I recently poured over the Sept. 2006 issue of Inc. magazine, intrigued by the profiles of entpreneurs who have made the prestigious Inc. 500 fastest-growing companies list. More than one mentioned maxxing out personal credit cards to get their venture off the ground, or pledging personal assets as collateral for their business loans.
That's great when it works, but I also talk to a lot of entpreneurs who relied on personal credit and didn't achieve success as quickly as they wanted. Now they are panicking as the creditors start calling.
Most small businesses will borrow at some point if the plan to grow. Building business credit so you can avoid using personal credit as much as possible is crucial. That's what this blog is about. I'll share business credit building strategies, and would love to hear yours as well.
And, while you're at it, pick up the Sept. 2006 issue of Inc. It's very inspirational and educational. I'm also glad to be quoted in the article on small business credit cards (page 42) -- and welcome your comments!
Subscribe to:
Post Comments (Atom)
.jpg)
8 comments:
I wanted to let you know that our company could be of help to your readers. We are a web design company that reports to Experian and if you have D&B Credit builder, you can use us as a trade reference. Our website is www.bitwavedesign.com. Your custom website will be completed and we charge $59 per month and we start out reporting $2500 account to Experian. The credit limit increases the longer we work with you.
If you have been thinking about incorporating you have to look at this offer. They are offering free corporation and LLC filing. Of course, you still have to pay your state fees but this link will save you $149 dollars.
http://www.mycorporation.com/?kbid=4345.
The economy has changed since your last comment, but I can still get business credit. Imagine how good it will be when the economy is good again - credit will flow like water!
Business Credit
Before you incorporate, find out if the name you want to use is avaliable. http://www.myllc.com/corporate-name-check.aspx
Hey I just started a new business and I needed to know how to get some business credit fast without the long wait. I did some research and found this site called gboogie.net they set me up an account I purchased one of their products and they reported on my business credit file and fast to I was so excited I purchased from there a couple of times to build my file up. And building my business credit up went faster than I ever thought I could. So guys go to gboogie.net they report on your credit file business and personal woow u can’t beat that….
Gboogie
http://gboogie.net
looking for fast reporting tradelines for your business go to gboogie.net they report to experian and to learn all your business credit techniques click on this link for a discount membership http://www.tradebit.com/filedetail.php/102815590-gboogie-net-membership-password
gboogie
http://gboogie.net
There are no shortcuts to establishing business credit, period. I see posts about setting up a D&B account and reporting to Experian to get a credit report built quickly but there are no shortcuts.
Most manufacturers, suppliers, and large companies use a report that goes by several different names. Sometimes called an NACM report (stands for National Association of Credit Management) or a NACM Trade Line Report, now more banks are using the report as well. D&B reports are close to a $100 and the business owner gets to write about himself to make the report look better. Trade lines and public records are really all that matter and NACM offers the report for a fraction of the cost. To view a sample look at http://www.sacm.us.com/business-credit-reports. Here you have it, insider information from a leading business credit reporting agency.
Just like personal credit, pay your bills on time and don’t over extend your business. Make sure the suppliers you deal with actually report their accounts to a credit reporting agency. If you have a choice between two suppliers, pick the one who will help you build your business credit.
A credit score is looking to the future . Sometimes I will receive a question about a score, because on the surface the company looks good, but its credit score is in the high risk range. Often the confusion is caused by current data looking decent, such as having a high percentage of existing trade.
Mark Fraser
Post a Comment