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Do you know what business credit is and how to get it?

by Newrichgraphics
4 replies
Do you know what business credit is and how to get it?
#business #credit
  • Profile picture of the author Mister Bryan
    Basically, Business Credit is a form of credit that DOES NOT involve your personal credit information. You are basically using your business name to get credit from suppliers and merchants and banks. As you build up your business credit rating, you
    qualify for larger credit lines.

    You need an LLC or an INC in the States to start off with. Do a google search for Shawn Casey's Get Money For Your Business and you'll find a host of information regarding it.

    Hope this helps.

    Regards
    Lazy Bryan
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    • Profile picture of the author Newrichgraphics
      Originally Posted by Lazy Bryan View Post

      Basically, Business Credit is a form of credit that DOES NOT involve your personal credit information. You are basically using your business name to get credit from suppliers and merchants and banks. As you build up your business credit rating, you
      qualify for larger credit lines.

      You need an LLC or an INC in the States to start off with. Do a google search for Shawn Casey's Get Money For Your Business and you'll find a host of information regarding it.

      Hope this helps.

      Regards
      Lazy Bryan
      I really appreciate you taking the time to provide me with this valuable information. God bless you.
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      • Profile picture of the author MerlynSanchez
        Business credit is credit that is extended to the "business" not the business owner personally. That means that the business owner is not the guarantor of the credit.

        One way to start establishing business credit is to get a business credit card and make sure to keep your personal finances separate from your business finances. It demonstrates that you are running your business properly and in accordance with the rules of whatever structure you've set up (i.e. LLC, C Corp, LLP, etc).

        It's best to start with a store credit card (maybe office supplier, etc) than a bank card because they are much easier to obtain and will build up your business credit standing.

        Here is a website with information on business credit: (I'm not affiliated with them in any way)

        Business Credit | Business Credit Services | Business Credit Information | Business Credit Resources - BusinessCreditBlogger.com

        Hope this helps!

        Best regards,
        Merlyn
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        • Profile picture of the author Tengalon
          Any credit that is tied to your business is a busness credit and include (but not exclusively) the following:

          Credit cards.
          Bank overdraft.
          Surplier credit ie your supplier gives you time to pay.
          Bank loan.

          How you get them will depend on the type of credit and who is providing it. For example, if you want to get a business credit card, you just fill in an apllication form from the credit card company and submit for approval. If you need a bank loan you have to approach a bank of your choice and ask them for their proceedure which is generally more complicated than obtaining a credit card.

          Hope that helps.
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