How to get business funding with a bad credit? This is a question that I get. And
I know, guys. I have been there. My own personal credit score has been in the
500's and you can get this done. Trust me, trust me, trust me, I'm going to tell you.
Let's go.
I am going to share with you the fastest way to get your business fund it with
bad credit. I'm going to give you the quick and dirty on step-by-step how to get
this done with a detailed explanation so that you don't miss a thing. And lastly,
I'm going to share with you some awesome companies that you can get funding from
today that are working and looking for people like you with bad credit to give
business funding too. Okay. So, the first thing that you're going to need to do
before you go get business funding with your bad credit is you're going to
actually have to pull your credit. I'm going to need you to actually know an
assess your situation and assess your credit report. What is going on? When you
say bad credit, what do you mean? What is your credit score? What is on your credit
report? What is it making your credit bad, okay? You need to know this because we
ever start, before you make any requests for the businesses, you got to know what
your personal situation is. It may not be as bad as you think. And there are many
situations where people think they have a credit score that cannot get them
funded and they do. As long as you have a credit score like above 500, I have seen
people get funding. And I'm not talking about 10 years ago or 20 years ago. I'm
talking about like last month, okay? This is happening today. But you have to know
what your credit score is, what's on your credit report, what is up there. And so,
I'm going to give you a quick link below to my FICO because yes, there are plenty of
places that will give you your credit score. But a lot of them are not accurate.
So, you know, just giving you an example. Yes, I do like, for example, Credit Karma.
But that is not even close to what your FICO score is. I've seen just too many
discrepancies. I've seen where is just way too far off. And again, they tell you
that that's not your FICO score. They literally tell you it's a vantage score.
Unfortunately, it is just not close enough of a model to what a FICO score
is. So, sometimes they're telling you your credit score is a number. And usually, I'm
going to be really honest with you and this is what it was for me.
Credit Karma is way low. Like they'll tell me like I have like a 680 and then
my FICO score is like 740. Like they are super low a lot of times. So again, I'm
not saying that they're always inaccurate. I don't know or speak for
anyone else. But I've seen Credit Karma so many times that I'm just telling you
use my FICO and I give you a link below, okay?
Again, if you want to use Credit Karma just to kind of see what's up there,
totally okay. Just giving you the best thing so you have the best information
for you. Okay. So, let's talk about the difference between personal credit and
business credit. Because I need you to understand this.
So, with personal credit, you know that they are looking for things like how
well you pay your credit cards, how much you use on the credit cards, how many
trade lines you have, how old they are. Just all of these different things. And
it's totally okay. Again, that's their system. But we're going to be talking about
what you do with business credit. Because your personal credit and your business
credit, they don't actually have to intercede, alright? I have lots of
business credit cards and none of them report on my personal credit report. And
this is what you want, okay? Now, again, if I defaulted on some of them I think they
would. Then put it on my personal credit. But as long as I'm making my payments,
even if I pay them late, they do not report to my personal credit. So, that is
the real big benefit for this. Additionally, once you start building
that business credit, they increase those credit limits a lot faster than they
ever would on the personal credit side. The limits are a lot higher and they
don't penalize you for using them, okay? So, when you use your business lines of
credit, you use your business credit cards, you use your business loans, you
are not penalized. As long as you are making your payment's, they are really
happy to keep taking your payments and just let it go. But on the personal
credit side is so weird. They'll give you a credit card and then when you use it,
they'll lower your credit score. Like, I just do not understand i.t I don't like
it. And I'm just being honest with you. I'm telling you forget about that. Let's
talk about the real thing which is a business credit. So, now that you
understand the difference, okay? You've assessed your personal credit score, fine,
you need to know what's up there. But 2, we're going to focus on the business credit.
So, let's talk about how you start building that really quickly. You can
build your business credit really quickly just by getting some vendor
accounts and then up leveling getting some gas cars and then getting some
business credit cards. That's one way, okay? You can go through that process. I
actually have an entire video where I teach you how to do that there's going to
be a link below. But I'm give you another way where you
can actually get some business funding because that's what this video is for.
You want business funding with your back credit. And I'm going to tell
you how to do that. So, what you're going to need is a business checking account,
okay? Because this process is going to take you a little bit longer. If you're not
going to fix that personal credit, you're just gonna lead to how it is, you just
want to keep moving, we're going to talk about how to get you some sub prime
funding, okay? There are lots of lenders out there that are lending money to
businesses. A lot of them, you know, it's a lot of money out there for businesses.
Again, not talking politics. Don't care about who's the president. But just
following the money and being very honest with you. A lot of the money and a
lot of the government money a lot of the resources are being pointed towards
business. So, let's talk about how you get that. You need a business checking
account, okay? So, if you do not have a business checking account, I literally
made a video, if you still have bad credit, I made you a video on how to get
a business checking account with bad credit. Go ahead and watch that video.
Again, there's a link in the box for you. Make sure you watch that video as well.
And then let's go ahead and get you three months worth of bank statements,
okay? Once you have 3 months worth of business checking account statements
that show some money going into the account they see some transactions, I'm
going to tell you about some lenders that want to see those 3 months and they
want to lend you some money. So, there are 3 major banks out... Let's just say banks
because they are definitely not banks. But there are 3 companies out there that
have lots of money. They are PayPal, Square and Kabbage. And that's cabbage
with a K. Those 3 companies right now are lending money and unbelievable
amounts of money. I'm talking about 10, 20, 50 thousand dollars to very
new companies, okay? Now, again, I'm not going to pretend that they have the best
interest rates because they do not. But they will lend you this money for your
business in your business's name. And that is so important. And again, they have
the money for you, okay? Many times, PayPal, you set up a PayPal business account, you
set up a square business account, you have the ability now to swipe cards and
accept payments into your business. You send out invoices. And once they see that
you have some invoices going, after about a few months, they will send you some
offers, okay? I literally had a student. He had very very bad credit. Like I said, I
know for a fact it was less than 600. And he did
what I told you. And he went ahead and he got the checking account, he had the
3 months bank statements he was doing some invoices. He had a few other
businesses that he knew he sent them invoices, they sent him invoices and he
created some transactions in his business. And once he started doing that,
he was rewarded with an offer. He got offered $10,000 from PayPal
after only 3 months, okay? I've borrowed money from PayPal have
tons of students that I borrow money from PayPal. There are a great source.
Square, square capital is then is what they call it. So, they have Square where
you just you know the little chip and they can take the card you can send
invoices. They have exploded as a company. They now have payroll, they have HR, they
have benefits. Square has really grown. And one of the things that they added was
where they were loan entrepreneurs small businesses money. And they've collected a
lot of fees from swiping people's credit cards and you know taking a fee. And now,
they're turning around and they're lending that money to the small business
owners. So, it's an amazing program. PayPal, Square and then Kabbage. cabbage
with a K. I think with Kabbage, you do need to have been in business for 6
months. When I looked up their requirements, but again, their
requirements are public. You can go ahead and you can go on their website and they
will tell you how long you have to be in business. Some of them say a year. Some of
them say 6 months. Some of them don't actually say at all. Some of them to tell
you you need 10 thousand dollars, 5 thousand, 2,500. And again,
not very much. That's just the money coming in. Now that you have to have
$10,000 in the account. Just over a 30-day period. That money came
in. It doesn't even have to stay there. Just had to come in. So, again, I don't
want to make this video too long. But just letting you know, there are options
out there and have students with really really bad credit. Getting this money for
their business. And what they do is they turn their personal credit around. I'm
going to give you one last little thing because whew! This is life-changing.
Here's the secret, okay? So, once you start getting those business fundings, okay? You
got a line of credit, you have a credit card, you have a loan. You want to then
start fixing your personal credit. I know. I know some of you are like, "No, I
don't care about that." But no. You literally can start transferring some of
that personal debt on to your business. So, once they give you that business
credit card for example, you may already have a personal credit card. So,
you're already paying on that personal credit card. It's already $25 a month or
$1,000 a month or whatever it is. You literally can take the business line of
credit that you got or the the credit card and start transferring that debt
and then paying the business credit card. Now, the key... And I'm always going to tell
you this. The key is you must pay people, okay? If you have bad credit now, I get it.
Things happen. I have bad credit. I don't have it now but I had bad credit. I did.
And I have a lot of students that come to me and they have bad credit. And it's
okay. Who cares? You can fix that. That is not a permanent stamp on your head --bad
credit. You can have bad credit and you can fix it. And I'm telling you, you
literally can fix your personal credit with your business credit. Okay, so I need
you to go ahead and watch a video that I made call How Does Business Credit Score
Work? I've made an entire video explaining to you how the business
credit scoring system works. How you can get a good business credit score and I
want you to go ahead and watch that video because it is phenomenal. And it's
going to tell you what you need. This is easy stuff to do. Just go ahead and get
that information again. Go ahead and watch that video.
To your success.