Building business credit with ease!

byShannonkamal

1.4K followers

1 year ago

As of 2021 I decided to incorporate and grab an llc for my business.

sophisticated grooming llc is now a company listed as a sole proprietorship.

I was looking to scale my barber business and begin selling products. However the price tag would have wiped out my savings.

so instead of using my cash I decided to use O.P.M (other peoples money). I could have looked for some crowdfunding and asked for private loans but I thought banks would be a better move.

in order to do so I would need my business setup properly to qualify. Here’s the steps I took to build my credit score and secure a line on credit from Bank of America and American Express.



first you will need an E.I.N number. This is your company social security number. With this you will open a business bank account. Begin placing money in this account.

next it’s time to get a business address, business phone number, and a duns number. The business address cannot be a P.O. Box but a physical location. (Virtual addresses are acceptable to use for this)

We are now ready to build our paydex score!

We will need to open a couple net accounts. These accounts are opened under your business using the address and phone number you attained for the business.

a net accounts works like so:

you make an order and you pay the bill within the time frame of your account. Net 30 the bill is paid 30 days after you make your order. Net 60 the bill is paid 60 days after your order is placed.

You will be invoiced for your order. Pay the bill 15 days before its due date in full. And watch your paydex rise. In the World of business credit your score is recorded from 0-100. It tookgfjhf me 90 days to get to 80.

It didn’t take long and it was an easy process to follow. Be sure to like, share & follow as i reveal 3 companies that report your net account payments to duns to help build your paydex.

Thanks for reading,

Shannon