The novel coronavirus has changed our economy. And it continues to do so. You may be thinking you cannot qualify for any great recession vendor accounts to build your business credit. But you can! Let us show you how to get the credit and cash your business needs – now, more than ever.
Check Out 5 Great Recession Vendor Accounts to Build Your Business Credit
Are you looking for 5 great recession vendor accounts that build your business credit? We’ve got them right here. Get the easiest business credit card!
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. And it includes staying on good terms with your sources of 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. So they will do so even if your company has no credit, no score, or no trade lines.
Note that most stores like Staples will not give you initial starter credit, so don’t even try applying with them.
Here are 5 great recession 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.
Great Recession Vendor Accounts that Build Your Business Credit: 1. Uline
You can find Uline’s website here. They sell shipping, packing and industrial supplies, and they report to Dun & Bradstreet and Experian. You must have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information.
Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders might need to be prepaid initially so your company can get approved for Net 30 terms.
Great Recession Vendor Accounts that Build Your Business Credit: 2. Marathon
Check out starter vendor Marathon. Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Their comprehensive product line supports commercial, industrial, and retail operations. This card reports to Dun & Bradstreet, Experian, and Equifax.
Before applying for multiple accounts with WEX Fleet cards, make sure to leave enough time in between applying so they don’t red-flag your account for fraud.
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Great Recession Vendor Accounts that Build Your Business Credit: 3. Grainger Industrial Supply
You can find Grainger Industrial Supply here. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to Dun & Bradstreet.
Great Recession Vendor Accounts that Build Your Business Credit: 4. Supply Works
Supply Works is a great recession vendor. Visit them at: www.supplyworks.com. 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.
Great Recession Vendor Accounts that Build Your Business Credit: 5. 76
Check out 76. Visit them at: www.76fleet.com. 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 1,800 retail fuel sites in the United States. They report to D&B, Experian and Credit Safe.
Apply with Them
Apply online.
Great Recession Vendor Accounts that Build Your Business Credit: Bonus: Marathon
Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Visit them at: www.marathonbrand.com. Their comprehensive product line supports commercial, industrial, and retail operations. They report to: D&B, Experian, and Equifax. Terms are Net 22.
You can give a $500 deposit instead of using a personal guarantee if you have been in business for less than a year.
Apply with Them
Apply online.
Building Business Credit – Going Beyond 5 Great Recession Vendor Accounts That Build Your Business Credit
Getting vendor accounts for business credit means that you are on your way to getting good business credit. Get three or more vendor accounts. You want them all to be reporting with at least one bigger business credit bureau. And then you can start trying to get more credit.
Monitor Your 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, and not just the scores.
So we can help you monitor business credit at Experian, Equifax, and D&B for 90% less than it would cost you at the business credit reporting agencies.
Update The Details
Update the details if there are mistakes or the information is incomplete.
Challenging Mistakes
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.
Disputes
Disputing credit report errors typically means you precisely spell out any charges you dispute.
Dispute your or your company’s Equifax report by following instructions here: https://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.jsp.
So D&B’s PAYDEX Customer Service telephone number is here: https://www.dandb.com/glossary/paydex/, to help you with disputes. Plus, it’s the only way they’ll let you dispute a DNB.com credit report.
Takeaways for 5 Great Recession Vendor Accounts That Build Your Business Credit
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. Because 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.
And soon you’ll be able to move onto the top ten business credit cards – and beyond! Because no matter how it feels right now, the COVID-19 situation and recession will not last forever.
