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Small Business Resources
Hello Warren, I've incorporated a business and am looking for guidance for establishing business credit. I'm not looking for loans or financing right now, but would like to establish a business credit history so I would have the option down
the road. In question form: What do I need to do to establish business credit history for a newly incorporated business?
Hi Aingaran, When you are starting, most creditors will take a good look at your personal credit worthiness if your business doesn't have a sufficient track record. So, to begin with, make sure you do all you can to improve your own personal credit scores. Pay off your credit cards on time, pay your mortgage or rent on time etc. If your credit score isn't where it needs to be, you may want to speak to a credit counsellor. If your personal credit is fine, that will help you a lot. For your business, applying for a small line of credit will help if you get it. If you have zero credit history at all, simply using the line a couple of times and paying it off right away will establish some favourable history. You may also get a company credit card and use it for expenses that you know you are going to pay off in the month anyway. These small steps at least establish a credit history that will look positive. For more detailed steps, again, you may consult a credit counsellor. Best of luck! Warren
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