Step 3: Entry Level: Start Building

Welcome to Tier 1. To be eligible for the accounts in next tier, Tier 2, you must have at least three trade accounts that are reporting on your business credit reports. Use trade accounts that submit transactions to the business credit agencies when applying and making purchases. APPLY WITH 3 TRADE ACCOUNTS AND START BUILDING YOUR BUSINESS CREDIT. What exactly is a trade account? Usually, a store account is a trade account. Make sure you are working toward or setting up net terms as you set up your accounts with different vendors. Net-term payments are reported to the business credit bureaus. Make sure to enter the correct business information when requesting trade accounts so that it corresponds with all of your business records. Make sure your purchase totals $50 or more to ensure your vendors file reports. Usually, it takes 30 to 90 days to finish this stage and have your payments appear on your business credit reports. Continue to periodically search your reports so you are aware when they begin reporting.