How to immediately get business credit and how to grow your business credit to $250,000 plus within
11 months. Business credit is credit in a business name, that's linked to the businesses Employment
Identification Number or EIN. This is credit a business owner can obtain that is not linked to
their Social Security Number or SSN. This credit can be obtained with no personal liability from
the business owner. Business credit has no impact on the business owners personal credit, when done
properly business credit is obtained without the SSN being supplied on the application. This means
there is no credit check from the business owner to get approved, this also means that anyone who
has bad even horrible personal credit can still be approved for business credit. Business credit
reports to the business credit reporting agencies not the consumer reporting agencies. As business
credit is used it has no adverse impact on the owners consumer credit because it's not reported
to consumer agencies. This means utilizing the account even over 30% won't have any adverse
impact on the personal credit scores and there are no inquiries on the personal credit when
you apply for business credit as long as you don't supply your Social Security Number. Now to
the most important question does business credit really work. Every highly successful business in
this country has business credit, most of these companies used their business credit to get as
big as they are today. Take a look at how many experienced tradelines some of the US's top
companies have now 80% of their cash injection comes from business credit. Here you can see a
snapshot of Facebook's business credit with 40 tradelines being reported to Experian. Here you
can see a snapshot of Microsoft's business credit with 131 tradelines being reported to Experian.
Apple currently has 38 tradelines being reported to Experian. And Walmart has a whopping 513
tradelines reporting to Experian, it's reported that Walmart gets 80% of their total cash
injection from business credit. Contrary to what many believe business credit is not only for big
companies, any company can build business credit big companies are typically the ones who enjoy
the benefits of business credit the most because they have CFOs who know how to obtain and use
business credit, where most small businesses don't. But you absolutely can get your hands
on the exact same credit these larger companies have if you know the formula to obtain it. But
why is business credits so awesome. We already discussed some major business credit benefits
no personal credit check, no personal guarantee, no impact on personal credit or personal credit
scores. Another benefit of business credit is that it more than doubles your borrowing ability, you
already have consumer credit. Now you can have a whole other credit profile with business credit
also. Plus per SBA business credit limits are 10 to 100 times that of consumer limits. Obtaining
business credit radically increases your available credit. Plus business credit can be obtained very
fast, you can get approved for initial vendor credit to help your business grow within one
week. That credit will typically report within 30 to 90 days. Once reported you will then have
reported tradelines which in turn give you an established business credit profile and score. Once
your profile is established in 90 days or less you can then start getting real usable revolving
store credit cards. Within 120 to 180 days you can then get real cash credits such as Visa, MasterCard,
Discover, and American Express, credit you can use any where. Business credit is perfect for startups
and established companies. It's also perfect for companies that don't have collateral which is
required for all SBA 7a loans. Business credit is perfect for companies that have no cash flow to
verify, no tax returns to supply or once that don't want to verify this information even if
they do have it. It truly provides a good way to get money for any business big or small new or
established, regardless of the owners personal situation. Let's dive into how business credit
works. Here you can see a real business credit approval for $15,000 from city.
This is a $7,000 bank business credit approval. Check out this $22,000
American Express business credit approval, and here's an $8,000 Chase business
credit approval showing yet another example of what you can accomplish with business credit. Now
that you've seen some actual results let's talk about how you can build business credit. The first
step in building business credit is to build your business credibility. Many credit issuers nowadays
don't manually review credit applications, instead they have computers issue approvals or denials
based on set qualifying criteria. If you meet their qualifying criteria you get approved and
if you don't you get denied. So the first real step in building business credit is to know
what the credit issuers criteria is and meet that criteria before you apply. You can imagine how
much greater success you will have when you follow this strategy. Any company can build
business credit but all credit issuers are wanting and hoping to see well-established companies apply
that they can approve. Considering most don't require financials upon application there is other
criteria they look at to gauge if your business is truly credible, if you have the perception of
being a well-established successful business. By well established I don't mean being in business
many years, only that your business is set up as any successful business should be in the credit
issuers eyes. Your business name must be congruent on all of your documents, especially once
that are public record that anyone including the credit issuers can access. Your full name must be
used including your DBA name. It's hard to believe but this one factor is one of the main reasons
people get denied for business credit. The credit issuer goes searching for the company's name and
can't find it and then they deny the application. Your business name must be congruent on all
pertinent documents including your corporation records, your licenses, your bank statements,
your utility statements, your EIN paperwork, your tax returns with the business credit reporting
agencies, your lease, and all other places you have it listed. Any business entity can build business
credit. But you should know that the entity you choose will determine your personal liability
and tax ramifications. For example with an LLC or corporation you are not personally liable for your
business dealings. But with a sole proprietorship and many partnerships you are personally liable
solely based on the entity structure itself, don't rely on your accountant most don't know
or understand business credit, only the tax aspects. Research and decide on the best entity for your
business that gives you tax benefits and reduces or eliminates your liability. Before you even think
of applying for business credit you must have an EIN number set up. This is free to get do not pay
a service to do this for you, you can use this link to get your EIN or just search free EIN on Google
and go only to the link from the www.irs.gov not one that looks similar but isn't legit. Your phone
number must be listed with 411 to get approved for most initial business credit. Believe it or
not getting your number listed with 411 is not an easy task and not something you can do easily
without using a service to do it for you. You can use a source called List Yourself to do this. This
is essential in business credit building as most successful companies can easily be found using
411 and make sure you have a business phone listed with 411 not a home or cell
phone or your business can get flagged. Credit issuers see a successful business as one with
a real physical address, don't use a home address PO Box or UPS address when applying for
business credit. If you don't have a physical address use a virtual address solution with a company such
as Regus. You can then have an address you can use on your applications when applying and this
address is a real office building. You can simply get your mail there then Regus will mail you the
mail to your real physical address. Do not use a home or cell phone when applying for business
credit, you need to have a real business phone number or a voice over IP solution as offered
by companies like Ring Central, you will need a toll-free number, you will also need a fax number
and your main number should be listed with 411 many credit issuers will research your
company online. You must make sure you have a professional website that reflects your brand
your services and looks really good to give the perception that you are a successful company. You
can find professional web templates at places like monstertemplate.com and hire someone
from sources like oDesk to put up a new site cheaply. Also, make sure you get a professional
email address such as joe@joescarpet.com one that reflects your company or domain not a Google
or AOL type address. Don't apply for business credit if your company doesn't have the proper
licenses. You need to have proper licenses for your county your state, your industry and for
the federal government when you are required to have them. Also, make sure your company name is
the same on all licensing. Next you'll want to see what's on your business credit reports. Unlike with
consumer credit anyone who wants to can easily and cheaply see you're busy credit reports and
scores. This means your prospects clients credit issuers lenders even your competitors can see
your reports when they want to and they can all also set up notification triggers to tell them
when information on your report changes including your credit scores. You need to see your reports
to see what information is reported that anyone can access. Most business owners have no real idea
what's being reported on their reports. Many have negative accounts reporting that they didn't know
about or that aren't even there's. Many others think that they have positive credit accounts
reported only to find out they don't. Over 90% of business vendors in this country who issue credit
don't report to the business credit reporting agencies. These are more reasons you need to
know what's on your report before you start applying for business credit. Business credit
building is all about having payment experiences reported on your business reports. These payment
experiences are tradelines that report to each Bureau, if you have a business credit account that
reports to D&B and Experian that would qualify as 2 payment experiences. To get approved for revolving
credit you will need 5 payment experiences and you'll need 10 for cash credit. So you need access to
your reports to watch your business credit building in real-time, so you can see these experiences being
reported. You can go to D&B credibility direct also but do not pay them for their credit builder
program. That program only edge trade references you don't really need and won't help you get the
actual credit you will want to have. Do also get your DUNS number with D&B as this is an initial
step in building your business credit. If you get reports with D&B you will probably want to get
Experian also. Experian is used by the biggest underwriters of business credit revolving accounts
you might get Equifax reporting also but they are not widely used in the business credit world. You
should focus long-term on building credit with all 3 reporting agencies D&B, Experian, and Equifax.
Check out www.dnb.com for your DUNS number and D&B scores and profiles. Visit
smartbusinessreports.com for a copy of your smart business report. You can purchase a copy of your
Equifax small business credit report here at equifax.com/small-business. Now it's time to
get approved for vendor credit. A business credit report can be started much the same as a
consumer report commonly is with small credit cards. The business can be approved for small
credit cards to help them build an initial credit profile. These types of initial cards in the business
world are commonly referred to as vendor credit. Net 30 terms are common with most vendor credit
scores.Tthis means they will give you credit on net 30 terms giving you 30 days to pay the bill you owe
in its entirety. Some companies will require you buy their products while others won't. Some companies
will have you pay for your first couple of orders others won't. Some companies report your credit
very quickly and it reports quickly some don't. Look out for all of these things when applying
with vendors. Always apply first without using your Social Security Number some vendors will request
it and some will even tell you on the phone they need to have it but submit first without it. Most
people you speak with that the credit issuers don't even know that you can get business credit
without supplying your Social Security Number. So follow these steps I outlined and don't apply with
your SSN. When your first net 30 account reports your tradeline to Dun & Bradstreet the DUNS system
will automatically activate your file if it isn't already. This is also true for Experian and Equifax.
Some of the most popular vendor sources include Uline, Laughlin & Associates, Quill office supplies,
Reliable office supplies, you will need a total of 5 payment experiences reported to start
getting revolving store credit. Don't apply for store credit with no payment experience, no score
and no profile or you will get denied. After getting approved for vendor accounts and watching
them report to the business credit reporting agencies, next you'll want to get approved for
revolving credit. Most major retailers do offer a revolving business credit. To get
approved they will want to see that you do have established payment experiences. An established
credit profile with at least one preferably two reporting agencies. Positive credit scores with
the reporting agencies that your credit is being reported. Your major business credit scores are
based on the time frame you pay your bills. So to have good scores you just need to make sure you
pay your bills on time or early the earlier the better. So even with net 30 vendor terms
try to pay your bill as soon as you get it to have the highest possible scores. Remember many
credit issuers have their computers approving files automatically. These computers are looking
for high scores, so give them what they want. You should have 5 payment experiences reported
to start applying for revolving credit. Some starter revolving accounts include RadioShack,
Lowe's, Home Depot, Staples, Office Depot. Most major stores do offer business credit even though
they don't promote that they do. So once you have followed the steps outlined here you can start
getting credit with these major retailers, BP, Chevron, Target, these stores also offer
business credit amazon.com, Best Buy, Nordstrom's, Sam's Club, Costco, and many more.
Once you have a total of 10 payment experiences you can then start getting approved for cash credit
sources, it's also recommended that you have at least one account with a $10,000 high credit limit so
your cash limits are as high as possible. You can even contact us if you do have good personal credit
or have a partner who does to get unsecured credit in which approvals are based on personal credit
but report to business to help expedite your timeframe to get cash credit. Key Bank is a
great starter cash credit source so check them out also, you can establish business credit now
that you know the steps to do so. The key is to not delay take this information you learned and get to
work right away following the steps outlined. Set up your business credibility, get your business
reports, set up your vendor accounts, and get revolving accounts. Contact us today to learn more.