How do you get business credit without any personal liability? Hey it's Ty Crandall with
Credit Suite and in this short video I'm going to teach you exactly how to build
business credit and obtain it without a personal guarantee and without being personally liable for
those business debts. Look as an entrepreneur you probably don't want to continue to get credit and
financing for your business where you're always on the hook and you're always personally liable
for those debts you incur. What your right to do probably is separate your liability so the
business becomes liable for its own debts and if you ever do default or there ever is an issue
the credit esure lender can't come after your personal assets. Well this can only be done one
way and it's by building business credit. I talk to a lot of entrepreneurs that don't want to be
personally liable and all them learn the exact same lesson, liability comes when your business
can't stand on its own when your business can't stand on its own that's when lenders and that's
when credit issuers rely on your personal credit and personal guarantee to carry the
actual financing through, but if you want to get away from it there's only one way to succeed you
need to build business credit. By building your credit profile and score for your business your
business starts to stand on its own it starts to be able to qualify for large amounts of credit in
the business name without your personal liability and without being attached to your personal credit
report. Which means it doesn't report on your personal credit reports and it doesn't rely
on a personal credit poll in order to get approved. So if you want to get this kind of credit without
a personal guarantee here's how you do it. Step one you've got to improve your business fundability.
Fundability is over a 125 factors that lenders and credit issuers look
at to determine if you should be approved for credit and financing. Things like how you set up
your entity or how you set up your website email address address business phone all tie into
fundability and we've got a lot of training on this on our youtube channel at youtube.com/creditsuite
or you can even go to creditsuite.com/consult schedule a consultation
and we'll do a free fundability check for you to help you get on the right path of setting up
the best fundability. Once you've done so now you need to start getting initial credit that reports
to the reporting agencies here's where personal guarantees really map. There's two ways to do this
if you want to use your good personal credit and don't mind a personal guarantee to jumpstart your
business credit building then you can get up to a $150,000 0% credit lines to start building
your business credit but again the catch is this credit is based on your personal credit scores
and has a personal guarantee. If you don't mind that then go to creditsuite.com/getfunding
fill out a handful of questions and we'll get you on your way to getting approved
but if you want to start building business credit without liability right from the beginning. That's
when you need vendor accounts. Vendor accounts come from credit issuers who will give you small
lines of credit to use in their actual store for their products or for their services okay and when you
get this kind of credit it reports to the business credit reporting agencies but instead of being
revolving credit where you can make a minimum payment towards a balance you're asked to pay
the entire balance off within the net term they give you. Such as a net 30 account has to be paid
in its entirety within that 30-day time period but you've got to find vendors that report to the
business credit reporting agencies it's so crucial to your success over 97% of trade vendors don't
report the credit. So even though you think you're getting business credit it doesn't actually come
in a form where it reports as a matter of fact some of that credit even reports on your consumer
credit reports this is just definitely not what you want to see. So you've got to get credit with
credit issuers who do report some sources include Uline or Quill the sell office and shipping
supplies even strategic network solutions that actually sells networking solutions and computer
solutions. So these are the kind of vendors that report the credit to the business credit reporting
agencies once you have a handful of those accounts then you can move on to the retail credit
tier. The retail credits tier is just what it sounds like this is when you start to get credit with most
major retailers places like Walmart, Amazon Best Buy, Office Depot. Staples, Home Depot
Lowe's almost all major retailers offer business credit and in this stage with a handful of vendor
accounts reporting you can start to get much of that credit you'll then progress as you get 8
to 10 accounts to Fleet credit where you can get fuel cards and repair vehicles maintain vehicles
and we have about 10 to 14 accounts reporting you can even start to get Visa cards master cards and
auto financing all without a personal guarantee all without a personal credit check. But it all
starts the key to it all is to get that initial vendor credit that will give you the credit
without the personal guarantee and credit check that gives you an established credit profile. Once
you have an established credit profile and score those are the backbone to start getting the retail
credit and then from there the more credit you get the more credit you use the higher the limits will
be and the more credit becomes available for you. So if you'd like to take years of this process and
condense it down to only months well then visit us at creditsuite.com. At creditsuite.com you
can get in touch with a schedule a free consult at creditsuite.com/consult will do a
fundability check will see how established your credit is now will even give you tips on teach
you everything you need to know to get financing for your business and will help you take years of
business credit building and convince it to only months. So visit us online at creditsuite.com.