My business is 8 years old. I just recently learned that there is such a thing as a business credit report, pulled mine, and found that there's almost nothing in it.
How does one go about beefing it up?
Ok....I've done this about....4 times now. Starting and failing at businesses (finally successful) so follow along carefully.
1. Open Net Terms Accounts
The easiest accounts to get are Quill, Uline, UPS, and FedEx. Quill and Uline definitely report to D&B and you can use them to order just about anything you might need of your home office/office. This builds a file for you in D&B even if you don't have a number yet.
2. Get a D&B number
It's Free! but D&B will try to sell you everything in the world. Stick to your guns and keep yelling free.
3. Use your net tradelines monthly and pay right after you order and get invoiced.
Buy something small. I use Quill for toilet paper and Uline for window cleaner and paper towels. This will boost your Paydex to 80 (pays on time) very quickly.
4. Wait 3-6 months and app for business store cards WITHOUT Personal Guarantee
The easiest is Office Depot, BP, Shell, Staples. It maybe too early in the game but you can also try Sam's Club Business Credit/Mastercard or BJ's World Perks for Business Mastercard. Once you apply for a business card with Citibank (Office Depot, Shell, Staples), your Experian and Equifax business credit files will start as there will be business inquiries. You will likely get approved from your D&B info but you may have to rinse and repeat on 3 for a litle longer for the Mastercards.
5. Use your new store cards, Pay your bills, and don't PG if you can help it.
I made the mistake of PGing a secured card with Wells Fargo BEFORE I built the trade lines on my current business and I got stuck with a card with a low limit that is actually hurting my business credit due to util on that card. Wait until after your business can stand on it's own profile for a few major bank cards. After 6 months or so with your tradelines and store cards, app for the Capital One Spark (any of them) or any Amex Business card that fits your spending patterns.
Note: If you app and get approved for your first Synchrony Bank card (Sam's, Lowes, Amazon, etc) the doors open wide and invite you in. Three months of good payment and history with the first card and they'll approve you for the others.
This usually takes a year from beginning to end but can happen sooner. Good luck!
Gardening since 12/15/2019. Goal 12/15/2021
I should reword that. I was meaning don't PG on the store cards because you pretty much waste a PG that you'll need for the big bank cards.
What does PG, in this context, mean, please.
@Anonymous wrote:
@IncrsCreditScore wrote:What does PG, in this context, mean, please.
Personal Guarantee.
Thank you, CAPTOOL.
@lindsaydruart wrote:Ok....I've done this about....4 times now. Starting and failing at businesses (finally successful) so follow along carefully.
1. Open Net Terms Accounts
The easiest accounts to get are Quill, Uline, UPS, and FedEx. Quill and Uline definitely report to D&B and you can use them to order just about anything you might need of your home office/office. This builds a file for you in D&B even if you don't have a number yet.
2. Get a D&B number
It's Free! but D&B will try to sell you everything in the world. Stick to your guns and keep yelling free.
3. Use your net tradelines monthly and pay right after you order and get invoiced.
Buy something small. I use Quill for toilet paper and Uline for window cleaner and paper towels. This will boost your Paydex to 80 (pays on time) very quickly.
4. Wait 3-6 months and app for business store cards WITHOUT Personal Guarantee
The easiest is Office Depot, BP, Shell, Staples. It maybe too early in the game but you can also try Sam's Club Business Credit/Mastercard or BJ's World Perks for Business Mastercard. Once you apply for a business card with Citibank (Office Depot, Shell, Staples), your Experian and Equifax business credit files will start as there will be business inquiries. You will likely get approved from your D&B info but you may have to rinse and repeat on 3 for a litle longer for the Mastercards.
5. Use your new store cards, Pay your bills, and don't PG if you can help it.
I made the mistake of PGing a secured card with Wells Fargo BEFORE I built the trade lines on my current business and I got stuck with a card with a low limit that is actually hurting my business credit due to util on that card. Wait until after your business can stand on it's own profile for a few major bank cards. After 6 months or so with your tradelines and store cards, app for the Capital One Spark (any of them) or any Amex Business card that fits your spending patterns.
Note: If you app and get approved for your first Synchrony Bank card (Sam's, Lowes, Amazon, etc) the doors open wide and invite you in. Three months of good payment and history with the first card and they'll approve you for the others.
This usually takes a year from beginning to end but can happen sooner. Good luck!
Wow this is one of the greatest posts ever!!!!!!!!! Thank you!!!!!!!!!!!!!!!!! I think I'm going to print this out and post it over my desk 
You are welcome! Make sure to remember your big banks will want PGs so don't PG on a store card. If they tell you to PG, wait it out and garden your current accounts.
And despite the horrible payment terms for the BP Universal Mastercard, get it anyway. It's no PG required and it's a helpful tradeline to fill out your report. Pitney Bowes is another one that people see as worthless but it helps if only for the year to get the no PG Mastercard
Also, if you get declined for something REQUEST YOUR CREDIT FILE FOR FREE. It's the same as if for personal credit. Equifax requires you to call and they mail it to you. Experian does it on the website for a fee but you can call and get them to mail it. D&B is a tricky one but most of those that give you decline letters aren't going to say it was from D&B as most creditors use D&B AND EX or EQ.
EQ Business Solutions - 800-727-8495 (Just called today to get mine so I know it's right)
EX Business Solutions - (I'll verify and find it)