The 5 Best Vendors to Build Your Business Credit

Posted 2 years ago in BUSINESS.

It's important to remember that your credit history will be limited when you first start building business credit, so it's critical that you pay all of your bills on time or ahead of schedule.

The 5 Best Vendors to Build Your Business Credit

It's important to remember that your credit history will be limited when you first start building business credit, so it's critical that you pay all of your bills on time or ahead of schedule. You want to establish good credit, and defaulting on these immature accounts will have a significant negative impact on your credit score.

1. Wise Business Plans

As a retailer of office items, they rely on credit information from Dun & Bradstreet. If your organization has no or limited credit, they will require 90 days of payment in advance before establishing payment terms. They'll re-evaluate your credit after those 90 days and put you up on Net 30 terms with a credit line based on your spending throughout those 90 days. They also offer an "Installment Payment Program," which allows you to pay your account in six equal installments, interest-free. Their reports are delivered to Dun & Bradstreet. While growing business credit, you might apply to open a net 30 account.

2. Staples

They are an office supply retailer that offers several business accounts based on the company's size, capacity, and location. Wells Fargo underwrites and funds every line of credit for Staples; if you have business credit, they will check Dun & Bradstreet for basic information such as the company's web presence, tax information, and location. For starters, small businesses with a bad credit history can usually get a $1000 Net 30 line of credit from Staples. Their reports are delivered to Dun & Bradstreet.

3. Uline

Fill out Uline's Credit Application, which will ask for your DUNs number and company bank account information, to set up Net-30 payment terms. They'll run a credit check with Dun & Bradstreet (if you have any). If they believe your credit history is insufficient to determine the line amount, they may need you to prepay for the first item or have their credit department work with you to get authorized. They supply data to Experian and Dun & Bradstreet.

4. Grainger

They are an industrial goods company that sells, among other things, paint, safety equipment, lighting, and plumbing. Customers have access to an open line of credit, and payment information is reported to one of the major business credit bureaus automatically. They usually provide a $1000 line of credit to fledgling firms with poor credit histories, then increase it upon request and with a proven track record of timely payments. Their reports are delivered to Dun & Bradstreet.

5. Strategic Network Solutions

Because they are an information technology service company that provides credit information to two of the major credit bureaus, they are another great vendor to start building credit with. They have an online credit application for businesses that requires the owner to provide both business and personal information (s). Experian and Credit Safe receive information from them.

 

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