How to Use a Home Depot Business Account to Boost Your Credit

Summary

Home Depot Commercial Accounts

To build credit, companies need to establish tradelines with creditors that report to the business credit bureaus. Otherwise, their credit scores will stagnate and the opportunity to qualify for more substantial future loans will remain out of reach.

Home Depot Commercial Accounts

To build credit, companies need to establish tradelines with creditors that report to the business credit bureaus. Otherwise, their credit scores will stagnate and the opportunity to qualify for more substantial future loans will remain out of reach.

When building business credit, the more companies that you obtain tradelines from, the better (assuming, of course, that you pay on-time). And, if at least one of these companies reports to all three business credit bureaus, great! So, learn how a Home Depot business account can help.

What is a Home Depot Business Account?

A Home Depot business account is an account offered by the company, exclusive to businesses. The commercial tradelines charge no annual fees, include flexible payment options, itemized billing statements, and online account management. Learn more about the specific options.

What Type of Business Accounts and Credit Cards Does Home Depot Offer?

Home Depot offers what they call commercial cards through Citibank. Two different types of accounts are offered. Learn more about each of them below.

Home Depot Commercial Account

With a Home Depot Commercial Account, which is a net 30 vendor account, you will need to pay your balance in full each month. Authorized users can be given buyer IDs, enabling employees to charge on your account.

Optimize your business cash flow with the ability to itemize invoices. This card is easier to qualify for.

Home Depot Commercial Revolving Charge

With a Home Depot Revolving Charge card, you can either make low monthly payments or pay in full each month. In addition, you can add authorized employees as users to make purchases on your account. This Commercial Credit Card is a little more difficult to qualify for than the Commercial Account above.

Both tradelines report payment history to all three business credit bureaus.

Dun & Bradstreet Equifax Small Business Experian Small Business

In addition, these cards offer users one-year returns, fuel discounts at Shell, and up to 60-day terms on revolving accounts.

Here is a quick audio that summarizes the credit building options available with Home Depot and tips for how to apply.

Click the play button below.

Make sure you’ve registered your DUNS ™ number, then visit the Home Depot Commercial Credit Center to apply today.

Some Advanced Notes

(For Members of BCW Online):

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Home Depot has 2 cards

1.) Commercial Account

Net 30

Approvals from $500 – $2,000

Reports to all three business credit bureaus

No PG if you have 80 paydex and state more than 2 million in sales and state more than 3 years in business and more than 10 employees

2.) Commercial Revolving Charge Card

Revolving

Approvals from $2,000 – $10,000

Reports to all three business credit bureaus

PG (personal guarantee required)

Make sure your phone # is listed with 411. Apply at your nearest home depot store, in person to avoid the extra step of home depot sending a letter to your address and you calling in to state you received it. Bring articles of formation, EIN letter and IDs.

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If you need additional help getting business credit, please give us a call at (888) 218-6354 for a free business credit consultation. We will work with you 1on1, with local lenders in your area to meet your business needs. (We have many references are available).

How to Use a Home Depot Business Account to Boost Your Credit
Photo Credit: www.businesscreditworkshop.me

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