How To Build Your Business Credit 10 Steps

How To build your business credit 10 Steps What’s good Wealthbuilderz It’s yah boy DeVaughn back again with another video Today we are talking about The 10 Steps To building your business credit

Before we get started make sure you subscribe to the channel it would definitely help So now back to the 10 steps to building your business credit 1st step to building your business credit incorporate your business Even though you may be incorporated when you’re reading this, it deserves a mention With sole proprietorships and general partnerships, the business is legally the same as the owner; therefore, there can be no separation of business credit history from personal

Incorporating a business or forming an LLC creates a business that is legally separate from the owner(s) 2nd Step To building your business credit Obtain a federal tax identification number (EIN) The EIN is basically a social security number for a business It is required on federal tax filings, and is also required to open a business bank account in the name of the corporation or LLC In order to comply with IRS requirements, many larger businesses also require an EIN from their vendors in order to pay them for services provided

3rd Step To building your business credit Get A Duns number If you don’t know what a Duns Number is its a Abbreviation for Data Universal Numbering System It’s nine digit identifier for your business It is used to establish a D&b business credit file Which lenders will reference to when your applying for a loan 4th Step To building your business credit Open a business bank account

Open a business checking account in the legal business name Once open, be sure to pay the financial transactions of the business from that account If you use a business credit card for many financial transactions, be sure to pay the credit card bill from your business checking account 5th Step To building your business credit Establish a business phone number Whether you use a landline, cell phone or you use VoIP, have a separate number for your business and in your business’s legal name

List that number in the directory so it can be found 6 Open a business credit file Open a business credit file with all three business reporting agencies: Experian, Equifax and TransUnion 7

Obtain business credit card(s) Obtain at least one business credit card that is not linked to you or any other owners personally Pick a business credit card from a company that reports to the credit reporting agencies 8 Establish a line of credit with vendors or suppliers

Work with at least five vendors and/or suppliers to create credit for your company to use when purchasing with them Ask them to report your payment history to the credit reporting agencies 9 Pay your bills on time Perhaps it should go unsaid, but be sure to pay your bills on time

Like with your personal credit, late payments will negatively impact your business No really pay your bills on time There is nothing worse then working your ass off to get your credit right and mess it up by not paying your bills on time Now check this out since you stayed to the end you might want check out my system below it’s how me and millions of others created six figure residual income all online from almost anywhere We have shifted our income into massive Financial freedom It’s time you do the same

Click the link below and get started today Until next time it’s yah boy DeVaughn signing off for Ten Steps To Building Business Credit Do remember make more Save more Build More