6 Major Types of Business Credit Applications

Before you begin applying for credit it's important to figure out what strengths and weaknesses your company brings to the table.Are you a startup or have you been in business for several years

?Do you have projected revenues or actual revenues coming in year after year?Does your company process credit cards on a monthly basis? If so, how much volume?Are you struggling with poor personal credit or do you have strong credit scores?Does your company have any assets or are you relying on using your own personal assets?Once you have made an honest assessment you'll have a better idea of what types of credit your company will be able to start obtaining right away.I have assembled the six major types of business credit applications along with some actual examples so you can easily identify which best fit the needs of your business.6 Major Types of Business Credit Applications1) Personal Credit Check -Personal Guarantee - Reports to Personal Credit Reports (Business Credit Cards from Chase, Bank of America and other major bank cards)2) Personal Credit Check -Personal Guarantee - Reports to Personal Credit Reports and Business Reports (Capital One Business Platinum : that card reports to Corporate Experian, Small Business Equifax, Experian, Transunion, Equifax)3) Personal Credit Check 'Personal Guarantee - Reports to Business Reports (Discover Business, Comerica Business Mastercard)4) Personal Credit Check 'Business Credit Check - No Personal Guarantee - Reports to Business Reports (Sam's Club Business Discover card)5) Business Credit Check - No Personal Credit Check 'No Personal Guarantee - Reports to Business Credit Reports (First Equity Card, Secured business credit cards, Vendor credit lines)6) No Business Credit Check - No Personal Credit Check 'No Personal Guarantee - No Business Credit Reporting (Merchant Card)While most businesses start off with trade credit and secured business credit cards you can easily obtain other types of credit depending on what you are willing and not willing to do.If you are against a creditor pulling your personal credit reports then you have to realize that your business must be able to show that it's a creditworthy company.Getting incorporated, obtaining a federal tax identification number and complying with corporate conformity is just the beginning.Applying for credit is the next step and depending on what level of risk your willing to accept on a personal level makes a big difference on what business credit applications you will end up filling out and submitting for credit approval.It's not uncommon for a business owner to apply for several different types of applications listed here so don't limit yourself to one type of application.Creditworthiness starts with establishing strong business files, solid business scores and favorable bank ratings.

6 Major Types of Business Credit Applications

By: Marco Carbajo

POST COMMENT

Managing Your Small Business Credit Card Importance Of A Business Analyst SEO Services UK: Understanding Business Promotion Getting To Discover How On-line Auction Business Operates Get Your Business Noticed With Custom Calendar Printing Minimize Risk And Increase Business As A Secured Creditor Let Your Business Reach The Next Level Of Success Using Call-To-Action In Your Business Website Business Plan How To: Four Tips To Assist You Fast Doorstep Loans Wait At Your Doors For Cash Business Expense Management - Srm How To Start A Quilt Shop Business Why Mobile Marketing Is An Important Tool For Business Succession