Would you like to know the fastest and easiest way to build your business credit, well I’m about to reveal to you everything you need to know to build business credit for your EIN that’s not linked to your personal Social Security Number, I’m going to show you how to get business credit regardless of how good or bad your credit maybe I’ll show you how to get business credit with no collateral even as a startup even in a high-risk industry.
I’m going to show you the steps to build business credit, I’m going to reveal the vendors you want to start with to build your initial credit profile and score. I’m going to sprinkle in some of my best tips and tactics to take years off this process and condense business credit building to only a matter of months and if you stay around to the end, I’m going to get you access to our business credit building checklist with over a million downloads this is by far the most popular guide on building business credit and will give you everything you need to know to succeed we’ve got a lot to cover, so let’s dive in.
So when I talk about business credit I’m talking about credit that’s built for your business EIN number this is a whole separate credit profile then credit that’s actually built to your personal social, so obviously you’re familiar with consumer credit it’s linked to your Social Security Number it’s used for you to qualify for mortgages and car loans and credit cards and all kinds of things that you need financially on the personal side of your life, but business credit is the commercial side this is where your business can build a credit profile and score and then it can use this credit profile score to qualify for all kinds of financing it’s kind of a shortcut way for your business to fund itself where it doesn’t rely on your personal credit or personal guarantee, now a lot of benefits here when you build business credit your personal credit doesn’t matter of fact.
I’m going to teach you in this training how to do it where your personal credit’s not even looked at so no matter how good or bad your personal credit maybe there’s no inquiry on your credit reports you don’t need to check your personal credit and you’re able to get approved, plus with business credit building you’re able to get very high limit accounts.
So, these are business credit cards, not a consumer and the limits are 10 to 100 times higher than what you’re going to get on the consumer side per SBA so very high limits plus business credit building gives you a good reputation it’s accessible anywhere. I mean anybody that wants your credit reports whether it be a prospect a client a competitor anybody that wants to access your business credit reports can do so you’ve got to control your business credit quality just to have a good reputation for those people that you obviously want to impress including credit issuers and lenders and having business credit will help you get approved versus denied for credit and financing.
It helps you get approved for the most amount of money and it also helps you get approved for the absolute best financing terms. And speaking of financing what’s good about business credit is you can get it even if you can’t get another kind of financing maybe you’re a startup and you’re a high-risk industry and you’ve got credit issues and there are all these things against you and you’ve tried to get loans you try to get credit lines but you’ve been denied, well business credit building helps you build a credit profile and score that makes you fundable just based on that credit profile and score.
So you can get all kinds of high limit credit cards for your business based on your business name once you build that credit profile score even when you can’t get any other kind of business loan or credit line, so it’s a catch-all way for you to get financing even when you can’t get another kind of financing. Build Business. So, there are just so many benefits of building business credit but I think the absolute most important is it’s a solid way for your business to fund itself, so it doesn’t rely on you as much personally to carry it.
So now we’ve talked about why you want to build it let’s talk about how to do so. The very first step to take when building business credit is that you want to set up your business where it’s actually fundable, so think of it like this if you’re going in to get high limit credit cards you have no credit profile and score well they’re going to look at something else to determine if you should be approved and that something else is just the structure of your business is your business set up where it looks legitimate or looks credible to credit issuers that you’re applying with, so there’s a lot of things there are over 125 factors that we found that tie into your findability and you can visit us online at youtube.com/credit suite do a search for findability and find information on more aspects that you need to learn.
But the most important thing or make sure you have a business address set up, you know you don’t want to stay away from PO boxes and UPS addresses you’re going to either get a real retail location or use a virtual office or last resort use a home address you want to get a business phone number never use a mobile phone or a home phone number as your business phone number on applications for credit or financing if you can get a license it goes a long way to give you credibility there’s even one vendor who will give you like a $2,500 credit line just because your business has a license and I’ll talk to you about that vendor a little bit later.
So again, have a business license set up make sure you have a business website set up make sure you have a business email address not a Gmail or AOL like an actual business email address has the same domain or same ending congruent with your actual website.
So my email is firstname.lastname@example.org our website’s creditsuite.com so make sure you have that professional email and professional website set up as well get your phone number listed with 411 there’s a lot of things that a lot of these initial starter vendors will look for get a DUNS number with Dun & Bradstreet you can do so at creditsuite.com/duns 100% for free although D&B will call you and try to sell you their credit builder which you don’t need is 100% free to get your DUNS number you can typically get it in three weeks or less.
So those are some of the basics that you want to build for your actual foundation for you to be fundable and again a lot more to learn at youtube.com/credit suite when it comes to findability. But that’s some of the main things is to set up your business where it’s structured where you look credible.
So I ask you that I mean when you’re filling out an application for credit or for financing every line item on the application you need to look at and you need to say hey does this make me look credible, and if it doesn’t make you look credible then why is it not and you need to fix whatever that is so you can actually look credible get a merchant account if you if you need one,
get a business bank account so you have a bank reference anything you could do on that application that makes you look legitimate credible do that’s going to improve your findability it’s very important because over 80% of financing that’s denied is denied not because you don’t qualify it’s because you don’t look legit it’s because the findability is messed up so you got to make sure those things are in line make sure that all the information listed online and offline is congruent your name your address your business phone number all that is the same everywhere and if you’ve done so well then you’ve set your business where up where it’s fundable Build Business now it’s time to start getting real usable credit and building that credit profile and score.
So once you’ve set your business up to where it’s fundable the next thing is you want to start getting real usable credit that will show on your business credit reports with Dun & Bradstreet, Equifax, and Experian where you can establish an initial credit profile establish an initial credit score now once you have those established you can start getting all kinds of other credit which we’ll talk about in just a few minutes.
So, there are two main ways you can get initial credit on your business credit report. The first of which is called credit line hybrid and with credit line hybrid you could use your personal credit that’s good if you have good personal credit or a guarantor family member friend potential investor someone around you that has good personal credit you can rely on that personal credit to get up to a $150,000 of credit lines with 0% rates even as a startup even as a high-risk industry even with no cash flow even with no collateral you can get these unsecured credit lines and they report to the business credit reporting agency, so you can use good personal credit to sign as a personal guarantor okay you or somebody else and then get real credit lines that will help you build business credit use those credit lines for like anything that you need to use to grow your business. Build Business.
Now the other option doesn’t rely on you having good personal credit it’s called starter vendors. And starter vendors are using these vendors who will give you initial credit when you have none, they also report to the business credit reporting agencies you don’t need to provide a personal guarantee to get these there is no credit check. So which avenue you go kind of depends on personal credit quality and if you have someone around you that will sign as a guarantor if you have someone to sign as a guarantor your credit’s good you want to go credit line hybrid it’s a way to shortcut the process and cut a lot of time off the business credit building process.
But if not then you want to go with starter vendors now some starter vendors include Quill, include Uline, Strategic network solutions are one that’s always been reported before and you can also get approved with Grainger. Grainger will give you like a $2,500 credit line just because you have a business license. So those are some although there are definitely many more and if you follow our training on youtube.com/credit suite we reveal a lot of other vendors and I’ll get you access to our checklist when we’re done here that can help you build business credit that has more as well. So, once you’ve got a handful of these vendors whether you’re using credit line hybrid or whether you’re using starter vendors once you have a handful of these payment experiences on your business credit report next you want to start getting real usable revolving credit cards. Now the next of these steps as you’re obtaining real revolving credit cards really kind of comes down to following a series of tiers.
Meaning that certain credit becomes available to you the more accounts or what we call payment experiences are reported on your business credit report. So a payment experience is the reporting of an account to a business credit reporting agency so if I have an account with Uline and I buy shipping supplies and pay them back and they report to Dun and Bradstreet well that’s a payment experience if I get a vendor that reports it to Dun & Bradstreet, and Experian that’s two payment experiences so that’s a hack right there is that the more accounts a source reports to, the better it is for you because the more payment experiences you acquire even faster. So, once you have a handful of initial accounts using starter vendors or using credit line hybrid then you can start to get approved for all kinds of retail credit.
Now retail credit’s available at almost all major stores from Staples and Office Depot to Home Depot, and Lowe’s, Sam’s Club, Costco even Macy’s, Nordstrom, Walmart, Amazon. they all sell corporate credit cards or they offer corporate credit cards without a personal guarantee without a personal credit check and some of them require 5 payment experiences to approve you some are 8 some are 10 but when you start to get 5 accounts on your business credit reports then you can start to get credit at almost every major retailer.
Now as you progress and get 8 experiences payment experiences on your credit reports then you can move into Fleet credit and this is you know Fleet cards, Fuel cards at places like Pilot Flying J and Conoco and Sunoco and Citgo and BP and Chevron you get it almost all major fuel stations offer them a WEX Fleet cards all different types of those a lot of them report to all three reporting agencies start to become available without a guarantee with 8 payment experiences. Now a little hack is you can use fleet credit to start building business credit as an initial vendor but if you’re using it before you don’t have any credit on your reports then they’ll ask for a $500 deposit and a personal guarantee.
So if you’ve ever been asked for that on a fleet card it’s because you don’t have enough credit established to establish 8 payment experiences and you won’t need that now as you progress to the final step you have 14 accounts on your business credit reports 13 payment experiences and one of them has a $10,000 high limit or higher. So how do you get a $10,000 it should be easy if you’re actually using the credit you get don’t get credit and just move on to the next credit source and keep applying and not using it, when they see that you’re using the credit and that you’re carrying balances and that you’re putting money on the cards and paying them off then you get approved for higher and higher limits? So, when you have 14 payment experiences and one with the $10,000 high then you can start to get to the final step where you can get computer leasing you can get auto financing and GM, Toyota, Ford for example Ally financial offers that as well.
You can even get Visa cards and MasterCard you can use anywhere and that’s really the final tier of business credit building once you’ve gotten there you can get all that without a personal guarantee without a personal credit check and the more you build your credit the more other types of financing will become available with using business credit, but a lot of times with loans and credit lines they may want to see your bank statements they might want to look at your tax returns they look at other things just in your business credit, but once your business credits established it makes it way easier to get approved for loans or credit lines and just using business credit by itself you can get all the way through that process with auto financing with computer releases and with all kinds of credit cards that you can then use to fund your business.
So now you know all the steps that everything you need to know about business credit you know what it is how it works you know the benefits it provides you know how to actually build the initial business credit profile and score I’ve given you a lot of hacks along the way to expedite the process and I’ve walked you through all types of business credit all the way even to auto financing and Visa card and MasterCard but if you want more information and more details on the step-by-step then you want to go to creditsuite.com/eon creditsuite.com/eon you can grab our checklist our guide with over a million downloads by far the most popular guide in the country on building your business credit it will give you the details you need to succeed.
And make sure you give us a call for a free consultation on a consultation call we will do a findability check for your help give you advice on all the fun ability aspects you need to improve we’ll help you get your business credit reports with Dun & Bradstreet, Equifax, and Experian for free at no cost. They cost you 250 bucks from the bureau on a phone call with us they’re free we’ll review those with you give you tips and tactics to improve your business credit and we’ll also talk to you about all the financing you qualify for now, we’ll qualify you for loans and credit lines on that call as well. So, give us a call at 877-600-2487, 877-600-2487 you can also email us for your free consultation email@example.com that’s firstname.lastname@example.org or schedule online at creditsuite.com/consult that’s creditsuite.com/consult. If you got value from this visit this site and we’ll keep an eye out for our next training on more cool ways to get money to grow your business.