How to Build Business Credit in 2021 | Net 30 | Revolving | 10 Easy Approval Vendors

what up this is kelvin and welcome back to my channel where we discuss financial wellness mindset therapy and real estate in today's video i will cover the steps that you need to take in order to build business credit in today's society information is the new wealth and my goal is to share as much as possible so that we can all be self paid in the shade if you follow these steps you will have established enough business credit for big cash loans and major credit cards within four to six months there are actually two rounds of establishing business credit but right now i'm gonna give you guys my top 10 business credit vendors to establish a solid foundation for funding if you haven't already watch my previous video which i will link up here about how you can get prepared and how you can qualify your business to begin receiving and start building these lines of credit and or net 30 vendor accounts so once your business is established and legitimate you can go ahead and get started with one of these five vendors that are net 30 accounts a net 30 account is simply a commercial account that you would have with these vendors where you will purchase an item whatever item you decide to purchase on their website or in their store and they're going to give you 30 days to make that payment if you don't pay it back within 30 days then it will be terrible for your payday score but the sooner you pay it back the better your payday score so the very first net 30 account that i recommend is called shirtsy you heard that correct like a t-shirt chertsey schertzy is a website that supplies customizable apparel for your business so it's perfect if you don't have any current t-shirts or any type of apparel for your business if you want a polo you know a collared shirt with your logo plastered on it then that's something that they will be able to give you and you can also build credit and get a net 30 account with them they do require a 99 annual fee that you have to pay up front to get that line of credit with them but the beautiful part about schertzy and why i recommend them first is they actually report to all three of the major credit reporting agencies on the business side that would include experian commercial equifax commercial and dun and bradstreet so sign up with them get you some business apparel you know get you a customizable shirt that you can you know show off your business and advertise wherever you go and at the same time build business credit the second net 30 account that i highly recommend is sns strategic network solutions so strategic network solutions offers ebooks that can be very helpful to your business as well as other software that you could purchase and use for your business now when you first get started with them they will require that you make a minimum 75 purchase what i did was i just simply bought an ebook that they actually sell that you'll see on the list and this book is straight up how to build business credit books so what better way to start your net 30 account with them other than purchasing a ebook about how you can build business credit once you make that 75 payment and you pay that invoice they'll give you a 2 000 trade line now these next three vendors you're gonna hear on every youtube video that you ever watch about business credit and that's fine and this is for good reason i call these the big three the trifecta so uline granger and quill so if you haven't heard about these already uh grainger and uline are pretty much the same you can get all different types of office supplies and cleaning supplies and even hardware for your business if you have a home office you can buy you know a new office chair you know they have a lot of different things that you can buy on their website but the best thing about them is they're very easy to sign up with with the exception of grainger so let me tell you a little bit about my experience with granger so if you go on their website first thing you want to do is just simply create an account after you create an account and you get that email showing you that you know you've confirmed to have your account you're going to want to call their customer service number and once you get with the sales rep you're just going to have to explain to them hey i'm trying to sign up for a net 30 account and then they'll simply set that account up for you and send you a new email with an actual account number once you get that email with the account number you should be ready to go and the way to confirm that that is set up once you put something in your cart you'll want to see if you have the net 30 option or invoice option at checkout let's say number three and number four are granger and uline so number five i will say is quill quill is actually my favorite net 30 account i call quill staples junior because they have everything that you would see if you walk into a staple store you can buy a new printer you can buy ink you can buy office supplies you can buy office equipment literally they are a company that is under staple so they carry everything that staples has which is really important because you will find out for some businesses it can be very trying and difficult to find something to purchase from uline and grainger as far as who reports to who granger reports directly to dun and bradstreet and then uline and quill reports to both dun and brat street and experian and then one more thing to mention about quill they do require you to have a minimum 100 purchase in order for that invoice option to show up at the checkout so if you just have 50 worth of merchandise in your cart you will not see that invoice option but once you have at least 100 in that car you will see the invoice option there are many more net 30 accounts that you can look for but in my opinion these are the top five that have been proven to report to the credit bureaus directly on a daily and or monthly rate so i consider net 30s to be tier one again there's two rounds but that's like your first tier when you're first getting started and you're building business credit journey this is also round one but now also going to tier 2 this is going to be very important so tier 2 is going to be your revolving accounts none of these revolving accounts will require you to make a minimum purchase so this will be all about just using utilizing these credit lines and you know keeping your balances low the number one revolving account that i recommend is going to be shell fleet now shell fleet is a gas card that you can use at any shell gas station you know nationwide you do get a small discount on the gas you know per gallon that you purchase they have a really cool app that allows you to manage your drivers and make payments and you know keep up with the balance that you currently have they usually start you off with a 500 line of credit and they report to dunham brat street and experian commercial now i do have a little trick for how you can pretty much guarantee approval and this is why i say they're my number one you go to the application which i will put the link below fill out the application and then once you get to the end instead of hitting the submit button pause and just back out of the whole screen like just hit the little x and close the screen out what's going to happen is within the next one to two business days you're gonna have a sales rep sending you an email letting you know we saw that you were interested in getting the show fleet card we want to give you a new link and this new link that they give you in the email is actually a link that's going to be easier to get approved for and so this is how i got my card i got my shelf fleet card when i only had like two net 30 accounts reported i'm going to drop below that link that i received in my email that allowed me to have access to what easier to get approved application my second recommendation is also a gas card it's called the axle fuel pilot j car if you're on the east coast i know you know driving up and down highway 95 i passed a whole lot of pilot j gas stations they're pretty popular over here on the east coast but pilot j isn't the only gas station that axel fuel car works with they work with a lot of other fuel companies but similar to the shell fleet car this is a wex car and you know wex is just a company that provides different gas cars pretty much the same procedure when you go to apply they actually are even easier to apply no need to do the exit application method just go right to their website the link is below apply for the card they're gonna say we need more time to review they're gonna have a sales rep reach out to you the only thing he's going to be doing is just verifying the information that you have on file verifying your business once he verifies he or she verifies your business information they will send you a card or however many cards you want for your business and this actual fuel car also reports to both dun and brad street and experian commercial as well the third revolving account that i would recommend is actually the wells fargo secured business credit card so they do require you to make a 500 deposit you can make a 500 deposit minimum or you can go all the way up to 2500 this card does give you 1.5 percent cash back which is always a great perk and they were labeled the best new business credit card for new business owners per credit karma at one point the wells fargo business credit card was being directly reported to dun and brad street but as of late there has been a lot of speculation on whether or not this card is still reporting to the credit bureaus before filming this video i did speak with someone who works directly for wells fargo and he did assure me that yes they do still report and they never stopped reporting to the credit bureaus with that being said the reason why i still chose to have this and my top five recommended is because you got to think about it like this what is your end goal i know for me my end goal when building business credit is to get major credit cards and to get funding wells fargo is one of the largest banks in america so if you're able to establish a relationship with them they'll be far more likely to give you a loan or an unsecured business credit card in the future so why not get started with them show that you can handle this 500 limit for a few months and then once you have at least 10 full vendors report into your business credit bureau you can come back and they'll be far more likely to give you a business credit card before a chase inc or american express ever would so that's why i say when getting this wells fargo business credit card or secure business credit card the main focus here is to build and establish a relationship with wells fargo so just keep that in mind the fourth revolving account that i recommend is one of my favorites as well and that's the amazon business card this credit card reports to all three of the business credit reporting agencies there's two ways you can get approved either a you've been in business for at least three years or if you haven't been in business for three years you just got to have at least five business trade lines reported to experian and done in brass street if you need those qualifications you can get an amazon business card with no pg so do not give them your social security number on the application if they ask and then last but not least my number five sorry let me be more professional so my fifth recommendation for a business revolving credit account is sam's club yes yes the sam's club store business card so this card actually reports the dun and brad street and equifax commercial and unlike these other revolving accounts that i just went over the only thing sams really cares about is that they can verify your business so again this goes back to the video i made about how you can qualify for business credit they need to be able to verify your phone number meaning your phone number needs to be listed in the 401 directory they need to be able to verify your address and verify your website you know so on and so forth so just long story short make sure your business is 100 verifiable if that's the case and you have a minimum of four trade lines reporting with a paid score of at least 70 or higher you will get approved don't worry but you will have to go in store this is something that you cannot apply for online so go to your nearest sam's club with your t's crossed and your eyes dotted poke your chest out a little bit and you'll be fine so yeah guys listen make sure please make sure you have at least tier one and tier two covered before you go in and try to apply for any major credit cards which is consider round two so to recap round one you wanna have five net thirty accounts five revolving lines of credit all reported into your credit bureaus your business credit bureaus that is once you do you can move on to round two and in round two that's when everything really gets fine because you can get approved for unsecured business credit cards that's when you can start buying houses with credit cards and you can do the credit card churning and get free trips and you know max out those points so if you guys found this helpful and if you want me to make more videos like this one giving you more heat trying to you know give you guys the most value i can in these videos please subscribe show me some support and one more thing in the comment section below let me know what net 30 accounts you have let me know what revolving accounts that you recommend you know each one teach one let's help each other as always it's been a pleasure thank you for watching i hope you guys enjoy the rest of your morning afternoon night whatever time of day it is and um thanks for watching [Music]

Channel: Kelvin McNeil

Views: 92,390

Rating: 4.9780221 out of 5

Keywords: business credit, building business credit, net 30 accounts for new business, how to build business credit, how to build business credit in 2021, net 30, revolving lines of credit, biz credit, vendor accounts, shell fleet, amazon business, sams club business credit, wells fargo secured business credit card, axle fuel card, quill, grainger, uline, strategic network solutions, shirtsy, build business credit in 30 days, how to build business credit fast, vendors for business credit

Id: oZ1bNJXZsWs

Length: 15min 35sec (935 seconds)

Published: Tue Jan 12 2021