3. Business Credit Services

Included with: Silver & Gold R.I.G. membership levels

Service type: Monthly

Use the power of your business to grow itself.

As a business establishes and grows positive credit history, financing with true business lenders becomes more accessible. Rates on business credit cards, loans and lines of credit cards are far better than with personal credit alone, making it easier to manage expenses and grow your business. And more importantly, using business credit separates personal risk from transactions.
 

How Business Credit Works on the RIG

What it is NOT.

Instant Access to large credit amounts.

Business credit takes time to both establish and build. However, as it builds your access to higher credit limits and better lenders will expand.

Terribly difficult.

Most of the time building business credit is easier than building personal credit. Especially once it is established. As long as you stay up to date with your account(s), your business credit score should only go up.

Entirely up to us.

Just like your personal credit, we need you to be on board with what needs to be done (and not done!) to build your business credit. It’s important that you keep to the plan.

Frequently Asked Questions

Can I get and build business credit if I am a sole prop?

Yes, sole proprietors can build business credit. However, because a sole proprietorship doesn’t separate personal and business finances, the owner’s personal credit history often impacts the ability to obtain business credit. This is the case, at least at first, when you first begin to build business credit.

Do I really need business credit?

YES. A strong business credit score can help you secure better terms on loans or leasing agreements for new trucks and equipment. Business credit also can save you money on insurance/factoring costs. This can reduce your cost of doing business.

I am a sole prop are you going to make me become an LLC?

We can’t make our truckers do anything. But we will strongly urge you to do this. There reasons for forming an LLC vs staying a sole prop are far too numerous to mention them all here, but access to better credit is definitely one of them.

Can I build business credit with bad personal credit?

Yes, but it might be more challenging (you may need to start with secured credit options). The key is to make timely payments and manage your business finances responsibly to gradually improve your business credit score. Also keep in mind- a a R.I.G. member, we will be working on your personal credit as well.

What impact may seasonality have on business credit?

The trucking industry can be seasonal, which may lead to fluctuating income. These changes in revenue could impact your credit utilization ratio, a factor that affects your credit score. It’s essential to manage your credit responsibly during both busy and slow periods.

How long will it take?

While building business credit may require some effort, it is not as daunting as it may seem. By paying bills on time, utilizing a diverse range of credit products and keeping your credit utilization ratio low, you can effectively establish and maintain strong business credit.

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