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Conclusion

Having good business credit is essential if you want your company to have access to loans and to pay low interest rates. While it can take years to build up to having an excellent credit score, you can start building credit in as little as a few months.

Remember, the most important things you can do to build business credit are to only borrow money when you need to and to make sure you pay all your bills on time.


 

Frequently Asked Questions

What’s a good business credit score?
Business credit scores, unlike personal credit scores, range from 0 to 100. Credit scores between 50 and 79 are seen as fair, indicating you’re a bit late on your bills, but do pay them eventually. Scores of 80 or higher are good.
When should I apply for a business credit card?
You should apply for a business credit card as soon as possible after getting an EIN. Try to get a no-fee card that you can use to build credit and make sure to make your payments each month.
How often should I check my business credit report?
What are the benefits of having good business credit?
Having good business credit means that you can get business loans more easily. It also means you’ll pay less for those loans thanks to the lower interest rates you can qualify for.
How can I improve my business credit score?
The two most important factors in determining your business credit score are your payment history and debt. To improve your business credit, make sure you pay your bills on time and only borrow when you need to.

About the Author

TJ Porter

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

More about me

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