FYI, Professionals

Building Credit Methods For Small Business!






Hello, WAH family! Who wants to talk about credit, right? I wish I had someone who had talked to me about credit and how to manage finances, it’s something you’d much rather figure out earlier in life! Credit and finance mistakes are often felt throughout our lives. It would be embarrassing to present a credit/debit card that is declined. It’s also not fun to be denied access to services due to past/present payment issues. There are apps and services that help with those issues today.

Starting out in any field of business can often be overwhelming with regard to funds; where they will come from and how they should be spent. In my instance it has been having enough funds to complete projects and/or pay for regular advertising. Your needs will be different depending on your field of business. If you run a restaurant, you may need money for food, condiments, or for salary to pay your employees or suppliers.

These particular cards are for those with less than perfect credit or usually with credit scores around 630 and below! If you have decent personal credit, it shouldn’t be hard to build the necessary business credit. Just like we have to build our personal credit histories, it is quite similar when attempting to build business credit, so why not use some assistance. What many sites don’t tell you is that often you may need excellent personal credit just to apply for a card to build credit! Most cards require applicants to have a score of at least 690 to qualify. It was definitely a hunt locating sites that don’t require applicants to have excellent credit already.

One sure fire way to see your credit score jump, is to pay off any and all accounts marked as currently in collections. It works every time and often quicker than payment history or other reporting practices.

Here is a list of 5 reason why you may need a credit card for your small business:

  1. To keep personal and business finances separate.
  2. Financial flexibility.
  3. Advantages to having business credit.
  4. Earn rewards.
  5. Build credit

I also didn’t want to forget to mention secured credit cards as an option too. A secured credit card can be used depending on the amount of your initial deposit. If you deposit $1,000 that is your limit, if you deposit $300 that is your limit and so on. These types of cards do report to all three major credit bureaus so if you intend to obtain one, use it responsibly. Much success!



Credit sites

1. Applied Bank






Turn your hobby or passion into a business with a new Applied Bank  VISA Business card! The Applied Bank Visa Business card is perfect for sole proprietors and entrepreneurs. Gain access to much needed credit and separate your business and personal expenses. No security deposit required and all credit types are welcome.

2. Spark Classic 






Get the credit you want for your business, and unlimited 1 percent cash back on every purchase, every day! Add employee cards at no additional cost. $0 annual fee. Fraud coverage and alerts. Credit building.

3. Chase Ink Business Unlimited






Get unlimited 1.5 percent cashback for your business. Receive a $500 cash back bonus once you’ve spent $3,000 in your first 90 days. No annual fee. Employee cards at no additional cost. Zero liability protection.

4. Kabbage






A platform for small business owners to get the capital they need. Small business funding for the real world! Get quick access to a working line of credit. Enter basic business information and link your revenue data online or through our mobile app. We’ll review your business performance to let you know how much working capital you can access. Take the amount you need now and come back whenever you need more capital to grow your business.

5. FundBox






An online line of credit for your business. Funds to grow your business. Enter your email and phone number, then create a password to register. Connect your accounting software or bank account to give us insight into your business. If approved, draw funds any time. Funds transfer as soon as the next business day. Sign up in seconds. Decision in minutes. No fees to apply.

6. Green Dot Primor Visa






Take control and build your credit. No processing or application fees. No minimum credit score requirements. $49 annual membership fee. Minimum $200 deposit required.





Wiki How –“How to build business credit.”

Fundera –“10 best ways to establish business credit.”

Nav –“3 vendors that will help you build business credit.”

Credit Karma –“How to build business credit.”







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