How to Build Business Credit in 2021 | Retail, Revolving Account Vendors, Net 55

what up guys it's kelvin and welcome back to my channel where we discuss financial wellness mindset therapy and real estate in today's video i'm going to be covering different retailers that you yes you can utilize to help you build business credit stay tuned [Music] first and foremost i would like to thank each and every single one of my new subscribers as usual welcome to a la familia i appreciate each and every single one of you for my new viewers make sure you show some love and drop a light for these gems i'm about to drop this channel is all about spreading the wealth of knowledge i aim to share my own experiences with hopes to help others do the same my motto is constant progression so let's elevate together so that we can be self-paid in the shade so guys after you have at least five to seven vendors reporting to your credit bureaus business credit bureaus that is you want to make sure you have at least five to seven of those with at least three to four months of payment history this is very important the vendor accounts that i'm about to discuss are all revolving lines of credit and i would not recommend you apply for any of these accounts until or unless a business credit score generated for dun and brat street experian commercial and equifax commercial now the biggest difference between these revolving lines of credit aka trade lines and like the traditional net 30 accounts like the ulines and the grain jurors and the quills that you hear about in every other video the entire balance is not due in you know 30 days or 15 days like traditional credit cards there will be a minimum payment due at the end of each month but just like any other business credit vendor account you have the sooner you pay it the better your score will be so always keep that in mind revolving vendor accounts really help build your business's reputation on a much larger scale and you will want to have at least i'd say three total revolving business vendor accounts it does not have to be three of the ones that i'm about to mention although they are highly recommended all right now the next thing i'm about to say is very important because i know it's one of the first things that a lot of you guys are going to be asking me in the comments section yes these vendor accounts will pull your personal credit report they just want to take a look to see whether or not you have really bad credit and as long as you don't have you know credit score in like the low 400s or 500s i think you still have a great shot at getting approved for these vendor accounts you know just based off your credit score alone but they also may check your bank rating so essentially you just want to make sure that all of your information is on point and again if you haven't already make sure you check out my video where i cover the eight keys to having a legitimate and credible business so that you can make sure you qualify for you know obtaining business credit one of the leading factors behind denials when it pertains to business credit has to do with unverifiable or misrepresented data so you want to make sure all of your data matches across the board and that includes email addresses phone numbers addresses you know whether physical or virtual when these vendor accounts go to verify your business they're going to want to check to make sure everything matches on you know the secretary of state's website versus what's on dnb and so on and so forth now generically speaking most of these vendor accounts will report to experian but there also will be times where they also report to equifax commercial and dunder brass street so if i don't say who they report to just assume it's experience now let me go ahead and give you guys my top six retailers that all carry revolving vendor accounts that you can utilize to build your business credit the first one is staples yes we've all seen staples we all have a staples near us most likely and staples again you can go there and pick up anything that you want for your business whether it be office supplies a printer inc for your printer small appliances you name it now staples does report to dunnon brass street and they typically start you off with around a one thousand dollar trade line now this trade line will be on net 30 terms so you will want to make sure you make your minimum payment as soon as possible because if you make your payment on the 30th day or later it will have a negative impact on your business credit score now if you're looking for something other than net 30 staples does carry different payment terms depending on the size of your business now one thing you could do to help boost your chances of getting approved for a staples account or getting a higher credit limit is having already established a relationship with them whether you know it or not with quill because quill is a company that's under staples that's why i call it staples junior now if your business is newer let's say a few months old you can actually get approved and come through that staples advantage program next is the home depot pro aka supply works card now imagine going to home depot somewhere where most of us shop on a weekly if not monthly basis and being able to utilize a business credit card to build business while doing your general shopping at home depot well thanks to supply works that's all possible now here's the thing about this net 30 account now there is a side door entrance into getting approved for this account without having to make the sometimes mandatory two purchases to be approved now the way you can do this is call the number up there and just tell them that you would like to apply for the net 30 account now the following day what you want to do is go online and submit the pro purchase card request form once you've submitted that card request form you can expect to receive an email saying congratulations you've been approved and your card will be here in however many days it takes now the third revolving account that i recommend is the lowe's business card aka accounts receivable account this is also a net 30 revolving account and as we all know lowe's is pretty much the same as home depot so why not get two birds with one stone the fourth revolving business vendor account that i recommend is actually office max they actually offer a net 20 account that reports to dun and bradstreet you can apply for those accounts online you can view the link right up here and i'll also put that down in the description fifth for my home improvement people we got sherwin williams sherwin williams actually offers a net 55 account so of course you'll want to pay the full amount back if not the minimum payment within 55 days now sherwin williams is known to be a no pg account that actually starts you out normally with a hefty three thousand dollar line of credit now the trick about sherwin williams is it would have to be what's called a self-reported account so if you want this to report you would have to use denim bradstreet's credit signal or another type of self-reporting service then last but not least the number six revolving vendor account that i would recommend is the amazon net 55. now you may have seen me talk about the amazon prime card in my previous video but this one is slightly different because this one is a no pg account so when you apply you don't have to put in your social security number if they do ask for it try to put in your duns number instead now amazon deals directly with dun and brad street so if you get approved of course it will be reported to dun and brass street but you also want to have at least three vendor accounts already reporting and showing on your dun and brashy report because they will check but alright guys i really wanted to make that video short and sweet so make sure you always remember you want to be building around 10 total trade lines before you finish round one but those six options will give you an absolutely great start but if you found this video helpful in any way shape or form make sure you drop a like and subscribe because you don't want to miss out i have a lot of heat on the way and as usual i hope you guys have a great rest of your morning afternoon evening whatever time of the day it is as always thanks for watching [Music]

Channel: Kelvin McNeil

Views: 17,064

Rating: 4.9953823 out of 5

Keywords: business credit, how to build business credit, building business credit, net 30 accounts for new business, how to build business credit in 2021, how to build business credit fast, vendors for business credit, easy approval vendors, net 30 vendors, revolving accounts, home depot pro, supply works, staples business credit, sherwin williams, amazon net 55, retail vendors, net 55, office depot business credit, lowes net 30, revolving business, business credit for new business

Id: io2SxBPajh0

Length: 9min 20sec (560 seconds)

Published: Sun Feb 14 2021