Protected: Start Building Business Credit (yt)

April 2, 2018

Rules of the Business Credit Game – MUST READ

If you’ve made it this far, you are serious about building your business credit. Please note that everyone starts at the bottom when it comes to business credit. The process is very similar to when you were 18 years old and had to build your personal credit. You likely started with a store or merchandise card as your first trade line. Business credit is no different. You have to start with vendors that will take a chance on your company even though it doesn’t have any established credit.

These companies are known to grant credit to newer businesses, however, because you are new in business some of them may want you to prepay. Whenever possible, try and pay with net terms. If they want you to prepay, then call them directly and ask to set up a net account. Many of them will say once you prepay on your first order then you can have net terms, that is acceptable.

Please use each account and make the payments on time, each company report on different schedules to the business credit bureaus. Some report monthly and some quarterly, remember, you will need a total of 5 trade account reporting to generate your Paydex score.

It is not mandatory to use each account (though it is recommended), keep in mind, if you do not use the account, it will not report to the business credit bureaus, and will not be considered a trade line.

If you receive a decline from a couple accounts do not worry, you will be applying for enough accounts that some will be approved and some declined, those that are declined can be reapplied for once you have more business history. The important part is to use the accounts that you have been approved for, wait for them to report and then move on to the next level.

A few important points to remember after your trade credit accounts are set up:

• It is recommended that you spend $80 or more per account (shipping not included)

• Once you receive the invoice, make the payment right away. Do not overpay!

Here is a list of the accounts:

Grainger helps customers save time and money by providing them the right products to keep their facilities up and running. Grainger works with more than 1,300 suppliers to provide customers with access to more than 800,000 products from many categories.

Website: www.grainger.com
Phone number: 1-888-361-8649 Monday-Friday, 24 hours a day, 7 days a week

Notes: You have to call to apply for a net 30 account; you may be required to pay by credit card for your first order. You will need to log into your account once its set up, pick an item and make an order of $10 – $15. After you place the order you may receive a call from a Grainger representative, if you do not receive a call from them then you will want to call them directly at 888-361-8649. At this time, you will want to place a second order for a higher amount (est. $80 or so) and ask for net terms.

If you wait more than 48 hour after your account is set up and then call the company they may be able to change your terms to net 30 for your first order.

Quill offers many products such as: cleaning supplies, digital cameras, storage supplies, furniture, ink & toner supplies, office supplies, packing and shipping supplies, paper, pens & writing supplies, printers, etc.

Website: www.quill.com
Phone number: 1-800-789-1331 Available Monday-Friday 7 A.M. to 9 P.M.

Notes: You have to call to get more details on applying for an account with net 30 terms. You will need to place the normal minimum order amount online, make sure to leave the credit card information blank and have them invoice you.

Uline is the leading distributor of shipping, industrial, and packing materials to businesses throughout the United States.

Website: http://www.uline.com/
Phone number: 800-958-5463

Notes: You have to call to get more details on applying for an account with net 30 terms. For your first order, if you order by phone they will be able to set you up with net terms. Place your order and have them invoice you, they will then send your order to the credit department. If the credit department approves the order then they will immediately ship it out. If the credit department does not approve it, they will call you back, usually within 15 minutes, and ask that you prepay. Go ahead and prepay if needed and on your next order they will set up net terms.

One of the leading companies for office supply.

Website: http://www.staples.com/
Phone number: 1-800-378-2753

Notes: Staples has a paper application that you will need to fill out and fax back to them. You have to call them to obtain it. The representative will email you a PDF application. Make sure to include a copy of a voided business check, copy of a utility bill showing the business address, business phone number and a business license (if you have a business license, if not then just include the voided check and copy of utility bill).

Website: http://www.shell.com/
Phone number: 800-331-3703

Notes: Please click on the link below and fill out the application.

http://citi.us/2GCgehb

This card can be used for gas only. If you are approved, you will receive the card by mail. Once you have this card and have established a good payment history, there are other cards processed by the same underwriter that we will have an easier time being approved for since your name will already be in their system.

To see if you qualify for actual CASH accounts for your business, Submit a secure prequal today.

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Rules of the Business Credit Game – MUST READ

Here is a list of the accounts:

To see if you qualify for actual CASH accounts for your business, Submit a secure prequal today.

Did you like this article?

$44,326profit.

$133,758profit.

$44,326profit.

$133,758profit.

To inquire about building additional business credit, click the link below

Don’t want to wait? To submit a secure prequal and get a free consultation, click the link below

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