Hey it’s Ty Crandall and in this short video I’m going to teach you exactly how to
build business credit
fast, so the very first step is you want to obtain
vendor accounts very quickly right now soon as you’re done
with this video check out companies like Uline, Quill
and monopolize your market place and apply for credit that they issue.
Keep in mind if you have no credit now some companies like Quill or Uline
might require you place 2 or 3 orders first
before they’ll give you initial credit this is a very small price to pay,
considering the value of the business credit reported accounts they’ll give you
once you actually approved now get approved by at least $50 or
more for each source
that your approve getting applied for or applying for.
The $50 are required for the business credit reporting agencies to
report the account you need to make sure the account gets reports that you want to get
approved
by $50 worth of stuff or more and make sure you pay your bill on time,
remember
most business credit scores are based on how you pay your bill
so it’s essential that you pay the bill as soon as you receive it, pay it
on time or early and you get a really good score
immediately. Next monitor your business credit reports
it will take about 30 to 90 days for you to see these accounts reported
on your actual business credit reports, business credit reports are offered
through Dun & Bradstreet
Equifax and Experian commercial, now once you have 5 accounts reporting and you
could see them
on your actual credit reports then start applying for store credit cards,
now most other retail store offer business credit accounts you can apply for,
Lowes, Home Depot, Shell, Walmart, Best Buy
all of these offer business credit accounts, remember none of them will approved you
unless you have some credits established so you have to get those vendor accounts reported
first, before you take the next step of getting approved for store credit,
then you want to have 10 total accounts before you start applying for cash
credit, these are
real court cash credit cards like Visa, MasterCard, that you can use anywhere
the Home Depot has a great cash credit cards and sold
to a lot of the banks maybe even your bank offers
one of these types a business credit cash cards,
now the approval limits on these type of cards are usually 5 to $10,000
and remember
don’t even think about applying until you have at least 10 accounts reported
from vendor accounts and store credit accounts first, and whatever you do, do not
do this thing, do not put your Social Security Number
on the application, if you leave your Social Security Number
of the application they will pull your EIN credit instead
if you can’t apply if they’re require that your social
then call them and apply without giving him your social if you give them your social
they will pull your personal credit, and you will personally guarantee that debt,
you don’t want that leave your social off you’ll person to pull your EIN credit
and if they pull your EIN credit suite established you can get approved,
don’t skip steps and apply for cash or store credit too early,
as I said vendor credit first, store credit second, cash credit third,
if you skip any of those steps and move on to quickly
to store cash credit you get denied you don’t want that so make sure you follow
those steps and whatever you do
don’t apply unless your business is set-up credible you need a real business
address, you need a real business phone number,
your phone number needs to be listed with 411 you need
an entity set-up such as the corporation or LLC you need
to make sure you have an EIN number you need to have professional website,
email address everything you put on the application needs to make sure that it
represents your business and a very credible way
for you to stand the best chance in getting approved now this was a very short video
on how to build business credit fast,
but if you subscribe to our YouTube channel you’ll find we have tons of
videos there are 30 to 60 minutes long
they walk you through in depth the steps of doing
every aspect a building your business credit fast ,so make sure you
click and like this video make sure you also subscribe to our channel to get
notices
whenever we have new content new training rollout and also your usually
able to click
somewhere on this video to access a free guide
a free report or another resource that will help you in your business credit
building
again this is Ty Crandall thank you for checking out this short video on how to build your
business credit fast.