Updated: Feb 3
Yes, it's the season for spending, and if you're anything like me, chances are you'll be spending more than planned. But this is also the time of year to spend in the right places, making sure all those purchases add smiles to the faces of your business partners, employees, suppliers and favorite clients while adding up to a healthy boost for your business credit scores!
That's right! You can actually boost your business credit by making the purchases you already have in mind by just adding a few simple steps to what is normally a tiresome and stressful shopping process. Just imagine, you could put a spring in your step, get through your corporate shopping list, and actually earn credit by Christmas shopping! How crazy is that?
Whether you are rewarding valued employees, sprucing up the office for the holidays, sending a special thank you to clients, or launching a Christmas gift-away for customers, the purchases you make this time of year should count toward your corporate credit just like the normal bills that are a part of doing business, which means they will play just as significant a part in boosting your credit scores and ratings.
Here are some timely tips to fast track your credit-building: ----------
Shop online! Don't just buy, buy smart by creating an account with the online merchant, making sure the account is in the business name and using the business address (even if it's your home address). If that merchant (or their credit underwriter) reports to the business credit bureaus, any purchase of $50 or more can get reported to your corporate credit file.
COD or Credit Counts! Even if you are prepaying for your purchase, you can still get credit for having spent money with a trusted provider. Since most larger companies will report both credit and prepaid purchases over the $50 minimum, your purchase can go a long way toward building or boosting your credit file, even if it gets added to your file as a "cash" transaction.