Step 1.0 – The 20 Item Foundation for Building Strong Business Credit Scores
Our Step-By-Step system will provide you with all the necessary instruction to complete all 20 items and build strong business credit profiles and scores.
- State Records: Your entity must be open, active and in good standing.
- Federal EIN: Your Employer Identification number filing must match your state filing exactly.
- Bank Account: The day you open your “business” bank account is the day your business starts in the eyes of lenders.
- Business Licenses: All applicable business licenses must be filed.
- DBA: Any dba’s must be on all state/federal/banking records.
- Separate business phone: Your business must have its own phone number.
- 411 Directory: Business phone number must be listed with 411 under the exact legal name.
- Experian: File must be open with a credit history and good score.
- Dun & Bradstreet: File must be open with a credit history and good score.
- Equifax: File must be open with a credit history and good score.
- Business Credit Histories: No lates or derogatories on the business reports.
- Physical Address: The business needs its own physical address.
- Bank Rating: Your business bank rating should be a minimum of a low 5.
- Tax Returns: All applicable business tax returns must have been filed.
- Public Records: There can be no liens, judgments, or lis pendens against the business.
- Credit Cards: At least 3 business credit cards with payments made early.
- Vendor Credit: At least 5 vendor lines of credit with payments made early.
- Comparable Credit: A larger loan from a non-bank lender with payments made early.
- Bank Loan: Securing a small bank business loan with payments made early.
- Business Model: A summary of your business plan with revenue projections.
Now that you know what we are going to do, let’s go do it! In your business credit building system you will have the ability to go through each of the above items step by step. Please keep in mind, these 20 items are just an overview of what you will be accomplishing in the program, you do not need to start working on anything on this page, we will be addressing each of these items in the coming steps.