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How Do I Get Corporate Credit?
Establishing credit for a business has similarities to establishing personal credit. It's important to establish different types of credit and to build a positive credit history by making company payments on time.
Establish a Credit Card
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Even if you are a small business owner, it's important to separate your personal credit responsibilities from your corporate credit. One easy way to do this is to establish a corporate credit card. Almost every major credit card issuer -- American Express, Visa and MasterCard -- offer business credit cards. Making company purchases with the business card is a great way to establish business credit and to separate personal and business expenses.
Apply for a Business Line of Credit
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Local banks, credit unions and national banks also offer business lines of credit. Apply for a business line of credit to use to pay for business expenses as well. Many companies use the line of credit for start-up costs, to pay for daily operating expenses or for special expenses such as expansion fees or buying special equipment.
Pay Bills on Time
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As it is important to build a positive personal credit history by making your bill payments on time, the same holds true for establishing business credit. Once you establish a business credit card, lines of credit and other business credit accounts, it's important that these accounts are paid on time and kept current. Managing the type of credit you establish for the business and always making sure your creditors are paid on time are great ways to get and maintain corporate credit.
eHow Article: How Do I Get Corporate Credit?
