Breakthrough Secrets on How to Build Business Credit Quickly
Hello and welcome to video 1 of 3 where we map out how to get business credit for your EIN number that's, not linked to your personal, social security number and we, decode how to easily, get business, loans and credit lines even when you think you can't qualify for business. Financing, now so in today's video we are gonna cover how you can immediately get business credit that's, linked to your EIN number and not your personal social even. If you're a startup or even if you have consumer, credit issues now we're, gonna talk about how you can use this initial credit to then immediately start getting access, to credit with most major retail, sources like Walmart, and Amazon staples. And Apple Lowe's, for Best Buy, even to get Visa MasterCard, and American Express cards, with limits that are 10 to a hundred times higher than, what you're used to in the consumer, side and we're, gonna talk about how helping, how business, credit helps you qualify, for loans and credit, lines to get even, more money to grow your business now in the next video in video 2 we're, gonna be diving into business loans we're gonna be talking about three ways to get business loans and credit lines that your banker will just absolutely, not tell you about we're gonna talk about how to get business financing, even with credit issues even if you don't have collateral we're gonna talk about options, where you can get approved even as a start-up and even if you have no cash flow we're, gonna talk about how to get loans and credit lines with interest rates that are way lower than SBA even, 2% and, less, and we're gonna be talking about how to get money to grow your business even. When you think you can't get, money at your own bank and in video 3 we're gonna tie it all together we're, gonna talk about the easiest and fastest, way for you to get both money, for. Your business through credit lines and loans, we're gonna be talking about how to access all legitimate. Funding programs in one place which, helps you get even more access to capital to grow we're, gonna be discussing how to have a team work for you to get you the best terms negotiate. On your behalf to, get you the best loans and credit, lines so you have the low payments, that make it affordable, to get access to capital to grow and we're going to talk about how to condense years of business credit building to only months and how, you can get concierge, service to help hold your hand through the process to. Get results even faster, so that will be coming up in video 3 so let's dive in and let's talk more about business, credit and. Let's address the elephant in the room most missus failed, to get access, to business, credit as a matter of fact over 90% of, business owners don't know anything. About business, credit / entrepreneur, and of the ones that do well, a lot of them fail, because, they don't know that you can get business credit regardless. Of personal credit quality a lot of people are putting social security numbers on applications. When they don't need to and in doing so attaching. A personal guarantee and a personal credit check which we're gonna show you how to get around in this video we, also see a lot of people make mistakes because they don't understand, the business credit building is a process, there are very specific steps, you must take in order to succeed, if you don't take those steps or take those steps out of order, then you'll typically fail and in this video we're gonna talk about the, right steps, the correct process for, you to build business credit so you don't fall in to these kind of pitfalls that so many people fall into when, trying to build business credit so, this video is gonna make sense for you if you're looking for money to start or to grow your existing, business if you're looking for high limit, credit accounts 10 20 30, $40,000. Individual. Limit credit cards that are not linked to your personal social that, you can get regardless, of personal credit and without a guarantee then. You're definitely in the right place and if you're looking for the easiest the fastest, way to get money to grow your for your business this is exactly, what we're gonna be diving into today and we're also gonna be talking about how, you set, up a credible, foundation. That helps make it easy for you to access credit lines and loans, so these are all going to be the type of topics, that we're gonna cover if these, are the type of things that interest you then you're definitely in the right place so, let's start at the beginning what is business credit, well business.
Credit Is credit that's obtained in a business, name so, with business credit the business itself, is building. Its own credit, profile, that's linked under the ein number so much similar, to what you're used to with consumer, credit where you built it under your social with business credit you're establishing, your credit profile and score and obtaining credit for the business in the business's name linked to the business ein number now this credit again is in the business name it's based on the business's, ability to, pay not, the business owners so because of this there's no personal, credit check and there's no personal guarantee needed, now, then once, the business builds, is established, establishes. This initial credit then, the business can qualify for high-limit revolving, credit cards at most, major retailers most, major stores like Office Depot and staples and, Home Depot and Lowe's Sam's. Club and Costco Dell. And Apple BP. Chevron Sunoco. Konoka Walmart, um even. MasterCard, Amazon, Visa Amex, even, Auto vehicle financing. Is all, available without, a personal guarantee without, a personal credit check if you're following the steps that we're going to map out today, so this basically, also makes you more lendable lenders. Are looking at commercial, credit reports to determine if you'll get approved how much you'll get and the terms you'll pay so by building your business credit you become more lendable it helps access, more access, or gives you more access to capital through credit lines and loans at the absolute, best terms, so, there's a lot of reasons that business credit probably, makes sense for you one it has absolutely no, effect on, your personal credit there's, no adverse, impact on your consumer credit scores because firstly this. Credit doesn't report on your consumer credit reports so, you could max out the credit cards if you won't and it won't affect your utilization. Of your FICO score because. None of the credit shows, on your consumer credit reports Plus since, you're not providing a social security number or a personal credit check there's no inquiries, put on your consumer, credit which, also improves. Your score or does it adversely, affect your score and it also gives. You more access, to loans and credit lines where inquiries, or the number of enquiries you have really, do matter so again it's not based on consumer, credit quality so because you're not providing a social security number in the path that we're gonna show you today you, can get approved no matter how bad your credit may be because, you're not even providing, your social so there's no consumer credit check for approval, and even. If you have good credit well there's no personal guarantee so this means you're not personally. Liable for, your business debts score, Inc SBA almost, all financial authorities, talk, about the need for separating. Consumer, and commercial credit, for this reason, to separate, your actual liability when, you build business credit you're building it in the business name the business is liable for the credit that you're obtaining not, you as an individual, business, credit can be built really fast if you follow the steps, talk about in this video today then you're gonna be able to start getting vendor credit immediately. And then we're also going, to be able to expand it from there so you can get access to even more we're, also going, to business. Credit is so phenomenal, is that anybody can see your business credit reports and this is the reason you really need to focus on growing, your business credit because if you, do then, it really improves, the perception, that lenders and credit issuers and suppliers have about your business but you also have to keep in mind that be contingent, potential customers, existing. Customers. Potential, investors, and your business people that you may sell your business to they're all going to look at your commercial credit reports because they can they, don't need your permission this information, is public.
Knowledge So because anybody, can access your, business credit reports and scores it's really important, that you control, what's on there so you control the perception, that lenders credit issuers suppliers, customers. Clients. Competitors everyone, has about, the credibility of your business now business credit also gives you much greater borrowing, ability because you have your consumer, credit that you have now and commercial, credit as well so, for example if you go into Staples today and you get a consumer, credit card you can't go into staples again tomorrow and get another one because you already have one but you can't go into staples today get a consumer, credit card you could go in tomorrow and get a business credit card staples, the, only difference would be that your limits would be substantially. Higher on the business credit card so it really gives you more than double the borrowing ability because, you're establishing, a commercial, credit profile that works alongside of your consumer, credit profile, and as I mentioned the limits are substantially, higher per SBA limits. On business, credit accounts are ten to a hundred times, higher than, what you may be accustomed to on the consumer, credit side this, is because, businesses. Have a greater need or capacity. For credit you may never need to spend twenty thousand dollars at Dell on home computers but, you very well could need to spend twenty thousand, dollars at Dell, for, business, computers, so because, of this limits are substantially, higher on business credit accounts it's very easy to get ten twenty, thirty thousand. Dollar limits or more following. What we're going to teach in this video series in, the. Process of six months or less now you can get approved even when you can get, can't get a bank loan even when you can't, alternative, financing even as a start-up so business credit is a catch-all anybody. Can qualify for business credit as long as they have a business so even if you don't have cash flow and credit and collateral, and these other things that lenders like to see that give you loans and credit lines you're, still able to access very, high limit, business, credit cards okay you also can, get access to loans and credit lines to grow your business because. You have established business credit now business, credits not usually, the only factor, that's looked at for credit lines and loans but by having business credit you have a much better chance of getting approved, for the best terms and the, most amount of money as well and it also gives you a competitive advantage if you have access to money then, obviously you have a much greater advantage. Than other businesses that don't have access to the type of credit that we're gonna be talking about now, business credit quality determines, several things when it comes to loans if you're gonna get approved how much you'll get approved for and the actual, terms that you'll pay as well now you could be denied financing. Based on business credit quality, even if you have no business credit, established and, this is because unlike with, consumer, credit you, can be issued a failing, business credit, score, even if, you don't actually have, any, business credit reporting, on your credit report so let's look at the actual, commercial, credit report so we can see what this looks like so as I mentioned you can be issue of failing business credit score even if you have no credit reporting because, because.
The Fact that you are in business and have no credit that alone makes you look unestablished, in some cases if you've been around, for years it maybe even. Appears that you're on the verge of bankruptcy so, because of this because of not, having established. Credit but being an established, business this, is why you'll often be issued, failing, score so if we look at some snippets from actual commercial credit reports here's a perfect example here's, somebody that has a 28 score, and only, being recommended for $1,000. Worth of credit and then, we see here that they're very high risk so on the, actual current financial, stability risks score there are about as high risk as you can go and you can see right here that, the factors, that make them high risk is that they have lack of active traits they don't have any trade accounts that's what's causing them to be high risk and then, we see this overview, where. There's no trade lines it's all zeroes there's actually, no trade lines. The credit report there's no accounts, reporting, so here's a perfect example if, Experian. And Equifax for, example know your business exists, know your industry that you're in they, will automatically, populate, a credit report and give you this kind of failing score you'll, have be, considered, high risk for lenders or credit issuers because of a lack of trades, even, if you have no accounts, reporting, now let's look at the result of what we're gonna show you today what we're gonna show you today is even with one account reporting, which you're able to get again after. We actually go this over this with you today you can then easily turn, that failing, score into, a great, score, with even one account and the reason this is possible is, because business, credit scores are based only on how you pay there's only one real factor, that almost, all of the, commercial credit scores look at and that's how you pay your bills so if you get even one account you paid as agreed then, you can move your score up to a low risk category so we here see here this is a ninety six out of a hundred score, commercial, credit scores typically range from zero to one hundred we, just saw a low score of 28, which is a high risk now, we're looking at one of the highest scores you can get a 96.
We Also see that the low. Risk here this is about as low risk as, you can get so we've really moved the scale here we moved all the way from one of the highest risk categories, you can get to one of the lowest risk and we can see here that the factors affecting this score the average age of commercial accounts so this is a brand new credit report somebody's just starting, to get credit, and that's the only reason the score is not an perfect score, and we also see here that all this was established with even one accountant, again in. This video series we're gonna show you how to do exactly this how, to come in and start getting accounts that even one account can take you from having no credit established, or a failing credit, score like we just looked at all the way to having one of the highest scores you could have main, low risk for lenders and credit issuers and completely. Turn the tables on your business credit reports in here you could see somebody made that jump very quickly so, we can see their score was 28, just like we showed and now they've jumped up to 93, it even raised it a little all the way up to 96, so to go from failing all the way to really successful, really great score only took this one account on the business credit report to get there and this is what we're gonna be mapping out in this video series now, there's. Other things that you should know about this as well because as you continue to grow your credit the business reporting agencies, recommend. For, you more money they help you get higher approvals. On credit, lines loans and credit cards so a lot of people don't realize this but business. Credit reports completely. Say how much you should be recommended, for even. If you have lower, scores, because you haven't paid your bills as agreed, as you, continue to get more and more accounts, on your business credit reports, the amount of credit, that the reporting, agencies, recommend. To, lenders, and credit issuers continues, to grow so, dun and Bradstreet, Equifax Experian, they, all have, a recommended. Amount of credit that lenders, and credit issuers are seeing to make decisions. On how much money you should get for that credit card that credit line that loan so we've already looked at a couple examples here we looked at that first example, of the failing score where somebody only had, $1,000, recommended, credit then we looked at that one person, that added one account to the credit report and instantly.
Jumped, Up to. $2,500. And recommended. Credit well here's another example of somebody that's being recommended for almost $7,000. Worth of credit their scores 27. Because they're not actually paying all their bills as agreed and you can see here that they only have two accounts so with only two accounts, on the commercial credit report they've now jumped, up all the way to seven thousand, dollars in recommended, credit here's somebody that's being recommended for almost sixteen, thousand dollars in credit fifteen, thousand six hundred and they only have three accounts on their credit report so again the. More accounts, you start adding to your commercial, credit report the, more financially, responsible the. Reporting, agencies, determine that you are and, the higher amount, of credit they recommend, to credit issuers and lenders, and then, that means the higher amount of loans credit, lines and credit card limits that you'll actually be able to access here's, another example of somebody being recommended for sixty-five, thousand, six hundred and credit and again, they only have four accounts, on their, credit report and here's another example of somebody being recommended for seven, hundred and twenty four thousand, dollars worth of credit and they have a very well established credit. Profile as you can see here there's about twelve, or fifteen trade, lines here so as you see the more accounts. The more trade, lines which is basically an account, your business credit report the more of these accounts that actually show on your commercial credit report especially the better you manage them and pay the bills as agreed then, the more the credit recommendation. Increases. All the way up to hundreds and hundreds of thousands of dollars and this really sets the baseline, for you to be able to get loans credit. Lines as well, as high limit credit cards, so it's also important, to note that every successful business in this country that's highly, successful has, business credit whether they're publicly, owned or whether they're privately owned and this is really a myth a lot of people think that you have to be big to get business credit but that's not the case at all you do need to have business credit to ever get big though so let's take a look at some of the biggest privately, and publicly owned, companies, in this country here's, a look at Facebook you, can see here with the Xperia neo forty trade lines reporting. Here's Dell that has 83 they've been around much longer obviously, Microsoft, been, around since the 70s has 131. Trade Apple been around since the 70s with a hundred and thirty-eight trade lines so think about this a trade, line is an account, on their commercial, credit report so they have a hundred and thirty eight accounts. On their business credit report if you think about how many you have on your consumer, credit report that'll kind of give you an idea of how substantial the. Number, is of accounts they have so, a lot of people think the Apple is able to get money just, because they're Apple that lenders, lend, them money just because their Apple but that's not the case what's happening is lenders are pulling, their credit report seeing, all these trade lines seeing, good payment histories and again, as you just saw with, even twelve or fifteen you, can get a recommendation of, almost three-quarter, million so that's why these companies are being able to get millions and millions and millions even tens of millions or hundreds of millions of dollars lit, to them because. They have so many trade, lines established. And they're paying those bills is agreed here's pilot, flying j with, 153 trades publics right here in Lakeland. Florida with, 171. Trades, trade lines Walmart, here in Bentonville, Arkansas, has. 513. Trades that's more by far than we've seen so, a perfect example of Walmart, you know a lot of people don't realize that 80%, of, what Walmart sells, they, actually, have, paid for, by their customers before, they actually buy it so a perfect example is Bounty paper towels when. But, Walmart buys Bounty, paper towels they don't go to bounty, and pay cash for those they use their business credit to, buy those paper towels they put the paper towels on their shelves you, come in and buy the paper towels you give Walmart, money Walmart, takes your money and pays, off the credit that they use to borrow from to get the paper towels from bounty they do this with the majority of products they put on their shelves like I said 80%.
Of The. Actual, money that Walmart, has accessed or what they buy and put on the shelves they're buying using, business credit this is the reason they've become the. Number one retailer in the world they're very good at using other people's, money to grow which, is why they have five hundred and thirteen traits here's Mars Incorporated they make Mars bars with twenty two trades but, here's a look at some companies that are pretty, new into building business credit these companies have been building, business credit less, than a year with us and we see here will this company, has eight trades, well Mars, that, makes Mars bars has 22 so, this is almost more than really, a third, as many, trade lines as Mars corporated. A more Mars house here's, 14, so, this is basically, 2/3. As many trade lines as the Mars company, actually has and again, these are companies that have been around for less than a year building, business credit so, it's a myth that you have to be big to build business credit the reality, is you. Whether, you're a small medium. Or large size business. Can, follow the exact same steps that, the biggest publicly, and privately owned. Companies, have taken to build their business credit and in doing so it gives you a much greater ability, to access, the capital that you need to grow so now that we talked about what business credit is how it works the benefits, why it makes sense we've looked at what this process looks like on commercial, credit reports we've determined that these credit, reports that you're establishing, or essential, to getting money through, loans credit lines and credit cards to grow now, the question, is well how do you build business credit well, here's a perfect example of, somebody, that we just showed success. Tax relief who'd built business credit less, than a year and a little bit more about their story, so from the samples we went to our bank and get it to get a business line of credit they turned us down we got started with the finance suite set up our business credibly, and built, our business credit, after following the steps we've now secured over 96,000. In business credit cards and just applied for the Platinum American, Express and got approved instantly, with no limit now we have four to five different companies call us every day trying to give us money and that's a really good problem to have, we're excited if you don't have business credit yet you should get involved with this program to have the same results that we have so here's a perfect example and, this is very typical of what happens when you build business credit you go from getting denied for loans and credit lines because they're pulling business credit reports and seeing. You being unestablished, all the way to once you start to develop and build your business credit reports it's much easier, to be able to get loans and high limit credit cards even credit, cards like American, Express that often is issue without, limits and again the samples use up to about a hundred thousand, dollars a month, on their, business credit card just the one card they've received and they've received, many. Many many cards, since, they actually provided this testimonial, so what's, the steps to build business credit well we start with step one lenders, and credit issuers have a secret, unpublished, set of standards, that you must meet to, actually, get approved when, you apply if you meet these standards you often get automated approvals, and you've probably seen this before where, you go. Apply for a credit card and you get an instant decision well there's not a person, that's obviously, making that decision it's, computers, making the decision and the computers making a decision to give you approval, because you actually meet this set of standards, that they have now, unfortunately, if you don't meet the standards you typically get denied and more than likely you've seen this before too when, you apply you get that message on the screen that says you'll hear by mail and seven to ten days and it usually results in a denial, well they're by mail and seven to ten days is because in the consumer, world they're required, to notify you if, they, deny you credit, per the Fair Credit Reporting Act, the problem, is there is no Fair Credit Reporting Act, in the business world, so you're oftentimes, denied by credit for, credit cards loans and, credit lines for your business and you, never know why and the reason was because you don't have established business credit but there's no law that requires that the lender actually, notify, you that that was the reason that you get denied so you've got to set up their business credibly first before getting, credit financing you need to understand. What these approval, standards are so you can meet them and once, you actually meet the standards, then that's really the key to coming in and being able to get approved so the very first thing is you want to set up an entity preferably.
A Corporation. Or LLC because. If you're a sole proprietor, or partnership, the problem, there is you in the business are one in the same and you'll always be liable, for what happens in the business but, by setting up a corporation or LLC you, and the business are separate, and you can also separate, you and the businesses credit profile as well you want to stay away from business names that indicate, that you're in a high-risk industry, there's a lot of high risk industries, out there and in video three I'll show you how to even access a list of all the high-risk industries that are out there so, you'll know when, you choose your name that, you'd want to avoid to make sure you have the best chance of getting loans and credit lines now. Another thing is you've got to get your EIN number from the IRS business. Credit is built under your EIN number a lot of people think. That it's built under, the Duns number from dun & bradstreet and that's not the case it's actually built under your EIN so, you need to make sure you have that E is before, you start building business, credit you also need to have proper licensing, to operate sometimes you need licensing, for your industry in your county in your state you need to make sure that you have that licensing, before you start applying for business credit you also want to make sure that all your online listings. Have the same information, as what's on your application, this is one of the biggest reasons business loans actually get denied because, you apply for a loan at your bank and the name on the application, doesn't match exactly, what's on the Secretary, of State records as a matter of fact in video 3 I'll walk, through a, way or how we, can actually help you do four checks, that are necessary, to make sure that your information is, congruent and if you fail any of those checks that's probably, the reason that you would get denied for loans or credit lines, okay, now the other aspect of, setting up your business credibly, is to get a professional website, and email address nowadays, every. Business has looked at credibly, by lenders or credit issuers has an established, professional looking, website they. Have email. Address, on the application, that's a professional email address it's not - Yahoo it's not a Google, type email address it's a you know your name at your company, dot-com, type of email address so this is important, he's the type of things that lenders, and credit issuers are looking for you need a physical business, address, if you don't have a physical beside business address or don't have a need for one well then try to get access to a virtual, address a virtual, address is better, than, using a home address because you're, renting, an address, and getting, mail there and it makes it look like and gives, the perception, that you're in a big. Office, building. Even when you're just renting, the address to get mail there now last resort. Use. A home address but, you never want to use a UPS, address, or appeal box ups, and addresses. And peele boxes will absolutely get, you denied because, lenders and credit issuers have a database, that, they store UPS, and p o-- box addresses. And their, computers, cross-reference. This database and if you're using one you'll automatically, get tonight if you're using a home address some, sources will still deny you so for example you're not going to be able to get Walmart. Credit, card without a personal guarantee or, without a business credit check if you use a home address but you will be able to get a staples, credit card so again by using a business address or virtual address that'll, allow you to get almost all different, kinds of business credit cards without a personal guarantee or without a credit check if you use a home address some, will won't approve you and others will if you use a p.o box or, UPS address most will deny you just because of that you need to get a phone number set up and you need to make sure that phone number is listed with for one one this is one of the basic, requirements that, you must meet to get initial.
Credit Established. At a video three we're going to show you how to do this for free, usually, this can cost about three hundred and fifty to four hundred dollars, a year to get but, in video three we're gonna show you how you can actually get the four one one for free even, if you're not listed now this is really important especially as, a start-up because, they look at the fact that you're established, from four one one as being, an established, business because, you can't just go to four one one directly, and get your phone number listed your half they have to basically find, your information with Google being, Yahoo all these online sources and as a start-up you're not at those online sources, so you could wait months or even a year or more to get listed with. Or you can expedite, that process with, what will show you in video 3 you need to make sure you have a toll-free number and a fax number as well and again in video, 3 we'll talk to you more about how to get these type of things at the most, affordable. Investment. That you can actually get, ok so now, we've gone through step 1 we've set. Up the business credibly, everything. On the application. That you're going to be using to apply for business credit you've made sure meets, lender, and credit, issuers standards, so you have the best chance of getting approved, so now in step 2 we want to start getting you access, to your business credit reports and the business credit reporting agencies, now you can get setup with the reporting agencies by first seeing if you have a profile, established, with them ok so you want to do a free search with unknown, and Bradstreet Equifax and, Experian because. You want to see do, they have anything, on your business now remember, as we, looked at in the beginning you. Could be issued a credit profile and a score with a failing score just because you exist, and even if you have no credit we need to make sure that that's not what's happening so, in order to do that you need to do a free set a free search with all three of the reporting, agencies, to do this and again in video, 3 we're gonna show you how to do a free search with DMV Equifax, and Experian to figure this out versus. Paying money to actually pull credit reports to figure that out on your own you, need to get your done something with dun & bradstreet now, this. Is something done in Bradstreet will oftentimes charge. Fifteen, hundred to two thousand, dollars for to, get your Duns number and to activate, your credit profile as well as give you access to a few more things that we'll talk about down, the road okay so you. Don't want to pay this if you don't actually need to and in video 3 we're gonna talk to you about how you don't have to pay the fifteen hundred or two thousand, dollars that dun and bradstreet will often tell you you need to pay if you go to get your Duns number what will happen is you will be contacted, by D and B by email, and phone and they will talk to you about buying their 1500, to 2000 dollar package again and video, 3 we're gonna talk more about how you can get this done snubber without having to pay anything to do it you also need to fix inaccuracies. On your, credit reports it's hard to build a good business credit profile and score on top, of a bad one so you need to make sure you fix any negative, information that may be on there before you actually come in and start building business, credit and again in video 3 we're gonna show you an easy way that.
Has So, far a massive, success rate to be able to fix in remove, any derogatory items, that may be inaccurate on your commercial credit reports with dun and Bradstreet, Equifax and, what the experience so now that we've gone through this process now you've gone through you set up your business credibly, you've checked your reports or the reporting agencies you've gotten your Duns number the next thing you want to do is to start to apply for actual credit now just like with consumer, credit you can't get credit for your business unless, you have some, kind of initial business credit profile, and score established, so a perfect example here, is that if you go into Staples and try. To get a consumer, credit card and you have no credit, on your phone no FICO, score no consumer credit established they're going to deny you but. If you go into staples with a FICO, score of, even 650. Let's say and you have a few accounts on your credit report well then you're probably going to get approved well the same thing is true in the commercial, world you're not going to be able to walk into Staples and get a credit card when you have no business credit, established for your business unless, you have good credit or willing to provide a personal, guarantee but, if you walk into Staples, with some accounts, established, on your business credit reports then, you can get approved without the guarantee and without the credit check the key is that you've got to establish an, initial business credit profile, score and there's three real, ways, to actually do this now the first way I just mentioned, it's to pay dun & bradstreet 1,500, to 2,000, for what they call the credit builder where you get your Duns number, when you get your credit profile activated. And then you activate, your credit profile because, they're basically helping, you take existing, accounts, you already have and adding. Them to your business, credit reports so, this, is a one alternative. To be able to establish initial. Business credit but there's a couple drawbacks, one, they're only, adding, trade lines on your dun, & bradstreet credit, report you're not doing, anything to build your Equifax, or Experian. So even if you pay this money you're still gonna have to go with one of the other two options I'm going to show you because, if you don't do that then the problem, is is that you'll see you out so you won't get approved, for a accreditor loans because, you won't have established your Equifax, and Experian commercial. Credit board so think of it like this on the consumer credit side you have TransUnion, Equifax and, Experian you have credit with all three imagine. What would happen if you only ever built, credit with TransUnion, and never built credit with Equifax, and Experian well, that would be real problematic, because a lot of credit issuers a lot of lenders look, what Equifax, and Experian and, all those would, deny you if you only ever built transgene you never be able to get a mortgage you'd struggle to get a car loan you'd struggle to get most credit cards same thing in the commercial world if you only build credit, with dun & bradstreet you've. Got a real problem you have to focus on Equifax, and Experian so. This, isn't money that you really don't need to invest you might as well as go with one of the other options save, yourself, the fifteen hundred to two thousand, dollars and they'll credit with all three instead of just dun & bradstreet the other problem, with credit builder is that, a lot of trade Minds can't be added so for example they won't let you add rent. Utilities. Any, credit, cards that you have any bank credit that you have if you really look at the list of what they will let, you add it's very few things and as a business owner if you can't add utilities. And you can't add your rent and if you can't add bank. Credit, and credit cards, then what happens is there's not a lot of other things you can add and so this is why I want to show you two other ways to get around this so you don't have to make that investment now, if you have good personal credit there's another option, that's available or you can get up to 150,000. And unsecured, no dock financing, this is 0%. Rates for 6 to 18 months and you get it even as a startup and what, happens is you're basically issued, 5 business credit cards or more with, what's called cash out capability. So they kind of function like credit cards in the sense that they give you zero percent. Rates but, they function in the form of credit lines because, you could physically take all the cash out of the card and do, it at 0% so it's a hybrid it's really, an amazing program, that combines the best of business credit cards and lines and these report, to the business credit reporting, agencies, now these, do require a personal, guarantee but, the great thing is is, it if you go with this you're putting five, ten fifteen thousand, dollar limits on your business credit cards or business credit reports to start and you're doing it through five or more accounts so this is a great, way to go, if you, have good credit cuz you need about a six eighty five go score to get this so again these accounts give you five trade lines with high limits on your, business credit reports and here's, an example of somebody that receives sixty one thousand, four hundred dollars in this, type of financing and here's a look at a couple of their actual approvals, so this helped them get what they needed to do even as they were just getting their business started, so this account works for startups it just requires a good credit score about a six eighty five go score from you or a guarantor, to get in the video three we're, gonna talk about exactly, how you can get access to this program to streamline, your business credit building process now there's another.
Option As well and this third option doesn't, require good credit you're not even providing, a social security number to get approved and this is through what, are called starter, vendors now, these are vendors that will give you credit even if you have none and they, report the credit to the business credit reporting agencies they often often, offer, terms, such as net thirty which, means you have 30 days to pay what you borrow versus a revolving, account where you could pay a little minimum, payment over time and you've, got to find vendors that do report, to the business reporting agencies and who will approve, you with no prior credit, which is the hardest, thing, to do if you're, going this route now once you have five of these accounts reporting, then, you, can start to get store credit cards, okay so some of these starter vendors will include you lying quill, even. A Wells Fargo secured, credit card Wells Fargo does require better, credit but this is an example of how this program works but, the problem again is they, get five accounts is really tough to do because, these starter vendors are very hard to find because 90% of the trade vendors that are out there don't. Report, to the business credit reporting agencies. And forums. And other information online is, oftentimes, inaccurate. Because so many vendors often stop, reporting, and then, the information you're accessing, and buying things that vendors that you think repor never, ends up happening and you wait months to discover that they don't so the hardest part of building business, credit is finding, vendors that do report, and again in video three we're gonna map out how you can access the largest, database, of these, vendors to expedite, your business, credit building now, once you have five accounts, reporting, then you can start to get revolving. Credit with Live that are 10 to a hundred times higher than consumer, credit cards it's very common, to see limits of two thousand, four five ten thousand, dollars, even, within sixty, days of, you starting, to build your business credit within. Six months you'll oftentimes, surpass, limits. Of thirty or forty, thousand, dollars and those are individual. Credit, card limits that don't require a personal, guarantee and, these include store credit cards with most major retailers you, can also get fleet credit for fuel, and vehicle. Repairs and maintenance which works great for anybody, in the transportation. Industry for, example as well once, you have at least five accounts, reporting, so here's a real example of what, this looks like and here's a real, client that uses the finance, suite and she, actually has.
Obtained All these type of actual purple so you could see what's possible from, two thousand, dollars at places like Sprint, t-mobile um other, type of phone sources, forty five hundred dollars at Amazon, remember Walmart, also. Is another great source that you can buy a lot of different types of things at five, six, seven eight ten, twelve thousand dollars and you can see how diverse the type of credit she is from getting twelve five an apple to getting seven, thousand dollar at BJ's which this is a Visa card that you can actually use anywhere you can use this BJ's credit card at Costco even if you wanted to all the way up to getting fifteen, thousand dollar gas cards, and Office Depot cards. And you know Sunoco, Sears Costco, Best, Buy, Adele, Ford, you know even getting vehicle, financing, through Ford even, in her, industry needing, to be able to get roofing, supplies to do roofing, for, what she does in her business and being, able to get, $75,000. Individual. Limit account, none, of this credit required a personal guarantee, none. Of this credit required a personal credit check so, what's nice about this, is you can see what's really possible with just one person and what they've obtained across, the board everything. From fuel cards, and fleet cards to cash credit, cards of places like BJ's, to places to get office supplies like Office Depot and other hardware, supplies, and computers, of places like Apple all the way into getting vehicle, financing, at places, like Ford, this is what's really possible with business credit again you can see how the limits grow from, two to five thousand, in the early stage - then moving into ten or fifteen thousand stages, 15, in the middle type stage and then in the end being about six months in getting, the twenty forty even. $75,000. Type, of limit account so you can see what's really possible as, you continue, to build business credit now, when you have ten accounts reporting, then you can start to get to cash credit, cards then you can start to get to visa cards master cards American Express cards you can use anywhere and you can also get Auto vehicle financing. Here as well without, the personal guarantee, without the personal credit check and here's some, real approvals, you could see twelve thousand, ten thousand, here's one for twenty two thousand, one for fifteen thousand, here's one for ten thousand, from Chase and one from eight thousand, from a chase Inc card here's, one for seven thousand, dollars. Here's another one for ten thousand, dollars from American, Express another. Ten thousand, here's one for twenty four thousand, dollars from American, Express another. Different, account, for ten thousand dollars so again these are the kind of real approvals, that you're able to attain when you're going through the process of building, your actual, business credit, and here's, another testimonial. From Marlon so you can see us he's even holding up pictures of all the credit cards that he's received, I was looking for a fast way to get money to grow my consumer credit business after failing to get approved for loans with several banks I discovered, the finance suite and after getting initial, vendor credit accounts I continued, to applying and getting all types of credit now have over a hundred business, credit cards in my wallets totaling, over a million in total available, credit I had Fleet credit that I use for auto repairs, and fuel I have cash credit cards with most major banks Bank of America and Wells Fargo I secured, almost all this credit without a personal credit check and without a personal guarantee and I've, been able to now get loans with many sources including PayPal cabbage, with low rates and loan amounts over a hundred thousand dollars now it's important to note that this.
Testimonial, And the samples might, not be common, testimonials. Anytime that we mention a testimony, testimonial. The Federal Trade Commission wants us to reference, that this might not be the same result you get when it comes to business credit building the, results, of what you get depends. On how much credit you apply for Marlin, has a lot of accounts, because he applies, for a lot of accounts he constantly, uses, a lot of credit if you're, not applying for, of a council you're not using, a lot of credit then obviously you may not need a hundred different credit cards you may not need the loans but in the business credit world what you get really, is determined, based on what you're actually applying for so, soon to come in the next video we're going to be diving in we're gonna talk about how to get business loans and credit lines regardless. Of current consumer credit quality even when banks say no we're, gonna talk about how to get loans with interest rates, lower than five percent, and we even have examples, of programs you can get with less than two percent how to get loans with no collateral how to get no doc credit, lines even as a start up business and much, much. More so, hopefully, you got a lot of good information here, out of video one if so you're really gonna enjoy video two because. In video one we wanted to basically give you an overview, of how the business credit building process, works and video, two we, dive into loans we dive into credit lines we start pulling, back the layers and revealing, to you that the majority of loans aren't, coming, from big banks over 98%, of financing isn't it's coming from these alternative, financing sources we're going to talk more about that and give you the easiest, way to get money for, your business, even when you think there's no way you can get financing, at your own bank and then in video three we tie it all together we, show you how to get all of this in one easy. To. Follow, easy to go through place, to, give you the most access, to capital at, the best terms and the easiest, way to build business credit where you don't have the hurdles and the obstacles, and you can access the vendor accounts and bypass. A lot of these very. Expensive. Very, expensive expenses. That you may pay whether, it be twenty, five hundred dollars, for credit monitoring or four hundred a year for for one one or two thousand. Dollars for dun & bradstreet we're, gonna show you a video three - how to get, through almost, all those expenses, so you don't have to pay those things making, it easy to, build your business credit quick, to build your business credit affordable. To build your business credit as well as easy to access all different types of loans and credit lines so we'll see you in video 2 where we're talking more about how to get loans and credit lines for your business with super, low interest, rates we'll look forward to seeing and talking with you then.