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There are many less companies that help you build business credit than there are for building personal credit.
That’s why we compiled this list of the seven best business credit builder programs in 2022.
The Best Business Credit Builder Programs
To build good business credit, you need both vendor and financial tradelines. In simple terms, those are credit accounts from businesses and financial institutions that report to the major commercial credit bureaus.
Below, you’ll find the best business credit sources offering both types of tradelines for companies at every stage of the business credit building process.
1. Credit Suite: The Best Credit Builder Program
Credit Suite isn’t a credit issuer, so they’re not a direct source of vendor or financial tradelines. However, they offer a comprehensive business credit builder program that can guide you through the process of acquiring them.
If you sign up for the program, Credit Suite’s software and advisors will walk you through the following steps:
- Build business credibility: First, Credit Suite helps you lay the groundwork for lender credibility. For example, they’ll help you get your EIN, set up a 411 listing, and establish a separate business bank account.
- Establish business credit reports: Second, Credit Suite guides you through setting up your business credit profile with each major business credit bureau, like Dun & Bradstreet (D&B), Experian Business, and Equifax Commercial.
- Get initial business credit: Next, Credit Suite shows you how to get initial vendor tradelines that don’t require a business or personal credit check and report to the credit bureaus under your EIN.
- Get revolving credit: Finally, Credit Suite helps you get more advanced trade credit and your initial financial tradelines.
Also Read: Startup Business Credit Cards with No Credit
Managing your business credit on your own can be time-consuming and stressful. There’s a lot of misinformation that can make it hard to find the best route forward.
Credit Suite’s credit builder program eliminates all the guesswork and streamlines the process. In addition to receiving a personalized plan for building your business’s credit, you also have access to advisers to answer all your questions.
Also Read: Credit Suite Review
They also have a comprehensive database of vendors and lenders whose exact qualifications they know. Many customers have found this “insider” connection to be tremendously helpful when applying for financing.
In fact, one of the first things that they do when you sign up is to give you access to a free Nav account (covered below).
If you’re looking for personalized, step-by-step advice on how to build business credit, Credit Suite is the best in the business.
At $3,000, the program’s price isn’t cheap. But others in the industry charge anywhere between $5,000-$10,000 for a less comprehensive program.
2. Nav: The Best Vendor Business Tradeline & Credit Montoring
There are countless vendor tradelines out there, and you’ll want to acquire around a half dozen of them to fill out your credit profile initially. However, some of them are more useful than others, and Nav’s is one that you don’t want to miss.
Nav offers the only business credit subscription service that lets you access your business credit scores and reports from D&B, Experian, and Equifax in one place. The service has multiple tiers, and as you climb through them, they have additional benefits.
Once you reach the third tier, Nav’s Business Boost, you’ll qualify for tradeline reporting. That means Nav reports your monthly payment history to D&B, Experian, and Equifax as a vendor tradeline.
They promise never to report negative business credit history to the bureaus, even if you miss a payment. As a result, you get a guaranteed-to-be-positive vendor tradeline, credit monitoring services, and more for just $39.99 per month.
3. Divvy: The Best Business Credit Builder Card
If you need a business credit card, you can’t go wrong with Divvy. Not only do they offer credit lines for businesses of all sizes and credit levels, but their cards come with budgeting software and attractive rewards — plus it’s all free.
Just fill out a quick online application for the Divvy credit builder program to start. If you haven’t established much business credit yet, they won’t be able to give you an unsecured credit card, but they’ll approve you for a secured line of credit instead.
You’ll have to pre-fund your credit line before spending with the account, but they’ll still report your activities to D&B and the Small Business Financial Exchange (SBFE), which reports to Experian and Equifax.
Once you’ve built sufficient business credit, you’ll graduate into an unsecured credit card. All the while, you’ll be able to take advantage of powerful software that lets you:
- Create virtual credit cards for multiple users
- Automatically track and categorize business expenses
- Create business-wide budgets and ones for specific users
Meanwhile, Divvy charges no annual fees, and you can earn some attractive rewards, including extra points on restaurants, hotels, and recurring software subscriptions.
4. CreditStrong: The Best Credit Builder Loan
CreditStrong is an online lender that specializes in credit builder loans. There are multiple similar providers that work with consumers, but CreditStrong is the only one to extend the product to businesses.
Credit builder loans function similarly to a traditional small business loan, but you don’t get the loan proceeds until you close the account. Its only purpose is to build business credit, not to finance purchases.
Once you sign up, CreditStrong puts your loan proceeds into a locked savings account as collateral.
Next, you make monthly payments as usual, with part of them going toward the principal amount and part of them to interest. (Of course, this depends on which plan you choose as well.)
Alternatively, you can pay a higher sign-up fee, in which case your payments go entirely toward the principal balance. Either way, CreditStrong reports your payments as a financial tradeline to Equifax, PayNet, and the SBFE. (The SBFE then reports your account and payments to Dun & Bradstreet and Experian.)
They won’t check your business or personal credit score when you apply. All you need to qualify is to be in business for three months, have an Employer Identification Number (EIN), and operate as a legal entity other than a sole proprietorship.
You can never have too many positive financial tradelines on your business credit report, but they can be hard to obtain for new businesses. Stacking multiple business credit cards is one of the best ways to get past that issue.
Credit cards are typically easier to qualify for than loans, especially when you go after secured accounts. Most businesses need revolving credit accounts to generate working capital and smooth out their cash flow anyway, so it’s a win-win.
If you’re looking for a second corporate credit card to pursue, we recommend Tillfull’s. Like Divvy’s account, you’ll have to transfer cash over to the card before using it, but you won’t have to undergo a credit check or sign a personal guarantee to qualify.
In fact, all you need to be eligible for the account is to:
- Be incorporated or have an LLC in the United States
- Have a valid EIN
- Be in business for 90 days
- Have a Tillful Credit Account
- Not do business in their restricted industries
Tillful only shares your activities with Experian for now, but they’ll soon add Equifax and D&B to the list. In addition, you’ll get 1.5% cashback on your purchases with the card.
6. Wells Fargo Business Secured Credit Card
Secured credit cards are a popular credit-building tool for consumers, but there aren’t many available for businesses. As a result, it’s a good idea to take advantage of all the ones you can get.
For a third card to round out your credit profile, we recommend the Wells Fargo Business Secured Credit Card. It’s a traditional secured card in that you must deposit $500 to $25,000 to qualify, but you’ll eventually graduate to an unsecured business line.
Fortunately, it has decent rewards, especially for a secured card. You’ll get 1.5% cash back on all qualifying purchases, one point for every dollar spent, and 1,000 bonus points each time you spend more than $1,000 in a billing cycle.
It reports payments and other credit data to the SBFE, and like the other programs on this list, it does not report to the consumer credit bureaus.
7. Business Credit Builders
Last but not least, Business Credit Builders (BCB) offers another program to guide you through building business credit. It’s comparable to Credit Suite’s in many ways and follows a similar process that includes the following steps:
- Set up your company to follow lender credibility standards, like establishing a 411 listing and a separate business bank account.
- Separate your business and personal credit to avoid giving a personal guarantee by acquiring an EIN.
- Open accounts with each major business credit bureau and acquire net 30 accounts to build foundational business credit.
- Work your way up to bank lines of credit and cash loans to finance your business.
Working with Business Credit Builders is like having a personal business credit coach there to walk you through the process.
While their program isn’t as comprehensive as Credit Suite’s, you can get started for a one-time payment of only $497, or for $97 per month.
Business Credit Builders has been in the business credit industry for a long time, and it’s founder Marco Carbajo is one of the most well-known names in the industry.
The Bottom Line
If you’re a small business owner looking to build credit, we strongly recommend starting with the programs and accounts above. They’ll help you hit the ground running and work your way up efficiently to the business financing you need. Get started today!
- How To Build Business Credit Without Using Personal Credit
- Net 60 Vendors
- Tier 2 Business Credit Vendors
- Tier 1 Business Credit Vendors
- Companies That Help Build Business
- CreditStrong Business Credit Review
- Nav Review
Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship.