How do you build business credit if your EIN that's not linked to your personal Social Security Number.
Hey it's Ty Crandall, um before I finish the into this video I'm going to teach you the exact steps to
get real business credit that is not linked to you personally and that you're not personally liable
for and credit that doesn't require a personal credit check. So a ton of benefits that business
try to provide you including the fact that you can get it without a consumer credit check this means
no matter how good or bad your consumer credit maybe you can still build business credit and this
is credit that you're not personally liable for there's no personal guarantee attached. That means
the credit is not attached to you personally it doesn't report on your consumer credit reports and
it's not based on your personal credit quality for approval. So you could separate your liability and
there's no consumer credit check for approval and you're able to get very high limit credit accounts
very quickly when you're building business credit. So how do you get this kind of credit well there's
a handful of steps that you're going to want to follow to do it the right way the very first step
of building business credit is to improve your fundability a lot of entrepreneurs don't know
that things like how your business is set up your address is set up how your phone number is set up
a type of phone number you have the type of NAICS industry code that you have how you set up
your entity all affect the credibility of your business. These factors are known as fundability
and the very first thing you should do before getting any kind of credit financing is to improve your
fundability because that's the secret of getting the most amount of money at the absolute best
terms for your business. So once you've made sure that your business is structured the right
way you have a real physical business address or virtual address you have your phone number
that's a business phone number and all the things that reflect that you are a credible legitimate
business. The next thing you want to do is start getting initial credit now there's a couple ways
you can do this if you have good consumer credit well then you can get credit lines that report on
your business credit reports you can get up to $150,000 and credit lines to start
your business or if you already have an existing business and these will help build business credit
at exactly the same time. You can go to creditsuite.com/getfunding in order
to actually access these credit lines. Now the other thing you can do is use vendor accounts
these are the counts through sources like Uline and Quill that will give you credit even
when you have none and they report that credit to the business credit reporting agencies. You need to
be careful here over 97% of trade vendors don't report the credit they give you, this means you
can easily think you have a lot of credit you're building with the reporting agencies for business
but you don't have any at all. So you've got to make sure that you're using sources like Uline
and Quill and other vendors that will actually report that credit simply go get things that you
want to buy put them in your car apply to be invoiced or apply for credit get that credit
use it to actually purchase what's your behind okay, then pay the bill on time and that credit will
report to the reporting agencies. Next you're going to want to get business credit monitoring you can
do so at creditsuite.com/monitoring once you see a handful of these accounts report
on your business credit reports then you can move to the next stage which is called retail credit
tier. Now the retail credits tier will give you access to credit with most major retailers places
like Amazon, Best Buy, Home Depot, Staples, Lowe's, all offer business credit without a personal
guarantee and credit check, all you need to do is have a handful of accounts reporting on your
business credit reports then you're going to start getting approved for this kind of credit.
Now once you have about 8 to 10 accounts you can move on to Fleet credit so you can get fuel
card for repairs maintenance of vehicles places like Sunoco, Costco, or Sunoco excuse me Chevron will
also, give you this kind of credit cards now the next and final step is when you have about 10
to 14 accounts reporting on your business credit reports then you can get Visa cards, MasterCards
auto financing as well. So business credit is all about building that fundability and then getting
credit in the right order and the right amount of credit to move on to the next tier. If you'd like
to learn more about building your business credit visit us online at creditsuite.com.