Entries Tagged 'Business Credit' ↓

Ever wonder how your business information gets reported to D & B®?

Dun & Bradstreet is more than just a credit evaluation service. They also share insight on businesses, so that companies can sell and market to other companies that have the characteristics of the ideal customer.

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Today, the stock market plunged and may continue to do so with the heavy debt loads in Europe and other countries around the world. There may be another 1,000 bank failures in the U.S. over the next couple of years. Let’s be honest, it is only going to become more difficult to secure credit for your small business.

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There are several important factors that will determine if your business will be able to secure both cash and vendor lines of business credit. As you know, it is very important to separate your personal credit from your business credit. Step one is to form a separate legal entity. You do not want to be operating as a sole proprietorship.

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1. Incorporate or form an LLC for your business! If you have not done this yet, call Nevada Corporate Planners, Inc. at 1-888-627-7007!
2. Stop using your personal credit cards to finance your business.
3. After you form your LLC or corporation for your business, apply for a business credit card in the name of the LLLC or corporation.
4. Set up a plan to pay down your personal revolving debt to the 5-20% range. Fist, develop a 8 month personal emergency fund.  If you require $6K per month to live personally that means you will need $48K in savings first for your personal emergency fund. After that, start to pay down your personal credit cards. Do not pay them off each month. You will improve your credit score by leaving a small balance of 5% each month.
5. Set up a merchant account to accept credit cards for your business. For the best rates and service contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for a referral.
6. Develop a D & B® profile for the LLC or Corporation. We would recommend you do not do this on your and contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for options in this area. Continue reading →

I’ve seen made by hopeful, yet sadly uninformed individuals over the years.

Here are a few more secrets to give you the ability to avoid common mistakes.  When it comes to developing business credit you need every secret you can get.

Avoid Costly Mistakes when Developing Business Credit!

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