Want to apply for a business loan so that you can invest in your company and attract hundreds of new customers?

New and long-standing businesses should always be working on their credit so that they can qualify for loans and business credit cards when necessary. There are a few components to improving a business credit file and it starts with what you do in your personal life.

As master of financial economics degree holders from Ohio University will tell you, smart money decisions matter. Business creditors need to see that your company is consistently making money and that you’ve got a habit of paying all your bills as agreed. Showing that you have a history of making good business financial decisions is another way of improving your credit rating. Next up are three tips designed to get your business credit score way up.

1. Make Your Personal Credit Score Matter

When you want to get a business credit card in the name of your company, you have to fill out a detailed application. First, business credit card companies want to know what the official name of your business is and when it was established, and the state in which it was set up. Next, they need to learn who’s financially responsible for running the business. The responsible party should expect his or her personal credit to be used as a factor in deciding whether or not the application will be approved. In other words, getting your personal credit in order is a must if you expect to have a great business credit rating.

2. Setup Business Accounts with All Your Vendors

If you order supplies that you need for your business regularly, such as stationery, printer ink, file folders, and envelopes, consider establishing a business account. This is an action learned by online master of financial economics program students that can help newer companies to get established faster when it comes to building business credit. Having accounts with vendors will not only streamline your business; it will help you in keeping your business books balanced as well.

3. Pay All Business Accounts Early

By making payments to your business creditors ahead of time there’s virtually no chance that you’ll be late on your bills. Issues with bank accounts and even payment gateway problems happen regularly enough for you to inadvertently be hit with a late charge and have your business credit score dinged. If you have a business credit card due on the 14th of the month, for example, make efforts to have that payment made by the 9th. This way, you can be on time with your payments whether the billing date falls on the weekends, on a holiday, or during a particularly busy month where you might forget to make your payment on time.

More than anything, you need to least a year or so pass after you’ve gotten your business established before you can realistically expect to see your business credit improve. Additionally, letting enough time pass will help you show potential creditors that your cash flow is stable and that your business is gaining new customers. Business credit is easy to improve if you have a good foundation.