Zero percent credit lines exposed. You've probably seen advertisements for
zero percent credit lines for 50,000 dollars to 250,000
dollars or more in this show. We'll map out what this program really is,
how it works. Who can qualify how fees work and any and all other details you
should know. The zero percent program is perfect for startup companies, high risk
industries, and those who don't have or want to provide proof of cashflow or
collateral.So unlike asset base lending, you don't need to show or provide assets
as collateral for approval. And unlike cash advances, you don't need to be in
business six to 12 months or have consistent cash flow for approval.
Another benefit, is you only pay on what you owe. Not like a loan. So if you get
approved for 100,000 dollars you won't make payments on 100,000 dollars. You only make
payments on the balance you owe. So if you charged 4,000 dollars on the
account you'd need to make payments on only that four thousand dollars. And
And during the zero percent interest period, you won't pay interest. A major benefit
of this program is it's possible to get cards that only report to the business
credit reporting agencies, not the consumer agencies so you can use this
credit even with high utilization and have no adverse impact on your consumer
credit. This is a really big deal because utilization is 30 percent of the
consumer FICO score. If you use more than 30 percent of your limit on an
account that reports to consumer CRAs you'll really lower your consumer scores.
Another benefit is that the rates on this program are zero percent for a
limited time. That's a very important detail for applicants as 0 percent
and only paying on what you owe allow for lower payments. This can be a big
deal especially for startups short on cash. But beware some sources don't
mention that the zero percent rates are only for a limited time. No loan, credit
card, or credit line you'll find a zero percent beyond an intro period. The interest is
how they make money. Every one of these programs you see only offers zero percent for a
limited time usually six to 18 months, just like with consumer credit
cards. You can call the card issuer and try and extend the zero percent intro
period, some sources who offer this program might even help you with this.
And you can just get more cards after that period expires, then balance
transfer on to newly obtained zero percent cards after that period as well. Just keep in
mind the ethical issues in doing so to the card issuer and also be careful when
working with sources who don't tell you upfront that the zero percent is only
for a limited time. Many promote this as if zero percent is through the life of
the program when it's not. It's important to note, these are not truly credit lines.
They are actually credit cards. Many try to promote them as credit lines because
this is what most entrepreneurs want. But these are actually credit cards you can
get multiple of, that add up to 50,000 dollars 100,000 dollars et cetera. A true
credit line is a line of credit that you get a debit card for, and functions much
the same as a credit card. Most credit lines don't offer zero percent like the cards do.
But credit lines do allow you to take cash out of the line at the same rate as
the line is for such as 8 percent. With credit cards. You can't take cash
out on them without paying a heft cash advance fee of usually 20 percent
plus these are the main differences between credit cards and credit lines
With this program a lending source goes to work on your behalf and secure for
your credit cards. The company is not a lender or card issuer. Instead they
function as experts in obtaining credit cards and go to work to apply to get you
the most credit they can secure. In almost all cases their tactics to get
you credit result in much more than you can get on your own. There are a few
reasons they can get you more credit than you can get on your own. For one, a
bank or individual credit issuer will usually issue you credit for close to
what your highest revolving limit is now and they'll only issue you one card not
multiple cards. If you went to another bank and applied, and continue doing this
you'll get declined. The reason for this is because these banks and card issuers
don't want to issue credit to someone who's mass-applying for new credit in
a short period of time. So even two to three inquiries on your consumer report
within six months can disqualify you for this program, or for getting credit with
any card issuers. Many entrepreneurs think with good credit they can just go
into their bank and get what this program delivers just because they have
good credit. But banks care about your consumer credit, business credit, and bank
credit, and they want financials for a true credit line or loan. And those
financials would have to show good revenues and profits for approval. So
best case, without this they'd only get you one credit card, no loan, no credit
line. With this program, the company you hire goes to work to get you up to 5,
usually of the best and highest limit cards you can get. They apply for them
all at once, so they can get you five cards where if you applied on your own
you'd only get one to two max. This means they can usually get you five times the
amount of your current highest limit account when your bank can only get you
one of these types of account and they often don't report to the business
credit reporting agencies. There are two types of cards they can get you though.
One type are personal cards, these do report to the consumer credit reporting
agencies and they can get you business cards. These don't report to the consumer
credit reporting agencies. Whether you get one or the other and how much money
you can get is all dependent on one thing, and one
thing only your personal credit quality. This type of credit is unsecured. Unsecured
credit is obtained with no security or assets or collateral. It is money that is
lent where the lender has no collateral to collect in case of default. Because
there's no collateral being supplied, and they don't look or care about your
cash flow either. All that matters is your personal credit quality. To be
approved you need great credit as it is credit and credit alone that is being
used for approval. Remember, credit is all that is looked at for approval. So they
really need outstanding credit to qualify, not just good credit. If you have
650 type credit, you'll only get approved for personal cards. If you have 700 plus
scores then you can get business cards. To get approved, you should have no
bankruptcies, on your report. You might get approved with bankruptcy if it is
not on the report. You can't have any unpaid judgments no tax liens must be
paid off. You can't be in credit counseling now. You shouldn't have any
late payments in the last 12 months you shouldn't have any active outstanding
collections and unpaid status. You should have at least one bank card with a
three-year history or 3,000 dollar limit, if no car loan or mortgage.
They need two bank cards. Your balances shouldn't exceed 30
percent of your current credit limits. The lower the ratio the higher the
approval amount. Lenders look at overall utilization and individual utilization
on each account. You should have less than five inquiries on your report with
each bureau in the last six months. Your limits on existing accounts determine
how much money you'll be approved for. The limit is directly proportional to
new approval limits, maybe slightly higher. Person needs higher limit cards
for approval, typically over five thousand dollars that's good. For example, a
person with 500 dollar limits won't be approved for 5,000
maybe only six hundred dollars. For example a person with 10,000
dollar limits might see approvals of twelve thousand dollars. Approvals can be
fifty thousand dollars or higher. The more partners you have means the more
money you can get approved for. You can usually get five times that of your
highest limit account. Most sources charge a 9 to 12 percent success
based fee. This means you'll pay an average of 10 percent on the amount you
borrow 10k on 100k in financing. Keep in mind all lenders on all loan programs
charge fees. You'll easily pay 5 percent or higher even on an SBA loan.
But this program like most others including SBA role in your fee. So you
don't pay upfront. Once you get your cards in the mail, then you are invoiced
the fee. Usually, you'll pay the fee for each card you get as that card comes in
so you'll get multiple invoices, and most use the cards they get to pay their fees.
Some sources do charge upfront, this can be dangerous because they have no real
motivation to get you the most amount of money. Some companies will also let you
pay upfront to enter the program even if you don't have good credit. They sell you
on the vision of helping you fix your credit so you will qualify in the future.
True credit repair takes time usually many months to accomplish. Even then to
get over a 700 from a 500 starting point is very tough to
do, and you must obtain good credit accounts to get good scores which are
needed for this program. So a real credit rebuilding process is not fast or easy
and there are other programs you can get
funding with easily that allow for credit issues without trying to fit into
this program. Also, keep in mind, it's not legal to charge upfront when credit
repair is being provided according to the Credit Repair Organizations Act. You
have rights when paying for credit repair including not paying upfront only
pay after service is fully performed being supplied a proper contract with
specific statements being supplied three cancellation notices. Accurate info can't
be disputed and untrue statements are prohibited. Some sources might charge you
for their inquiry removal. Be careful, in many cases, they are challenging accurate
inquiries, but claiming they are fraud. This is illegal and you can be on the
hook for their actions. Some sources get high approvals right away. They work with
and no underwriters who will approve your application, and they apply it
sources who will approve you. They even know these sources down to a regional
level. Others get declines first then have to negotiate to even get you an
initial approval. They do this by calling and pretending they are you. Even if
successful this process takes longer and usually nets you lower and less approvals.
There are some other details you should know. You can use a credit partner for
approval. This may be a partner, friend or family member who wants to use their
credit to help your business get money. As an example, someone might want to get
a piece of your company in exchange for allowing their credit and guarantee to
be used to obtain this type of funding. This is acceptable and if you use a
partner as well as your credit you can get even more money. These accounts do
require a personal guarantee from you. These are not real business credit
accounts because they require a PG and good credit for approval. Even though
business cards do report to the business CRA and will help you build a real
business credit. But remember you or your partner are personally liable in case of
default. You'll start your approval process by
finding the best source. We have used almost all major sources in this space
and now only work with the absolute best sources. By best I mean the sources who
will get you the most money the fastest and sources who don't have shady
practices. Once you find the best source fill out their application to get access
to our sources, you can do that here. You'll usually be contacted the same day
or within 24 hours. When contacted say what you are trying to accomplish and
whether you have a credit partner. You will be asked for your login credentials
for credit monitoring. Any service will work, but try to use one with FICO scores.
You also should make sure you have access to all three reporting agency
reports TransUnion, Experian, and Equifax. If are monitoring service doesn't
have all three it limits how much you can get approved for. After a review of
your reports, most of the best sources will give you an initial range of how
much you might get approved for fairly quickly within 24 hours or 48 hours from
starting the process. They'll do this on a consult call with you and review all
terms and details you should know. If you want to proceed, you'll sign their
agreements. Once you sign they usually start applying within two to three days,
and start getting initial approvals quickly. Remember some sources will get
denials and have to negotiate for approvals, this can take additional days
or weeks. Once they get initial approvals, it usually takes one to two weeks to get
your cards. So typically you'll go from applying to funding in three weeks or
less. As you get your cards you'll get invoiced. You pay the invoice then wait
for additional cards. Good companies will give you your own unique logins so you
can track their progress live as it's happening as well. So you'll know your
cards are on their way. After you get your cards most good
sources will help you call to get your limits raised. They do this by using the
other cards you get approved for to create competition. So the source wants
to give you higher limits than their competition. And after six months you can
then follow this same process with that source to get even more unsecured credit.
Just be careful, don't put too many inquiries on your report or it ruins
your ability to get more credit. In summary the zero percent credit card
program is a great funding solution for many entrepreneurs. You can get money as
a startup or high-risk industry. If you lack cash lower collateral and even
without financials making it easier to get approved for and the funding is
fairly fast, within three weeks or less. Plus this is one of the only ways you
can truly get 50,000 a 150,000 dollars or more within a few weeks or
less. So it's fast easy money. Just be on the lookout for some of the things to
look for and don't choose a bad company or you'll wait longer and get less money.
If you would like to apply for the best sources, you can do so here. We won't
charge you for applying or for when you get your funds either. So you work with
our expert finance team to help you along the way, at absolutely no cost to
you whatsoever. And keep in mind we do offer many other funding programs and
business credit. So even if you don't have good personal credit like this
program requires we still have options for you that can work now. Without
needing to pay upfront for credit repair. Contact us today to get started.