Where Can I Get My Dun & Bradstreet Rating?

July 23, 2018

By Megan Tyler –

FinanceWhether you’re competing for a government contract or trying to secure favorable terms for a loan, a solid Dun & Bradstreet Rating can help you take your business to the next level. As the oldest credit bureau in the U.S., Dun & Bradstreet (D&B) deals only in business credit and is often the go-to credit agency for the the federal government and other high volume lenders. But how do you get your D&B scores?

Business credit works differently from personal credit. Unlike with personal credit, you aren’t entitled to one free business credit report per year, and lenders aren’t required to tell you if they turned you down for a loan based on your business credit score or lack thereof. Many business owners may not know how to interpret their business credit, and that goes doubly for a multi-faceted rating like Dun & Bradstreet’s.

Dun & Bradstreet’s credit rating process can be separated into two ratings that lenders can use to evaluate a business’s creditworthiness: the D&B Rating and the D&B PAYDEX® score. These two factors work together to inform lenders about a business’s credit risk.  (more…)

The Tool Every Summer Business Needs to Get Now

June 4, 2018

By Connor Wilson –

Summer businessWhile summer won’t officially begin until June 20, the warm weather is already here and school is already out in most places. Depending on the type of business you run, this is either good news or bad news. Some businesses see significant dips in income in the summer months, while some seasonal businesses operate exclusively in the summer. With millions of Americans preparing to travel, beautify their yards, or just head out to enjoy the season, this is the time for summer businesses to make money. For some, it’s the time to buckle down and strategize so their businesses survive the slow months.

There are a number of strategies your business can use to stay afloat and continue to innovate, but one in particular is the tool that every summer business needs to stay on track and meet its goals.

Applying for a Business Line of Credit

If you’ve kept up on your payments to your vendors and other credit accounts, you could potentially qualify for a business line of credit. During 2017, 33% of Nav customers applied for funding to either help cash flow or for expansion. And 40% of customers during this period applied for lines of credit, far more than any other type of financing.  (more…)

5 Ways Business Credit Cards Can Hurt Your Credit

May 29, 2018

By Jason Steele –

Credit CardsCredit cards can be an indispensable tool for small businesses. These products offer companies a secure and convenient method of payment, while providing a valuable means of financing and being more readily available than other options like a small business loan. But with a small business credit card, its balance and payment information will be recorded on the credit histories of the primary account holder, just like a consumer credit card. This isn’t a problem when your small business cards are managed responsibly, but it causes issues when they are are not.

Here are five ways that a small business credit card can hurt your credit.

1. When you fail to make on-time payments

With both small business and consumer credit cards, making your payments on time is one of the most important things that you can do to build and maintain a positive credit history and a high credit score. If problems with your company’s cash flow affect your ability to pay your small business credit cards on time, then as the primary account holder, it can damage your personal credit history and lower your credit score. Thankfully, most small business credit cards offer email and text reminders to ensure you don’t forget their due dates. Furthermore, most card issuers also allow you to create automatic payments.  (more…)

6 Business Credit Card Fees You Can Avoid

April 2, 2018

By Jason Steele –

Credit CardIt seems like America has gone crazy with fees. It’s now standard practice in most industries to quote prices that fail to include several mandatory extra charges, often intermingled with government imposed taxes. But in the credit card industry, fees are actually under strict government control. All fees must be clearly disclosed in advance, and card issuers aren’t even allowed to use the fine print.

This makes it easy to avoid most fees when it comes to choosing a business credit card. Here are six business credit card fees you should always avoid:

1. Foreign Transaction Fees

Sometimes, it’s necessary to pay a business credit card fee in order to receive a valuable service. However, many credit cards impose a 3% foreign transaction fee on all charges processed outside of the United States. This means that you could face this charge when making purchases from a foreign supplier, even if the transaction is in U.S. Dollars. Thankfully, there are many small business cards with no foreign transaction fees. For example, all Capital One cards, including the Spark small business cards, have no foreign transaction fees.  (more…)

The Right Way to Close a Credit Card

March 12, 2018

By Jason Steele –

Credit CardDid you know that there’s a right way and a wrong way to close your small business credit card? If you do it the wrong way, you could miss out on rewards and benefits, and possibly even incur late fees and interest payments. Use these steps to make sure that you close your credit card account the right way.

Consider Alternatives to Closing Your Account

There are some good reasons why you may wish to close your small business credit card account, but many of them can be addressed by your card issuer. The market for small business credit cards is extremely competitive, and card issuers are willing to go to great lengths to retain existing their customers. For example, if you are closing your account because the annual fee is too high, and you let your card issuer know, then it may waive your annual fee to keep your business. Likewise, if the standard interest rate is not competitive, then your card issuer might be able to offer you a lower rate.

And even if you aren’t satisfied with your card’s rewards and benefits, you can actually have your existing account converted to a different card offered by the same issuer, without having to close your account or apply for a new card. This is called a product change, and your existing account information and balance will be retained, while having the rewards, features and benefits of a different card.  (more…)