What Your Bank Won’t Tell You About Business Credit…
Business Credit is credit that is obtained in a Business Name. With business credit the Business builds its own credit profile and credit score for its EIN number. This credit is in the business name and based on the business’s ability to pay, not the business owners.
With an established credit profile and score, the business will then qualify for credit. The business qualify for revolving store credit cards like Staples, Lowes, Sam’s Club, Costco, BP, Wal-Mart, even MasterCard, Visa, and AMEX. The business can also qualify for credit lines and loans using its business credit.
Business credit doubles your borrowing ability and it has nothing to do with personal credit.
Business credit has fast initial establishment of credit profile and score. And, business credit scores are based on only one main factor… how you pay your bill.
Personal Credit Scores are based on five factors:
Payment History 35%
Utilization 30%
Length of Credit History 15%
Accumulation of New Credit 10%
Credit Mix 10%
Now take a look at the Business Paydex Score, which is based only on Payment History:
Expect payment may come early 100
Payment is prompt 80
Payment comes 14 days beyond terms 70
Payment comes 21 days beyond terms 60
Payment comes 30 days beyond terms 50
Payment comes 60 days beyond terms 40
Payment comes 90 days beyond terms 30
Payment comes 120 days beyond terms 20
Business credit has no personal liability required from you, and business credit approvals are 10-100 times higher than consumer approvals.
Business Credit is perfect for startups, has no cash flow requirements, gives you a competitive advantage, and there are no collateral requirements. Plus, as you know, it’s easier to grow a business and essential to sell your business when you have access to business credit.
Contact us today 772-232-8131 to get business credit for your business.
Independent Sales Rep
4 年Hey Brian! Hope you are well!