Business Formation

& The Basics of

Building Business

Credit: Tier 1
Welcome!

I'm Teri, Owner of Dynasty Deluxe Solutions

Dynasty Deluxe Solutions is a Credit Repair Company who has
assisted individuals in improving their credit for almost four years.
Within the last year, we have also assisted individuals in
establishing business credit. This business was founded on
spiritual principles that have helped us develop a mission and
vision statement that serve our clients needs. I created this free
guide so that business owners will know how to properly structure
their businesses and so that you'll know the basics of building
business credit.
Business
Formation
Come up with a Business Name. Make sure that your

name doesn't match someone else's. To check, be sure

1 to search your Secretary of State business directory.

You may also want to Google the name.

What is your business address? If you have a store or

office, you would of course use that address. If you're

2 looking for a Virtual Office Address, I'll have few links

listed for you.

Be sure to have a business phone line that is separate

3 from your personal. I'll have some business phone

options listed.

In most cases, you will File an Articles of Incorporation

with your Secretary of State. The fee to file varies from

4 state to state and the most common business entities

are LLC and S-Corp,

From there, you'll apply for your EIN (Employer ID Number) through the IRS

website. Applying is completely free and I will have the direct link listed below.

Be sure to keep a copy with you at all times. You will need this for everything

5 including applying for business credit and business taxes,

Depending on your state, you may be required to have certain additional

licenses. Be sure to do your research. Note: Please make sure that all

information matches your Articles of Incorporation.

It's important to have an online presence. Set up a professional website and

6 email address. Believe it or not, it helps when applying for business credit.

Financial institutions will visit it in order to verify your business. I recommend

creating a company email address that matches your website name.

Example:
www.Company123.com
Email Adress: Teri@company123.com

Social Media provides some of the best marketing! Be sure to create

business pages on Facebook, Instagram, Twitter, and TikTok.

Business
Formation
Cont.
Apply for and set up a Business Checking Account. It is important to

keep your personal and business finances separate. Some lenders

7 may require Bank statements when you apply for business credit

and about 90% of the time, they will require it to be a business bank

account. You will see some options listed.

8 List your business in your local 411 and online searches

(Google, Yelp, Manta, etc.)

9 Sign up for a merchant account. Options will be listed.

Helpful Links
To look up your Secretary of

State website
SOS Search

IRS Website for EIN

Apply for EIN

Virtual Address Options

Regus

Opus

Alliance

iPostal

Davinci

Business Phone Line Options

RingCentral

Grasshopper

Global Voice Direct

Verizon Business Lines Note: Build Business Credit before applying

Business Bank Account

Chase Business & Personal Checking

Nearside

Novo

Websites, Emails, and Domains

UENI

WIX

Shopify

GoDaddy
Google Workspace

Merchant account Services

Honeybook Note: Once you set up your website,

they will give you additional options for

Stripe merchant accounts also. It's always

best to give your clients/customers

Square several payment options.

Buy Now, Pay Later Klarna: For service and product based

businesses
For Business Owners
Sezzle: For service and product based

businesses
Shop Pay: For service and product

KLARNA based businesses. You can only use

Shop Pay if you have a website

AFTERPAY through Shopify.

Afterpay: For product based

SEZZLE businesses
Affirm: For product based businesses
AFFIRM Note: Having these options on your

website will definitely increase your

SHOP PAY sales. It allows your customers to split

their payments instead of paying the

full amount upfront. As soon as the

customer makes the first payment,

you'll get paid the full amount of the

order. (Payment processing times vary

for each company)

Listing your Business

411 Listing

Google my Business

Yelp
 Establishing Your Business Credit

Report
Before attempting to establish any type of business

credit, you will need to make sure that you are registered

with Dun & Bradstreet. Creditors will check this for

credibility. If you have already been in business for a while,

you may already have an established D-U-N-S number.

Get D-U-N-S
Select the D-U-N-S number tab
To Apply, Select "Get D-U-N-S number"
To see if you already have a D-U-N-S

number, select "D-U-N-S number lookup"

They will require you to upload two supporting documents to verify your

business. Example: Articles of Incorporation and EIN Letter. After applying, you

will receive a confirmation email. You typically receive your D-U-N-S number

with three business days but it can take longer. If you haven't received anything

within the 7th day, be sure to contact them.

Building Business
Credit
Now that your business is set up properly, you can now

begin to start building business credit. To establish

business credit using your Employer Identification number

(EIN) and without using your Social Security Number (SSN)

as a personal guarantee, you will want to understand the

Tier system. In this guide, I will only touch on Tier 1.

Tier 1: The Vendor Credit Tier

This is the starting point for any person who doesn't have

any business credit yet. At this Tier, you are only eligible to

purchase items from specific vendors. These vendors

often extend a Net-7 to Net-30 account where you can

pay with no interest to get you started. Net accounts are

accounts that extend you a specific amount of days to pay

the bill in full after you have purchased the products. For

example, if you have been approved for Net 30 payment

terms, you'll be required to pay off the full amount of your

purchase within 30 days. I always suggest to pay your

invoice seven days before the due date.

Note: In order to establish business credit, it takes money

and time. You'll have to purchase items from the vendors

listed in order for them to report your payment history.

Each order that you place should be between $50 to $100.

It can take up to 90 days to begin reporting. You should

have at least five to seven Net accounts reporting. Be sure

to place an order each month until it shows on your

business reports. In order to monitor your business

reports, be sure to sign up with NAV. (The link is below)

Once each vendor begins to report, you no longer have to

order from them as frequently.

 Freezing Your Personal
Credit Reports
Before applying for Tier 1 accounts, be sure to freeze your

personal credit reports. The reason for this is to ensure

that when you apply, they will solely base your approval

off of your EIN ONLY and so there will not be a hard inquiry

on your personal credit reports

Transunion

Equifax

Experian
Tier 1 Accounts
There are several Tier 1 accounts out there but they do

not report. I've listed the accounts that have reported

for my businesses and other clients.

Quill Office Supplies

Equipment for material handling, warehouse &

Uline retail operations, safety & more.

Grainger Premier industrial supplies and equipment

NAV is a must have. It allows you to monitor your business reports for

NAV DNB, Experian & Equifax while acting as a reporting trade line to help you

build your business credit at the same time

Brex Card Brex offers corporate card that is mostly based on your revenue.

If you are denied for the corporate card, they will send you a

standard card which works like a debit card.

Business Design Services, Office Supplies,

CEO Creative Branded Apparel, and more.

Get access to their Business Credit University ,

Sykes and their eBook library

Pilot Fuel Card Gas card accepted only at Pilot Fuel locations
Universal Gas card accepted at any gas

RoadFlex stations

Shell Gas Card Gas card accepted only at Shell locations

Extras for Business
Owners
Next Business Insurance

Create Flyers, business card designs, and more

Canva for your business.

Vistaprint Printing and Design Services

Personal Credit
Monitor your personal Vantage Scores for

Credit Karma Transunion & Equifax for free.

Monitor your personal FICO Scores for

Experian Experian for free.

Monitor your personal FICO Scores for

MyScoreIQ Experian, Transunion, & Equifax.

Installment Loan that helps to build positive

Self payment history.

IA great starter credit card option for people

Capital One who are building or rebuilding.

 In Closing
IN CLOSING.....
We know that building

business credit can be a

bit overwhelming but

patience is needed

during this process. It is

also needed when

building and maintaining

your personal credit

credit. I have found that

you will receive the

maximum amount of

funding when both your

For more

personal and business

information about
credit is in good
our company or

standing. If you are ever

to contact us,

in need of Personal

Credit Repair, Building

select the link

Personal Credit, or
below.
Building Business Credit

for you, feel free to

Contact Us
reach out. We would

love to have you as a

client!
 I recently created a Facebook group

for ladies who have businesses or

who would like to start a business to

connect and uplift each other. You

will be able to promote your business

for free on Thursdays and I will be

dropping business tips, credit tips, and

more information on business credit.

Select below to join.

Join Now