Hey it's Ty Crandall, with Credit Suite, and have you built your Business Credit yet well you should
have because Business Credit's a way you can get credit for your EIN that's not linked to
your personal social, it allows you to get high limit revolving credit cards without a personal
guarantee without a personal credit check but most importantly it's the key to getting the best terms
and getting the most approvals on the credit financing you want because lenders and credit
insurers are all looking at your business credit scores to determine if you should be approved how
much you should get and the rates and terms you're going to pay and by the end of this training I'm
going to teach you three initial ways to build your credit profile and score building business
credit initially is the hardest part because 97% of trade vendors or vendors that give us credit don't
report the credit to the business credit reporting agency, so you have to be very intentional when
you're building your business credit profile and score initially once you've built it
then it's easier to walk into your favorite stores your favorite retailers VISA MasterCard
and get that credit without the personal guarantee and credit check that's linked to your EIN credit
profile not linked to your personal credit profile. So there are three ways to initially do this the
first is using vendor credit so vendors as I mentioned most of them don't report the credit
that they give you to the reporting agency so you have to find creditors that will do two things or
credit issuers who will do two things give you credit when you have none and report that credit
to the business credit reporting agencies so the most some of the most common ones that you really
could look at are Uline, Quill, Granger uh even strategic network solutions so I like Quill and
Uline the best because there are all kinds of stuff like that we use every day you can buy there at
Quill they sell over a million products all kinds of office supplies, Uline sell shipping supplies if
you go to their store if you set up an account put stuff in your cart and go to check out then you'll
see they give an option that's similar to invoice me when you choose that option and they notify you
through email that you've actually had the items shipped congratulations you were just issue credit
they're not going to send your credit card in the mail they're not even going to tell you what your
limit is but the minute they ship the item without you paying you know they just issued you credit
they'll typically offer you terms like net 30 which means you have 30 days to pay back that
credit and what's nice about that is first of all it eases your cash flow restrictions right I mean
you can actually go and put stuff on terms and have 30 days to pay it instead of actually paying
cash but the second and main benefit here is that it helps you establish initial business credit so
you're establishing a business credit profile and score because these vendors report that credit to
the business credit reporting agencies now if you don't get approved initially it's because
you haven't set up your fundability right I'm not going to dive into fundability in this training
but if you continue to follow me I'll decode the step before you get initial business credit which
is setting up your fundability to have the best chance of getting approved if you skip that step
then some of these vendors might make you prepay one or two orders before they'll actually approve
you for credit now the second way to build initial business credit is through a program called credit
line hybrid and credit line hybrid will get credit lines for you even as a startup business that are
no doc zero percent interest for up to 18 months all you need to get approved is good personal
credit or a guarantor that has good personal credit you typically you need a 680 FICO score
from you or a guarantor and you could typically get five to eight times the amount in credit lines
of your existing high credit limit account now so for example if you have a credit card with Chase
with a $5,000 limit, you can usually get five to eight times that which is about twenty
five thirty thousand in funding but if you have a credit limit now of $10,000 well
then you can get fifty eighty thousand dollars in this program you can typically get approved for as
much as a hundred and fifty thousand and credit lines at zero percent and a lot of these credit
ryan's run lines report to the business credit reporting agencies so if you're interested in
getting improved for that program you can go to creditsuite.com/getfunding that's
creditsuite.com/getfunding if you're interested in building vendors then you can
go to this or creditsuite.com/ein that's creditsuite.com/ein
and grab our free guide that maps out the steps to building your business credit now the third way
you can build initial business credit is through a program called D&B's credit builder
now this is expensive because you have to spend about $1,500 a year or $150 a month
just to be able to build credit with Dun& Bradstreet but D&B will allow you to add
some trade references to your credit report taking payments that you already pay now and
actually getting credit for making those payments on time so you make all on-time payments and you
get rewarded by actually adding those accounts as trade references now a couple disclaimers
here you're only building credit this option with Dun&Bradstreet not with Experian and Equifax
so you're still going to have to use one of the other two options I've given you to build initial credit
with one of them, the other thing is a lot of credit can't be added to D&B's credit report
they won't let you add rent or lease payments or utility payments credit cards major banks
the loans anything like that they're not going to let you actually add but if you make payments
to like software companies on time or your phone system things like that actually can be added so
there's three ways to build initial business credit you can use it using the do it using
vendors like Uline and Quill you could do it using the credit line hybrid to get up to $150,000
in real working capital credit lines or you can take accounts you already have and Adam's trade
references to your D&B credit profile any of the three will do and will help you establish initial
credit profile and score once you have about five accounts on all three of your credit reports Dun&Bradsteet
Equifax and Experian commercial then you can move on to revolving store credit which is
credit like almost every major retailer from Sam's Club to Costco, Staples, Office Depot, Home Depot
Lowe's even Macy's Nordstrom Amazon Walmart almost all major retailers offer this kind of corporate
credit where you can get high limit accounts without a personal guarantee without a personal
credit check but it all happens by establishing those initial handful of accounts using one of
the three methods we talked about today so to learn more about building your business
credit visit us online at creditsuite.com/ein that's creditsuite.com/ein
for our detailed step-by-step business credit building guide that's now been downloaded over
a million times yeah over a million times so you could say that this is the absolute
guide um probably more popular than any guide out there to help you build business credit for
your EIN that's not linked to your SSN and it's available at creditsuite.com/ein