6 Major Types Of Business Credit Applications
Before you begin applying for credit it's important to determine what strengths and weaknesses your company brings to the table.
Are you a startup or have you been in business for several years?
Do you have projected revenues or actual revenues coming in year after year?
Does your business process credit cards on a monthly basis? If so, how much volume?
Are you struggling with poor personal credit or do you have strong credit scores?
Does your company have any assets or are you relying on your own personal assets?
Once you have made an honest assessment you'll have a better idea of what types of credit your company will be able to start obtaining right away.
I have assembled the six major types of business credit applications along with some examples so you can easily identify which best fit the needs of your business.
6 Major Types of Business Credit Applications
1) Personal Credit Check -Personal Guarantee - Reports to Personal Credit Reports (Business Credit Cards from Chase, Bank of America and other major bank cards)
2) Personal Credit Check -Personal Guarantee - Reports to Personal Credit Reports and Business Reports (Capital One Business Platinum : that card reports to Corporate Experian, Small Business Equifax, Experian, Transunion, Equifax)
3) Personal Credit Check 'Personal Guarantee - Reports to Business Reports (Discover Business, Comerica Business Mastercard)
4) Personal Credit Check 'Business Credit Check - No Personal Guarantee - Reports to Business Reports (Sam's Club Business Discover card)
5) Business Credit Check - No Personal Credit Check 'No Personal Guarantee - Reports to Business Credit Reports (First Equity Card, Secured business credit cards, Vendor credit lines)
6) No Business Credit Check - No Personal Credit Check 'No Personal Guarantee - No Business Credit Reporting (Merchant Card)
While most businesses start off with trade credit and secured business credit cards you can easily obtain other types of credit depending on what you are willing and not willing to do.
If you are against a creditor pulling your personal credit then you have to realize that your business must be able to show that it's a creditworthy company.
Getting incorporated, obtaining a federal tax identification number and complying with corporate conformity is just the beginning.
Applying for credit is the next step and depending on what level of risk your willing to accept on a personal level makes a big difference on what business credit applications you will end up filling out and submitting for credit approval.
It's not uncommon for a business owner to apply for several different types of applications listed here so don't limit yourself to one type of application.
Creditworthiness starts with establishing strong business files, solid business scores and favorable bank ratings.
by: Marco Carbajo
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