How do you get gas cards, fuel cards, fleet credit, for your business without a personal
guarantee and without a personal credit check. That's exactly what we're talking about
during today's training we're going to introduce you to fuel cards tell you what they can be used
for how to get them, we're going to talk about underwriting requirements that you need to meet
in order to get approved, we're going to talk about building your business credit to be able to get
high limits I mean 30, 50, $100,000 limits on individual cards without a personal guarantee
and without a personal credit check along the way I'm going to include my best tips and tactics to
help you get the most money at the best terms and if you stick around at the end of this training
I'm going to get you access to our step-by-step business credit billing guide that's been
downloaded over a million times. So, needless to say it's very popular that we'll map out
the exact steps in detail to build your business credit we've got a lot to cover so let's dive in.
So fleet cards, fuel cards they go by a lot of different names but the idea here is that
you're getting credit cards in your business name and these credit cards are used to be
able to primarily get fuel for vehicles also do repairs and maintenance of vehicles. Now these
cards are offered through all different kind of sources we've got places like WEX fleet cards
that can be used in multiple different sources, and then we have vendor-specific cards places like BP,
Chevron, Sunoco, Pilot Flying J that could mainly just be used at those independent fuel stations.
So if you have a vehicle or a fleet of vehicles these are very important to your business because
this is how you actually can get the vehicle maintained it's how you can get repairs done
it's also how you can fuel that fleet as well, so how do you get approved for these well the great
news is even as a new startup business you're able to get approved for them the problem is is that
they're going to ask for a deposit and a guarantee if you haven't established any business credit yet.
So there's 2 ways to get these kind of accounts, you can do this before you build any business
credit need a guarantee need a deposit or you could take a few steps and get this kind of
credit without a personal guarantee and without a personal credit check. So, let's talk about both
ways, the very first step to getting approved is you've got to improve your fundability.
Fundability is what credit issuers are going to look at to determine if you should be approved
or not whether you have or don't have your business credit established. So you want to
have an entity set up preferably a Corporation maybe even a Partnership or an LLC stay away
from being a sole proprietorship. You need to have an EIN number you can get that at irs.gov you want
to have a professional website professional email address you want to have a real business address.
Now if you don't need a retail location you can look at virtual addresses or I should say virtual
offices different than virtual addresses a virtual office is offered through places like Alliance,
Davinci, or Regus where you can actually rent a mailing address where it looks like you occupy
a big high-rise building here in Tampa Florida, but the reality is maybe you're just working from home.
Very different than virtual addresses, virtual addresses are ipostal, PO Box, UPS those you want
to avoid at all cost. You really don't want to use a home address as your business address either
don't get me wrong some sources like Amazon will approve you with a home address other sources
like Walmart won't, but nowadays you're even seeing Dun & Bradstreet put Google street views
of your business address on your commercial credit report. So if you don't want a picture
of your house on your commercial credit report one more reason you want to avoid using a home
address, you want to have a business phone number don't use a mobile phone don't use a home
phone lenders and credit issuers their technology tells them right away what kind of business phone
you're using. So you really want to get a voice over IP or an actual business phone for your business if
you can get a license for your industry your state even your county for your business you want to
get one that gives you a lot of credibility. You also need to make sure your phone number
is listed with 411 and get a DUNS number with Dun & Bradstreet. A lot of these these
fleet sources whether you have business credit or not established they want to make sure that
you actually have a DUNS number with Dun & Bradstreet you can go to creditsuite.com/duns
d-u-n-s that's creditsuite.com/duns or just Google free DUNS
number to be able to get that DUNS number takes about 10 to 15 minutes, and Dun & Bradstreet
will try to call you and sell you their credit builder you want to avoid that call unless you
want to be sold something you don't need, you don't need credit builder the DUNS number is 100%
free to get you'll typically get it within about 2-4 weeks from actually applying. Now once
you've done these things it'll get you access to our free guide at the end of this training where
you can learn more about fundability, but once you've set your business up the right way where
it's fundable now it's time to start building initial business credit. Now typically you can
do this 2 different ways you can use a program called credit line hybrid. The credit line hybrid
you can qualify for up to $150,000 in credit lines 0% rates they report to the business
credit reporting agencies you can get these even as a new startup business without cash flow, but
you have to have good personal credit and be willing to provide a guarantee
to go that route to build initial business credit. If you don't have good personal credit you can
use that of a guarantor so you have a family member or friend that will let you use their
credit to qualify then you can use that get credit line hybrid get your credit lines and use that to
start and grow your business. The other most popular way of building initial business credit
is what's done through starter vendors, now starter vendors are vendors who basically give you credit
when you have them they report it to the reporting agencies and they're places like
Uline, Grainger, Supplyworks so you can start with these kind of vendors and whether you use credit
line hybrid or starter vendors you need about a handful of accounts to move to the next step,
but before I tell you about the next step let me say that you can also use fleet credit cards right
here to start building initial business credit. If you've got your fundability online you can start
to apply for a WEX fleet card or a Pilot Flying J even a Marathon a Philip 76 they will give you an
initial approval, but they're going to typically require a deposit of $500 and they're going to
require that you give a personal guarantee and the terms will be shorter sometimes as
short as Net 15 which only gives you 15 days to pay back whatever you borrow. So if you're
in the transportation industry like if you're an over-the-road trucker well this could help right
now in this stage of the business credit building process to at least get one of those credit cards.
Now when you have about 5 accounts in your business credit reports now you can move on
to start getting credit with most major retails whether retailers whether it be Staples or Office
Depot whether it be Home Depot or Lowe's, Sam's Club, or Costco, Walmart, or Amazon even
Nordstrom and Macy's offer corporate credit without a personal guarantee without a personal
credit check, and they'll start to approve you when you have a handful of accounts reporting on
your business credit reports of course when you get this credit that reports you want to pay it on time or
early that's going to give you good scores. Now we have a credit profile now we have good credit
scores now we're getting retail credit and when we get to at least 6 preferably 8 accounts
that are on our business credit reports, so if I look at Dun & Bradstreet, Experian, Equifax account
how many are all three of those combined and I see 6 or 8 total. Now I can come in and
start to get this fleet credit where they're not going to ask for the deposit they're not
going to ask for the guarantee, so now I'm able to get approved without a personal credit check
without a personal guarantee and oftentimes these limits are $10,000 $20,000
$30,000 or even higher, okay I've seen people approve with Pilot Flying J for as much
as $50,000 in use a week hundreds of thousands of dollars in credit at one source.
So you're able to get a lot of credit with these sources, but there is a catch there's a caveat here.
A lot of these sources are underwritten by the exact same company, so you don't want to apply
for too many in a short period of time, if you come in and get a WEX fleet card a Marathon and
a Phillips 76 in the same week what's going to happen is you might get approved for the first
one and then the second or third one you're going to get denied because they think it's fraudulent
then they'll pull the approval from the first one. So you really should apply wait 2 weeks between
applying for different fleet cards I really recommend you wait a month between applying
for different fleet cards to avoid this issue, it's one of the most common issues we run into
with denials on fleet accounts is people have applied for too many in two shorter period of
time they're all unwritten by the same source the source thinks that it's fraud because too many
applications are coming in from the same person, and they deny the applications and pull back the
approval on the previous. So make sure you include that 2 weeks the 30-day time period between
applying for different kind of fleet credit cards to avoid that fate, now sometimes we even had one
happen the other day where somebody actually the fleet source came to him and said we underwrite
both these cards we'll give you that approval you're looking for but we'll pull back the limit
on this card so what would you like us to do, So sometimes if you're lucky enough they'll give you
that choice but oftentimes you're not they'll just deny the account, so make sure you avoid
that pitfall and don't apply for too many of these fleet credit cards in a short period of time.
Look make sure you grab our business credit building guide that will map out these steps
in more details, we dive into more fundability we give you access to more vendors you can access
that at creditsuite.com/ein that's creditsuite.com/ein and if you like
your business credit reports at no cost they cost 250 bucks for the bureaus, well give us a call
for a free consultation. We'll get your business credit reports at no cost we'll go over with you
give you tips and tactics to improve your business credit we'll do a fundability assessment help you
improve your fundability, and we'll do a funding qualification we'll talk about all the loans and
credit lines that you may be able to qualify for right now, you can give us a call for that
consultation at 877-600-2487 that's 877-600-2487 or you can email us info@creditsuite.com you
can also schedule that consultation online at creditsuite.com/consult and if you got value
from this training well make sure you like and subscribe because I look forward to seeing you
on our next training, we're talking about more cool ways to get money to start and grow your business.
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