01/01/2024
# # # friendly reminder for steps to Build Business Credit not all just some! Feel free to add on in the comments.
1. **Establish a Legal Entity:**
- Form a legal business structure (LLC, corporation) to separate personal and business finances.
2. **Obtain an EIN:**
- Obtain an Employer Identification Number (EIN) from the IRS for tax purposes.
3. **Open a Business Bank Account:**
- Set up a dedicated business bank account to keep business transactions separate.
4. **Apply for a D-U-N-S Number:**
- Acquire a D-U-N-S Number from Dun & Bradstreet, a unique identifier for your business.
5. **Establish Trade Lines:**
- Work with suppliers and vendors that report transactions to business credit bureaus.
6. **Apply for a Business Credit Card:**
- Choose a business credit card that reports to commercial credit bureaus; use responsibly.
7. **Monitor Business Credit Reports:**
- Regularly check business credit reports from Dun & Bradstreet, Experian, and Equifax.
8. **Maintain Positive Payment History:**
- Pay bills on time to build a strong credit history.
9. **Increase Credit Limits Gradually:**
- As credit improves, work on increasing credit limits to strengthen your credit profile.
10. **Diversify Credit Types:**
- Consider different types of credit (e.g., term loans, lines of credit) for a well-rounded credit profile.
11. **Build a Solid Financial Foundation:**
- Practice good financial management and maintain a healthy cash flow.
# # # List of Vendors to Build Business Credit:
1. **Quill:**
- Office supplies vendor that reports to business credit bureaus.
2. **Uline:**
- Offers shipping and packaging supplies, reporting to business credit agencies.
3. **Staples:**
- Office products supplier that may report transactions to business credit bureaus.
4. **Grainger:**
- Industrial and maintenance supplies vendor that reports to credit bureaus.
5. **Shell Small Business Card:**
- Business fuel card that can help establish credit.
6. **Home Depot Commercial Credit:**
- Offers credit accounts for business purchases and reports to credit agencies.
7. **Amazon Business:**
- Business-to-business marketplace with financing options for qualifying accounts.
8. **Best Buy Business:**
- Provides electronics and technology products, reporting to business credit bureaus.
9. **QuikTrip Business Card:**
- Fuel card for business expenses, aiding in building credit.
10. **Net 30 Accounts:**
- Some suppliers offer Net 30 payment terms, allowing you to establish credit with timely payments.
Remember to verify whether the vendors you choose report transactions to business credit bureaus, as this is crucial for building and improving your business credit.
