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How to Get $10,000 Business Credit Cards

How to Get $10,000 Business Credit Cards


Hello everyone and welcome to our show today, today we are going to be running through in a short period of a short period of time as I can, exactly how you could build Business Credit to a point where you can get a $10,000 or multiple $10,000 credit cards without a personal guarantee or without a personal credit check, so I’m glad you can join today, so first before we dive in let me introduce myself my name is Ty Crandall, and I’m actually the CEO here at Credit Suite, what we do is we help business owners obtain money and corporate credit, we also help companies offer business Credit and financing as a service, so if we could ever help you in those areas please let us know. This webinar will have any kind of sales pitch there’s nothing going to be sold and there’s our phone number 877-600-2487 if we could be any assistance to you, feel free to give us a ring to that number or just email us [email protected] info credit suite.com you’ll see that we are diligent to make sure that all inquiries are answered and also I put a link up that I will also be putting up on the last slide of a free resource if you’re interested in building business credit you’re probably going to like this checklist that we put together its creditsuite.com is our website creditsuite.com/businesscreditbuildingcheklist I know that’s long so that’s why I’m saying this, you could write it down its creditsuite.com/businesscreditbuildingchecklist this is a really cool checklist I put together that allows you to go through and check off your your steps of the business
credit building process to make sure that you’ve met each step so you could be successful so again that resources creditsuite.com/businesscreditbuildingchecklist so that being said, today I want to jump in and walk you through the process of getting to really the holy grail of business credit which are you know cash credit cards five, ten, fifteen thousand dollar cash limit credit cards that don’t require a personal credit check and don’t require a personal guarantee now keep in mind, I’m trying to keep this show as short as possible today is probably going to be under 40 minutes, 30-35 minutes somewhere in that realm there’s a lot of information on my iTunes channel and also my YouTube Channel with really in-depth information of the different aspects of this process so we might talk about building your credibility well you can easily go to one of my channels and get really in-depth videos on that if you don’t feel you’re getting enough information here, this is just kind of an expedited walk through the process of building business credit to the actual end goal of getting cash credit, so let’s talk a little bit about business credit now you’re obviously familiar with consumer credit right? this is credit that’s linked to your, you personally based on your social security number well business credits another type of
available credit for business owners but but with business credits it’s actually not linked to you personally its linked to your business based on your EIN so just
as you have a social security number your business has an EIN number and just like you can build credit for your social security number your business can also build credit for its EIN number okay, now again one thing to know early on, is when you’re born you’re given a social security number but you don’t automatically have credit you have to build credit even though you have a social, it’s exactly the same in the business world when you set up an entity you are given an EIN number by the IRS that doesn’t mean you get credit with it. It just means that you have any EIN that you can build credit for, the same as you have a social that you could build credit for that’s an important part that I wanted an important point that I wanted to bring up. so EIN credit gives you literally just a tremendous amount of benefits, one being that you could build it very quickly getting approved for vendor credit right away
store credit at stores major stores within 90 days and cash credit like the end goal that were going to talk about today we’ve been about six months or less this honestly is one of the reasons that I personally love business credit so much we deal with a lot of entrepreneurs to have credit problems, a lot of them are starting businesses with credit issues a lot of them have existing issues are existing businesses with credit issues and the credit issues have prevented them from getting business credit now that’s not the only reason to build business credit as you’ll see but that’s a common occurrence we run into, so what happens there, is these people want money fast as they want money really quickly and in those cases business credit usually is the absolute best and fastest options. If you don’t have cash flow and you don’t have you know collateral and you have credit issues you’re not going to get money right away but business credit is the fastest solution because you can go from no credit in your EIN to getting credit immediately through vendors stores within 90 days and VISA MasterCard cash credit cards within about four to six months. So another benefit of business credit it is not connected to your personal credit report so you can be approved without a personal credit check, now when I say this people immediately are skeptical as a matter of fact I had somebody that just email me yesterday and said hey, look you know if this business credit thing is for real, I’m interested because I had a chapter 13 bankruptcy my personal credit somes dadadada and my response was please no, I didn’t invent it business credit. You know the truth is business credit been around longer than consumer credit ever has been decades longer Dun & Bradstreet the oldest business credit reporting agency was has been around over ten years before TransUnion and the consumer reporting agency showed on the scene business credit is completely real there’s no successful company in this country that doesn’t have it everyone actually does, this is why big companies like Microsoft or Apple or Walmart this is why their owners are not guaranteeing their business debts because the business has built its own credit profile were it now on its own can get credit based on the EIN not the business owners, Walmart is an example has 513 trade lines on Experian they have a 50 million dollar high credit limit on their business credit account. So you have to know what business credit first of all any business can built it and one of the huge benefits is it’s not linked to you personally it’s not meant to be the truth is an entrepreneur your business is meant to have its own credit, it’s not meant to be driven by your credit doesn’t work that way your personal credit is not enough to drive a business so what happens is with business credit is not linked to you personally, it’s not linked to your social as a matter of fact if you follow the steps I’m going to tell you, you could leave your social security number off, of the application and still get approved, so there’s no personal credit check because you’re not even supplying your social they can’t pull your personal credit, and another benefit is, is that these accounts don’t report to the actual consumer reporting agencies. So if you get a Staples Credit Card at Lowes a Home Depot these do not report to the Consumer Reporting Agencies, business credit that’s linked to your EIN reports to the business credit reporting agencies. So this is a really, really big deal because that means that when you inquire there’s no inquiries on your consumer report your consumer credit report and scores aren’t affected negatively with business credit, because you’re not providing your social there’s no inquiry nobody’s looking at your personal credit to make the lending decision and better yet as you use your credit, your consumer credit score doesn’t go down, in the way the FICO score works 30% of your scores based on utilization or how you use your credit score what percentage of your credit limit you’re using, so if you use your social security number to get credit cards for your business as you utilize those credit cards and put more than 30% of the limit on the card you hurt your scores you don’t want that with Business Credit you could use your Business Credit max out of the accounts If you need to and you won’t have even a one-point effect on your Consumer Scores because again none of this credit even reports to the consumer reporting agencies. So another benefit of Business Credit is at per SBA you know credit limits are ten to a hundred times higher than on personal credit and the truth is you know that’s just a benefit across the board I always reference a SBA for the statistic because SBA is the one that mentions it, but it’s also well known in the Business Credit space the bottom line is you can get a lot more money with business credit that you can get with consumer credit if you have Staples credit card for $2 grand then in the business world you probably going to get approved for $2200 to $20 Grand for example Dell they the way that we help customers build Business Credit, Dell typically approves our clients with a $10,000 limit account. Most of you I would say probably all of you on this call none of you actually have a $10,000 credit card account on the consumer side with Dell no matter how good your credit is and there’s a reason for that you don’t need $10,000 worth of credit at Dell, but if you have a business you do, okay I had a business where we had 12 computers ,14 computers in the office so when you need to buy 14 computers you need a lot more borrowing capacity and this is why business credits this way, businesses have you a need to use more money than consumers do this is why limits are so much higher on Business Credit accounts which also provides a really nice benefit for you and this also means you have personal credit cards of stores now
you have a second card of the same stores for your business so this is why I like business credit I mean you double you’re borrowing ability if you go into Target right now let’s say Walmart you go into Walmart and you get a credit card from them then you go in the next day and say I want to get another credit card they’ll tell you know say look sir/ma’am you can only have one credit card with us per individual but if your business goes and applies for a Walmart credit card it will get approved. So now you can have the same Walmart Card that you’ve had personally, but now you could have another one for your EIN on the business side. So I’d like to say it doubles your borrowing ability because you can now have a personal and business account at these places but it more than doubles your borrowing ability because remember you know you’re going to get ten to a hundred times the limit of what you’re used to on the consumer side so these two put together really mean that you’re typically going to get approved for way more than double of what you’re going to see with just your consumer credit alone and you won’t need collateral cash flow or financials to get it and that’s another real beauty of Business Credit you cannot go into your bank without these three things period you can’t do it you can’t get an SBA loan, you’re not going to get a big bank loan unless you have collateral cash flow and financials, okay but with business credit you don’t need any of those things this is why it’s perfect weather your startup, weather you have a good credit, bad credit, collateral, no collateral that doesn’t matter what your situation is business credits of catch all because everybody can get approved for business credit regardless of having cash flow, financials or regardless of what your personal credit is, another benefits all lenders look at your business credit reports to decide approvals and I was talking to somebody the other days you know I was hoping my client would be able to get like an SBA loan, as a first of all SBA says right on their website that you have to have good personal and business credit to get approved you’re client doesn’t even have business credit so that would exclude them right then and there, all lenders look at your business credit even if you go to an on deck of the world and try to get a cash flow financing loan they look at your business credit to determine your approval but here’s the thing when somebody pulls your consumer credit they send you a letter in the mail telling you if they denied you, the Fair Credit Reporting Act requires that, in the business world there is no Fair Credit Reporting Act so banks can pull your credit all day long and never tell you that they’re doing it never tell you that that was reason they denied you they don’t need to, they don’t have to, they don’t do it but that doesn’t mean that they don’t pull it every single bank pulls your business credit when you apply for business cards and financing you need to know this and if your business credits not in line then your chances of getting really good credit cards in your bank, bank loans are non-existent you’ve got to build business credit to get to those levels and another thing to know is anybody who wants to can easily and cheaply look at your business hey this means that your clients, your prospects even your competitors can easily see your business credit. They can see how many accounts you have, what your high credit limit is they can see how many employees you have, the size of your company the amount of revenue you have this is public knowledge see in the consumer world they need something called permissible purpose, the Fair Credit Reporting Act requires that someone have permissible purpose to pull your credit which means they need your permission, but in the business world there is no such thing anybody can pull your Business Credit, as a matter of fact when I was telling you I got an email from somebody yesterday that was skeptical on whether or not business credit existed my advice to him was go Dun &Bradstreet pull your own report you don’t need me to tell you, your business has been around for seven years go to Dun &Bradstreet pull your own report you’ll see right in front of you that you actually do have a credit profile the truth is I could pull his report, you could pull his report, I could pull your report anybody who wants to can cheaply and easily get your report I was just talking to one of our clients the other day he worked out a deal with Equifax I think where he pays $15 actually $14.95 for client reports just a guy of the street he pays $15 to get business credit reports on any business that he wants to get him on with no permission required, you need to know that banks look at your credit to determine approval and that anybody else who wants it can look at it you also should know that when done properly you could build Business Credit without a personal guarantee this is what business credits fo,r there’s no reason for you to run a five million
dollar company and be liable for all your business does, that’s crazy if that’s what business life was about nobody would ever run successful businesses, because there’s no way that successful entrepreneurs are going to put all of their family’s finances on the line and in jeopardy especially when their business starts growing too, you know gargantuous purport gargantuous levels so the bottom line is business credit really one of the fundamental benefits is that you’re not personally liable for the debt, so if you ever default they can come after the business not you so if you default on a $50,000 credit card, they can pursue the business assets but they can’t come and touch any of your personal assets but what most people don’t realize until it’s too late is that’s not the way it works if you’re not using business credit. If you go and say I want a card for my business and you give them your social and you personally given guarantee that debt, then you know god forbids something happens to your business, even if it’s out of your control they’re going to come after your personal assets, your home, your cars, your stocks, your bank account they cannot do that with business credit which is a huge benefit now having business credit also increases the value of your business I just told you anybody who wants to can see your business credit so one of the basic things that anybody who wants to buy your business is going to do is pull your business credit report they’re going to look at the financial health of your company because they can easily do so. So when you have business credit it radically increases the value of your business, I can tell you because I’ve actually bought and sold many bought and sold many businesses and this actually does come into play because again if you could choose between company A and B to buy and A has $20,000 in available credit B has none well then if it’s that everything is equal between those companies you’re going to go with the one that has the most amount of credit all business all people that would buy businesses look at this as the same way so most importantly every highly successful business in the United States has business credit okay and this is something I really already mentioned I’ve got webinars on my actual YouTube channel where I go through and show you the reports of some of the biggest companies out there the biggest privately owned companies Flying J Walmart and Publix I show you the actual report data from them where you can see that all of them have successful business so the bottom line is it and how I say it, I might have this written later on another slide is this you can get business credit regardless of your size it doesn’t matter you can get business credit without being big, but you can
never get big without business credit it’s impossible at some point you have to start using the business to finance the business you can only grow to a certain level without that. So you don’t have to be big this is actually what I was getting ready to say you don’t have to be big to get business credit but you do have to have business credit to get big and this is one of the biggest things
you need to know about business credit the last thing I’m going to cover regarding benefits you cannot get really big and successful without business credit, its impossible okay and you can never show me a company that has because we easily can go in and pull credit on any business we want to we often do we look
at the biggest privately-owned we look at the biggest public, there’s none of them that exist in the top 20 that we’ve ever looked at that don’t have business credit, because they get to a point where eventually they have to get business credit to get big this is also why mostly big companies have business credit, small companies don’t you see a typical small business doesn’t know about business credit they don’t know about business loans they don’t they’re not trained and in college, in high school you’re not trained these things, so as an entrepreneur you might know what you know and you’re running a business doing it but you don’t know everything else that’s involved, that’s why you have a lawyer for your law stuff that’s why you have an accountant for your accounting stuff you’re not supposed to know these things, so an average small business owner just doesn’t know how to build business credit that’s why they don’t have it and bigger larger companies and up hiring CFO’s Chief Financial Officer’s that do know about business credit and this is why they start building it for the company so eventually your company gets big enough where you get a bookkeeper, you get a CFO, you get a CPA and they step in and start building your business credit especially if they work for not somebody who hire as a third party and that’s why
bigger companies have business credit because they have CFOs that understand
it and smaller companies just don’t but what’s important to know is that any
company can build business credit, I don’t care if you’re just opening your
doors today. So let’s talk about what not to do before we talk about what to do
you can’t start building a consumer or business credit profile at banks in stores, I get this all the time all the time, people say to me business credit doesn’t work, I went into my bank and applied and they said no, well of course they said no you have no credit established so this is one thing, where
business credit and consumer credit are exactly the same if you go into Target
and you’ve never had a consumer credit before somebody pulls your social and
you’re what we call in the lending industry a ghost, you don’t exist, you
will not get a Target redit card if you go into your bank and apply for a $2,000
credit card and you have no credit, you will not get approved for a bank credit card,
but on the consumer side if you wouldn’t got a secured credit card and then you
went to your bank and went to Target after it reported and you had a score
and you had some trade lines then you could get approved well that’s exactly
the same in the business credit world you cannot go to a store, you cannot go
to a bank and apply to get initial credit you will get denied. I promise you
100% of the time you’re going to get denied instead you have to start building it
with vendor credit so if you go into a place like Staples with no credit
they’re going deny you credit if you go on your bank and apply with no credit
they’ll turn you down, but if you go into either with a well-established credit
profile you’ll get approved. The key here is not to apply until you have credit
built that’s it, this is how Business Credit works it’s also how consumer
credit works there’s a place to start if you don’t start in the starting place
and you start to jump ahead to store credit and cash credit you’re going to get
slapped back down and denied, but if they look at a credit profile and they pull
your EIN and they see you have trade lines, you have a credit profile, you have
a credit score, then you get approved so the key to getting cash credit is that
you’ve got to have a credit profile and score established to be able to get cash
credit they have to pull your EIN credit see something there and then they will
start to approve you for those things you look for, yes what I just said is you
need credit to get credit both on the business side and on the consumer side
these two are fundamentally the same here and I always relate this back to
consumer credit because so many people don’t seem to understand this in the
business world, but it really was the same in the consumer world when you
started building credit you went in you got a co-sign loan, you got a secured
credit card that’s how it all began for you. So on the consumer side most used
secured credit accounts to start building the initial credit in the
business world we do this with vendor accounts. Trade vendors who will give you
credit with terms like net 30 which means you’ve got 30 days to pay them
back and they also report to the actual business credit reporting agency, so both
business and consumer side you need credit to start getting credit but on
the consumer side you start with secured credit cards and the business side
you’re starting with these vendor accounts, which brings us to step one
before you even start applying actually does it ,it brings us back a step before
you even start applying for any credit you’ve got to make sure that your
business is actually going to get approved okay when you have credit
established your credits reviewed and used is the main determining factor,
that’s how it works once you have credit established they pull your credit based
on your EIN that’s what they use for the decision here’s the problem, if you have
no credit right now then the information you put on your
application is what’s used to determine your approval. That’s very important to
know when you start building business credit you have no credit profile for
them to look at to approve you, you don’t want to give them your Social and use that so instead they’re going to look at everything on your application they’re going to break you over the coals on what’s on that application, because that’s all
the data they have to make their approval decision. This is why the first
step in building business credit is to ensure your business is setup credibly,
you have to make sure you meet these guidelines before you even think of
apply by doing this you can ensure you meet the credit issuers approval
standards, before applying so this drastically improves your chances of
actually getting approved. So take a look at some of the things that lenders look
at, your business address it cannot be a P.O. Box or UPS address it has to be a home address or excuse me, excuse me it cannot be a P.O. Box, UPS or home address they will know it, our finance we has the same technology lenders use. if one of
our clients enters a home address we throw up an error and say you cannot use
this address it’s a home address banks will deny you, you need to have an
actual business address you can’t use a P.O. Box for sure, you can’t use a home address for sure, UPS address in most cases as they get you in
trouble so what’s the solution you go through a company like Regus R.e.g.u.s Regus, Regus offers virtual addresses where you could get your mail but you
don’t have a physical office and they will make sure that you meet that
requirement so you can get approved your phone number it’s got to be a business phone, can’t be a home phone or cell phone numbers lenders will turn you down
if so, you need to have a professional website email setup period. okay you’re going to put your email, you’re going to put your website on the application, they’re going to look at it you can’t use you know out [email protected] has the email
address on your application obviously that’ll get denied they want to see something like what I have [email protected] that’s the same as our domain or websites creditsuite.com my email is [email protected] real easy real
cheap to set up through a company like GoDaddy, you should have proper licensing
don’t even think about trying to Business Credit if you’re an unlicensed
contractor for example, you’ve got to have your EIN number, your entity set up,
your business bank account these three things are complete basics of starting a
business in order basically you’re going to set up your entity first with your
state ,then you use the entity set up to go in and get your EIN then you use
those two to get your bank account these are three basic steps that anybody that
starts a legitimate business goes through you should make sure that you do
them, and when doing them you need to make sure your business name is the same
on everything all your licenses your DBAs your bank statements, it needs to be
exactly the same including any DBAs okay so by this I mean if your business name
is ABC company doing business as CBA Corporation then you need to have that
whole thing written out on whatever you’re applying for, this is one of the
biggest reasons people get denied business credit because their company
name is like ABC company doing business as CBA and they put CBA on the
application and the lender can’t find them, because they’re using their DBA on
the application not their full company name it’s a big no-no it’ll get you
denied the lenders will not go digging for your info if they can’t find it, this
is why all of your stuff needs to be congruent you should have a toll-free
number and a fax number okay nowadays most legitimate businesses do and you
can get your phone number be your fax number now, if you go to a RingCentral
type company you can get a phone number fax number, toll-free number all in one for usually less than $10 bucks a month but you need to have a toll-free number
unless you’re in a local area for example such as you know delivering
pizzas, so basically every field on the application should reflect that you have
a successful and established business remember, this is what so we looked at to
determine your approval so your business must be representative positive
incredible light, initially to even start step two of getting your first credit
established so now that you’re setup credibly you can qualify for new credit
that reports to the business credit reporting agencies, but there’s only a
very small percentage of vendors who will actually approve you at this stage
of the process and I do not know why I have graphics covering my word so I
apologize in advance for that these are Starter Vendors, and they are
they will all have you buy something first then they’ll give you credit so
this is how it works so when you start building business credit you start with
Starter Vendors, these are people that will say if you buy from me, I will give
you credit, and the credit I give you will report to the business credit
reporting agencies, this is how Business credit initially started. So let’s take a
look at some starter vendors Quill, Quill sells office supplies, Uline they sell
shipping supplies, Reliable sells office supplies. So all of these types of
companies will require you place 2 to 3 orders before first getting
approved for credit with them so you go in to Quill and you say Mr. Quill I want
to buy $50 worth of stuff and I want to use your credit to do it, they say okay
go ahead and apply for credit you apply they pull your EIN credit ,they see you
have nothing they say we’re not going to give you credit at this time and you say
I still want to buy the $50 worth of stuff and they say here you go. you
bought it, you paid for a good job then you go back again and say Mr. Quill I want to buy another $50 for the stuff I’d like to apply and get more credit he
say okay no problem we’ll go ahead and look at this
go ahead type in your EIN they pull your EIN credit you got none
they say outlet Mr. customer we appreciate you applying but you’re not going to qualify so, so be it you say okay I’m going to buy my $50 for the stuff, Thank You Mr. Quill I’ll be back, you come back a third time you say Mr. Quill I want to buy another $50 for the stuff I want to apply for credit, now they’re typically
going to approve you because what they’re seeing is they’re saying you
still have no credit established but you’re obviously wanting to continue to
do business with Quill, so Quill on the second or third application will say okay, we’re going to go ahead and approve you for a five hundred or thousand or two thousand dollar line of credit it’s net 30 terms which means if you put $2,000 on it you have 30 days to pay us back and we’re gonna report to dun
and bradstreet and experience that’s how this goes down now if you have even a
little credit established these places will probably approve you without two or
three orders. But if you have no credit established, they might make you make two
or three orders to actually get approved so you apply for the credit you get
denied you still buy by about $50 for the stuff and then if
you try it again and again if need be on the second or third time around you’ll
typically get approved. so some other starter vendors Laughlin and Associates
monopolize your market place these will require you buy their services and
they’ll finances, so they’re not saying okay buy off the supplies, they’re
saying we sell a marketing program for $500 bucks and if you buy this
$500 dollar program we will finance it and report your payments and
reporting agencies. So the first group of companies I told you the way they work
you could buy whatever office supply, shipping supplies you need that stuff
all the time you could buy small increments these are services that are a
little bit more money, but if you buy the service there upon immediate purchase of
the services going to approve you for credit very rarely if any do we see
anybody get denied, there they’ve made a name for themselves by offering services
and giving people business credit it’s pretty smart because not a lot of
companies do this, so their niche is to give people services and report the
services using business credit, this is why so many people use these type of
companies so these are the type of companies that again you know, you don’t
need to necessarily you know keep coming back and buying stuff if you buy their
products and services they’ll approve you and the benefits is is that you
won’t need to place these three orders that you’ll have to do with the other
ones that I actually showed you. So once approved you want to use that credit, pay
your bill, once you pay your bill it takes about three reporting cycles max
for the account to report, so it’s about 30 to 90 days the accounts to reports
the business credit reporting agencies you should have at least five of those
type of accounts approved used reported before you move to the next step of
getting store accounts, that’s the magic number is five. So again you got to keep in mind Business Credit scores only based on one thing for example the Paydex Score, how you pay your bill? so in order for you to get the credit, you have
to get the credit, use the credit, pay the bill the paying
of the bill was what gets the account reported so remember those steps get
approved, use the credit, pay the bill timely as early as you
can, as early as you can because the earliest you pay the bill, the higher your Paydex Score is going to be so you want to do that, you want to then
check your credit reports you can go to our website if you want creditsuite.com, if you click on business finance suite at the top or finding our business
credit at the top or finance suite at the top you can scroll down and find a
place where we have, actually you know what if you go to creditsuite.com/reports R.E.P.O.R.T.S reports you’ll find links to get your Dun &Bradstreet, Experian and Equifax credit monitoring at a discount there, so its creditsuite.com/reports you should have access to your business credit reports to see these accounts being built when you have five
trade accounts reported then you can apply for Revolving Store Credit, do not
try to get store credit without 5 accounts remember I told you if you
don’t have enough established credit they will not approve you at stores once
you’ve done this now you can move on to Revolving Store Credit accounts okay I’m
not gonna give you one massive list of these because pretty much every single
retailer that offers consumer credit cards offers business credit Best Buy, Amazon, Walmart, Lowe’s, BP, Chevron Nordstrom’s I mean just about every
retailer Sam’s Club, Costco just about every retailer you could think about
offers these business credit cards also So some stores like Home Depot, Staples they require you have a lot of time in business or a lot of revenue they might
require you of three million in revenue and three years in business, a
lot of people try to start at Staples Staples is not a place to start, they’re
a horrible place to start and this is where people get convinced business
credit doesn’t work cause Staples won’t approve them Staples won’t approve you
unless you have a lot of revenue, a lot of credit established or a long time in
business but of these of these other sources I mentioned Best Buy Amazon they
don’t have those kind of requirements Home Depot and Staples are the two most
notable companies that actually do the key to most store credit are that you
have established trade lines on your business credit report that you have an
established credit profile and that you have an established credit score, there
you go most retailers to get credit at Office Depot or Lowe’s or Amazon or Walmart they want to
see three things you have established trade minds those are those 5
accounts I told you, you should have reported, next you have a credit profile
it’s kind of one in the same once you have 5 Trade Lines then you’ll have a credit profile established immediately and once you have the credit profile
then you’ll also get a credit score and those are the three things they’re looking at they’re going to pull your EIN credit does this person even have trade
lines, do they even have a credit profile yep they do, and what’s their credit score
up it’s an 85 Paydex, so not only do they have trade lines and accounts
reported, but they’re paying their bills early great sign let’s give them
approval. As a matter of fact a lot of the systems you apply through, will
automatically approve you without even speaking with somebody when you meet
those requirements. So now we’re on to the final step, the whole purpose of this
actual show today how do you get to the final step of cash credit, well once you
have 10 total accounts established then and only then, will you start to get real
cash credit. So remember it took 5 accounts to get you just a revolving
store credit, now you have 10 accounts total to get you to cash credit. So these are Visa Cards, MasterCards, Amex Cards or you can use anywhere, in your business
name link to your business EIN and in most cases not requiring a personal
guarantee, okay so these are cards that you really want, you want cash credit, you
want to be able to go spend $5 grand wherever you want, if you have a let’s
say Lowe’s credit card you can only spend that money at Lowe’s you can’t go
to Home Depot and buy stuff with it but with these kind of cash credit cards you
absolutely can do that, you absolutely can go into any store and buy what you
want, I apologize in advance because I know my slide got cut off here. So you
should also have one of those store accounts with a $10,000 high credit
limit so those are two requirements you want to get cash credit cards, I’m going to tell you the two things it takes ten trade lines on your business credit
reports, I just told you how to get the ten I gave you enough retailers and
vendors to get ten then one of those needs to have a
$10,000 high limit it’s not a stretch I just told you earlier Dell will give you
this, if you follow the steps I’ve given you and you get some established credit
and go to Dell. Dell is notorious for giving out $10,000 high credit limits so
those are the two requirements one account has to have a $10,000 limit you
need to have 10 accounts then you can move in to cash credit now cash credit
are actually not easy to find it all, okay Home Depot has a great one that you can
you apply for once you meet these requirements they have an actual Cash
Credit Card you can apply for so does Sam’s Club even racetrack offers a fleet
card that you can use absolutely anywhere, okay so I just gave you a few
great sources for Cash Credit also and you can check with your bank to see what
they offer if you’ve meet these requirements if you built the trade
lines you built the profile you built the score then you should qualify now
even at your bank and there’s also some other sources. Your approval limits are
going to be about the same as what your other accounts are, so this is why I’m
telling you don’t go to apply unless you have a $10,000 high limit. If you have a
$10,000 high limit card like Dell then you’ll typically start to get Visa
MasterCard approved for business credit that are five to ten thousand dollar
limits, the limits will mimic whatever other trade lines you have. So again if
you wait till you have a $10,000 account that’s really the key to getting higher
limit accounts here when it comes to cash credit just keep in mind, do not
apply for any of this credit and use your Social Security Number don’t do it,
if you do this they’re going to pull your personal credit to make the lending
decision it’s gonna happen so if you have credit problems and you don’t want
them to pull your credit, do not put the Social Security Number on the
application ever and you’ll be personally guaranteeing the debt, if you
do put your social on the app not something you want so you cannot put
that social on the app no matter how much credit you build you’ll still
always get applications that ask for your social I get this question all the
time ty have taken the steps that you outlined, but I get an application and
there’s a social field on it the social field will always be there on the
application, it will never go away it will always be there, you
just need to get used to not putting the social on the application when applying for credit for your EIN. It’s never going to go away the social field is always going to be on the application you just need to get used to not actually filling in the
social, it will need it would still need needed for bank loans, larger credit
lines, but it’s not going to be needed for these credit cards not even high
limit credit cards so don’t go into your bank and apply for an SBA loan and say
Oh ty crandall said do not give you my social no don’t get me wrong if you’re
getting higher dollar bank loans and higher dollar credit lines, they’re
absolutely going to ask your social you’re absolutely going to guarantee that debt, but
when we’re talking about a Visa card a MasterCard and AMEX card when we’re
talking about you know a Staples Card or Home Depot or Lowe’s or Best Buy or
Costco or BP or Chevron the none of those need your social although larger
bank loans still will Building Business credit fundamentally isn’t that
different than building consumer credit really you start building your credit
using vendor accounts okay the next step is once they report you have a credit
profile and score and you use that to start getting revolving store credit
cards as we talked about and then finally once you have 10 of those kind
of total accounts you start applying getting cash credit and you do all this
leaving the Social Security Number off the application and then they’ll pull
the credit that’s linked to your EIN and if you do this well, then you’ll be able
to enjoy building a business with access to money and that’s what Business Credit
really is about, is using other people’s money to grow and I know on the consumer
side we like Dave Ramsey and all these people that say don’t go into debt I’m
with you I don’t like debt on the consumer side but the truth is in the
business world you’re either going to use your personal money to build the company,
you don’t usually have enough profits initially to do it or you’re going to use
your business money to do it so you’d rather use money that’s linked to your
business, than not use money that’s linked to you personally those are about
the only two choices you typically have to get started in the business world, so
you might as well as use Business Credit use other people’s money without the
liability, without the guarantee with out the credit check and get the benefit
of getting these really, really, really high limit accounts, including store
credit accounts and including cash credit accounts so that’s going to go and
wrap it up. I walk you through a quick summary of exactly how to build Business
Credit and again you can check type in my name Ty Crandall on the YouTube you
could type in Business Credit on YouTube and you’ll see my videos all over the
place, you’ll see my channel if you subscribe there you’ll get notices
whenever I put up new content there’s detailed webinars, there there’s detailed
Podcasts on my iTunes channel the outlined each of these steps I have
hours and hours of training on the credibility hours and hours of training
on revolving accounts, on vendor accounts on, on other accounts. So all the
information you need if you feel this wasn’t enough is accessible to you out
there at no cost plus don’t forget to grab the Business Credit building
checklist it’s absolutely free for you so you go to creditsuite.com/businesscreditbuildingchecklist it’s an absolute free resource for you
and it’s a checklist that will help you walk through the actual steps of
building your business credit. So again went a little bit over the actual 40
minutes I was expecting but hopefully you got a lot out of this today I walk
you through a summary and told you exactly the steps that if you follow you
could build Business Credit no matter what your current situation is now, so in
the next step is to take action to start working on getting your business
credible and then start getting your first initial vendor accounts. So I hope
you got a lot out of this if you have any other questions feel free to send us
an email [email protected] and I really want to thank you very much for
taking the time to spend this time with me today so thank you very much have a
great day.

Comments (3)

  1. How to Get $10,000 Business Credit Cards Without Personal Guarantee | https://www.youtube.com/watch?v=ZofeHCkAtMY&list=PLYN54Rm6j-eDwBL1TiDi4vACqalhwJ9pu&index=15 | How to Get $10,000 Business Credit Cards Without Personal Guarantee

  2. Credit Suite always mentions you can get a business credit card without using your ssn but then when I watch other videos from Credit Suite, it says you have to have decent credit to get approved for the credit cards, which one is it???. Every card I've tried for insisted on getting my social

  3. A lot of the information in this video is 10-15 years outdated. Good advice, but dated. especially the bit about not using a home address. Many people (sole proprietors) or small businesses operate out of their homes, especially with the explosion of e-commerce within the last 5 years or so… I got all the Chase Ink business cards and working to maxing out business cards with Amex, and I've always put my home address on applications

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