One of the biggest secrets to building a strong business credit profile is the value of the credit relationships you have with your vendors. Nevertheless, don’t just assume that a good relationship will be positively reflected on your business credit report — especially during challenging times like we’re facing right now.
Over the years, I’ve had good relationships with my suppliers and would reach out to them when I needed a little extra time on an invoice. Vendors are typically willing to give their good customers an extra 10 days or more to pay an invoice if you’re proactive and communicate with them. I also discovered the hard way that their willingness to work with you doesn’t mean the late payment won’t negatively impact your business credit profile.