At a workshop learning how to build business credit. 📈
Live update takeaways:
1) It’s difficult to build business credit if you have a sole proprietorship
2) Debt usage on your credit card is reported at the end of the billing cycle, typically before the payment is due. To avoid a high debt usage being reported to credit agencies pay your bill about 5 days before the billing cycle ends so that the payment posts before your billing cycle ends, thereby keeping your debt usage lower.
3) list of business credit card issuers and how they report personal credit: https://www.nav.com/resource/do-business-credit-cards-report-to-personal-credit/
4) Credit Inquiries for all mortgage, auto, or student loans done within a 14 day period count as one inquiry.
5) If you make your kid an authorized user then their credit history is automatically extended to the age of the credit card account. (Maybe dependent on the credit card issuer so ask!)
6) Nav.com will give you a free business credit report
7) A good way to start building business credit is by setting up a purchasing account with Uline and/or Grainger because they report that payment history to business credit bureaus.