Build Business Credit In 30 Days
Build Business Credit In 30 Days
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Business Credit, also referred to as Corporate Credit, is credit that is obtained in a Business Name with business credit the Business builds its own credit profile and credit score linked to the business EIN number… not the owner’s social security number and with an established credit profile and score, the business will then qualify for credit.
The Business Credit Builder Program provides a multitude of benefits that consumer credit just doesn’t provide. When you have business credit you have double the borrowing power. You can use your personal credit profile to get money, and you will also have a whole other business credit profile that can also be used to get you even more money.
And on top of that, when done the right way business credit can be built with no personal credit check. That means people with horrendous personal credit could still build business credit successfully with little to no problem. Just as they don’t pull your business credit profile when you apply for personal credit, there is no need for a personal credit check when applying for credit for your business. And most of the business credit you secure can be obtained with no personal liability from you, or with no personal guarantee. This means you won’t be personally liable for your business debts.
Before a Business can start building their Business Credit they must establish their Business foundation first. Just like building a house you have to have a foundation first before you can build the house. Your Business MUST look creditable first, you must have a website and professional email address… Not a Gmail or AOL type email. You must have a business phone #... Not a mobile or home phone. You should have a toll-free # and fax #. Your phone needs to be listed with 411 and you should be listed online, and all of your listings the same. You need a real business address or virtual address… not a home address, not a P.O. Box, or UPS address. Make sure you obtain all necessary licensing needed for your industry and state. You should be listed online, and all of your listings should be the same.
Business credit can be built quickly business credit scores are based only on how the business pays it’s bill. A business must first get approved for Initial credit, once credit is approved; the business uses the credit to make purchases. If the business pays their accounts quickly it IMMEDIATELY is issued a HIGH credit score.
Business Vendor credit is sometimes referred to as trade credit. This type of credit is extended from one trader to another for the purchase of goods and services. Trade credit facilitates the purchase of supplies without immediate payment and is often used by business organizations as a source of short-term financing.
Trade Credit is usually offered with terms including Net 10, Net 15, Net 22, Net 30, and Net 60. These forms of trade credit specify that the net amount is expected to be paid in full and received by seller within that 10, 15, 22, 30, or 60 day time period.
Trade credit is the largest use of capital for a majority of business-to-business sellers in the United States. For example, Walmart, the largest retailer in the world, has used trade credit as a larger source of capital then bank borrowing. Trade credit for Walmart is 8 times the amount of capital invested by shareholders and is the second largest source of capital for Walmart, retained earnings is the largest.
Once you’re Business get credit with vendors, use the credit, and pay the bill, the account is reported to the business reporting agencies and Dun & Bradstreet. Some vendors report credit weekly, others report monthly, and others may report quarterly.
There are 3 main business credit reporting agencies in the United States, Dun & Bradstreet, Experian and Equifax Commercial. These are the reporting agencies your business EIN credit is reported to. Dun & Bradstreet, often called D&B, is the biggest business credit reporting agency, about 10X larger than Experian or Equifax. They provide information on businesses and corporations for use in credit decisions worldwide and publicly traded company (DNB) on NYSE, headquarters in Short Hills New Jersey.
Your Paydex score is based on your company's 12-month payment history to vendors, suppliers, lenders, etc. It is generated and reported by Dun and Bradstreet.
Paydex is a term used by Dun and Bradstreet, for a numerical score granted to businesses as a credit score for the promptness of their payments to creditors. The Paydex score is used for commercial organizations in a manner similar to the way the FICO score is used for individuals.
Business vendor’s credit accounts can be obtained IMMEDIATELY. High-limit revolving store accounts can be obtained within 60 days. Fleet and cash credit can be obtained within 120 days and auto vehicle financing can be obtained within 6 months or less.
Apply for your first Business Credit Card in as little as one day after your enrollment with the Business Builders Credit Program. Your Initial Line of Unsecured Business Credit Line will be approved between $200.00-$10,000.00.
So imagine obtaining a $3,000 business credit card at Apple, a $10,000 card at Dell, a $10,000 Visa card that you can use for your business, and all of these approvals coming to you with no personal liability from you whatsoever. That’s the power of business credit. Plus with business credit your approval limits are much higher. Per SBA, approvals are typically 10-100 times higher on business credit than with consumer credit. And you can build business credit and get money very quickly. You can start getting net 30 accounts within a month, start getting revolving store credit within 60 days, and qualify for $10,000 limit credit cards through Discover, Visa, MasterCard, and American Express in 6 months or less. You could never do this with consumer credit.
When it comes to credit, businesses have a much greater need for higher CAPACITY than a consumer does... This is why approval limits are much higher on business accounts versus personal accounts. Per SBA, credit limits on business cards are usually 10-100 times higher than consumer credit.
Business Experian helps you manage your business credit
Your business credit score is essential to the financial health of your business. It impacts your business in numerous ways, such as the amount of credit suppliers will extend you and the interest rates you'll pay. Build your business credit report to stay in control of your business.
Experian®, an industry leader in business credit reporting and scoring, offers insight to more than 27 million credit-active public and private U.S. companies. Like personal credit scores, business credit scores provide a quick view of risk potential based on where the score falls on the scale — the higher the score, the lower the risk. However, business credit scores use a scale that ranges from 0 to 100.
Now once you build your business credit we bring you right back to funding because by now you’ve build your business credit profile and score and can qualify for even more money. You see that’s exactly what the Business Builders Credit Program is designed to do. The first thing we do is get insure you qualify with lenders. Then we get you access to cash money for your business. Then help you build your business credit profile and score. Then we get you access to cash money for your business. Then help you build your business credit profile and score so you can get even more money with no personal guarantee and no personal credit check. so you can get even more money with no personal guarantee and no personal credit check.
So you can get access to vendors you really want to do business with. And with knowing the underwriting guidelines before you even apply, this gives you the best chance of getting approved. Your business advisor will help you navigate this large abundance of options to find the best sources for you and your business.
Once you have the necessary accounts reporting on your business reports, then you can actually start the process of getting revolving credit accounts. We’re talking about getting you approved for accounts in your business name that require in most cases no personal guarantee from you and no personal credit check. And don’t forget, they will approve you for significant more business credit than they ever would consumer credit. Your success and progress depends on the pace you choose to go.
Once you build your business credit we bring you right back to funding because by now you’ve build your business credit profile and score and can qualify for even more money.
EVERY highly successful business has business credit. This is how the largest privately and publicly owned companies obtain credit and capital to grow…without the CEO or owner needing to personally guarantee the credit and financing but even startups can obtain the same type of credit… it’s just about understanding the proper steps.
We do not guarantee an approval or a minimum amount to be approved with any individual lender. Multiple lenders are required to meet your funding requests in most cases. Approval amounts, rates and terms are established by each lender and are based upon their respective underwriting guidelines including but not limited to income, personal credit history and business credit score.
(866) 4BV-ELOPD (428-3567)
We work with you to figure out exactly what services your business needs to run more efficiently. Once that is established, our consulting team can work with you to figure out how you can grow your business from where it is now to where you dream of taking it.
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