Step 5.1 Revolving Business Credit Lines: Starter Set
To build strong business credit reports/scores requires that your business have at least three revolving business credit accounts reporting.
Module 5: Revolving Business Credit Lines
Step 5.1: Revolving Business Credit Lines: Starter Set
Revolving Business Credit Lines: Starter Set
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 "Starter Set" accounts. Pay careful attention to their approval criteria before you apply.
BJ's MasterCard
Description: BJ's Wholesale club is a classic warehouse retailer that sells everything from groceries, fitness equipment, electronics, office supplies, and much more. They have over 210 locations in 15 states across the U.S.
Reports to: Experian Business
Approval Requirements: This is a true MasterCard that works anywhere MasterCard is accepted. BJ's requires an EIN and a BJ's business membership number to apply. To get a BJ's membership number click on the apply link below and select the business option. BJ's pulls Experian business. Approved card members will automatically be enrolled into the BJ's easy renewal program. This means that your annual renewal fee will be automatically billed directly to your BJ's Perks MasterCard. If you decide to opt out of this easy renewal then the membership discount feature of the credit card account will not be available to you. You can change your renewal preference at anytime.
Payment Terms: Revolving
CLICK HERE to Apply
Shell Fleet Card
Description: Shell is a global group of energy and petrochemical companies. A Shell card will help you keep your company's vehicles in shape and expenses under control.
Reports to: Dun & Bradstreet and Experian Business
Approval Requirements: Your company will need to have a minimum 80 Paydex Score and Experian scores of at least 650 for consideration for approval. No personal guarantee is required with established business credit history. New businesses with limited history may be required to supply a guarantor.
Payment Terms: Revolving
CLICK HERE to Apply
TSC Tractor Supply
Description: Tractor Supply Company is the largest retail farm and ranch store chain in the United States. Tractor Supply Company Business Account provides no annual fee, itemized invoices, and purchase order number captured.
Reports to: Dun & Bradstreet and Experian Business
Approval Requirements: Getting approve requires basic compliance items such as EIN, 411 listing, business bank account, D-U-N-S Number and Experian File. May require a personal guarantor if you are a newer business and have little trade line credit history.
Payment Terms: Revolving
CLICK HERE to Apply
(Select the Business Card Application)
Home Depot Commercial Card
Description: The Home Depot provides products and services for all your home improvement needs. Their Commercial Revolving Charge Card gives your business payment flexibility and provides an increase to your business credit profile at the same time.
Reports to: Dun & Bradstreet and Experian Business
Approval Requirements: Home Depot checks your company's D&B report and a Paydex Score of 80 is what you need to be issued if you're a newly formed business. If you are requesting a $10k or more credit limit then your company will need a Paydex Score of 85 or higher. You'll also need to supply your EIN and possibly a personal guarantor if your business credit report is not well established.
Payment Terms: Revolving
CLICK HERE to Apply
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Task to Complete
Select the revolving business credit accounts you qualify for and want to apply with.
