Thanks for another poster, I became aware of the Experian Business Credit Report. Paid the fee, bought the report, now sitting here in shock.
I don't know how/where the state came up with the figures/data, but whatever. I will leave it alone.
Questions - suggestions for improving my business credit score? I have read what Experian says.
|•||Company's business type.|
|•||Number of employees.|
|Experian Financial Stability Risk Rating|
|•||Lack of active trades.|
|•||Risk associated with the business type.|
|•||Employee size of business.|
It sounds like you need trade lines to report to your business credit reports. Amex business cards only report to the Small Business Exchange which is not credit reporting agency.
Please review this thread to see which banks report business credit cards to your business credit reports:
Chase Ink is a great option as is the FNBO Evergreen for Business. Citi, BofA and US Bank also offer business cards, but I recommend Chase first.
Once you have a few reportable trade lines to your business credit report, the scores should improve. Just as with personal credit reports, keep them clear of late payments.
You need more lines, Make your choice
Discover 1.5% and BOA business 1.5% cash back all purchases, AMEX cash magnet 1.5% AMEX Blue Business Cash Earn 2% cash back , Amazon Business Prime 5% cash back on amazon , Citi AA ( 65K AA ) miles, Citi costco, Citizen Bank Business 0% apr for 6 month
+ Everyday Points, 2 points & 3.5% back in rewards , FNBO Business 2% CASH BACK on every purchase .
So Ill bust in. Both my Amex Plat and Amex Delta report to Experian Biz. My Chase Ink also reports. Neither report to personal. If I remember correctly, my Experian Biz is an F because of an old tax lien that keeps popping up. Its a mistake, but I havent found a way to get it off of my biz reports. I have access to my Experian biz report through a finance rep. The old tax lien isnt on there. So I do know that somethings are visible to the business and somethings are visible to the business who orders the report. So, if you can find a business that will pull the report, you might be able to figure out what in the world is going on.
I would also recommend getting a few more lines reporting to Experian Bus., as that is what most lenders pull.
Chase, Citi and FNBO. (FNBO is probably the easier to get approved, also decent starting limits)
They will want a PG and pull your personal credit file.
ETA: FNBO has a Pre-Qaulify
Without impacting your credit score, see what credit cards you qualify for.
page >> https://www.fnbo.com/small-business/credit-cards/evergreen/
Ever ready for where your business takes you.
Thank you for all of the great feedback!
I had recieved a pre-qualify from FNBO a while back. Not sure what I did with it, but went ahead and did the online pre-qualify & the app just now. Have to wait 2-4 weeks to receive a written status. (Not sure why that is... but ok. My business bank account balance will have changed next week, when I pay bills.)
Is there a recon number for them?
I will wait to see how FNBO pans out before applying anywhere else.
Just as about everyone has stated, start building up your Business credit profile. Your industry is "High Risk" as it tends to be Cash Heavy with Slim margins or at least that's what lenders will see it as. Experian Small Business is the main CRA that most lenders will use that are most useful to you generally. I would suggest "subscribing" to their annual based subscription which gives you Unlimited 24/7 online access to your report in "real-time". It's $189 annually. You can track changes as you add and interact with vendors. The subscription also gives you the last 4 digits of the account number which allows you to differentiate between accounts as vendor names are hidden to the public.
Vendors that you may find useful in your line of business that report to Experian are the Shopping Club Box stores like Costco and Sam's Club. Also Walmart, Home Depot Commercial, Lowe's Commercial, Staples, Office Depot / Office Max, Quill (Staples), and Various Fuel cards through Wex (every gas station) and Citibank (Exxon, Sunoco). Uline (packaging / warehouse), Global Industrial (equipment), Sherwin-Williams (paint) and many others. Some vendors that your business could use MAY NOT report but WILL check your business credit for decisioning and Credit Limits.
As you use more of these vendors your profile will thicken just as your personal would. You will find that Banks will offer better terms and products with more of a history under your belt and utilizing the vendors may even give you some ideas on future growth of your business.
~Is it 2023 yet?~
Was just approved for $13,900. Thanks.
Make sure you go into your profile and have them correct any 'missing' info which can lead to a 'thin info' ding.
Simple things like 'who is in charge,' 'phone numbers,' 'addresses,' 'website,' 'registered agent,' both 'SIC' and 'NAICS' codes, 'business type,' AND 'date of establishment.' Stuff like that can add to the 'yes, this is a real business' quotient.
Make sure all the information boxes are filled all the way out. It can take 30-60 days for the fuller, corrected profile to populate.