First Phase Of Business Credit

overview

Tier 1 is the first round of business credit accounts that your business will apply for.  Remember, not all business credit accounts report to the business credit bureaus.  By applying for specific accounts that report and approve without a personal guarantee, you are starting to establish your business credit.  Just like establishing your personal credit, your initial business credit accounts aren’t always the most desirable, but they are simply the first step.

APPLY WITH 3 TRADE ACCOUNTS

What is a trade account? A trade account (sometimes referred to as a vendor account) is typically a store account. As you set up your accounts with various vendors make sure you are working towards or setting up net terms. Payments on net terms are reported to the business credit bureaus. 

When applying for trade accounts make sure you use your correct business information as it matches on all of your business records.

To make sure your vendors report make sure you purchase is over $50. It typically takes 30-90 days to complete this step and for your payments to report on your business credit reports. Continue to search your reports regularly so you are aware when they start reporting.

If you have any questions reach out to our Advisor Team. Once you have applied for your trade accounts submit the information by clicking on the button below.

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• WEX FLEETQualifying FactorRECOMMENDEDTERMSNET 22, NET 30FUNDING SPEEDVARIESREPORTS TO:D & B, EXPERIAN AND EQUIFAXCOSTVARIESLEARN MORE
• GRAINGER INDUSTRIAL SUPPLYQualifying FactorRECOMMENDEDTERMSNET 30FUNDING SPEEDVARIESREPORTS TO:D&BCOSTVARIESLEARN MORE
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• QUILLQualifying FactorRECOMMENDEDTERMSNET 30FUNDING SPEEDVARIESREPORTS TO:D&BCOSTVARIESLEARN MORE
• SUMMA OFFICE SUPPLIESQualifying FactorRECOMMENDEDTERMSNET 30FUNDING SPEEDVARIESREPORTS TO:D&B AND EQUIFAXCOSTVARIESLEARN MORE
• WILMARQualifying FactorRECOMMENDEDTERMSNET 30FUNDING SPEEDVARIESREPORTS TO:EXPERIANCOSTVARIESLEARN MORE
• BARNETT/THE HOME DEPOT PROQualifying FactorRECOMMENDEDTERMSNET 30FUNDING SPEEDVARIESREPORTS TO:EXPERIANCOSTVARIESLEARN MORE
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• MARATHONQualifying FactorRECOMMENDEDTERMSNET 22FUNDING SPEEDVARIESREPORTS TO:D & B, EXPERIAN AND EQUIFAXCOSTVARIESLEARN MORE
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