Building Your Business Credit 

Whether you are a new business or an established business. Its extremely important to start
building your businesses credit as soon as possible. As your business grows, it will start building its own credit report, in the same way you build your business credit.

There are many factors to your business' ability to obtain credit such as:

1.Age of your business
2.Your personal credit history
3.Your industry


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Resources for 2008
Business Credit Cards

Business Credit Cards 

Business credit cards can be a useful tool for entrepreneurs during business startups, emergencies, or even in the day-to-day running of a business. While business credit cards operate much in the same way as personal credit cards, there are several benefits of using business credit cards for business financing as opposed to a business owner using a personal credit card or other payment methods.

Resources for 2008
Business Credit Cards

Benefits of Business Credit Cards: 

Credibility - Business credit cards can make a small or online business appear larger or more legitimate than other payment methods. Using business credit cards also contributes to a business credit rating which, if used properly, can build future trust in the company.

Convenience - If funds are needed immediately, such as in a business emergency, a business credit card can offer a solution if cash isn't readily available.

Record-Keeping - When business credit cards are used for business purchases, the credit card company automatically keeps a record of all transactions which are sent to the business owner in a statement. This is especially useful during business travel or business entertainment situations, where the business owner's attention might not be as focused on recording all spending.

Time - Just like with personal credit cards, business credit cards give a business owner time to pay for purchases rather than paying entirely up front, making them ideal for large business purchases.

Protection - Also as with personal credit cards, business credit cards offer a certain amount of protection on purchases by a business owner, where cash or other payment models wouldn't. This would come in handy if the business owner received defective goods but couldn't obtain a typical refund, or if there were problems while on a business trip with travel arrangements.

Perks - Business credit cards can offer similar perks to personal credit cards, such as cash back or frequent flyer

The Best Ways To Build Credit: How Credit Cards Can Help 

If you have not yet established a credit record for yourself or you are in the process of rebuilding your credit, getting a credit card can greatly help you. The fact is, credit cards are one of the best ways to build a credit history and increase your credit worthiness.

If you wondering why you need to
build your credit, consider the following reasons:

1. Having a credit history makes it far easier to obtain utilities like gas, electricity and phone services in your personal residence. Without a
credit history, you may be asked to put down a large cash deposit to ensure that you will pay all your bills on time.

2. If you plan to ever buy a house or condo, the higher and more extensive your credit history is, the better the rate you will obtain for your mortgage.

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Why Would You Need Business Credit? 

Building your business credit will improve your business with the following:

* You will save time and money for your business
* Meet any current lending needs
* Prepare for any future lending needs
* Have cash in your business when it's needed
* Ability to extend your cash flow
* Lower your interest rates
* Build credibility for your business

The Market of Small Business Credit Cards 

How Businesses Can Play with Business Credit Cards 

Encouraging Small Businesses to Use Business Credit Cards 

A big percentage of the marketing industry today is composed of small businesses. With this in mind, credit card companies have come up with business credit cards that cater specifically to this sector- the small businesses.

The Big Role of Small Enterprises
As increasing numbers of small enterprise owners apply for small business credit cards credit card companies are hoping that businesses will use their credit cards not only when they are on travel but with their everyday business expenses as well.

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Encouraging Small Businesses to Use Business Credit Cards

Business Credit Cards Without Annual Fee- Are They Worth It? 

Choosing the right credit card is important whether it's a personal credit card or a
business credit card. Comparing the rates and charges that each credit card company have to offer will help you come up with a decision on which credit card you should apply for.

Most
business credit cards require an annual fee from its credit card holders. The annual fee is just like a membership fee which members have to pay each year in order to activate the membership of their credit cards. However, there are credit card companies who waive the annual fee to attract more clients.


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How Do Business Credit Cards Differ from Corporate Credit Cards 

The popularity of business credit cards among business owners has increase dramatically over recent years. To the delight of credit card companies, the rise of small businesses and home based businesses has amplified the demand for business credit cards.

Most business credit cards cater to small business entrepreneurs. Small business credit cards are specifically developed to furnish the needs of small and medium sized business sector. Credit card companies advertise business credit cards for small businesses on the internet, newspapers, radio, television and other types of media. The offers and advantages are publicized for everyone to see, so they can they choose the specific credit card for their business.

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How To Quickly Increase Your Credit Score In One Day! 

5 Quick Steps That Can Improve Your Credit Score By 18 Points In One Day!

1. Check with your bank and see if they give you bill pay servie. If so then start using it. Set up all your credit accounts so that all payments are made on time. I set mine for the avg minimum pmt on that particular card. If I could pay more I would, but at least I knewthat my payment was made on time.

2. At your earliest convenience, it is in your best interest to obtain a copy of your current credit report. This way, you will be able to see which of your accounts are actually listed on your credit report. You can get your credit report for free through several different websites online at least once per year.

3. Check for errors - go through and double check all of your information so that you can be absolutely certain that there are no errors on your credit report. The reason behind these check are because errors can be quite devastating to your credit score.

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Is Credit Counseling Right For You? 

One of the most pervasive problem in American households today is
financial debt. A survey conducted by The Plastic Safety Net, a news report by Demos and the Center for Responsible Lending reveals that "$8,650 is the average credit card debt of a low- and middle-income indebted household in America". Apparently many people today are in denial of this fact claiming they are managing their money properly, yet concerned about not being able to pay their accumulating bills. If you were asked whether you are having a problem with bad credit, would you say yes?
Questions to ask yourself regarding your current financial situation


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Credit Repair - Legally Remove Bad Credit 

Life has its twist in turns. Sometimes things work smoothly and then sometimes you hit a few bumps in the road. That's all bad credit is, a TEMPORARY bump in your road.

There will be people who will try to exploit this to their advantage, and there will be people out there who generally want to help you. I hope that you
have found this site informative and its helped you on the road to good credit.

To further assist you we are making available a credit repair guide that we used to increase our score by over 150 points. Its a process, but don't let bad credit overwhelm you or stop you from getting the things in life that you want.

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Credit Repair - Legally Remove Bad Credit

Business Credit Cards Benefit Businesses of All Sizes 

A
business credit card is good for every business. Whatever size of business you are running, you can be glad that there's a business credit card
that will work for you.

Business credit cards are not just limited for large companies. In fact, because of the increase in the number of small and medium-sized businesses, credit card companies have specifically came up with small
business credit cards that are tailor-made for smaller enterprises and for those companies who are just starting up in the industry.

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Business Credit Cards Benefit Businesses of All Sizes

Dont Save When You Have Debt. 

Humans are funny creatures. We don't always do what's best for us - instead, we do what feels best, and try to blank out any reasons why it might not be the best thing to do. Maybe that's why there are so many people who have both savings and debts.

It's a Matter of Psychology.

Yes, it feels better to save. Saving feels like building a foundation for your future, while paying off debt feels like throwing your money down a hole. That money is for the kids' education, or for improving your house, or whatever else - and it's in an account earning a good rate of interest. What could be wrong with that? Lots, if you have debts.

Don't Be Fooled.

There are almost no savings accounts that offer interest rates as high as the ones credit cards charge. Here's a question: if you have $10,000 in a savings account earning 5% per year and $5,000 on a credit card at an interest rate of 20% per year, how much money do you have? After just five years, the answer is effectively $0 - your debt would have grown to around $12,500, the same amount that your savings are now worth.

You might not believe it now, but it really is much better to pay off your debt. If you used half your savings to pay off that debt, you'd be in such a better position that it's really amazing. You avoid five years of compound interest on the debt, but you still get to keep $5,000 in your savings account, earning interest - after five years, that's about $6,380.

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Take Advantage of Offer Instant Approval Business Credit Cards 

Choose the Best Business Credit Card and Save More Money 

The development of technology has brought a new meaning to the word business. The introduction of credit cards has certainly shifted marketing to new heights. If you own a credit card you may well agree
that it makes a whole lot of difference especially when it comes down to convenience.

Businesses today can greatly benefit with the emergence of
business credit cards. Aside from the features of a personal credit card, business credit cards enable an entrepreneur to
separate his personal spending from his business expenditures.

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Choosing the Best Business Credit Card and Save More Money

Lets start with the easy stuff 

Credit Cards For Business

Citibusiness Credit Card With Thank You Rewards Program

I'm starting off with my favorite credit cards. I personally like Citi. They have been very good to me over the years and so the first few credit cards I will write about will showcase their credit cards.

When I started my business, I applied for a citibusiness card. They gave me a nice credit limit of $5,000 for a brand new business. At that time I had limited personal credit, I don't think that even my personal credit cards at that time had as large a limit.

Not only did they give me a nice credit limit, but they put it in MY BUSINESS NAME ONLY !
This card has NEVER appeared on my personal credit report. This is important because I didn't want to seem like I had too much credit extended to me. At that time I wasn't looking to purchase a home, but I always keep an eye on the future!

Another reason I liked Citi was that 6 months later I called in and asked for a credit line increase. I called and they gave me another $2500. Six months later I called again and asked for another increase. They gave it to me! By the end of my first year in business I had a credit card for $10,000 in my business name ALONE.

Its been 10 years and the card has evolved into the citibusiness credit card with thank you points. Those points can be used to buy merchandise, get gift certificates etc. Recently when I booked a flight on expedia, I was able to put in my thank you rewards and earn ADDITIONAL points on my flight.

The Advanta Business Credit Card

My personal experience with this credit card wasn't the best. At the time we applied the business was nearing 4 years old. As a finance company we knew the importance of building the businesses credit as we grew, but honestly hadn't done much more than obtain a few equipment leases,a fedex account, UPS account & a few small office supply accounts.

Well long story short, we moved our offices and around the same time our credit card expired. With the move I didn't see the notice Fedex sent about our past due acct. By the time I noticed it was nearly 60 days out. I quickly paid it and forgot about it. Our bill at Fedex was usually between $40 - $60 a month. Our acct was generally in such good standing that Fedex waived the late fees.

When we applied for our Advanta card they said it had shown up on our business credit report. I explained about the expired card to the rep, she told me to put it in writing and mail it in. Well we thought about it for a while and decided we didn't really need another card so I didn't write the letter. Seemed like a lot of bother over a $60 account.

Why is this card on our list? Well that was about 6 years ago. Recently a few of our clients have applied for and obtained this card even thought they had very limited (maybe 1 or 2 credit accts) showing up on their business credit report.

Although they obtained the credit card in their business name, their credit was pulled before approval.

These clients had 2 things in common. First, their business was between 3 - 6 years old, no startups. The other thing was all these clients had EXCELLENT credit. So that probably helped in the approval process.

They all got the credit lines they requested so I'm not sure what their minimums are, but the interest rate is great for a business card and it has some nice rewards attached to it. The credit lines ranged from $30,000 - $80,000

Discover® Business Card 

Discover is really making moves into the business credit card arena

Discover® Business Card


No other card rewards you like the Discover® Business Card. Enjoy a 0% Intro APR for 12 months on purchases and 3.9% intro APR for 6 months on balance transfers and earn 5% Cashback Bonus® on office supplies, 2% Cashback Bonus® on gas and up to 1% Cashback Bonus® on all other purchases*. Plus, pay no annual fee. APPLY NOW!

*View Discover® Card Rates, Fees, Rewards and Other Important Information.




Click here to find out more about Discover Business Card

Advanta Business Card 

Intro Rate: 2.99%
Time Period: Until Paid

If you are a business owner who want a consolidation of your expenses in just one credit card - the
Advanta Life-of-Balance Platinum Card is for you. It has a unique cash back reward program that will perfectly suit your business needs.

Further benefits that the
Advanta Life-of-Balance Platinum Card offers are personalized business checks, various Internet account related services, and discounts on various products and services sponsored by participating retailers and merchants.

In addition, the cardholder's online account reports are Quicken® and Microsoft Money® software-compatible.

Most Attractive Feature(s): Reasonably low APR; no annual fee; discounts on various products and services; choice of travel rewards or cash back program.

Least Attractive Feature(s): APRs based on the highest Prime Rate during a 90-day period.

Advanta Additional Perks:

Various Internet account related services.
Personalized business design.
Personalized business checks.
Online statements and management reports.
Discounts on products and services at participating merchants and retailers.
Compatible with Quicken® and Microsoft Money® software.
Access to travel rewards or rebate program.
See website for additional benefits.


Click here to find out more about Advanta Business Card

Secured Credit Cards - A Safe Way To Establish Credit 

Secured credit cards are designed to assist people who have never had credit or those who have bad credit,in order to enable them to establish a good credit rating.

Typically,
secured credit cards are issued when the holder is able to offer a type of "security" deposit to the lender by depositing a pre-arranged amount of money
into a savings account, money market or certificate of deposit. This is how it works: Usually, for a small fee, the lender will allow the cardholder to utilize the credit card within the specified parameters. Unlike using the cash for any purchases, the secured card creates a credit history for the holder, thus contributing to their overall credit rating.

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CitiBusiness Card 

For those with very good credit scores and looking to maintain and manage all business-related expenses with one credit card, take part of CitiBusiness Card , issued by Citibank.

The card offers many cardholder benefits such as up to $1,000,000 in travel accident insurance, auto rental insurance, and fraud protection. In addition, cardholders can take advantage of the various discounts offered at participating merchants and retailers (visit the Citibank website for full details).

This card has no annual fee, and it offers a reasonably low interest rate for purchases and balance transfers as compared to other business credit cards. There is also a very attractive 0% introductory rate available on purchases and balance transfers for twelve months.

Click here to find out more about CitiBusiness Card

AMEX Business Card 

For those with very good credit and who plan to take advantage of the cash back reward program - the American Express SimplyCashSM Business Card is for you.

Those who will avail of this card will have access to the cash back reward program for no additional fee. In this reward program, cardholders will earn a 5% rebate on gas, office supplies, and wireless services (certain restrictions apply), and they will earn a 1% rebate on all other purchases. Each month, the rebates are automatically credited to the cardholder's statement and the amount of cash back that can be earned is limitless.

Click here to find out more about AMEX Business Card

Chase Business Card 

For those with very good credit scores and looking to consolidate business related expenses with one credit card, take part of the Chase Business Cash Rewards Card rebate program.

Cardholders will expect a 5% cash back on all their purchases with no limits for the amount of cash rewards that they can earn. However, the earnings are based on the following tiered system:

One point per $1 for new net purchases totaling between $0 and $2,000 each billing cycle; five points per $1 for new net purchases totaling over $2,000 and up to $2,500 each billing cycle; and 1.25 points per $1 for new net purchases totaling over $2,500 each billing cycle. Thus means that the full 5% rebate can not be earned from all purchases. In On the other hand, the cardholder will be entitled to receive $50 or brand-name merchant gift certificates for every 5,000 points he or she earns. Additional benefits include a purchase protection plan, travel accident insurance, and auto rental insurance.


Click here to find out more about CHASE Business Card

Debt Free Through Low APR Credit Cards 

Different business credit cards have their own list of advantages and disadvantages that differ from each other. This is the reason why everyone must take his time in deciding which credit card to apply for in order to fully enjoy its benefits.

Many people who have numerous credit cards often find themselves caught in confusion regarding their credit bills and due dates. Those who are unable to
sustain regular payment of their balances soon realize that they already swamped with credit.

One of the most effective ways of getting out debt is by using the credit cards to work to your advantage. Your credit card's APR or annual percentage rate plays the key role to effective debt management. The APR is the interest charged to your bill whenever you incur a balance in your account.

You risk your credit score if you keep missing your payment dates, since APR also adds up to your account every time you fail to pay your monthly balance.

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Debt Free Through Low APR Credit Cards

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What is your experience in building credit for your business? 

When you started your business were you able to quickly obtain credit for it WITHOUT having to use your own personal credit? If so, what tips would you like to share? If NOT, what cautions would you like to share?

boonchek What a...!? Five stars! Posted August 23, 2008

BillGassett Excellent site for learning how to build credit for you business - 5 stars! Bill Gassett Ashland Real Estate Posted July 20, 2008

elrhino Thanks for the business credit card choices you posted. --- How to do a short sale in real estate. Posted June 30, 2008

Great lens! Useful information on Business credit cards and its different types are amazing! For business auditing can be done by auditing management software, visit to find information Posted May 22, 2008

wendy34 Inspiring lens. I agree with all above. The facts are very intriguing, informative and is useful to develop small business into a big one. Very nice. Software Auditing Tools help to streamline the business and even for documentation. I come across an interesting and informative site on Software Auditing Tools Please check out this site to surf stuff about Software Auditing Tools. Thanks. Posted May 15, 2008

 

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The Best and Worst Money Moves of 2007 

by Dana Dratch

How To Safe Guard Yourself Against Financial Trouble 

If you suffer from bad credit, it is most likely that you've had or you still have unpaid debts in your account. When was the last time you checked your credit report? Are you 100% sure that your credit report is accurate and that there are no unauthorized charges in it?

Your Credit Report and Bad Credit

Why should you take an interest in what your credit report says about you? Most people do not realize that their low credit score is actually a result of inaccurate information on their account. By obtaining a copy of your credit report, you can examine and file a dispute with the three big credit bureaus and the creditors themselves. This is a very important to do BEFORE you apply for any new credit cards or loans.

continue reading How To Safe Guard Yourself Against Financial Trouble

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credit card for poor credit

Things You Should Know When Applying for a Credit Card 

When you apply for a credit card, the lender does a credit check to how risky the extension of credit is going to be. There has to be a standard of risk that the lender is going to be willing to accept. Among the things you can count on being checked are your credit history, income, job history, current debt, how long you've lived in your residence, whether you own your own home, how many times you've applied for credit, and possibly if you have tax liens or judgments filed against you. All of these factors can be listed on your personal credit report and along with your credit score (the numerical value of your credit worthiness) the lender will determine if and how much credit they want to extend to you.

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Things You Should Know When Applying for a Credit Card

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