BB Bookwork's Inc

"Your Fastest Path to Better Cash Flow"

Category: Business Credit

  • Benefits of Business Credit

    Benefits of Business Credit

    The potential benefits of business credit far outweigh the efforts and investment in building corporate credit. Chances are that your competitors are building corporate credit. Large tech-based lenders have a strong interest in lending to businesses that have good business credit.

    • Better chance of small business loan approvals
    • Higher loan amounts
    • Access to business credit without a personal guarantee
    • Lower rates on loans, credit cards, and insurance
    • Business credit can be used with Landlords to lease property, office space
    • Smaller deposit requirements on leases and new utilities
    • Stronger relationships with suppliers, providers and merchants
    • Stronger industry reputation and image (Branding)
    • A valuable asset if you ever decide to sell your business

    BB Bookworks Inc accepts a limited number of clients each year into its Advanced Business Credit Builder. Clients received expert assistance and coaching into building the right business credit profile for new growth.

    Business Credit

    Business Credit Benefits Liquid Credit Scoring

    Did you know that lenders, contract awarders and others are pulling your business credit scores prior to making an offer. This scoring is available within seconds. Do you know how you look to others?

    FICO’s Small Business Scoring Service (SBSS) rank-orders applicants by their likelihood of making payments on time.

    The score ranges from 0 to 300.

    The higher the score, the better. The scoring can use both personal and business credit data and other financial information. A strong history of business credit with timely payments to vendors and suppliers may help boost your SBSS score.

    Benefits of FICO SBSS Scoring

    The FICO SBSS score will be used for term loans, lines of credit, and commercial loans up to $350,000 from lenders the Small Business Administration. The minimum score to pass the SBA’s pre-screen process is currently 160. There are many benefits of business credit.

    Why Company Credit is So Good

    Monitoring your business credit score is essential to ensuring accuracy, detecting fraud, tracking changes, and improving your chances of securing better financing options. Regular monitoring can help you catch errors, understand credit changes, and take action to maintain or improve your creditworthiness.

  • Understanding FICO Business Scoring Service

    Many small business owners do not even have a good grasp on business credit scoring, never mind understanding how FICO Business Scoring Service scores impact their chances of being approved for a Small Business Administration loan program.  A FICO SBSS credit score was designed for small businesses in the United States.  United States Banks, business credit card issuers, and others most likely use this score during the decision-making process.  The SBA requires lenders to use this score to pre-screen borrowers for some SBA loan programs. Understanding FICO Business Scoring is important.

    How Doe’s FICO SBSS Scoring Work?

    The FICO SBSS score ranges between 0 to 300. A higher score indicates lower risk. Aim as high as you can. This will benefit your business.  SBA Small Loans require the lender to prescreen the application using a FICO SBSS score. The current minimum SBSS score for 7(a) Small Loans is 155. Some banks look for a score of 160 or better.

    Review of FICO SBSS

    Understanding FICO Business Scoring Service. Learning important business credit score facts:

    • FICO SBSS rank-orders small businesses by their likelihood of making timely payments. The FICO score range is 0 to 300.
    • The minimum score to pass the mandatory prescreen for 7(a) Small Loans is 155. (Most SBA lenders set their minimum score at 160-165).
    • The score can be calculated based upon personal and business credit history and other financial information. A strong history of business credit with timely payments to vendors and suppliers may help boost your SBSS score.
    • Because businesses are not covered by Fair Credit Reporting Act protections, you can be denied business financing due to your SBSS score, and lenders are not required to notify you the score was used or provide access to your score.

    Best Way to Build Company FICO Score‘s

    Our firm specializes in assisting small business with building corporate credit scores with FICO SBSS, Equifax Small Business, Experian Business, and Dun & Bradstreet. These business bureaus are tops in the world. They are used by suppliers, lenders, banks, and other businesses to evaluate the reputation of your business. It is more improtant than ever to focus on understanding FICO Business Scoring in an effective way.

    We suggest that you develop a group of suppliers, business retail, and other commercial groups that offer terms and report to these bureaus. Not every provider reports. It is key to use providers that report to these bureaus. 

    Some “easy to be approved” suppliers are Grainger, Uline, and Quill. You need to have at least four active trade-lines reporting these bureaus to generate business credit scores. It is best to add 6-7 trade accounts. This will bolster your image with larger providers.