We have compiled our Top 10 most common mistakes that businesses make when trying to establish their business credit or corporate credit.
1. Trying to cut costs by using your home address for
your business address.
2. Using a P.O. box or mail drop location for your business address.
3. Not having a separate business phone number from your home phone; also not having a fax number.
4. Not getting listed in 411 directories
5. Having incorrect info in your 411 business listing.
6. Not funding your bank account with at least $10k and waiting for it to season.
7. Setting up trade lines without knowing if they ‘really’ report to the business credit bureaus.
8. Trying to build business credit without a valid corporation.
9. Attempting to build business credit with a brand new corporation.
10. Paying D&B for their credit builder program.
These are just a few of the common mistakes we have seen businesses make when trying to build business credit. There are plenty more; including not knowing where to apply and not knowing the underwriting guidelines in advance. Of course, the most common mistake is trying to speed the process up. Slow and steady always wins the race!
We wish you success in establishing your corporate credit.