Here’s your chance to get the self business credit builder

When you want to buy a home, a new vehicle, or apply for a new rewards credit card, your credit score is one of the most important factors in getting approved. Here’s your chance to get the self business credit builder. If you own a small business, your business has its own credit score too! If you ever plan to open a business credit card or take out a business loan at any point in the future, your business credit rating may be very important. While business credit score components are similar to personal credit score factors, including a strong history of on-time payments, they work a bit differently than personal credit scores. If you want to build business credit, follow these steps to get started. The time to build business credit. When it comes to starting a new credit file from scratch, there is no exact rule or timeline defining how long it takes to build business credit. However, you can take some steps to speed up the process.

While it seems counterintuitive, it takes credit history to build credit history. When building a personal credit score, the best steps to take are to open new credit accounts, pay them on time and make sure they report to the credit reporting agencies on a regular basis. The same is true as a business owner, though you’ll want to pay early instead of simply by the due date for your business. According to the business credit website, you’ll need at least two tradelines (credit accounts) with at least three past payments to get a PAYDEX score, the credit score issued by business credit scoring company Dunn & Bradstreet. Equifax and Experian, who also run consumer credit scoring divisions, also track business credit scores. That means it can take months or years to build credit depending on your business’s financial needs and arrangements. You can take a few steps in advance to get on track to build your business credit and take control of the outcome. Register and claim your business. If you have a business entity, such as an LLC or S-Corporation, your business is considered its own legal entity separate from you. With a sole proprietorship, you and the business are the same entity. If your business is its own entity, even if it is a part-time side hustle, it can qualify for its own business credit score.

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