The Best Process To Obtain Business Credit!

You want to be with a program where there is a process to guide you through the proper steps to build business credit and to work with a coach. This is a very dangerous process to be given tools to do it on your own.

Especially, with D & B® the odds of making a mistake and not being in corporate compliance are very high which may cause your file to be “red-flagged” and put you in the costly situation of having to start over and form a new company.

It is not the cost of the new company that is the big problem, is it all the time and effort to update, your vendors, customers…with your new name.

Look for a service where you are assigned a business credit coach! You should have access through email and phone calls and it should be unlimited access to support you through the process. Typically, a business credit builder program will include a month or two with coaching and you may pay for other time separately, some charge a much larger fee on the front end to include 6 months of coaching.

The key is that the coach is not only there to answer you questions but also to help hold your accountable. I know that may not sound like fun, but the bottom line should be to help you get results!

They should be there to question you on where you are at, for example;

“Have you completed this step? Okay, you’ve completed that. Now we can do this for you.”

It’s going to be, “We’re going to do some things for you, and you’re going to have to do some things.” It will all be outlined and you’ll have a coach that will tell you, “Okay, this is where you are. Did you get that done? Okay, let’s move on to the next step.”

You should know the expected results in both cash and credit success. Most companies generalize what that means plus over promise on how much you will receive and the time frame.

The results you should expect to experience during the first month, after the corporate compliance section, is some cash success. That would be in the form of a business credit card. At the same time, you would be completing applications and sending them in for vendor credit. You will be receiving vendor cards and should use those, in small amounts, for vendor supplies your business would need.

Over a 4-6 month period of time, as you follow the program properly you should be obtaining vendor lines that could be upwards of $100,000 to $200,000.

Within the first month, as you get some credit card lines where you can use some cash either to use for your business, or to improve your personal credit score (you may want to pay down some of your revolving personal debt to lower your ratios).

The key to maximize your ability to get access to cash lines of credit over a 3, 6 or 9 month period of time is to improve your credit score and pay down your personal revolving debt at the same time. Hopefully, through your marketing efforts in your business that will happen for you!

Ideally, along with working with a coach, you have access to online tools with a back office that will lay out the process for you that you will go through. It is important that it actually guides you through the process and allows you to randomly access all the information where you are likely to make mistakes. Most want to start looking for where to apply for business lines of credit, which would be a big mistake if that was available to anyone just starting. As you know the first step is corporate compliance!

The first section you want to complete is typically called, corporate conformity. This section would include a number of things including: the business ownership, the tax ID number, the business address, if you needed a phone number listed in 411, so forth. There are quite a few steps.

The next step is the credit bureaus for the business world, what they mean, how we’re going to get you set up, what is required to do to get your scores, what has to happen to get your ratings. You will also need to learn how to understand those credit reports.

The key is to work with your coach to monitor the reports during that time, and then move to tier 2, tier 3, and tier 4 credit. There are various steps in those and various things to do.

It is very helpful and time saving to work with a business credit builder that will fill out some of the applications for you, setting up some of the vendor credit that they will report, and you’ll have those scores. Next is the bank application process.

After the bank process, your company will have ratings and everything in place. Now, you are in a position to start working on credit cards that are non-personal guarantee.

Everybody’s interested in what is called an EIN only business credit card. Because no matter how bad your personal credit is you will obtain one. Because it is not based upon personal credit at all, but on the levels of vendor credit you have established with D & B® and your rating.

These EIN only business credit card are non-personal guarantee. They typically start out at $5,000 to $10,000. Then you grow from there.

For more information on increasing your business credit, read on! www.FastBusinessCredit.com

About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.