Virtual Office Spaces
Before you start building business credit you need to make sure that you have either a physical or virtual address for your business that is not a residential or postal address. If you do not have a physical address then you will need a virtual address instead.
But you want to make sure that the virtual address is connected to an actual office space. You can do this by googling the address of the virtual office you choose and making sure that it is actually connected to a real office where you can actually go pick up your business mail.
Paying Your Vendors
When it comes to your Net30 vendor accounts, these are your business credit starter accounts. And you want to make sure that you are paying these accounts off, at least 10 to 15 days before their due dates. This will help raise your business Paydex score a lot faster.
This is very important because lenders want to see that your business can pay off its debts early. Paying on time with your business credit is looked at as ok or good. While paying early (the earlier, the better), is looked at as excellent.
Your Business Information
When it comes to your business information, it is also very important in terms of getting approved for business credit that all of your business's information matches across the board. If your business information does not match across the board, then you will get denials and you will be at a standstill with growing your business credit profile and score.
This goes for everything from your business telephone number, business email address, business physical address, business name, website, google search, 411 listing, etc have to all be the same and uniform across the board.
Conclusion
This of course does not cover everything that your business should have before getting started but it is what is most lacking and where most business's fall short in the beginning. The worst thing in business is hitting a plateau and getting denied credit that you otherwise would get approved for.
But by following the simple suggestions above you can avoid this. Another thing that will help take your business credit profile to the next level are gas cards. Which you can get approved for once you build up from those business credit started accounts aka Net30s.
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