How to Build a Business Credit Line in 3 Days

When a business owner understands his or her credit, they are 41% more likely to approve for credit. Btw 1 out 4 businesses get rejected. So its pretty important you learn how to establish a business credit line.
Why you want to build your Business Credit ?:

Simple explanation:

Its important because you want to establish a good business credit with creditors that way if you ever need expansion or have an opportunity then you can take advantage of it.
– Now I will say this, although have a strong business credit history is important you don’t want to rely on it to keep your business afloat. Like warren buffet says who has a massive cash reserve, you don’t want to rely on the kindness of others.

How to Build a Business credit line in 3 days

– The title of this video is clickbait you cant get a perfect score in 3 days it takes some time, but you can set everything up in less than 3 days for sure.

1. Get Incorporate: this protects your assets, and you don’t want to operate as a sole proprietorship
Funny: If you left your door open and someone walks into it, and now wants to sue you, well not your covered.
Video On Free LLC: https://www.youtube.com/watch?v=QtJ9DWzQTkI
The Skinny: you open up it with zenbusiness, use chase bonus to cover all the filing fees.
2. Get an EIN: ( employer Identification number) Its basically your business social security.
Funny: They might try to charge you 30-60 bucks to do this but you can do it yourself for 0$ and 15m of your time
Apply Now: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
3. Open a business Checkings Account
Funny: Massive bonus opportunities with this
Top Accounts: https://www.youtube.com/watch?v=3jtFzmrq-GU&t=716s
4. Establish A Business Phone Number on address
How: Register on Google, Yelp, Angie’s List, better business bureau
Funny: And if you’re broke just use a text free number to temporarily register for free until you can afford a second phone
Link: just google it lol
5. Get a D-U-N-S Number (
Info: This is where your trade lines will your report your credit history. Think experience and Equifax. Except they haven’t gotten hacked yet.
Funny: it’s free but if you go to a website they might try to upsell you and charge you to give it to you in 5 days, just wait the 30 days lol
Link: https://www.dnb.com/duns-number.html
6. Establish Trade Lines with Supplier
Info: These are the people that will report your on-time build payments, to help build your business credit report.
Funny: I know, it’s the 21st century you probably don’t have a supplier and your 100% online. Well, you can get Office supplier, and ink check printers and still have does purchases reported.
Quill: https://www.quill.com/
More: https://hdsupplysolutions.com/
7. Get business Credit Cards
Info: This will help your business credit also
Funny: make sure you read the fine print because you don’t pay they might charge you personally
Tip: I’ll be getting a Chase Ink card and a capital one card
Best Cards: https://www.youtube.com/watch?v=k_ikwQmvNXA
8. Loans and Borrowing more
Info: make sure it’s being reported to the D&B, Experian and Equifax.
Funny: remember this is all for building credit, so don’t buy things you don’t need. Nav shows you options, but I would just google also
NAv: https://www.nav.com/
Or: Just google some options
9. Stay up to date with your report ( not free or maybe free, three platforms)
Info: Experian: 75 bucks report (too much money
Equifax the people that got hacked: anywhere from 100 bucks to 400 bucks
D&B: So much Upselling ( expensive also)
Nav: It’s free, and it gives you summaries, which saves you $600 bucks a year. They do have premium stuff also, but you don’t need it
10. Borrow carefully
– Don’t end up like the guy with the 1m in credit line that now has to figure out a way to pay it back in 30 days.

* PRO TIP*
INFORMATION IS EVERYTHING

Link:
Trade Lines: https://www.nav.com/begin/establish-positive-credit-history/
Monitor Credit Nav: https://www.nav.com/
Dun & Bradstreet: https://www.dnb.com/
Great Article: https://www.creditkarma.com/advice/i/how-to-check-business-credit/

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