My Business Credit Journey to 1,000,000

Knowing what the ideal company is will always help you to compare to your company to ensure that you are set up right.

Getting your company to close to the ideal profile will help when underwriters look at these “profile items”. They use these items to make credit decision, from approvals and denials to the size of the credit limits granted.

• Your entity should not be a sole proprietorships. This simply defeats the purpose of separating liability. – it MUST be either an LLC or a corporation. We have noticed that corporations tend to get a bit higher credit lines than LLCs but this is not a huge difference.
• Each entity MUST have it’s own tax ID number (EIN). If you have multiple companies, each one should have a separate EIN.
• It would be ideal for an underwriter to be able to pick up a phone, call 411 and give the city and state your company is located in, give the name of your company and the 411 operator return back your company phone number.
• Having 10 employees or more will enhance your DnB profile.
• Once your business is more than 2 years old you will be able to get many more lines of credit.
• Generally speaking, businesses with annual revenues of $500,000 or more are approved more easily.
• Using a PO Box Address as your main office address is simply not acceptable.