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Published By Janet Gershen-Siegel at September 22nd, 2017
Are you looking for 5 vendor accounts that build your business credit? We’ve got them right here. Get the easiest business credit card! Build your fundability. It’s how to build credit fast!
NOTE: This post was updated on April 23, 2020 to reflect newer information!
When you are first starting to build business credit, your first step should be vendor or trade credit. You want to get into good credit habits. So this is everything from not borrowing too much, to paying your debts back on time, to staying on good terms with your sources of credit.
This post answers the question: how do I build up my business credit without using my personal credit?
You will need to start a business credit profile and score with what are called starter vendors. Starter vendors are ones who will give your small business initial credit even if your company has no credit, no score, or no trade lines.
It makes sense to use net 30 accounts to build business credit. Net 30 vendors are far more likely to approve a business, particularly a new one.
Note that most stores like Staples will not give you initial starter credit, so don’t even try applying with them.
Here are 5 business credit vendors that build your business credit. You can get a starter business credit card. This is vendor credit, and these are our top 5 business credit cards for new businesses. They are our best corporate credit cards.
Learn more here and get started toward getting up to 7 vendors that build your business credit.
You can find Uline’s website here. This company sells shipping, packing, and industrial supplies. These include janitorial supplies, shipping boxes, and material handling products like hand trucks and dollies. Most importantly, they report to Dun and Bradstreet and Experian.
Therefore, your small business must have a D-U-N-S number before you start trying to get vendor credit with them. For a Uline business account, Uline will ask for two references and a bank reference. Your first few orders might need to be pre-paid to initially so that your company can get approved for Net 30 terms and Uline business credit.
Uline truly is the answer to the question: what is the easiest business credit card to get?
Crown Office Supplies is another true starter vendor. You can find them online here. They sell a variety of office supplies and take helping clients seriously. They state, “just starting your business, or maybe have an existing business, but you have a question regarding office supplies… we are here to help!” And they report to Dun and Bradstreet, Experian, and Equifax.
There is a $99.00 annual fee, though they do report that fee to the business credit reporting agencies. For other purchases to report, the purchase needs to be at least $30.00. Terms are Net 30.
You can find Grainger Industrial Supply here. They sell hardware, power tools, pumps and more. They also do fleet maintenance. Grainger reports to D&B. To qualify with your Grainger business credit application, you are going to need the following:
For less than $1000 credit, they will approve nearly anyone with a business license. For over $1,000 credit, they want to see trade and bank references. Fax them your application or apply over the phone.
Supply Works is a great recession vendor. Visit them here. They are a part of the Home Depot. They offer integrated facility management solutions. Virtual addresses are not accepted. They report to Experian. Terms are Net 30.
To qualify, you need to have:
Apply online or over the phone.
Find out why so many companies are using this to improve their business credit – and check out even more vendors (7!) to help you build business credit.
Check out 76. Visit them here. The brand’s history traces its original company roots all the way back to Santa Paula, California and Lyman Stewart, a co-founder of Union Oil Company of California. Today 76 is owned by Phillips 66 Company, with more than 1,800 retail fuel sites in the United States. They report to Experian, D&B, and Credit Safe.
In order to qualify for business credit with 76, you will need the following:
Getting vendor accounts for business credit means that you are on your way to getting good business credit. Once you have five or more vendor accounts and they are all reporting with at least one bigger business credit bureau, then you can start trying to get store credit. This is a great way to build and improve your business credit score. But now it’s time to move past vendor credit cards.
Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move onto revolving store credit. These are businesses such as Office Depot and Staples.
You will always have to use your Social Security Number and date of birth for verification purposes. But use the small business’s EIN on these credit applications when it comes to credit check services small business.
Are there more accounts reporting? Then move to fleet credit. These are service providers such as BP and Conoco. Use this credit to buy fuel, and, fix and take care of vehicles.
Use your Social Security Number and date of birth for verification purposes. But make certain to apply using the company’s EIN for credit checks.
Have you been sensibly managing the credit you’ve gotten up to this point? Then progress to cash credit. These are service providers like Visa and MasterCard.
Use your Social Security Number and date of birth for verification purposes. And apply using the company’s EIN for credit checks.
These are typically MasterCard credit cards. If you have more trade accounts reporting, then these are attainable.
If it were all left up to you, how would you improve working with 7 vendors to help you build business credit?
Know what is happening with your credit. Make sure it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports. So dig into the details, not just the scores.
So we can help you monitor business credit at Experian and D&B for 90% less.
At Equifax, you can monitor your account at: http://www.equifax.com/business/business-credit-monitor-small-business.
Update the details if there are mistakes or the information is incomplete. So at D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm.
And at Experian, go to: https://www.experian.com/small-business/business-credit-information.
Finally, for Equifax, go to: http://www.equifax.com/business/small-business.
What’s all this monitoring for? So it’s to challenge any errors in your records. Errors in your credit report(s) can be fixed. But the CRAs normally want you to dispute in a particular way.
Get your PAYDEX report for DNB small business at: http://www.dnb.com/about-us/our-data.html.
You can get your company’s Experian report at: http://www.businesscreditfacts.com/pdp.aspx?pg=SearchForm.
And get your Equifax business credit report at: http://www.equifax.com/business/credit-information.
Disputing credit report errors typically means you send a paper letter with copies of any evidence of payment with it. So these are documents like receipts and cancelled checks. But never mail the originals. Always send copies and keep the original copies.
Disputing credit report errors also means you precisely spell out any charges you dispute. Make your dispute letter as understandable as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.
Dispute your or your company’s Equifax report by following the instructions here: http://www.equifax.com/small-business-faqs/#Dispute-FAQs.
You can dispute errors on your or your business’s Experian report by following the directions here: https://www.experian.com/small-business/business-credit-information.
And D&B’s PAYDEX Customer Service telephone number is here: https://www.dandb.com/glossary/paydex/, to help you with disputes. It’s the only way they’ll let you dispute a DNB.com credit report.
Always use credit responsibly! Don’t borrow more than what you can pay off. So monitor balances and deadlines for payments. Paying off punctually and in full will do more to increase business credit scores than nearly anything else.
Establishing small business credit pays. Great business credit scores help a company get loans. Your lender knows the company can pay its financial obligations. Because they know the small business is authentic. The company’s EIN links to high scores and loan providers won’t feel the need to require a personal guarantee.
These cards will improve your Dun and Bradstreet credit report and more.
And soon you’ll be able to move onto the top ten business credit cards – and beyond!
Discover this new way to find 7 (!) vendors to help you build business credit.