5th Step: Selected Credit Cards

You Must Have 3 Revolving Credit Card Accounts That Report

A revolving credit account is one that allows you to pay a “minimum due” per month and not the full outstanding balance. These accounts normally report to Experian and sometimes to D&B and Equifax. Because of how they report, these accounts will help build your business credit on a larger scale than just the Net 30 day vendors alone.

There Are Things You Must Know Before Applying

Why? Because if you don’t, your business will most likely get declined for business credit cards.

These accounts will be checking to see that your business credit foundation is set and that your business credit files are open with at least Experian and D&B. That means you need to have vendor credit line providers that are already reporting.

You should have a monitoring subscription with all three bureaus by now. This would include Experian’s Business Credit Advantage Plan, Dun & Bradstreet’s DNBi SelfMonitor – Monthly and Equifax’s
Business Monitoring & Alerts. You need to have access to all three profiles in order to verify there is some combination of at least a total of 5 (five) unique tradelines across Equifax, Experian and Dun & Bradstreet.

Overall, you should have a total of at least 5 (five) reporting vendor lines prior to applying for accounts in Step 5. You will also need to have your D&B credit file number (D-U-N-S #) available because some of these card providers will require it. You can pre-select credit cards but do not apply until your business is ready.

There are over 500 business credit cards in the U.S., but less than 70 of them report solely on business credit and do not show up on your personal credit reports. Next, you will have the option to access our highly researched database of reporting business credit cards. Once you have access, you will be able to see what each card provider requires to approve your business before you apply.

Attention!!  Do not apply with any of these credit card providers until you have verified that at least your Experian and Dun & Bradstreet business credit files are open and that you have a total of at least 5 reporting trade-lines for a period of more than 30 days, or you will get declined.

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