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TRADE CREDIT: Open, short-term (usually 30 to 90 days) deferred payment terms offered by a seller to a buyer as a standard trade practice or to encourage sales. In some trades such as jewelry business, the credit may extend to 180 days or even longer.
DISADVANTAGES
· If repayments are not made by certain deadlines, the business will receive a poor credit history which will be a big blow to any business as they will not trusted in the future if they require any loans, trade credit, credit cards or leasing.
· Only companies with a good credit history will get trade credit and these can often be hard to build up, especially for new businesses.
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The main advantage of trade credit is you have more time to pay the creditor with no interest!
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When adding an old trade line to your credit report will this help raise your credit score?
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