11 ways to start building business credit in 30 days

Building business credit is essential for the growth and success of your company. A strong business credit score can unlock access to better financing options, lower interest rates, and more favorable terms with vendors and suppliers.

But how can you start building business credit quickly? In this article, we'll explore how to develop business credit, including nine effective strategies to help you establish and improve your business credit in just 30 days.

Ways to build business credit fast

So, how do you build business credit? Methodically and over time. Here are more specific ways to streamline the process.

1. Incorporate your business

The fastest way to build business credit is to establish your company as a separate legal entity.

Decide your business name, address, and phone number. Choose a business structure, such as a Limited Liability Company (LLC), S-Corp, C-Corp, sole proprietorship, etc. By incorporating your business, you create a distinction between your personal and business finances. This step is needed for protecting your personal credit and assets.

2. Obtain an EIN

Once you've incorporated, obtain an Employer Identification Number (EIN) from the IRS. Your EIN is like a Social Security number for your business and is required for opening business bank accounts, filing taxes, and applying for business credit.

Once you have your EIN, you're ready to start building business credit. Consider using a corporate card like Ramp, which doesn't require a personal credit check or founder guarantee, to begin establishing your business's financial footprint.

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3. Apply for a DUNS number

A crucial step to building business credit fast is to secure a DUNS number. A DUNS (Data Universal Numbering System) number is a unique nine-digit identifier assigned by Dun & Bradstreet to businesses worldwide. Many lenders, vendors, and government agencies use the DUNS number to assess a company's creditworthiness and financial stability.

To apply for a DUNS number, visit the Dun & Bradstreet website and follow the application process. Obtaining a DUNS number is free and can take up to 30 days. Once you have your DUNS number, you can start building your business credit file with Dun & Bradstreet.

4. Open a business bank account

Opening a dedicated business bank account further helps to separate your personal and business finances. This separation demonstrates to lenders and vendors that your company is a legitimate entity, making it easier to establish business credit. When choosing a business bank account, look for one that offers features tailored to your company's needs, such as low fees, online banking, and integration with accounting software.

5. Establish business trade lines with net 30 accounts

Net 30 accounts are vendor accounts that allow you to purchase goods or services on credit and pay the full amount within 30 days. These accounts are an excellent way to establish trade lines and build business credit more quickly than accounts with longer net terms like 60 or 90 days.

To get started, find vendors that offer net 30 terms and report to business credit bureaus. By consistently making on-time payments with these vendors, you'll start building a positive payment history, which is a key factor in determining your business credit score.

Some reliable options include:

• Office supply companies
• Shipping services providers
• Marketing and printing services
• Web hosting and online services

This dovetails into our next point, and using a tool like the Ramp Business Credit Card can help you manage your Net 30 accounts more easily. Ramp offers real time tracking of your spending to help ensure you pay those net 30 accounts on time.

6. Pay your bills on time—or early

One of the quickest ways to build business credit—and most critical factors in building strong business credit—is making on-time payments. Late payments can quickly damage your business credit score, making it more difficult to secure financing or favorable terms in the future. To ensure timely payments, set up automatic payments or reminders for your bills.

Consider using accounting software to help you track expenses and manage cash flow more effectively.

7. Monitor your business credit reports

Regularly monitoring your business credit reports helps you stay informed about your credit standing and identify any potential issues early on. The three major business credit bureaus—Dun & Bradstreet, Experian, and Equifax—each maintain separate credit reports for your company.

You can access your business credit reports through the bureaus' websites or by using a credit monitoring service. By keeping an eye on your reports, you can ensure that the information is accurate and up-to-date, and you can take steps to address any negative items promptly.

8. If you accept credit cards for payment, use a strategic merchant processor

If your business already accepts credit card payments—or plans to—you're sitting on a powerful opportunity to build business credit rapidly.

While most merchant processors handle your transactions, only some report your processing fee payments to the major business credit agencies. By switching to a provider that does report, you transform your routine, unavoidable processing fees into a valuable, positive trade line on your business credit report.

9. Apply for a business credit card

Obtaining a business credit card is one of the quickest ways to start building your business credit history. Look for a card that reports to business credit bureaus like Dun & Bradstreet, Experian, and Equifax. Some business credit cards also offer valuable rewards, such as cash back or points on business-related purchases.

A secured business credit card is typically a good fit for businesses who need time to build credit. These cards require a cash deposit as collateral, which serves as the card’s credit limit. Your approval odds are better with a secured business credit card than with a traditional (unsecured) business credit card. The best secured credit cards include Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured, the Capital One Quicksilver Secured Cash Rewards Credit Card, and the Platinum Secured Mastercard.

When applying for a business credit card, be prepared to provide information about your company, such as your EIN, business structure, and revenue. Many traditional card issuers require a personal guarantee—especially for new businesses or those with limited credit history—which can put your personal assets at risk.

However, with Ramp, you can bypass this requirement, as our cards don’t require a personal guarantee or credit check. Ramp also reports to major business credit bureaus, helping you build your business credit history.

10. Apply for a business line of credit

A business line of credit is a valuable next step after establishing your credit profile.

Unlike loans, it provides flexible access to funds and actively builds your business credit through reported payments. Even with a smaller initial limit, consistent, on-time payments can lead to increases and higher limits over time.

11. Lower your credit utilization ratio

Your credit utilization—the percentage of your available credit being used—affects your business credit score. Maintaining low balances relative to your credit limits shows lenders responsible financial management. After 6-12 months of on-time payments, consider requesting credit limit increases, but avoid maxing out your credit.

What are the benefits of building business credit?

Intentionally building your business credit has several positive downstream effects, such as:

• Access to better financing, including loans and lines of credit with more favorable terms, such as lower interest rates and higher borrowing limits.
• Improved supplier relationships, as you’re able to negotiate better payment terms with suppliers.
• Increased credibility and improved company reputation.
• Simplicity of separated personal and business finances.
• Good business credit can simplify the process of obtaining business insurance, leasing equipment, and securing other essential resources.
• Strong business credit can open doors to new business opportunities.

How long does it take to build business credit?

The speed at which you can build business credit depends on several factors, such as the number of trade lines you establish, the consistency of your payments, and the reporting practices of your creditors.

It could take you anywhere from 6 months to 3 years to build a good credit score. Keep in mind that actively managing your business finances and seeking diverse credit opportunities can help accelerate this process. However, patience is key, as building a strong credit profile is a gradual process that requires consistent effort over time.

Can I use my EIN to apply for credit?

Yes, when applying for a business credit card or other forms of business credit, you can use your EIN instead of your personal Social Security number. This helps separate your personal and business credit, protecting your personal credit score from any potential negative impact from your business activities.

What is a good business credit score?

Business credit scores range from 0 to 100, with higher scores indicating lower risk. A good business credit score is generally considered to be 80 or above. When your score is less than 80, it may be viewed negatively by lenders and creditors, potentially resulting in higher interest rates, difficulty securing financing, and less favorable payment terms.

How can I raise my credit score in 30 days?

While it's not possible to drastically improve your credit score in just 30 days, you can take steps to begin enhancing it and start building your business credit within this timeframe by paying off debt, disputing inaccuracies on your credit report, making all payments on time, keeping credit utilization low, and considering requesting a credit limit increase on existing accounts.

How to prequalify for a business credit card

Pre-qualification is essentially a preliminary evaluation of your business's financial standing and allows you to explore credit card options without negatively impacting your credit score.

Pre-qualification practices vary among lenders, and some may offer it more readily than others. Generally speaking, lenders use available data to gauge your likelihood of approval and do a "soft credit pull." The lender checks your credit information without impacting your credit score.

Pre-qualification doesn’t guarantee approval; rather, it indicates that you likely meet the lender's initial criteria. A full application and review are still required if you pre-qualify. The lender may also present you with potential credit card offers to win your business.

Take control of your business finances with Ramp

As you work to build your business credit, consider how a corporate card like Ramp can help you streamline your expense management and save money. Ramp offers a range of features designed to empower businesses, including:

• No personal credit checks or founder guarantee required
• Preset controls on corporate cards for specific vendors and categories
• Easy expense submission through SMS, mobile app, and integrations
• Real-time insights into spend and savings
• Cashback rewards and built-in savings opportunities

Ramp goes beyond just being a card. It's an advanced expense management platform offering real-time visibility into your finances. By reporting to major credit bureaus, Ramp helps build your company's credit history and rating while you focus on taking control of your company's finances.