7 Steps to Build Your Business Credit
- Form a business
Limited Liability Company, S-Corporation, Corporation - Obtain Federal Tax ID #
- Open separate business checking account
Most banks give 1-2 years free (no min. balance) - Obtain a DUNS #
- Establish your first 3-5 trade lines of credit that will show on your DNB business profile utilizing your DUNS #
Uline, Quill, etc - Pay the trade lines of credit ON TIME!
After the first 3-5 companies report to DNB that you pay on time, you are on your way to obtain a PAYDEX score of 80
Most of my students achieve an 80 PAYDEX score in 3-4 months - Attract companies that will offer you your first Unsecured Business Line of Credit
Most students obtain$25,000 in first 3-6 months of my program
Secured to the business with no income verification!!
Usually in the form of a Business Credit Card, Cash % rate same as APR
What more information on a upcoming class January 17th - Central Jersey area. or home study class which will show you everything you need to know to obtain line of credit of $25,000 to $75,000.
Email Businesscredit@jtirealestate.com or claire@hopehomebuyers.com