In the beginning of building Business Credit, it's really hard to get trade lines to report to the Business Credit bureaus because you don't have Business Credit established and no lender wants to lend to your company. What is the solution? The TORPAGO Business Credit Card!
For those of you that haven't heard of it, the TORPAGO Business Credit Card is a corporate credit card and expense management platform. The card offers 1% back on all spending, but the best feature that this card offers is that it requires no personal guarantee. Listed below are the requirements needed to get approved for the card:
You must be registered as an LLC, S-Corp or C-Corp
You need an EIN
Physical company address
Business Checking Account (6+ months)
Minimum of $5k in monthly revenue
Minimum 6 months in business
Additionally, this account does report to Dun & Bradstreet, so all of your on-time payments will have a positive effect on a company's Business Credit score. This is good news for anyone looking to build their Business Credit score.