How to build my business credit fast? Are you ready to build business credit quickly so that
you can have all of the funding that you want and need for your business? Well, you are definitely
on the right track. I'm going to tell you exactly how to do it with no fluff so that you can get
all the funding that you need asap. Let's go. I'm going to share with you the quick and easy
three-step process to building business credit fast. I'm going to share with you the biggest
secret that my student taught me about building credit as a newbie in today's environment.
And last but not least, I'm going to share with you the biggest track and biggest mistake that you
can make when you're building your business credit and how to avoid it. So, let's first talk about
business credit versus personal credit because there are some major differences. Business credit
is much different from personal credit. As you already know with your business credit, you have
three different bureaus. You have Experian, you have Equifax and you have Transunion. But when
it comes to personal credit, it is very much different. They are looking at how well you pay
back your debts and what your debt ratio is. So, if you have trade lines on your personal credit,
you will notice that they are reporting all of your credit cards, all of your mortgages,
maybe you have some student loans, and maybe even have a car note. And all of the trade lines will
be there based on the types of trade lines that you have. Whether it be revolving accounts or
installment accounts. And they also look to see what your mix of credit is, how long you've had
those credit trade lines and how well you've been paying them. And they will give you a fico score
based on this algorithm with a mix of all of those things that I just mentioned. But when
it comes to personal credit, what you really need to know and the very important part is,
they will hurt your credit or you can lose points as you start to use your personal credit cards.
So, when we're talking about building a business, it's actually very difficult and sometimes very
detrimental to your personal credit when you start using personal credit cards to fund your business.
And this is why you're going to want to use business credit. Business credit also has three
different bureaus. They have Experian business, they have Equifax business and they have Dun and
Bradstreet. Dun and Bradstreet is the number 1 credit reporting agency for businesses. And this
is the juggernaut. They've been around doing it the longest and this is what you will hear
mostly talked about when we talk about business credit. So, let me share with you how you can get
yours going. So, the important thing with business credit is to start now. Starting now will actually
get you ahead of the game and it's probably one of the biggest mistakes that i made in my
own business and one of the things that slowed me down a bit because I did not learn about and start
on my business credit sooner. Please don't make that same mistake. So, let me tell you my story
really quickly and how you can avoid some of the mistakes that I made. So, as many of you know,
I started as a real estate investor. I was in my parents' basement, dejected and sad around 2009.
I started investing in real estate in 2002-2003 but I had no idea what I was doing. I was flipping
houses with a job. So, along comes 2008-2009, the market crashes and I pretty much lost everything.
Ended up in bankruptcy with multiple foreclosures and back in my parents' basement.
What a disaster. So, from there, from my parents' basement, I actually found a coach that taught me
some things about real estate investing that changed my life. He taught me wholesaling and
then I went to fixing and flipping. Eventually, I started getting rental properties and I
eventually quit my job because I had enough rental properties and income from those rental properties
to replace my income. But along the way as I was doing all this real estate investing,
I never built my business credit. I was kind of a disaster with that. So, I never really got into
it. I had a business license, of course. I had an EIN number but I was missing out on hundreds
of thousands of dollars in business funding. And now today, I have millions of dollars in business
funding. And that was a mistake because I could have had that a long time ago. And I literally
could have quit my job a lot sooner had I known the things that I'm going to teach you next.
So, let's talk about how to build business credit fast. The first thing that you want to do is
actually set up the business. Because you're watching this video, it lets me know that you
are smart and on the right track. You know about business credit, at least you've heard of it. So,
make sure that you go through these steps really quickly because you can actually start building
your business credit and get business funding without actually making profits in your business
yet. The first thing that you want to do is set up your business. You're going to need to name your
business, get an LLC or an S corp or a C corp. Essentially, register your business with the
secretary of state so that they can find you. Go ahead and get your EIN number which stands for
employer identification number. And this is completely free if you go to irs.gov.
And the important thing about the EIN number is it will be your business' social security, almost.
It's how the IRS will identify you as a business. And it's what you can use so you can start getting
away from personal credit and into business credit. You will really start using your EIN
for everything using the information that I'm going to teach you. You also want to set up your
phone number for business, not just your cell phone. You want to get a business phone number.
Super cheap. I'll give you some links below. You also want to set up a business email.
Again not mememe@gmail.com but a real business email such as noelle@abcproperties.com. Just
using that as an example. And then finally, you want to get a business checking account. Once
you have this done, you are going to be 10 steps ahead of most businesses. Because now, you can
go ahead and get your Dun and Bradstreet number and get a business profile for your credit setup.
So now, let's talk about how to get that Dun and Bradstreet credit report going fast. Like I said,
if you follow the steps that I just mentioned before, you will be able to get a free Dun and
Bradstreet number just by going to dnb.com. Again, this is completely free. But you must have all of
the things that I said. And you literally can get all of those things set up in a day depending on
what state you're in, okay? The next thing once you go to Dun and Bradstreet and you apply for
that number, they have a weird process. They're going to mail you a code, okay? And they're going
to mail it to the business address. And that's because they want to verify that that is truly
a real business address. You don't want to use a P.O box and I don't recommend that you use your
home address. However, if you have to go ahead and do it and you can change the address later.
The key is getting this done as soon as possible so you can start getting trade lines on that
business credit report as soon as possible. Once you go ahead and you get that code in the mail,
go back to Dun and Bradstreet, register your business and you're on your way. Now, I'm going to
give you a quick tip. They're going to try to sell you something, okay? They're going to offer you a
service where they can build your business credit a lot faster. Again, you're an adult, you can do
what you want. But take it from Noelle. I actually did pay the money to do that and I got zero
results. Not saying anything negative about Dun and Bradstreet. I just did not find any success
with that fast track thing that they gave you where you pay for expedited services where you can
add your own business trade lines. It just didn't work for me. I had a ton of businesses and vendors
that I was already paying and I tried to add those trade lines to my report. So again, beware. It's
something that they're going to offer to you. I don't necessarily recommend it but again,
you're free to do as you choose and check it out if you want to. Now, it's time to start getting
tradelines on your business credit. Like I said, "I want you to do this fast." The first thing that
you can do to completely get trade lines up there in a very quick way (and I'm talking about weeks
not months) is start with vendor credit. Vendor credit is where they will offer you an invoice.
Essentially there's companies businesses that lend to businesses in a small way through a
process that we call vendor credit. Those 3 companies that I recommend (again not being
paid any money to do this) are Uline, Grainger and Quill. I have a whole video that I've made so I'm
not going to get into all of how you do it really quickly. I'll make sure to put a link below and
you can check out that video as well. But those 3 companies I know for a fact all report to Dun and
Bradstreet and they do it pretty quickly. You can even purchase things for your business which is
what I recommend. You just have to spend at least $50. If you spend $50 and you have you set up a
free business account, again, this is completely free. They will offer you in many cases, where
you can get those items, you buy their products you get them right now and you don't have to pay
for them for 30, 60 or 90 days. We call this net 30s, if they give you 30 days. Net 60 if
they give you 60 days or net 90 if they give you 90 days. In the beginning, when you first start,
you may have to pay for cash. But that's okay. Even if you do a cash transaction, they will still
report that to the business credit bureaus and you can start getting business trade lines quickly.
Last but not least, now that you have some vendor credit reporting, you can move on to
store credit which is credit cards from stores such as Chevron gas station, Shell gas station.
They offer fleet credit cards to new businesses. You can also get store credit at Walmart,
Costco, Dell, and lots of other businesses. Even Amazon offers business credit cards now
to newer businesses. And then you'll be able to move on to cash credit cards like Citibank,
Chase, American express, Capital one, etc, etc. Again, business credit cards
not personal credit cards. These credit cards will not report on your personal credit report.
They will report either to nowhere in some cases or to a business credit bureau. The great thing
about it is you can use those credit cards as you please without your personal credit score
being affected up and down as you use them. It's amazing and it's life-changing for your business.
Imagine what you're going to be able to do in your business now that you have all of the money to
fund your inventory, buy marketing, pay for ads and things of that nature. You can really grow
your business quickly with business credit. I'm a living example. Final step, the final, final step
is go in and check your credit report. Yes, you are going to have to pay a small fee. I think at
the time of me making this video, it's around $20 to check your Dun and Bradstreet business credit
report. But you need to check to make sure that the tradelines are reporting. If you are confident
that they are reporting, you don't necessarily need to pay the money. But I strongly suggest
pay the little bit of money and check out your credit report at least a few times a year to make
sure that your trade lines are reporting and to see what your paydex score is. Dun and Bradstreet
has what they call a paydex score. And this is similar to their version of your fico score
in the personal credit world. A paydex score over 80 is an awesome paydex score. And I have students
that have gotten that credit score in a matter of months, okay? So, this is something that you
can do. It's being done every day and i want to make sure that you do it too because there are
a ton of benefits. And this will unlock hundreds of thousands of dollars for you and your business
and make sure that you're successful. Okay, guys. I have given you a full lesson. Hopefully,
I have not overloaded you with information because I want to make sure that you have
all the information, all of the knowledge, all of the tools, and all of the resources
that you need to be successful. I've literally created an entire free course for you also. So,
please check it out at noellesfreetraining.com. Again, that's noellesfreetraining.com. It's
a full course that I've made just for you. This is Noelle. To your success.