Introduction Hey, what’s up, guys? Houston here, and for those of you just finding my YouTube channel, welcome! Please remember to hit that subscribe button and the bell. And for those of you who have been following and supporting me, salute! And for my favorite patrons, double salute. Today’s video is all about how to establish business credit with bad credit. I want to show you that it’s possible to do so without relying solely on purchasing net 30s. So let’s dive right into it.
- Why Establish Business Credit
- Real estate investing, cryptocurrency, and other business ventures.
- The importance of knowing how to establish business credit to protect personal finances.
- Banks that Build Business Credit Score
- Understanding the importance of building a relationship with specific financial institutions.
- American Express, Chase, Capital One, Citibank, Bank of America, Wells Fargo, U.S. Bank, PNC, SunTrust, and more.
- The significance of small business financial exchange and Dun & Bradstreet.
- Boosting Business Credit Score
- Exploring the role of net 30s and trade lines.
- Leveraging relationships with financial institutions to increase chances of approval.
- The importance of small business financial exchange for SBA loans and other funding options.
- The impact of internal scoring and multiple accounts on creditworthiness.
- Divvy Business Credit Card for Startups or New Businesses
- Exploring fintech companies and their influence on business credit.
- Divvy’s reporting to small business financial exchange and Dun & Bradstreet.
- The benefits of Divvy, including lines of credit and credit builder programs.
- Other Business Credit Card Options
- Capital One Spark Classic for Business: Easy approval with a focus on FICO 8 and reporting to multiple credit bureaus.
- Wells Fargo Secured Business Card: Suitable for startups, pulling FICO 9, and reporting to small business financial exchange.
- BBVA Secured Business Credit Card: Regional bank with potential reporting to small business financial exchange (verify with PNC).
- Capital on Tap: Funding based on business activity, not credit scores or DUNS numbers.
- Business Health Group: No credit check and funding opportunities.
Conclusion Establishing business credit with bad credit is possible. By building relationships with specific financial institutions, leveraging net 30s, and utilizing fintech companies, you can start to build your business creditworthiness. Remember to focus on small business financial exchange, understand the requirements of each credit card, and explore funding options that rely on business activity rather than personal credit scores. If you have any questions or need further guidance, feel free to schedule a consultation. Building your business credit is an essential step towards accessing funding for your entrepreneurial endeavors.