2012‐2015, she served as a Network Fellow with the Safra Center for Ethics at Harvard University, where her research focused on practical challenges of making and keeping leadership commitments. Her book, The Compromise Trap, was published by Berrett‐Koehler in 2009. Elizabeth earned her MBA from Harvard Business School in 1991.
Frequency 2 posts / quarter

17. Nisha Moodley | Women’s Leadership Coach RSS Feed

Nisha Moodley | Women's Leadership Coach

RSS Feednishamoodley.com/feed 

Sitenishamoodley.com/blog

SF/NYC/Somewhere Sunny

About Site – Women’s Leadership Coach & Founder of Global Sisterhood Day. Retreats, masterminds & coaching for ambitious women on a mission, with a focus on heart-mind-message alignment.

18. Artemis Women Leaders | Women’s Leadership Blog RSS Feed

Artemis Women Leaders | Women's Leadership Blog

RSS Feedartemiswomenleaders.com/feed 

Siteartemiswomenleaders.com/blog

About Site – This Artemis Women’s Leadership Blog is a platform that supports women to step into leadership to find their courage and self confidence to do power differently.
Frequency 2 posts / month
Since – Oct 2017

19. Women ON Point Blog RSS Feed

Women ON Point Blog

RSS Feedwomenonpointleadership.com/feed 

Sitewomenonpointleadership.com/blog

USA

About Site – Women ON Point is dedicated to executive leadership for women. Their mission is to empower women and set them up for success through leadership development consulting, career coaching services, and business coaching.
Frequency 2 posts / week

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Beat The Forex Market Everytime You Want And Earn Big Profit!

Foreign exchange training is a requirement for anybody with this rate of interest. Foreign exchange training is constantly useful for an investor, also if he has a couple of months of sensible expertise in foreign exchange market. If you desire to obtain right into the globe of foreign exchange trading, Forex training is extremely vital. …

BizSource and TrueSearch: Meet the Experian Business Credit Team

What Your Need to Know about the New Experian Business Credit Mighty Duo

There are three major players in the game of business credit reporting. They are Dun & Bradstreet, Experian, and Equifax. Often, Dun & Bradstreet gets all the glory. Experian business credit has recently stepped up their game however.  The addition of two new team members, BizSource and TrueSearch, was a bold move. Who are these players, and how are they changing the game of business credit?

Meet BizSource: The Experian Business Credit Information Database

Experian combines its 30 years of database management experience with comprehensive commercial data to create a business intelligence database like no other. Its goal to be the number one source of business credit information, making BizSource the perfect name. It’s poised to become a heavy hitter in the game of business credit.

Meet TrueSearch: The Perfect BizSource Partner

TrueSearch is the new search and match technology that gives BizSource its power. Business credit reports differ from consumer reports in many ways, one of which is completeness. Credit reports for businesses tend to become spotty and hard to understand as companies change names, ownership, and affiliations. Throw in an address change now and then and it is a wonder any business can have a complete credit picture.

TrueSearch provides BizSource with complete, up to date information on businesses as reported.  This makes sure the database has the most up to date, complete credit picture available for 19 million United States businesses. It also drops inactive trade lines after 36 months.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

How Does TrueSearch Work Its Magic?

It all starts with the assigning of the BIN (Business Identification Number) that remains the same even with changing ownership and locations. Similar to a DUNS number from Dun & Bradstreet, it allows for consistent tracking over time. If there are multiple BINs assigned for some reason, they can combine into one business view to show the overall credit worthiness of the single company.

TrueSearch technology also combines variations of the business name and address into one record. Since it tracks variations over time, its matching technology provides depth of data and a more complete credit profile and score that has not previously been available from Experian. Regardless of the variation entered into the search, it will match up to the current record.  The result is more useful information.

How Does this Experian Business Credit Team Change the Game?

Their powers combined, BizSource and TrueSearch are able to provide users with so much more. They can see more inquiry matches, more data, and improvement in data depth and accuracy. Another huge plus with these two on the team is the ability to put together data from more than one source into one file.  In addition, it has the ability to blend both consumer and commercial data for small businesses.

The Rules of the Game

If you are not a regular spectator or participant in the business credit game, you can’t understand how any of this matters. You have to first understand the rules of the game.  Then you can see how new players up the ante. If you don’t know anything about business credit, you are likely swimming in questions.

What is business credit? Why do I need business credit? Do I have business credit? How do I get business credit? Let’s start at the beginning.

What is Business Credit?

Business credit is a credit score for your business separate from your personal credit score. It is not associated with your personal finances at all.

Why Do I Need Business Credit?

Experian business credit credit suite2

If you borrow money for your business based on your personal credit, then your business finances will affect your personal credit score. You may think that is no biggie because you intend to handle your debts responsibly and make on time payments.

First, anything can happen. More than that however, making payments on time to business creditors does not keep your business finances from harming your personal credit. Business expenses are very large, and they can fill up a credit card fast. Cards connected to personal credit typically have lower limits than cards obtained with business credit. Business expenses can max out personal cards quickly.

Even if you pay them on-time, being at your max limit will lower your ratio of debt to your available credit. This ratio is a player in the credit score formula. If this number is too high, it will negatively affect your credit score despite on-time payments.

Also, if you already have poor personal credit, business credit can allow you to access the funds you need for your business anyway. If you have business credit, you will not need to rely on your personal credit to fund your business. Your business will be fundable on its own merit.

Do I Have Business Credit?

Now, if you are reading this as a business owner that has never thought of business credit before, you may be asking yourself if you have business credit. That depends. Let’s go through the steps necessary for establishing and building business credit and go from there.

Get in the Game: How to Establish Experian Business Credit (or Business Credit at All)

These steps will not only help you establish Experian business credit, but they will also help you establish business credit with other business credit reporting agencies.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Guard Your Man

This step is easier if done from the beginning, but it is possible to do it at any point. The goal is to separate your business from yourself. The first step to doing this is to incorporate. If you are operating as a sole proprietor or a partnership, you and your business are basically one and the same in the eyes of creditors. If your business owes money, you owe money, and vice versa. That means all payments on credit accounts get reported to your personal credit report.

By incorporating, you not only get some liability protection, but you also ensure that your business account payments get reported to your business credit report. You can choose to incorporate as a corporation, S-corp, or LLC. The level of protection and cost of each vary, but they all work the same for the purpose when it comes to establishing business credit.

Set Up the Shot

For the purposes of establishing and building business credit with all three reporting agencies, including Experian business credit, you have a few more things you need to do.

  • Get an EIN. You can do this for free at IRS.gov. This is an identifying number that works similar to an SSN, but for your business. It will eliminate the need for you to use your SSN when applying for business credit. You may still need to provide it for the purposes of ensuring identification for fraud prevention.
  • Your business address and phone number should not be the same as your personal address and phone number. The phone number should be through a toll-free exchange, and you need to have both listed in the directories under the business name.
  • In today’s world, you cannot go without a business website. One that is unprofessional and poorly put together is just as bad as not having one at all. Use some marketing dollars to make sure your business website is well designed and user friendly.

Stay On Target

  • Have a separate business email that is not from a free service such as Gmail or Yahoo. It should have the same URL as the company website.
  • Open a separate business bank account. This not only helps separate your business for business credit purposes, but will help you keep your business finances separate from personal finances. The amount of time this saves come tax time is priceless.
  • Apply for a DUNS number with Dun & Bradstreet. It is free on the Dun & Bradstreet website. They will try to sell you other services. You don’t need them and the number is free. Unlike Experian and Equifax, you cannot have a business credit score with Dun & Bradstreet without a DUNS number.

Get Off the Bench: Building Experian Business Credit, or Any Business Credit

To begin building business credit, you have to have timely payments on accounts reporting to the business credit agencies. If the account reports to Experian, your Experian business credit report opened with the first reported payment. Of course, it takes a little while to establish a pattern of on-time, consistent payments.  After a bit however, your credit score will be established and start to grow.

The heck of it is, to get credit accounts that the creditors will report the payments on, you have to have good business credit, right? In general, yes, but we happen to know a few players to have on your team that can help you around this hurdle.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

The Vendor Credit Tier

You definitely need the vendor credit tier on your team. It includes starter vendors that will extend net 30 invoice terms without a credit check, then report payments on those invoices to the credit reporting agencies. They do not all report to all agencies, so you need to work with several of them to get your credit established with each agency.

There are dozens of these “starter vendors” out there, but the easiest to get started with include:

Quill

Quill sells general office supplies that any business can use at pretty much any time. They may require you to make some initial purchases, but they will typically extend net invoice terms. Quill reports to Dun & Bradstreet. There is a $50 minimum payment to report.

Uline

Uline is a vendor of packing and janitorial supplies. They work much the same way as Uline, except they report to D&B and Experian business credit, so here is how to get your credit information listed with BizSource. They also require a $50 minimum to report.

Grainger

Grainger sells industrial and outdoor supplies, including tools. Every business can use a hammer and a screwdriver, right? They report to D&B and require a $50 minimum product purchase to report. If you do not have established business credit, you may need to submit business financials.

There are many others in addition to these, but this is a good start. Some require a minmum length of time in business.  Others look for a particular amount of annual income. These three are easy to get started with right away, until you can meet the requirements for more in the vendor credit tier.

Experian Business Credit: Beyond the Vendor Credit Tier

You cannot build a whole business on credit from the vendor credit tier alone. To build your business credit higher and stronger, you will need to continue through the other credit tiers.

Retail Credit Tier

This tier includes store cards such as Amazon, Best Buy, Office Depot, and more. Once you have 5 to 7 vendor credit tier accounts reporting on-time payments, you should be able to qualify for some of these.

Fleet Credit Tier

The cards in the fleet credit tier pay for gasoline and automobile repairs. They come from companies such as Shell, Fuelman, and WEX. You can start applying for these after you have 10 or so accounts reporting from the retail credit tier.

Cash Credit Tier

This is the top tier that some consider elusive. It doesn’t have to be if you work through the other tiers first however. These are the standard Mastercard, Visa, and American Express cards that are not attached to a store. After you have enough accounts reporting from the fleet credit tier, you can apply for them. Cards in the cash credit tier often have higher limits and better rewards programs. Just be sure to continue paying on time to keep from ruining all your hard work.

With the Right Team Players, Anyone Can Build Business Credit

Just as Experian business credit has added BizSource and TrueSearch to their team, business owners have to put together a winning business credit building team. Once you have your business established as separate from your personal finances, you are ready to play the game.

Start recruiting in the vendor credit tier, and as soon as you start winning a few, you will see it is much easier to recruit new and stronger players. Before you know it, you will be able to taste victory.

 

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