How to build business credit

A step-by-step guide to establishing business credit, plus how to check your rating at the three major bureaus.

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One of the major things you can do to help your company’s financial future is establish and build your business credit. With good credit, you can get better loan terms and lower interest rates.

What is business credit?

Business credit is a number that represents a company’s ability to borrow money. This means that if a company wants to take out a loan, the lender will consider its business credit as one of the determining factors when making a decision on the application. If approved, it also affects the interest rate you qualify for.

Our pick for a business credit card

American Express® Blue Business Cash Card

  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power§.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the card, your payment history, credit record, financial resources known to us and other factors.
  • 0% intro APR on purchases and balance transfers for 12 months, then a variable rate, 14.74%, 17.74%, or 20.74%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No annual fee
  • Terms apply
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See Rates & Fees

Compare business credit cards

One way to establish business credit is by opening a business credit card and making on-time payments. This shows creditors that you are likely a low-risk borrower, and they may be more willing to loan to you in the future. Below you can compare some of the top business credit cards on the market.

Updated February 21st, 2020
Name Product Rewards Purchase APR Annual fee
Ink Business Preferred℠ Credit Card
3x points on the first $150,000 on travel and select business categories annually, then 1x after and on all other purchases
17.49% to 22.49% variable
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
American Express® Blue Business Cash Card
2% cash back on all purchases on up to $50,000 per calendar year, then 1%
0% intro for the first 12 months (then 14.74% to 20.74% variable)
Earn 2% cash back on all purchases on up to $50,000 per calendar year, then 1%. Rates & fees
The Business Platinum® Card from American Express
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
Earn 50,000 points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening. Rates & fees
The Blue Business® Plus Credit Card from American Express
2x points on everyday business purchases on up to $50,000 annually, then 1x points
0% intro for the first 12 months (then 14.74% to 20.74% variable)
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions. Rates & fees
American Express® Business Gold Card
4x points on two categories on up to $150,000 combined annually, then 1x points after that and on all other purchases
15.74% to 23.74% variable
Earn 35,000 points after spending $5,000 in the first 3 months from account opening. Rates & fees

Compare up to 4 providers

How to build and establish business credit

How does a business credit card affect business credit?

Most of your credit-building endeavors will revolve around paying your suppliers and vendors, paying your bills and borrowing from lenders. The easiest and most convenient way to manage this is to get a good credit card for your business needs.

With most business credit cards, you can:

  • Automate your payments
  • Set payment alerts
  • Manage and track your spending and the spending of your employees

Some business credit cards offer specific perks and features that can also help you build your credit, such as:

  • A 0% intro APR period on balance transfers, purchases or both
  • Payment flexibility with up to a 60-day grace period

Is my small business ready for a corporate card?

Who scores my business credit?

There are multiple agencies that keep your credit score, but the largest three are:

    • Dun & Bradstreet. In addition to the business score — which they call Paydex score — Dun & Bradstreet includes a credit recommendation to the lender. To get the Paydex score, you must have a D-U-N-S number, which is free to get at the bureau’s website.
    • Equifax. This bureau offers two scores to the lender: the business credit risk score and the business failure score. The scores are meant to evaluate the risk of your company and its chance of failing within the next year.
    • Experian. With this credit agency, your company only gets one business score, which ranges from 0 to 100. The higher your score, the better your company will look in the eyes of the lender.

    Can a business credit card damage my business credit?

    If you’re not careful, you can damage your business credit with your business credit card. This can happen when you:

          • Fail to make timely payments
          • Default on your business credit card
          • Carry too much debt
          • Apply for too many business credit cards in a short period of time

    Why is it important to have good business credit?

    With good business credit you’ll get:

          • Better payment terms with vendors and suppliers
          • Lower interest rates from lenders and banks
          • Higher credit limits when applying for a credit card or loan

    How to check your business credit rating

    To check your business credit rating, you need to:

    1. Visit one of the business credit bureaus’ websites.
    2. Find your company. On the Dun & Bradstreet website, you need to provide your company’s D-U-N-S number, while on Experian and Equifax you only need to provide your business name and location.
    3. Purchase the report.

          • The Experian basic report costs $39.95
          • The Dun & Bradstreet basic report costs $61.99
          • The Equifax basic report costs $99.99

    Why you should monitor your business’s credit reports

    Your business credit is one of the primary factors that banks and lenders take into consideration. That’s why you need to constantly keep an eye out for errors and fraudulent activity.

    1. Check if the same error is shown on all three credit bureau reports.
    2. Next, check if the data is accurate or if it’s indeed an error.
    3. If it is an error, reach out to the bureaus that list it and explain the issue.
    4. Provide proof that supports your claim.

    How to get a business credit card

    Bottom line

    Your business credit can determine whether you’ll get approved for a loan or credit card for your company as well as its interest rate. This is why you should start building your credit as soon as you start your company and continually strive to improve it. If you notice something’s amiss, contact the credit agencies and ask that the error be corrected.

    If you follow these steps for building and establishing your credit, you’ll likely be able to score lower interest rates and better loan terms for your business.

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