How to Check Your Credit For Free

Check Your Credit For FreeMany of us never bothering checking our credit. Why? Because we feel like we’ve gone through a few rough patches; maybe defaulted on a loan, have a past eviction, or even stolen a few items from a rent-to-own business and the credit world has flagged us for life. This is why leaning how to check your credit for free will give you an overview of where you stand with your credit and see how bad it really is or isn’t.

First, let me say that you shouldn’t just assume you have bad credit. If you had a problem with not paying your bills, collections, or even judgments against you that does not stay on your credit report forever, so don’t just assume you can’t get credit because of your past.

Many sites will tell you to contact the creditor and pay off your old debt, but what the smart people will tell you is check to see how long ago your bad debt was reported to the credit bureaus. After seven years, many items will fall off of your report and while it is the honorable thing to contact your creditor and pay it off, the smart thing to do, especially if you don’t have the extra cash is to let it disappear into the sunset and be gone forever. Just remember, to never try to get credit from the company again because they will remember and turn you down flat.

One fantastic and free way to check your credit is through the credit monitoring sites like Credit Karma. Now this is not an advertisement for the website, but simply letting you know that by entering your personal information, you can get a full account of who you owe, how old the debt is, and how much they’re claiming you owe.

This site, like many others will offer suggestions based on your credit score, which they will provide to you, what credit you will likely qualify for. The forum is filled with others just like yourself who have had ups and downs with credit, so you will know what to expect before applying.

The truth is, some individuals are just afraid to check. They again, assume their credit is horrible so they result to having no bank account (due to bounced checks), no credit cards (due to defaults), and end up using the local check cashing brick and mortars and prepaid debit cards, both of which you have to spend money to have access to. This is just crazy to spend money to add money to a prepaid card, or to pay 3-5% to cash your paycheck.

If you’re ready to get your credit together and are able to use credit responsibly, now is the time. Once you’ve signed up and reviewed your situation, try the shopping cart trick to see if you qualify for department store credit cards. You can find this information at My Sista Gurl and see how easy it is to get cards like Victoria’s Secret, The Avenue, Gap, and more without a hard inquiry on your credit report.

Building Your Business Credit Report

Business Credit ReportA business credit report can be started much the same as a consumer report commonly is, with small credit cards.

The business can be approved for small credit cards to help them build an initial credit profile.

These types of initial cards in the business world are commonly referred to as “vendor credit”.

Net 30 terms are common with most vendor credit sources. This means they will give you credit on “net 30” terms, giving you 30 days to pay the bill you owe in its entirety.

Some companies will require you buy their products while others won’t.

Some companies will have you pay for your first couple of orders, others won’t.

Some companies report your credit very quickly and it reports quickly, some don’t.

Look out for all of these things when applying with vendors.

Always apply first without using your SSN. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it.

Most people you speak with at the credit issuers don’t even know that you can get business credit without supplying your SSN, so follow these steps I outline and don’t apply with your SSN.

When your first Net 30 account reports your “tradeline” to Dun & Bradstreet, the DUNS system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Some of the most popular vendor sources include: Uline, Laughlin & Associates, Quill Office Supplies and Reliable Office Supplies.

Next, start building revolving accounts…

You will need a total of five payment experiences reported to start getting revolving store credit.

Don’t apply for store credit with no payment experience, no score, and no profile, or you WILL get denied.

Most major retailers do offer revolving business credit. To get approved they will want to see that you do have established payment experiences, an established credit profile with at least one preferably two reporting agencies and positive credit scores with the reporting agencies that your credit is being reported.

Your major business credit scores are based on the timeframe you pay your bills.

So to have good scores you just need to make sure you pay your bills on time or early, the earlier the better.

So even with net 30 vendor terms, try to pay your bill as soon as you get it to have the highest possible scores.

Remember, many credit issuers have their computers approving files automatically. These computers are looking for high scores, so give them what they want.

You should have five payment experiences reported to start applying for revolving credit. Some starter revolving accounts include: Radio Shack, Lowes, Home Depot, Staples and Office Depot.

Most major stores do offer business credit even though they don’t promote that they do. So once you have followed the steps outlined here, you can start getting credit with these major retailers: BP, Chevron, Walmart and Target.

These stores also offer business credit: Amazon.com, Best Buy, Nordstrom’s, Sam’s Club, Costco, and many more.

Finally, get CASH credit…

Once you have a total of 10 payment experiences you can then start getting approved for cash credit sources.

It’s also recommended that you have at least one account with a $10,000 high credit limit so your cash limits are as high as possible.

How to Improve Your Credit After Bankruptcy

Examine Your Credit ReportAs you may know already, Chapters 7, 11, and 12 will remain on one’s credit report for ten years from the filing date. A Chapter 13 bankruptcy is reported for seven years from the filing date. Accounts included in a bankruptcy will remain for seven years from the date reported as included in the bankruptcy. Your ability to re-establish your credit after filing bankruptcy is better now than it has ever been. After your bankruptcy is discharged, you will start receiving a great number of solicitations offering to finance homes, vehicles and credit cards.

These are some of the following steps you should take:

1. Examine Your Credit Report – The very first thing you should do is obtain a copy of your credit reports and make sure there are no errors or inaccuracies in you report.

2. Pay Your Bills On Time, Every Time – Pay your bills and rent on time all the time. Remember your payment history is 35% of your credit score.

3. Bank Account – Start with a checking or savings account. Lenders may use this to determine if you are currently being responsible with finances.

4. Build With Store Credit – Apply for store credit cards or gas card. Use it for items you would normally pay cash for, this way it keeps your monthly balances within reason which makes it easier to pay off each month.

5. Secured Credit Cards – Apply for a secured card where you can deposit cash and charge against it. Pay advances back over two months so that they will be reflected as positive marks on your credit report.

6. Friends Or Family – Find a friend or relative that is willing to co-sign for you on a loan or add you to their credit file.

7. Look For The Right Lenders – Search out lenders that are more apt to consider to help you even with a bankruptcy.

8. Buying A Car – If you buy a car, make sure it’s a used car so you do not get hit with the depreciation that occurs during the first two years of a new car purchase.

9. Stay Away From Payday Loans – Payday loans that are at high interest rates they are a “bad credit” trap.

10. Be Proactive – Often times writing a letter to each of the credit bureaus explaining the circumstances that initially lead you filing for bankruptcy.

One of the most important lesson to learn in dealing with the challenges of a bankruptcy is to be patient. Understand that the path to bankruptcy did not happen overnight. And neither will the path to improving your credit. By following the tips above, the path to improved credit score is very possible. If you adhere to these 10 tips you will be able to improve your credit score and your life.

Great Tips On How to Repair Your Credit Fast

Repair Your Credit FastIf your credit history has put you in the position where you are not able to obtain a regular credit card, try to apply for secured cards. If you get a new card and use it responsibly, a new card can help you fix your credit.

If you have credit cards with a balance that exceeds 50% of your credit limit, pay these down right away.

Opening an installment account can give quite a better credit score and make it easier for you. You can quickly improve your score by properly managing these accounts.

You can dispute inflated interest rates. Creditors are skirting aspects of law when they try to charge you exorbitant interest rates. How ever you did sign a contract saying that you agreed to pay off the debt. You need to be able to prove the interest rates are too high if you want to sue your state’s statutory limits.

Make sure you thoroughly research into any credit counselor before you do business with them. Although some can be quite legitimate, other credit counselors are not honest and upfront with their motives. Some credit services are just people trying to scam you.

Be very wary of credit repair scams that can get you in legal trouble. There are scams all over the web that teach you how to create a new credit profile. Do not attempt this. It can get you in hot water and if you get caught. , You may end up in jail and you will have a lot of legal issues.

Even if the negative report is true, if you can locate an error in the report, then it may be possible to have it removed from your credit report.

If you are having problems retaining control of your charge habits, have your credit cards merged into one single account. You may be able to transfer balances to your open account. This allows you to focus on paying off a single account, rather than many smaller ones.

Check your credit statements to ensure that there’s no errors. If you notice unwarranted fees or surcharges, you need to get in touch with the credit card company right away to avoid adverse action.

Take the time to carefully go over all your credit card statement. You are responsible for the accuracy of information on your statement.

Lowering the balances on revolving accounts can improve your credit score. Your credit score can go up if you lower your balances.

Make sure a credit repair agency is reputable. There are plenty of shady operators in the credit repair agencies that can cost you money and do nothing for you. There are numerous people have been the victim of credit repair scams.

Try not to use your cards only for purchases you can afford to pay off. Use cash for purchases instead while you need to buy something. If the purchase you’re buying is more than you can currently afford you can use a credit card, pay off the debt in full each month.

It is understandable if you are frustrated about your credit score. Use these tips to change all that. The helpful hints here can end your credit rating free-fall and even encourage it to start rising.

Factors That Affect a Low CIBIL Score

Low CIBIL ScoreA Credit Information Report (CIR) offers an individual a numeric summary of their credit history. It plays a major role should an individual want to apply for a loan, or a credit card, as all banks and financial institutions run a CIR as part of their loan approval process.

A credit score constitutes a part of the Credit Information Report. Basis the financial information provided by lenders to Credit Information Companies, a score is determined. This score, based on a scale of between 300 and 900, is what is taken into account by a lender prior to offering a loan.

With Credit Information Bureau (India) Limited (CIBIL) a score of 750+ points is considered to be good. For a first time borrower with no previous track record, a score of -1 is displayed.

Different Credit Information Companies however, may have different scoring parameters. Most companies use the definition of ‘bad loan’ as a customer going more than 90 days past in 12 months.

Let us take a look at the factors that can negatively impact your CIBIL score.

Multiple loans and credit cards

Having too many loans and cards can prove detrimental, as it can indicate a high level of borrowing. This would mean that a potential lender may choose not to sanction any further loans as your repayment capacity may already have been maxed, your income. Further, it may get difficult to manage payments between multiple cards, and can lead to your having to stretch your income in order to keep up.

Not using your credit card

Having a credit card with no usage, makes the customer’s file inactive as there is no transactional data. This in turn can negatively impact the score.

No loans at all!

On the other hand, having no loans or no credit cards makes it difficult for a lender to assess your repayment capacity. Hence it may be a good idea to maintain a loan or card well within your means, to set a benchmark for future borrowing.

Delayed and skipped payments

This is typically the case with credit cards, wherein a customer does not make a timely payment owing to the fact that it slipped out of the mind. What would help in this case is to set up payment reminders and ensure that the outstanding dues is paid up as per the payment dues date. Even a single skipped payment can have an adverse impact on your score.

Increased credit limit

While this may have a feel-good factor, it may not have such a positive outcome after all! Constantly increasing your credit limit may again indicate a high level of debt. Instead, keep your card dues to approximately 30% of the assigned limit.

Not using your credit card

Having a credit card with no usage, makes the customer’s file inactive as there is no transactional data. This in turn can negatively impact the credit score.

Too many unsecured loans

Personal loans or an excessive number of credit cards can mean higher payments owing to higher rates of interest, these being unsecured loan products. This can result in a lower score.

Now that we know what can affect your score.

Financial discipline

Timely and full payments on loan and credit card outstanding go a long way in maintaining your CIBIL rating.

Having a healthy product mix

Balance of secured and unsecured loans shows that an individual is capable of handling finances well. This can help you to improve your CIBIL score.

Track your credit report regularly

An erroneous entry in your CIR can prove detrimental, as the score can go down. It would be prudent to check your report at regular intervals and ensure that the score is not adversely affected.

Improve Your Credit Before Getting a Mortgage

Improve Your CreditOne of the best ways to improve your chances of getting a home loan is to improve your credit score. It is because better credit scores may give you access to better interest rates and more beneficial home loan products.

Here is a list of some quick tips to help you get the best possible credit score. While there is no guarantee that all of these options will immediately boost your credit score, they may help you establish habits that will strengthen your credit score.

Show you can pay your bills on time, every time

Lenders/credit providers will want to see that you can repay a home loan on time. So, here is a list of bills that you should pay on time, every time:

>> Your credit cards;

>> Your rent;

>> Your medical and utility bills; and

>> Any other service that may use a collection agency for the recovery of delinquent accounts.

If you miss a payment date by a few days, call the service provider immediately to make the payment, and don’t be afraid to ask the provider for a one-time forgiveness.

Check your Credit Rating

You should regularly check your credit report with a credit reporting agency (such as Veda Advantage and Dunn and Bradstreet), as it will:

>> Give you an idea if you have any defaults or negative repayments history recorded in your report;

>> Give you time to get the credit report corrected before a lender/credit adviser accesses your report; and

>> Enable you to verify your credit score with a credit reporting agency.

Note: You should be aware that due to the changes in the Privacy Act in March 2014, lenders/credit providers have the ability to access your credit reports and can see the past 24 months of your repayment history.

Maintain your Available Credit

Before applying for a home loan don’t open any other credit cards or lines of credit. It is because lenders/credit providers will see you as being a risk if you suddenly take out loans for cars, electronics, furniture, etc.

Also, refrain from closing your credit cards or other lines of credit. Instead, consider paying off your balances as a lower debt will improve your debt-to-credit ratio.

This is best illustrated by the following example:

Having a total debt of $4,000 with a $20,000 available credit will look better than having just $500 in debt with $800 available credit.

Establish a Savings History

If you are borrowing more than 80 percent of the purchase price of the property, you will be required to meet the “genuine savings” requirements of lenders/credit providers. Your savings will need to add up to around 5 percent of the purchase price of the property.

For example, on a purchase price of $700,000, you will need to have savings that add up to $35,000.

Note: Saving a larger deposit should help to reduce or avoid paying “Lenders Mortgage Insurance” (LMI) and you may even be offered a more competitive interest rate by the lender/credit provider.

Avoid applying with too many Lenders/Credit Providers

Avoid submitting your home loan applications to several different lenders/credit providers at once. It is because these loan applications will appear on your credit report. You should only submit your home loan application:

>> After you have compared lenders/credit providers; and

>> After you have decided to go with a particular lender/credit provider.

Your Employment Stability

If you have had the same job for several years, then this is a big tick. So, prior to applying for a home loan, Try to establish a stable employment history as it will enable you to make regular loan repayments.

If you have changed your job recently, do not worry. You may satisfy the requirements of lenders/credit providers, if:

>> You have been in a similar role; and

>> You have been in the same industry.

Disclose all Information

Lenders/ credit providers may think that you have other debts that have not been disclosed. So, always be upfront and disclose all information as non-disclosure of relevant information may result in your home loan application being declined.

Seek Expert and Professional Advice

All these tips should help you to improve your credit score. However, you should speak to a professionally qualified and expert finance broker who can help you to create a personalised credit improvement plan. Establishing this relationship with a finance broker will help you to determine which potential lender/credit provider best meets your needs.

All the Best!

Understanding the Importance of CIBIL Rating & Ways to Improve It

CIBIL RatingA credit rating is nothing but a number, which is computed by an approved credit rating agency. These days the masses are more conscious than that in the past. It is because of this risen awareness that jargon like credit rating and CIBIL score are heard often across almost every tier of the society. The rating or the number actually provides a hint of an individual’s credit worthiness. This score proves to be a crucial tool for conventional lending agencies while processing or approving a loan application of an individual. Before borrowing the money, creditors need to have an indication of the probability of default of every loan seeker who approaches them, for obvious reasons.

There is still a way of explaining the importance of credit score. Flatly, it tells a lender or credit institutions like banks, how likely is it that a borrower will repay a loan based on the individual’s

  • Pattern of credit usage in the past and
  • Loan repayment history

It is possible for every individual to check his or her own credit history. In order to check the history, one should obtain a copy of one’s credit report. In India, one can avail this from any of the three rating agencies, namely CIBIL, Experian or Equifax. The records include every loan or credit account that one has along with detailed information of the concerned individual’s entire payment history. Thus, the credit score is calculated based on a person’s financial track record as noted in the individual’s credit report.

Thankfully, it is possible to improve one’s CIBIL score. However, one should remember that there is no quick-fix procedure to achieve this overnight. It takes some time for the process to take effect. But, it is possible to improve one’s score significantly within a short time frame and to achieve it one has to adhere to a set of rules. As such, it is an excellent habit to check one’s credit scores at regular intervals so that one remains updated about one’s financial health in a periodic manner.

As the first step towards improving one’s CIBIL rating, one should keep the credit card balance as low as possible. A higher credit limit allows an individual more flexibility in making payments and also helps in keeping the balances low. Setting up payment reminders proves helpful in avoiding missing payment deadlines. Credit score drops because of missing payment deadlines. In this age of digital technology, it is pretty easy to ensure the monthly balance paid automatically through electronic transaction directly from one’s bank account. Moreover, one can have the bank shoot timely reminders through SMS or emails as well. If one spends over 30% of one’s credit card limit on monthly basis across all existing cards, it negatively affects the individual’s credit rating. So, ask for higher credit limit and maintain or cut down the monthly expenditure below 30% of the credit limit. This is an effective means to improve one’s credit score. In fact, improving one’s credit score is not impossible, provided one sticks to the right strategies with dedication and involvement.

Top 5 Ways on How to Make Credit Cards Work for You

Make Credit Cards Work for YouHaving a credit card (or cards) may not necessarily mean you have bad debts, I’m sure in this day and age, most adults carry one – everywhere. However when used without planning or management, having just one card can mean a huge financial issue in the long run.

So here are the top 5 TIPS on how you can utilize a Credit Card to your maximum benefit so that it works for you.

1. Don’t Trust Self – Organize Direct Debits Arrangement

Once you get that “APPROVED” notification, make sure you get around setting up an account where you can easily have the Closing Balance direct debited from this account at the end of every month (or billing month). This account can simply be an everyday/ most basic account (preferably one that don’t cost a monthly fee) where you can budget your Credit Card spend to. This way, you will never miss any payment due dates, and will never set yourself in that trap of irrevocable-cycle of credit card interest repayments.

For example, when you first sign up for a credit card, most of the bank offers an “X day Interest Free Period (e.g. 55 days)”. This means you get to spend up to your limit (e.g. $1,000) for up to that 55th day. On the 56th day, you are expected to make the closing balance for that particular period. If you don’t, you get charged the Purchase Interest Rate, which can range between 14% – 25% per annum. Now, this is charged and accumulated on day 56th onwards up until you can pay that down to $0 owing balance!

So – imagine this chaos for a minute; On that card, you have $999 owing balance. You are trying to repay $100 each week. But you have ongoing monthly contract linked to this credit card each month for your phone, internet, gas; yet that apparently-not-so-amazing piece of plastic is accumulating you 20% interest on the balance every day… Are you confused yet? Well that’s how they get ya! Before you know it you are just stuck, simply stuck in this game of never ending money drainer.

The only logical way to salvage that icky situation is pretty much destroying the card, literally. So make sure you set up that Direct Debit. Pronto! Because you just can’t trust self.

Guess what, it will probably force you to make sure you are aware of your money, so you don’t go on spending on that credit card as unless you can afford to make the repayments.

2. Keep Your Limits Low

Just because you can get a credit card with a higher limit, doesn’t mean that you should take it. Sometimes you can get carried away knowing how much you have in the balance and walking in that same trap again. Don’t lead yourself into that bad habit.

Basically the way it works is, once the bank notice how good you have been with your money management – you know, with all that direct debit set up so you pay everything on time, on budget – they tend to send a “Good news!” notification – to congratulate you for the offer to be able to ‘upgrade’ to a higher limit.

Note to self, this is not really a ‘reward’, it’s simply a nudge to say “Well done on being a responsible adult. We trust that you can manage your money so here’s more money for you to spend, but remember you STILL gotta pay us back!” Get it?

3. Review Shopping Habits

Now – the fun part! Think about your shopping habits, do you go to specific grocery stores, shopping centre, cinemas or even specific fuel stations? Check if they have any Points Rewards Affiliates with the credit card company or vice versa. For example, most Credit Card Companies (Banks) have affiliate programs with Airlines – and if you use that card in certain fuel stations/ grocery stores – the points are doubled!! So if you’re anything like us jet setters, or love a free or even half-priced holiday; make sure you abide to that rewards program!

It really is a no brainer – you need to spend on those groceries every week anyway – might as well earn some travel points on them!

4. Don’t spend it on Doodads

There should be a separate account for this.

If you aren’t familiar with Robert Kiyosaki and his famous game, the Cashflow Game, then you probably don’t know the term ‘doodad’. Doodads in this instance means, gizmos/ gadgets that are nice to have but you don’t necessarily need.

Don’t get me wrong, of course you can have your ‘nice’ things – like your dream home theatre, or that plush armchair you’ve been eyeing since your cat invaded your favourite chair. But! If you manage this right, you should have a “reward/ gift” savings account set up for you, partner and/or cat, so you don’t have to dip into credit card debts.

Just don’t get into bad debts if you don’t have to.

5. Create, Maintain, Destroy

Who doesn’t love having a Credit Card? I have 2, I think my dad has about ten (10) times that, purely because he loves points hoarding. Oh plus where he lives (Indonesia), you get discounted meals (50% off each time) if you use specific credit card in that restaurant. #winning

But like I said before, once you stepped into that ‘never ending money drainer’ game (even if it is an accidental move) – you gotta let that go.

If you can’t maintain it – for some reason you are not able to make repayments on those Interest Repayments then you have to stop using the card. Ring up all the providers to cancel any bills linked to it and destroy the card, whilst you try and pay it off to zero.

Once you have paid it all off, you may reapply for another card down the track. Just so you can start from a clean slate! Yay hooray!!

How to Quickly Establish New Credit

Establish New CreditWhen applying for a mortgage, lenders will review the borrower’s employment, income, down payment, and credit history. Even if the borrower’s credit scores are acceptable, many lenders will look at the length and amount of credit established. If the borrower does not have an established payment history, the loan may be denied due to lack of or insufficient credit. The following sources could be used to establish your credit history and generate acceptable scores to obtain a mortgage.

• Secure Credit Cards – This type of card is offered by large banks (available online), local banks, and credit unions. A secure card usually requires a $300 to $500 deposit to open an account. The servicers of the secure card will report the payment activity to the credit bureaus just like a standard credit card. This is a great way to obtain new credit. The last thing you want to do is apply at numerous lending institutions and pile up inquiries (which will lower your scores). You may need a co-signer if your credit scores are below 500. After six months of on-time payments with a secure card, ask the lender to upgrade your secure card to a standard card. When the card is upgraded to a standard card, ask for the credit limit to be increased. This will give you more room to keep your balance under thirty percent of the available limit, thereby maximizing your potential scores.

• Department Store Cards – These are a good place to establish credit, because they’re usually easier to qualify for. Pay your balance in full and on-time each month and then try applying for a regular bank credit card in six to twelve months.

• Authorized User Loans and Cards – If you are unable to open a secure card, look into becoming an authorized user with a relative. They may qualify for the loan or credit card and add your name as an authorized user. You can use the card, make the payments, and have the payments reported to your credit report. Just remember, the payment activity will also be reported on your relative’s credit report.

Once you have established credit, it is important that the balances on revolving cards are kept below 30% of the cards available limit. This will help maximize the credit scores. Make sure that all the payments are paid on-time. It is important to limit your inquiries for new loans or cards. When shopping for a new credit card, installment, or auto loan, research the requirements first. If you do not qualify for the loan, go to another lending institution. The last thing you want to do is lose points from credit pulls (inquiries). A large portion of your scores are calculated from your use of revolving credit, so while you are establishing new credit it is important that you do not close any existing cards. If you do so, you will be reducing your long-term available credit and likely lowering your credit scores. Usually, the credit bureaus will not differentiate between a credit card closed by the consumer or the creditor.

An available option to follow your scores would be to pay for a monitoring service to track your credit score progress. Your scores are not affected when you pull your credit report; they are only affected by lenders who pull your credit that may offer or extend credit to you. It may take 12 months to establish an acceptable credit history to obtain a mortgage.

 

How to Start Getting Business Credit

Getting Business CreditA vendor line of credit is when a company (vendor) extends a line of credit to your business on “Net 15, 30, 60 or 90” day terms. This means that you can purchase their products or services up to a maximum dollar amount and you have 15, 30, 60 or 90 days to pay the bill in full. So if you’re set-up on Net 30 terms and were to purchase $300 worth of goods today, then that $300 is due within the next 30 days.

You can get products and services for your business needs and defer the payment on those for 30 days, thereby easing cash flow. And some vendors will approve your company for Net 30 payment terms upon verification of as little as an EIN number and 411 listing.

Always apply first without using your SSN. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it. Many don’t even know you can get approved without it.

Most credit issuers will approve you without your SSN if your EIN credit is strong enough. If your EIN credit is not good enough, you might be declined and they then might ask for your SSN. No matter what ANY credit representative tells you, credit CAN be obtained based on your EIN only.

You must start a business credit profile and score with starter vendors. Starter vendors are ones who will give you initial credit even if you have no credit, no score, or no tradelines now. Most stores like Staples will NOT give you initial starter credit so DON’T even try applying.

Most stores will NOT approve a business owner for business credit unless the owner has an established credit profile and score, just like in the consumer world. Vendor accounts must be used first to establish a profile and score, and then store credit can be obtained. It usually takes only 90 days or less to establish a score and profile with trade lines.

Get approved for Visa, MasterCard, Discover, and AMEX cards with limits of $5k-10k once you have 10 payment experiences established. Dell is notorious for issuing higher limits, so apply for them only after getting approved for other revolving store cards. Limits equal to highest store credit card on report.

Continue to use and grow your credit to get access to even more business cash credit for your company.