What is Business Credit – Team Work Funding

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David Landers

What is Business Credit and why is it important!

We are not going to write a long article as what business credit is or why its important, but we will get straight to the point.

Business Credit is similiar to your personal credit. Just like you having a personal credit profile under your social security number, a business can and must have its own business credit profile under the business EIN ( Employer Identification Number ).

As we know personal credit is based on a FICO score and the history of your personal credit profile plays a major role when applying for credit and loans.

We also know that it takes years to build a strong personal credit profile since to have a strong personal credit profile, you need to have accounts on your personal profile that are 2+ years old in good standing.

However, business credit profile is faster and easier to establish and build because the requirements to get a business credit score can be accomplished in 60 to 90 days and the age of the business credit profile is not as significant for you to get credit or loans extended to you by financial institutions. History does matter but you will still get businesses loans or credit easier than your personal credit with no history.

Business Credit

is made up to two parts.

1. Credability Report of your Company. ( 20 Points Compliance Checklist )

2. Applying to Companies that are willing to extend credit to your business.

Business Credit is made up of two very important parts.

When establishing business credit, its important to note that there are TWO parts to establishing ann building business credit. Its not complicated so pay attention and understnad that if you miss complying with any of these two parts, you can be denied credit. In the event that you ever apply for credit or loans for your business and you are gettinf denied, or your application is under review, or more information is needed before a decision can be made on your application, YOU HAVE MISSED a step in seeting up your business credit correctly.

PART ONE OF BUSINESS CREDIT – 20 POINTS COMPLIANCE CHECK

Part one of establishing and building business credit is the credability report on your business. Which is the 20 Point Compliance Check.

This credability report is setting up your compnay correctly so that your business deen legitimate to lenders. Here is making all information on your business to match and your business is transparent. Its as simple as the registartion of your business and the information on your business registration is correct and current.

Your busines must also be transpartent like all real businesses. When a search is done on your business by underwriters, your business must be visual all over todays media sources such as bing, google, 411 listings, website etc.

PART TWO – ESTABLISHING A BUSINESS CREDIT SCORE _ WHICH IS APPLYING TO COMPANIES THAT WILL EXTEND SMALL CREDIT LINES TO YOUR BUSINESS.

Part two consist of the actual building of your business credit profile, thus aquiring a business credit score, called a PAYDEX SCORE.

Just like your personal credit, in business credit, there are THREE major business credit monitoring services. There are Equifax Business, Experian Business and DnB. There are some smaller bureaus that does play a part in business credit.

Once you have completed the 20 Points Compliance check on your business, you are now ready to start applying to companies that will extend small credit lines at Net 30. Net 30 simply means that, that company will deliver the goods or services that you ordered and your business has 30 days to pay the invoice. This is called Net 30 accounts. These small credit lines or Net 30 accounts will in turn report the credit extended to your company to the business credt bureaus, hence creating a business credit profile and business credit score.

TIERS IN APPLYING FOR NET 30 ACCOUNTS

Since your business is new or is not establising business credit, there are compnaies out there that will extend to you small credit lines that they will in turn report to the business credit bureaus, that will create a business profile and business credit score.

These small credit lines that you can get without having any type of business credit is called TIER 1 – NET 30 ACCOUNTS.

Once you have 3 to 10 of these companies reporting to your business credit profile, you can then move tp the next level of qualification.

The next level will be compnaies that are willing to extend credit to you because you have some type of business credit established. These companies are catageorized as TIER 2 – Net 30 ACCOUNTS.

As you can see, depending on which stage you are in building business credit, we have listed the next level of companies that you should apply to that will probably approve you.

As you build your business credit and know which stage you are, we have a list of all the tiers, that shows which companies are in a specic tier that you can apply to.

We have a list from Tier 1 to Tier 8 listed on our Build Business Credit Page.

IMPORTANT INFORMATION AND TIPS IN BUILDING BUSINESS CREDIT

Please read carefully before starting the 20 Points Compliance Checklist and Applying to Companies to extend credit to your business.

YOU MUST READ ALL OF WHAT IS LISTED BELOW!

ONCE DONE RIGHT – YOU CAN RAISE $500,000 PER COMPANY!

QUESTION OF THE DAY

” I have bad credit, can building business credit help me raise capital”

Here is what you can get with one LLC. Imagine building out THREE of them.

You can get $100,000+ in credit ( Vendor Cards, Fuel Cards, In Store Cash Cards, Credit Cards – You will have to build your LLC better and stronger. Buts all included in the process, so build strong and go that extra step. Learn to use these to free up cash and invest – We will be doing a class on this. Don’t be mislead in thinking that you will get lots of credit cards. When you are trying to get high limits credit cards and business lines of credit, you will need to have good credit with great credit history. If you have bad credit, FIND a credit partner. on the other hand, repair your credit. We have a step by step instructions that shows you hoe to establish credit fast. Naturally the history comes with time. But, what can be a better TWO YEAR PLAN, than a plan to start today to restore your credit and in one and a half year, you can start to have access to over ONE MILLION DOLLARS in credit if you follow our plan. Now as far as it may seem, atleast you know where you will be in two years.
Time frame 60 to 90 days depending on how fast you move – We have some other tools to help you build faster. Call us
Cars in your LLC name with NO PG ( Using Only your EIN Number – You will need 15 accounts reporting to your business credit profile ).

Other Credit Lines with a STRONG PROFILE!
Here it takes time but if you build fast you will get the results.
Our take is, if you know to leverage money to make money this is an excellnt program especially if you have bad credit.

WHAT WE SUGGEST – ONLY A SUGGESTION:

Start Building THREE Corps or LLC
Corps or LLC that are 2+ years old are better ( We have them in stock )
Find a CREDIT PARTNER – Someone with great credit that is willing to help you get funded. This is a great option.
Let us repair your personal credit while you are building your business credit and follow our instructions on how to build your personal credit – We really have a great credit repair progam.

Here is how we will answer this question.

You can still raise up to $100,000 in Vendor Accounts, Store Cards and Credit Cards!

We will tell you what you can achieve with building out a LLC or Corp and getting

credit ONLY with your EIN number and not your SSN.
This means NO PERSONAL GUARANTEE – This is based only on your business credit.

REMEMBER: There are certain things you have to do before applying. We show you how and what to do.

Why Business Credit

Are you starting a business?, then do it right from the beginning.

Just don’t register a business – Establish business credit so that you can qualify for credit and loans.

Here are some perks of Building Business Credit

Finance your start up with Business Credit with 0% apr for up to 15 months even without documentation or proof of revenues.

Raise capital to Invest in Real Estate
Fund your existing business with Business Credit
Qualify for Cars using your Business Credit
Build, Fund and Repeat – Learn to raise $500K+

Get up to $100,000 in credit even if you have BAD CREDIT in 90 days!

Raise $250,000 Plus

With a Built Out Business Credit and Great Personal Credit to help you raise capital to expand your business.

Fund and Repeat.

YES, Most people raise $500K+
Build and Repeat – Raise Capital
Credit Partner Accepted: Someone with great credit that is willing to assist you in getting funded.

Business Credit For Dummies!

Business Credit For Dummies.
A business can have a credit profile just like your personal credit profile. This credit profile is called Business Credit. One big difference is that business credit is easier and faster to establish than personal credit. Business Credit Profile uses the EIN number to identify the file.

Yes, you can raise capital using only business credit
You can get funded using only your EIN number and not your SSN.
A personal Credit is called FICO SCORE and Business Credit Profile is called a PAYDEX ACORE.
Using a Business EIN to get credit is called NO PERSONAL GUARANTEE ( NO PG ). So you can get approved for credit using ONLY your EIN and not using your SSN as a guarantor for the credit.
If you get credit that is NO PERSONAL GURANTEE, meaning you did not guarantee the credit with your SSN Number, and you default on the credit for whatever reason, banks cannot come after you personally. BUT the business credit profile of that business now has a negative.
Once you create a perfect business credit profile and you have great personal credit, you will have amazing opportunities to get credit and loans. You can even build more compnaies out, build, fund and repeat.

IMPORTANCE OF BUSINESS CREDIT

Personal Guarantor for your Business Funding

When applying for credit for your business, banking institutions and financial institutions will use your Personal credit and your business credit to determine your qualifications.

In some cases, financial institutions will use ONLY your business credit profile to determine your qualifications.

You want to have both your Personal Credit to be strong and your business credit.

Some of you may have challenged personal credit. In this case we suggest two things, repair your personal credit which you should be doing anyway and or get a credit partner that has great credit and is willing to help you raise capital.

Still if you have challenged credit and you are working to repair and establish it, you CAN still qualify for up to $50,000+ in funding within 90 days with your business credit profile being established.

The truth, once you can establish strong business credit and you ahve great personal credit, YOU CAN RAISE $500,000+ in credit using more than one LLC or Corps that have business credit built out and established.

IMPORTANT
It is important to understand that business credit building is not only about showing that your business credit profile has business tradelines or credit on its report……MORE or as important, is that your business is set up correctly and all information matches.
In establsihing business credit, your business credit profile is VERY VERY important. If there are doubts about your company when an underwriter in looking up your company to approve credit, YOU WILL BE DENIED.

COMPLIANCE CHECK
You business credit profile must pass a 20 point compliance check. This shows that your company is set up the right way and is visible. You company MUST always look REAL to the whole world.

SOME SHORT CUTS TO BUSINESS CREDIT
We sometimes get questions as if there is a faster way to qualify or establish business credit.
Here is what we can say, it takes about 90 days to establish business credit and sometimes faster. There is no short cut to establishing business credit, especially if you are low on capital and is trying to find the most afforadable way to establish business credit. Following our guideline is the cheapest way to do it yourself business credit.
USING A PROFESSIONAL COMPANY TO ASSIST YOU IN BUILDING BUSINESS CREDIT.

There are many companies that offers professional services to assist you in building business credit. Some of them are listed here on our website.

There are three known services:
1. A software where you pay $1500 to get access and it guides you step by step on how to build business credit and as you move along following the steps, it shows you what you may qualify for and where and how to apply for credit. This is an awesome software because once you learn once, you can repeat the process with another LLC or Corp.

2. Companies that will assist you in building business credit with a do it yourself program or they assist you and do most of it for you. They noramally charge $1500 to $2500 depending on which program you choose.

3. There are also mentorship programs from Gurus that work with you one on one in building and establishing business credit and help you get the funding. They normally cost $750.00 to $5000 to join their mentorship programs. I recommend one that I have personally worked with and he charges $1200.00.

AGED CORPORATIONS
Aged Corporations are an amazing way to qualify for business credit. To make it simple, banks are willing to lend to companies that are 2+ years old. In fact on credit application, they only ask when was the company registered. So if you have a company that is 2+ years old, you automatically enter a whole new qualification stage because of age of your company. I do suggest using aged corporations in the future. See below to learn more about the advantages of using an aged corporation.

COMPANIES WITH BUSINESS CREDIT ESTABLISHED
There are companies that you can buy that already has business credit established. these companies cost starts at around $10,000 depending on the age of the corporation. These are a great alternative to faster funding without having to spend the time to establih business credit.

BUSINESS TRADELINES
Establishing business credit is like your personal credit. You are showing that you have credit or you work with companies that have extended credit to you such as a NET 30 account. This means, these companies have delivered you the merchandise and have given you 30 days to pay the invoice. These credit lines showing on your business credit profile, establishes a business credit score ( PAYDEX ), that financial institutions or other companies use to determine your companies creditwortiness.
There ways to get business tradelines…….

CREDIT READY CORPORATIONS
If you are in a rush and want to qualify for funding immediately, there are companies that BUILD AND SELL COMPANIES, that has business credit already established and can be transferred to your name in days and can get you funded anywhere from $100,000 to $600,000. Some of these companies can be sold to you with a CREDIT PARTNER attached. This means a company that has business credit and someone with great credit is willing to assist you to get funded using their personal credit to act as a CREDIT PARTNER for that company. These companies do cost a good dime depending on the amount of funding that you are trying to achieve. For example if you would buy a company that has the potential to get up to $250,000 in funding, you may pay $25,000 for such a company and maybe $49,000 for a company that has the potential to get you $500,000. We can assist you in getting these companies.