Follow up: How to establish Business Credit in 6 Easy Steps

Follow up to: How to Build Business Credit in 6 Easy Steps

On November 28th 2014 I wrote a blog post titled “How to build business credit in 6 easy steps” Now keep in mind, easy does not mean you can sit on the couch watching the latest episode of supernatural, and expect the banks to be knocking at your door, but in an effort to help out fellow investors I compiled a list of institutions that are offering secured credit cards to help build your credit. This is not meant to be an exhaustive list. Just something to get you started

Also keep in mind, there are multiple ways to build business credit, I just shared what worked for myself. If a bank does not offer a secured credit card, ask them what they do offer to help a new business establish credit, they may offer other products such as a secured loan, or other product that would take the place of a credit card. I suggest 3 different products reporting to the business bureaus, but one may do the trick, it just may take a little longer. I also find that bringing a box of doughnuts with you when you meet your account sales associate really makes them happy, and they seem to make an extra effort to get you the right answers. 

If you don’t want to establish business credit, you can also use the steps I outlined on your personal credit, the higher your score the better.

Wells Fargo Secured business credit card:

https://www.wellsfargo.com/biz/creditcards/secured/

BBVA Compass Secured business credit card:

http://www.bbvacompass.com/business/lending/credit-card/business-secured-card.jsp

Metro Credit Union:

http://www.metrocu.org/home/business/bus_credit_card

These are three options to get you started if you want to pursue a business credit card, but I would suggest acting as quickly as possible, since I initially established my business credit, two major banks have stopped offering secured credit cards, those are U.S. Bank, and Bank of America, but I placed calls to branches close to me, and they still offer secured business loans, but I was also told that it depends on the area, so the best option is to call your local branches and ask questions.

If you have a good enough credit score, you can also apply for a business credit card under your own name, get approved, and then add your DnB number to the account so that it will report to the business bureaus. I am curious if the same can be done for a secured personal credit card, I guess I will add that to the list of questions to ask next time I travel to the bank.

I hope this inspires someone looking to establish business credit to take action; Hope everyone has a great day, and be sure to check out my other blog posts, and share your ideas with me.

Also if you have established business credit for yourself, I would love to hear how you did it in the comments. Thanks