FAQSMB
FAQSMB
    • Business
      • Picking the Right Domain Name for Your Business 

        Picking the Right Domain Name for Your Business 

      • The Best Email Marketing Software for Small Businesses

        The Best Email Marketing Software for Small Businesses

      • Cons of Business Phone Services

        Cons of Business Phone Services

      • Email Marketing with your Small Business

        Email Marketing with your Small Business

      • How to Compare Cell Phone Business Plans

        How to Compare Cell Phone Business Plans

      • Deciding on a Business Phone Plan

        Deciding on a Business Phone Plan

    • Finance
      • What is business tax?

        What is business tax?

      • Best business tax software

        Best business tax software

      • When do businesses file taxes?

        When do businesses file taxes?

      • How is business income taxed?

        How is business income taxed?

      • What kind of taxes does a business pay?

        What kind of taxes does a business pay?

      • Business Credit Cards
        • Building Your Business’s Credit

          Building Your Business’s Credit

        • Getting a Business Credit Card with Bad Credit

          Getting a Business Credit Card with Bad Credit

        • The Process of Credit Card Approval

          The Process of Credit Card Approval

        • Credit Card Balance Transferring

          Credit Card Balance Transferring

        • How Does Credit Card Processing Work?

          How Does Credit Card Processing Work?

      • Insurance
        • How To Purchase Business Insurance for Your Small Company

          How To Purchase Business Insurance for Your Small Company

        • These are the 3 Main Types of Business Insurance

          These are the 3 Main Types of Business Insurance

        • 6 Benefits of Getting Business Insurance

          6 Benefits of Getting Business Insurance

        • 5 Questions You Should Ask Before Purchasing Business Insurance

          5 Questions You Should Ask Before Purchasing Business Insurance

      • Business Banking
        • Payroll Solutions For Your Business Growth

          Payroll Solutions For Your Business Growth

        • Important Guidelines for Selecting the Best Payroll Service

          Important Guidelines for Selecting the Best Payroll Service

        • Is Hiring a Payroll Service the Best Option for Your…

          Is Hiring a Payroll Service the Best Option for Your…

        • How to Avoid Payroll Scam Services

          How to Avoid Payroll Scam Services

        • Outsourced Payroll

          Outsourced Payroll

    • Health
      • Heartburn Management

        Heartburn Management

      • Headache Types

        Headache Types

      • Syphilis: Causes, Stages, and Treatment

        Syphilis: Causes, Stages, and Treatment

      • Herpes Test

        Herpes Test

      • Valtrex Herpes Medication

        Valtrex Herpes Medication

      • Meningitis Shot

        Meningitis Shot

    • Technology
      • Five Things Not To Do With Cloud Storage 

        Five Things Not To Do With Cloud Storage 

      • Finance Software – Advantages & Outcomes of Excellent Finance Management 

        Finance Software – Advantages & Outcomes of Excellent Finance Management 

      • What’s the Right Business Accounting Software for You? 

        What’s the Right Business Accounting Software for You? 

      • Defining iOS Development

        Defining iOS Development

      • Project Management Software Prices 

        Project Management Software Prices 

      • Internet Systems
        • Facts About Satellite Internet 

          Facts About Satellite Internet 

        • 5 Reasons Why Businesses Should Have Strong Firewall Network Security

          5 Reasons Why Businesses Should Have Strong Firewall Network Security

      • Cloud Computing
        • Five Things Not To Do With Cloud Storage 

          Five Things Not To Do With Cloud Storage 

        • Benefits of Secure Cloud Storage and Where to Get it 

          Benefits of Secure Cloud Storage and Where to Get it 

        • Is Cloud Computing Worth It? 

          Is Cloud Computing Worth It? 

        • Cloud Data Providers: Which One to Choose

          Cloud Data Providers: Which One to Choose

        • What you need to know about Secure Cloud Services 

          What you need to know about Secure Cloud Services 

      • Video Conferencing
        • The Easiest Way to Set up a Web Conference

          The Easiest Way to Set up a Web Conference

        • 3 Free Video Conferencing Options

          3 Free Video Conferencing Options

        • Video Conferencing Apps: The Top 5

          Video Conferencing Apps: The Top 5

        • Video Conferencing: The Pros and Cons

          Video Conferencing: The Pros and Cons

        • Can a Video Conference Benefit your Business?

          Can a Video Conference Benefit your Business?

    • Phone Systems
      • Getting the Most out of VoIP 

        Getting the Most out of VoIP 

      • Review: Best VoIP Service Providers of 2017 

        Review: Best VoIP Service Providers of 2017 

      • Cons of Business Phone Services

        Cons of Business Phone Services

      • How to Get the Most of out a Business Phone…

        How to Get the Most of out a Business Phone…

      • The Ideal Cellular Business Phone Service 

        The Ideal Cellular Business Phone Service 

      • Answering Service
        • Xact Telesolutions – Answering Service Review

          Xact Telesolutions – Answering Service Review

        • Specialty Answering Service – Answering Service Review

          Specialty Answering Service – Answering Service Review

        • The Top 5 Business Answering Services

          The Top 5 Business Answering Services

        • MAP Communications: Answering Service Review

          MAP Communications: Answering Service Review

        • AnswerAmerica: Answering Service Review

          AnswerAmerica: Answering Service Review

      • VoIP
        • Getting the Most out of VoIP 

          Getting the Most out of VoIP 

        • Review: Best VoIP Service Providers of 2017 

          Review: Best VoIP Service Providers of 2017 

        • How to Get the Most of out a Business Phone…

          How to Get the Most of out a Business Phone…

        • The Ideal Cellular Business Phone Service 

          The Ideal Cellular Business Phone Service 

        • VoIP and its Benefits 

          VoIP and its Benefits 

      Building Your Business’s Credit

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      Much like you maintain and build upon your own personal credit report, your business has its own functioning credit as well. Good credit is needed to apply for loans, open new lines of credit, and increase the capability for hiring more employees. If you are looking to expand your business, it can be difficult to do so with bad credit, or with no credit history. A new business may not have enough credit history to become qualified for certain loans. In that case, how can you begin to build credit history for your business? How is this different from building personal credit history? There are a lot of things that your business lender can teach you about establishing the right kind of credit for your business.

      Opening Accounts

      The fastest way to spur growth and start establishing credit history as soon as possible is to start opening accounts with your suppliers and customers quickly.

      Start keeping track of your payment history, and report it to credit bureaus as soon as possible. Use a DUNS number so that your lender can start taking hold of your account information.

      The Beginning Steps

      If your business has just been established, there are a couple of things you can do to start organizing your credit the right way. First, you’ll want to obtain an Employer Identification Number from the IRS. This is the easiest way to start tracking your credit history and report your credit history as legitimate. You can open a bank account under the name of your business, rather than in your own personal name. Lastly, make sure your business has its own phone number and address so that people can contact your company directly.

      Apply for Small Loans

      You can start getting some loans right away, even without too much credit history. Seek out a lender at one of your local banks who can take a look at your business’s credit report. Sometimes, you may need to use your own personal credit report to apply for the loan. This is okay, as it can still help to build up credit for your business. If the loan can be established in the name of your business, however, it can start developing reputable credit history right away.

      Use Your Credit as Much as Possible

      Use your credit in order to build it up. The simple act of qualifying and obtaining a business credit card is not nearly enough to actually build up a decent credit history. You need to use the card and use your loans to start racking up scores. However, make sure you are still spending within a reasonable limit. You should spend as much as you are able to pay off at once, so that you don’t prevent over-drafting. Don’t max out your credit cards; instead, spend a decent amount and then pay off the remaining balance. This can also help to establish a good credit spending habit that the banks will surely notice.

      These are several of the things you can do to start establishing credit for your business. By obtaining all the necessary license numbers, and by beginning to report your credit to the bureaus, you are well on your way to building your business’s credit. Opening supplier accounts and using approved cards is a great measure for your credit report as well.

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