How do you avoid the worst do-it-yourself business credit building traps you know
the traps that will make the process take years instead of just months, well that's
the problem with Business Credit right now, it's booming and it's exploding and when that happens
a lot of overnight Gurus come into the space and start giving you well all kinds of advice
a lot of which is not good advice. So then during this training, we're going to talk about the
advice to avoid we're going to talk about the traps to avoid we're talking about everything
you need to know to successfully build Business Credit and cut years of the process condensing
it from years to only months, plus if you stick around at the end of this training, I'm getting
you access to our special Business Credit building checklist this is like your guide
to being able to expedite this process and being able to get high limit revolving Business Credit
accounts without a personal guarantee and credit check, we got a lot to cover, so let's dive in.
I've been in the financial services space for over 20 years and I spent a lot of that time
educating about Business Credit when I started nobody was talking about this now I see so many
people starting to talk about it, the problem is they're giving a lot of misinformation. Now look
in all fairness, it's not intentionally that they're misleading you, the problem is they're
telling you about their success and what I've learned by helping 50,000 business owners
through this process is that every scenario in Business Credit building is unique, but there are
some common things you should be doing and can be doing now to be able to expedite your success
and help you get more credit faster, one of those things is called fundability it's really where
you need to start building Business Credit now a lot of overnight Gurus skip this, they don't even
mention it, but I found it's the most important aspect to building Business Credit here's why
a lot of the credit issuers that will issue you credit without a personal guarantee and without a
personal credit check have set criteria of what they're looking for if you meet these criteria
you get automated approvals, if you don't meet this criteria, they push it for a manual review
you get notified that you'll hear by mail in seven to ten days and usually it's always a denial you
get in the mail they don't like your fundable foundation as a result they deny it, so if you
want to increase your chances of getting approved for Business Credit and getting the most money the
best terms you've got to improve your fundability this means you have to set up a real entity like
a corporation or even get set up as an LLC you want to get your EIN number from irs.gov you want
to have a Merchant Account set up, a Business Bank Account set up, you want to make sure you
have an address that's separate for your business even if you use a virtual office from places like
Regus, Alliance or Davinci you want to have a phone number that's separate for your business
even if it's a voice over IP number, and you want to make sure that phone number is toll-free and
make sure it's listed with 411 as well, there's over 125 fundability factors, we found that lenders
and credit issuers look at, but if you just do some of those basic foundational aspects, that goes a
long way to helping you expedite your Business Credit building. The second thing you want to do
to avoid this do-it-yourself bad business credit trap advice is make sure you have a clear path
a clear plan to be able to build your Business Credit if you don't have a clear plan, then you
just kind of stumble around applying for accounts randomly you get denied for most of those
accounts it causes frustration, and it really elongates the process matter of fact what we found
that takes Business Credit from months to years is that people keep applying for the wrong accounts
keep getting denied it causes frustration and those denials also add a lot of time to the process,
so you've got to have a clear map, a clear plan to build your Business Credit now, it should look
something like this first step you want to improve that fundability, then you want to get credit with
initial starter vendors or even a program called credit line hybrid to add accounts to your
Business Credit reports and give you an initial credit profile and score, make sure you get set
up with the reporting agencies next, so you want to get your DUNS number, for example with Dun &
Bradstreet and it's a good idea to get set up with credit monitoring as well, you can get set up at
creditsuite.com/monitoring. Now we've got initial counts on our business credit report
the credit monitoring has helped us see that those accounts are reported now we can move on
to getting all kinds of accounts with major retailers like Staples, Office Depot, Home Depot, Lowes,
Best Buy, even fuel credit with places like BP, Chevron, Sunoco and then being able to get more
and more accounts on our business credit reports to even graduating to VISA card, MasterCard, Bank
Credit and Auto Financing all of this can be obtained without a personal guarantee and credit
check and if you follow this kind of formula and use this as your plan that's the key to being able to
expedite this process. Another big trap to avoid is to know that
vendors are changing all the time, sometimes people
ask why we don't publish lists of vendors and the reason is that I literally get 2-10 notifications
every single day of accounts that change between the Tiers of business credit building sometimes
they'll approve you if you have five accounts in your business credit reports, sometimes they move
to a starter Tier where they'll give you credit even if you have nothing on your business credit
reports sometimes a vendor wants you to have 8, 10 or 12 or 14 accounts in your business credit
reports their underwriting requirements change. What aspects of your fundable foundation they
look at change, all of these chain things change regularly, so whenever you're part of groups forums
or you're just getting training with lists of vendors to go with you have to be really careful
one of the biggest things that delays the process is to apply for credit that you can't get approved
for because you're applying too early in the process or even worse, you're getting credit that
doesn't report anywhere, places like Quill used to be a great starter vendor account now we put them
in Tier four, we don't even recommend business owners apply form until you have eight accounts
or more on your business credit reports, but if you didn't know that if you go through old training or
look at forums and see Quill as a starter vendor you're going to try to get approved, you're going
to see that you maybe get credit with them they don't report the credit you're going to wait a
month two months or even three months to realize that they're not going to report the credit until
you have several prepaid orders placed with them first, by the time you realize it you lost three
months of business credit building time and by the way Quill is only one example, this happens with
thousands of vendors all the time, they're changing their requirements, so make sure you always have
access to the most up-to-date information like we provide here at Credit Suite, so you know exactly
what steps to take and what vendors you can get approved for in each step this will be the key to
helping you expedite your business credit building. You also need to know that business credit's a big
picture thing, meaning you don't want to just get stuck in the weeds and just try to get credit
to move to the next step, you have to realize that when you build business credit the right way then
you're able to unlock all different types of Tiers of credit without a personal guarantee and without
a personal credit check you're able to get credit at almost every major retailer from Staples and
Office Depot to Home Depot to Lowe's even Macy's and Nordstrom, Walmart, Amazon all offer credit
cards that are corporate credit cards without a personal guarantee and credit check you can
get credit cards at every almost every major fuel station out there fuel man fleet cards BP Chevron
Sunoco, Pilot Flying J you're even able to get auto financing without a personal guarantee and credit
check even VISA card, MasterCard high limit credit lines high limit loans all without guarantees
and credit check so business credit building the initial basic steps you take are just a stepping
stone to start getting more and more access to revolving credit you can use to grow your business
So now that you know some of the biggest traps to avoid how do you actually succeed, how do you
take years of business credit building and condenses to only months well there's a
couple steps you want to take right now, first of all click the link in our bio, this will give
you access to our business credit building guide that maps out the exact steps you need
to successfully build your business credit and give us a call for a free finance assessment
when you give us a call, we will help you get your business credit reports for free with our major
reporting agencies we'll go over this with you we'll give you tips and tactics to improve your
business credit we'll tell you all the loans or credit lines you can get right now, and we'll do
a fundability assessment to talk to you about all the fundability aspects you need to fix to have
a way better chance of getting approved all you have to do to get that consultation and assessment
is give us a call 877-600-2487 or schedule online at creditsuite.com/consult did you get
value from this training? If so, make sure you like and subscribe and keep your eye out for our next
training where we talk about more cool ways to get the money you need to start and grow your
business.