Step 5.4 Revolving Business Credit Lines: Building & Decor Supplies
These revolving business credit lines are building & decor companies that report to the business credit reporting agencies.
Module 5: Revolving Business Credit Lines
Step 5.4: Building & Decor Supplies
Building & Decor Supplies
The Rules for Applying With Revolving Accounts Are...
- Always submit each application with your personal SSN number left blank.
- If any of the revolving accounts ask for a social security number, be sure to tell them you want to try qualifying for credit terms based exclusively on your business information.
- You may still need to provide a personal guarantor with some of the providers. Remember, providing a guarantor is fine as it only affects the guarantor's personal credit in the case of total default. A few late payments will not affect personal credit, but you should never be late on payments as it does affect your business credit reports.
The revolving business credit account providers listed below are building and decor supply accounts. Pay careful attention to their approval criteria before you apply.
Lowe's Hardware
Description: Shop Lowe's selection of tools, kitchen appliances, cabinets, cabinet hardware, counter-tops and paint. Purchase online or at your local Lowe's center.
Reports to: Dun & Bradstreet and Experian Business
Approval Requirements: Apply online for approval with your D-U-N-S Number. Lowe's issues $1k credit limits for businesses with limited history. With an 85 or higher Paydex score you may receive up to $5k in credit limits. If your business is in operation for less than 3 years then you may be required to supply a guarantor. A personal guarantor is required by an owner/officer if you are (1) a partnership or proprietorship or (2) a corporation that has been in business less than 3 years. Online application submissions can take as little as 45 seconds for approval. They will mail you a letter if your company is declined. You may have better success applying at a store location as well.
Payment Terms: Revolving
CLICK HERE to Apply
Sears Commercial One
Description: Sears Commercial One Card can save your company time and money when purchasing Kenmore appliances, lawn tractors, Craftsman tools and many other products. The Sears One Commercial Card comes with enhanced invoice detail, simplified expense tracking, and more.
Reports to: Dun & Bradstreet and Equifax Small Business
Approval Requirements: Sears requires strong business credit scores (80+) with Dun & Bradstreet. If you don't have a Paydex score then they will check Experian Business and Equifax Small Business to see if your company has a rating. If you have strong history then they may not require a personal guarantor. If your company is less than 2 years old then they may require a guarantor unless your business has exceptional credit. Leave the social security number on the application blank to try to qualify under the business name only. You will also need to supply your EIN.
Payment Terms: Net 25
CLICK HERE to Apply
(You can also ask a Sears associate for an application at a Sears store)
Revolving Business Credit Applications
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1
Task to Complete
Select the revolving business credit accounts you qualify for and want to apply with.
