Maybe you don’t need money now but you may have to get a loan at some point for expansion, renting an office space, etc. Having a good credit rating can help you secure the loan quickly. You will sound more convincing and credible to your potential investors, suppliers, etc. 

Unlike the FICO model for personal loans, there are no predefined industry standards for business credit scores. In the US, there are three major credit bureaus for business credit; Dun & Bradstreet, Equifax, and Experian. Each of them has its own criteria. You can visit their website to get your credit score instantly. 

Regardless of the bureau, here are a few things you can do to improve/maintain your business credit scores: 

• If you haven’t already done it, create a separate business account and start using it to pay all your company’s bills.  
• Pay all your bills on time to prove to your vendors and lenders that you are not a risky business. 
• Keep your debts as low as possible. When you owe a huge amount of money to multiple banks and lenders, you seem like a messed up company with poor financial management. Use credit only when needed. 
• Keep checking your business credit report periodically so you know where you stand. If there are any errors and inaccuracies, get them correctly timely before they affect your scores. 
• If you have taken a loan, pay more than the monthly minimum amount. This helps prove that you are doing financially well. 

If you have old business credit cards that you may not be using anymore, do not cancel them. The older the credit account is, the more reliable it looks. Plus, when you cancel a card, its history gets erased. If you have to cancel a credit card, closing the latest one is advisable but you may consult a financial expert for correct advice. 

More information: https://www.significantgps.com
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