I want to remind people that building serious business credit involves having good high dollar accounts. Having 30 low limit accounts with little use really only gets you so far. It's not going to get you those corporate cards you want or those non pg auto loans. Getting high limits on accounts does little good if your not using it.
So focus on using the accounts you really need and running them up. Prime example is Quill, Office Depot, Staples and Reliable.. How many office supply accounts do you need? Do you really need to place small orders once a month or could you just stock up and place larger orders every few months.. Get what I'm saying. If you look at other larger companies out there most of them dont have a ton of trades reported. That's because they use certain companies for all of their needs. They aren't using 4 different office supply companies. But those accounts are nice fat ones. Do you need a bunch of small accounts at first? Yes and them 6 months in stick to a few and use them and abuse them!
Good a example is a new customer of mine who brings in around $20 mill a year and has about 18 locations. They don't have a lot of trades, only about 10 but they are all large accounts for the most part. That is pretty common to. So when creditors pull your report and see you have 20 plus accounts with low use and very little income that will factor into their decision.
Quality and not quantity!
Started by
Brndnh721
, Jul 02 2012 07:14 PM
1 reply to this topic
#1
Posted 02 July 2012 - 07:14 PM
#2
Posted 03 July 2012 - 10:24 AM
I want to remind people that building serious business credit involves having good high dollar accounts. Having 30 low limit accounts with little use really only gets you so far. It's not going to get you those corporate cards you want or those non pg auto loans. Getting high limits on accounts does little good if your not using it.
So focus on using the accounts you really need and running them up. Prime example is Quill, Office Depot, Staples and Reliable.. How many office supply accounts do you need? Do you really need to place small orders once a month or could you just stock up and place larger orders every few months.. Get what I'm saying. If you look at other larger companies out there most of them dont have a ton of trades reported. That's because they use certain companies for all of their needs. They aren't using 4 different office supply companies. But those accounts are nice fat ones. Do you need a bunch of small accounts at first? Yes and them 6 months in stick to a few and use them and abuse them!
Good a example is a new customer of mine who brings in around $20 mill a year and has about 18 locations. They don't have a lot of trades, only about 10 but they are all large accounts for the most part. That is pretty common to. So when creditors pull your report and see you have 20 plus accounts with low use and very little income that will factor into their decision.
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