Page 161 - Winning The Credit Game Bundle (CK Patrick)

CHAPTER 5
MONITOR BUSINESS

CREDIT REPORTS

Now that you have established your business’s credit reports
and obtained your first lines of business credit, it’s time to think
about monitoring your business credit. By monitoring your busi-
ness credit reports, you can see what lenders see when deciding
whether to lend to you—and ensure that what they see looks
good.

STEPS TO CREATE A STELLAR CREDIT RATING

Your credit history is the most important component of creating
a stellar business credit report. If you do perform all the
following steps, there is a good chance that your business credit
score will grow and thrive. To build amazing business credit,
you will want to:

1. Open more than one line of basic trade credit. This
allows you to be documented by credit bureaus as
paying multiple bills on time each month, rapidly
building your business credit score.
2. Keep your utilization rate low. Just like with personal
credit, it’s a good idea to charge less than 20% or 30%
of your total credit limit on each line of trade credit

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