How to Improve Your Business Credit Score in 90 Days

Your business credit score is one of the most important factors lenders consider when evaluating your loan application. A higher score can mean better interest rates, higher loan amounts, and more favorable terms. Here's how to improve your score in just 90 days.

Understanding Business Credit Scores

Unlike personal credit scores that range from 300-850, business credit scores typically range from 0-100. The three major business credit bureaus are:

•Dun & Bradstreet: (PAYDEX score)

•Experian Business:

•Equifax Business:

Each bureau has its own scoring model, but they all consider similar factors: payment history, credit utilization, length of credit history, and public records.

Week 1-2: Establish Your Foundation

1. Register Your Business Properly

Make sure your business is properly registered with the state and has all necessary licenses. Lenders want to see a legitimate business entity.

2. Get an EIN

If you haven't already, obtain an Employer Identification Number (EIN) from the IRS. This separates your business finances from personal finances.

3. Open a Business Bank Account

A dedicated business bank account shows financial separation and professionalism. Many lenders require this for business loans.

Week 3-4: Build Trade Credit

4. Open Net-30 Accounts

Net-30 accounts allow you to pay invoices within 30 days. Many vendors report to business credit bureaus:

•Uline

•Grainger

•Quill

•Crown Office Supplies

Start with 3-5 accounts and pay them early or on time.

5. Pay Bills Early

Payment history is the biggest factor in your score. Paying early (not just on time) can actually boost your score faster with some bureaus.

Week 5-8: Establish Credit Lines

6. Apply for a Business Credit Card

Look for cards that report to business credit bureaus. Use them for regular expenses and pay the balance in full each month.

7. Keep Utilization Low

Aim to keep your credit utilization below 30% of your available credit. This shows you're not overextended.

Week 9-12: Monitor and Maintain

8. Check Your Reports

Monitor your business credit reports for errors. Dispute any inaccuracies immediately.

9. Add Positive Trade References

Ask vendors and suppliers to report your positive payment history to credit bureaus.

10. Be Patient and Consistent

Building credit takes time. Continue making on-time payments and your score will steadily improve.

Common Mistakes to Avoid

•Missing payments: Even one late payment can significantly hurt your score

•Applying for too much credit: Multiple hard inquiries can lower your score

•Mixing personal and business finances: Keep them separate

•Ignoring your reports: Check them regularly for errors

The Bottom Line

Improving your business credit score is a marathon, not a sprint. But by following these steps consistently for 90 days, you should see meaningful improvement. A better score opens doors to better financing options for your business.

Ready to see what financing you qualify for? Check your rate with FastLoan - it won't affect your credit score.