Tillful is an app to help business owners build strong business credit and stay on top of their financial health. We harness the insights we've gained through years of developing AI-based credit models for lenders to help empower small businesses in taking control of their credit health. Unless traditional credit bureaus that rely on static data, Tillful uses connected bank account(s) of your business to monitor the financial health and to generate your Tillful business credit score in real-time basis.

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Follow these simple steps to check your business credit score for free with Tillful: 1. Create a Tillful account 2. Find your company 3. Connect your bank account(s) 4. View your free business credit score

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Excellent: 83 - 100 Good: 76 - 82 Fair: 66 - 75 Poor: 52 - 65 Very Poor: 0 - 51

How does Tillful calculate my business credit score?

To calculate your business credit score, we take into consideration various factors such as business industry, size, credit utilization, payment history, promptness of payment, among others. In addition, we leverage our AI-based credit model that has been trained and benchmarked with thousands of data points based on businesses operating in the United States.

How to Apply for a Business Credit Card So You’ll Get Approved3 min read

Ken So

August 14, 2020

Executive Summary

Access to a sustainable line of credit is the lifeline of a business, regardless of size. Having a business credit card is a convenient way to give your company the financial boost it needs to cover its day-to-day expenses when cash is short. Sole proprietors and small businesses, especially, may be hesitant to add this liability to its balance sheet but it can be the first step towards taking your business further and creating a business credit history. The benefits of a business credit card include the ease of managing cash flow, earning rewards, and establishing a business credit score for future business loans. Since information on business credit cards is vast and inundating, this guide streamlines the how-to process of applying for a business credit card and the benefits it will bring you.

As a business owner, you are spoiled for choice when it comes to business credit cards. Each business credit card has its own competitive edge offering different annual fees and varied rewards. Find one that best suits your business spending habits.

Once you’ve settled for the business credit card that fits your company needs, it simply boils down to completing an application form and awaiting approval. Most credit card companies offer online applications and provide approval decisions within minutes.

To ensure a smooth application process, take extra care to ensure all information you provide is accurate and error-free. Here is the information you’ll be required to provide for a business credit card application.

1. Business name

The name of your registered business. If you run a sole-proprietorship, enter your legal name.

2. Business contact information

This is the phone number and mailing address of your business office. If you work from home, you can enter your personal address and phone number.

3. Industry type

Select the industry your business falls under or most closely applies to your business.

4. Business type

The company structure to indicate whether it is a corporation, a partnership, limited liability, sole proprietorship, etc. If you are registered as a partnership or corporation, you may be asked to list basic information about the business owners.

5. Tax identification number

This is your employer identification number (EIN) which is used to verify your business. If you are a sole proprietorship without an EIN, you can provide your social security number (SSN) instead.

6. Years in business and number of employees

How long the business has been in operation and the number of employees that are part of the company.

7. Annual business revenue

The amount of money your business makes annually. It is prudent to ensure this number is not exaggerated as you may be requested to provide supporting documentation to verify its accuracy.

8. Personal information

This may include your home address, contact information, total annual income and monthly expenses, etc.

Benefits of having a business credit card

1. Keep personal and business expenses separate

Ideally, there should be a distinct line of separation between personal and business finances. When tax season comes knocking, this distinction is particularly helpful since the tedious manual work of identifying business expenses from personal transactions is done away with. More importantly, it protects your personal finances from scrutiny should any legal trouble arise from doing business.

2. Build business credit

As a business owner, your business credit is directly linked to your EIN. Creating a history of spending for your business profile is important to establish the creditworthiness of your business. Paying for expenses with your business credit card is an easy way to establish a business credit score.

If you are on the lookout for business financing to grow your business in the future, your business credit history is a vital point of consideration in granting financing approval. It indicates your trustworthiness as a paymaster and manager of funds. The stronger your credit score, the better your chances at securing larger loans at better rates, since lenders will feel more confident in you.

3. Credit card reward

One exciting incentive of using business credit cards is the reward schemes it offers. Business credit cards give you the chance to earn rewards for the frequent purchases your business makes. These rewards can be travel miles, cashback, discounts on office supplies, and other rewards in popular business categories.

If you are a small business owner, using a business credit card can be the key to unlocking better business prospects and opportunities. As long as you are disciplined in your spending habits and pay off your credit card bill in full every month, a business credit card can be an important business resource.

About the author

Ken So

The Tillful team is writing articles to help companies grow their credit and improve their business financial health. If there’s a topic you’d be interested in learning about, let us know at contact@tillful.com.