Page 156 - Winning The Credit Game Bundle (CK Patrick)

more frequently than an account with net 90 terms, which may
not report your successful payment to the credit bureaus until 90
days after your first purchase with them. Some companies may
even offer your business a discount on supplies if you pay your
invoice early, so keep an eye out for rewards that could help
your dollar go further as a small business!
Knowing when the 30 days you have to pay your invoice
begins is also a good idea. When is the start date of this period?
Is it the day you make the purchase? The day you receive a
digital copy of the invoice? The day an invoice sent via snail mail
is postmarked? If you plan to pay your balances early, you may
not need to worry about this too much, but it’s good information
to have and to put into your business calendar to prevent any
possibility of accidentally paying late. 1
For this chapter, we will focus on vendors with two attributes
ideal for businesses seeking to build Tier 1 credit history rapidly.
These three important attributes are:

1. Net 30 accounts. While some businesses prefer longer
or shorter payment periods, net 30 accounts are a fast
yet reliable way to build credit history as they report
your successful payments to credit bureaus just 30
days after they issue your invoice.
2. Report your payments to at least two of the three
major business credit reporting agencies. All the
vendors we will recommend here report your
successful payments to at least two of the following:
Dun & Bradstreet, Equifax, and Experian.

Some examples of businesses that offer reputable tradelines with
2
favorable terms include Wayfair, Quill, and Office Depot.
Quill, for example, specializes in helping new businesses
build credit quickly with net 30 terms on a huge variety of items
ranging from office supplies to laundry detergent to snacks and
hot drinks for the break room.3

144