Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

Top things to bolster your business credit profile

Businesses can rarely manage on their own especially in the very beginning. Most often, a new company or even an established company will require some help in order to keep everything running smoothly and make sure there are no hiccups in the process of conducting business. Thanks to modern solutions, it can be easy to form the misconception that you can just waltz in the nearest revolving credit facility and get yourself a fat credit line. While securing a line of credit is more or less very manageable today, there are still things you need to consider beforehand. You need to decide what type of loan better suits your company and most importantly you need to make sure that your company’s business credit profile is looking good.

The importance of having a good business credit score

Your credit profile as a business is almost like a specialized business card, but instead of potential customers it is used for things like suppliers, business partners and even financial institutions, like the kind which provide you your loan. The better your credit profile looks, the easier it is to acquire help from other organizations and to conduct your business properly. If you have a low or terrible score, other companies and institutions just won’t want to work with you, out of common sense and self- interest. If you want to know how you can manage and boost your business credit score, check out the rest of this article.

Update your credit bureau information

Your credit report might be managed by one of multiple credit bureaus. Since you don’t really know which one is evaluating your credit report, it’s best to make sure that you are in good standings with all of them. Credit bureaus will allow you to upload important business reports and update your company’s information so that plenty of information about your company is available for those interested. This benefits you a lot because credit institutions will have a lot more info to work with.

Benefit from respecting trade agreements

If you are working with external suppliers, you can actually boost your credit profile a lot by having those suppliers report back to the credit bureaus. If you pay off your suppliers in a very short timeframe from when you receive the supplies, you show that you are respecting the terms of agreements set in place for that trade. This will boost your credit significantly as long as you keep respecting the agreement. The important thing however is to make sure that all this is reported to the bureaus by your suppliers.

Only borrow from those that will make sure people know you’re good for it

If you are going for a loan or some form of financial aid, make sure to use lenders that will report your activity. Similarly to the supplier situation, by staying true to your end of the bargain, you stand to increase your credit score substantially as long as it’s being reported. Just make sure that the institutions you are borrowing from report your activity and as long as you maintain an outstanding record on payments, you should be golden.

 

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2018, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.