So you want to build your business credit? In today's economy, many companies are going under and filing for bankruptcy, making it very hard for even the most honest business to acquire a loan or other type of credit. However, even if you just run a small business, it is possible to build business credit and be in good standing with the credit bureaus. Here are a few ways you can do it.

1. Make Your Payments

This first point should really go without saying, but some business owners think it's OK to skip or be late on payments. This is the golden rule for building personal credit, and it's still the most important thing when it comes to business credit also. If you agree to a payment plan, stick to your word and make your payments on time. If you can, you should pay off your debts earlier, as this will reflect on your business even better. No one wants to do business with somebody that can't pay their bills, so be sure that you don't slack off in this area.

2. Build It Before You Need It

Just like an individual should have good credit before seeking a car or home loan, a business should be taking steps to establish and improve its credit history before the need actually arises. You can take out smaller loans or even apply for business credit cards -- anything that will make you look better in the lender's eyes when the big day comes. If your business has no credit history, or if you haven't been actively taking steps to improve a poor history, you'll either get rejected or slapped with a huge interest rate if you try to take out a larger loan.

3. Buy From the Reporters

Another good way to build business credit is to buy your products and services from vendors who report your activity to the credit bureaus. If a company offers a payment plan with terms you can afford, and they report your payments to the bureaus, then you should jump on that offer because it will do wonders for your credit. Just be sure that you can afford the payments they offer, or else you'll shoot yourself in the foot.

4. Get Some Plastic

If you don't have them already, apply for some business credit cards. These cards will be one of the most important factors when a lender looks at your credit history, so if you're able to handle the payments and interest that come with them, get them right away. Not only will you have some extra spending money, but you'll have a valuable tool to use while you build your business credit.

5. Be Organized

Last but certainly not least, your business should be organized and well-structured. If everything is a mess and all of your records are written on napkins, then you need to straighten some things out before you even start to think about applying for credit. Organization never hurt anybody, so if you're lacking in this area, get it sorted out and the lender will look on you more favorably.

Author's Bio: 

Creditrich.net is a Online Business credit blog and share information about business credit, business credit services and resources.