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Get Yourself Some Business Credit
Author : Eric Hernandez
Paying your bills on time is the most important factor in trying to build business credit. By doing this, it shows investors, suppliers, and other businesses that you are reliable and that you carry your business the proper way. In addition to this, banks and other financial institutions see whether or your business is operating correctly and is a reliable business.
Checking your paydex score is the first thing a business should do if they want to apply for some type of business loan to try and build business credit. This paydex system is developed by Dun and Bradstreet, which is the number 1 business credit bureau. This paydex rating will show how well a company has been paying their bills. The higher your paydex rating, the higher chance of you to receive some corporate credit.
Building business credit is a process that will evolve over a period of time. Just staying in business past the first two years will improve your business credit outlook. So too will keeping your suppliers happy and ensuring that your financial recording systems are accurate and up to date. The longer that you pay your bills on time the greater your business credit will grow. Look after the small things in your business and building your business line of credit will look after itself.
Before going through with this process, you should plan in advance. Find out what your business credit needs are. This will ensure that you request enough money to fund your business. The last thing you want to do is get business credit, and then have to request more on a later date because of poor planning. If you plan ahead all of your expenses it can go a long way for you and your business.
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Business Credit
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Tags: build business credit, business credit, corporate credit
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Submitted : 2011-03-02 Word Count : 305 Times Viewed: 460