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We take pride in our team of back office advisors that know the current lending guidelines when it comes to approval decisions by banks for small businesses. We contract with the owner as a consulting service with digital products and take the initiative and responsibility in the business credit-building process.
Building business credit is a tedious, calculated event that consists of over 200 factors to qualify for a Corporate guarantee type lending product.
With us, you get concierge servicing for a year with our team, who will build the business credit platform in 6-12 months.
And, it’s cheaper to work with 3d Biz for example Business Credit monitoring will cost you $1800.00 per year with the following agencies: Experian Business, Dunn and Bradstreet, Equifax Business, SBFE.
Don’t go at it alone and fail to build your business credit.
Get in touch with us today so you can get business credit quickly and easily without a personal credit check or personal guarantee.
Contact us today to learn more about getting business credit and loans for your company.
Building your credibility is essential to getting approved for business credit. When you ensure your business is set up to be fundable per creditor standards, you will know you can get approved for business credit before you even apply.
Here are the essential credibility requirements you must meet to get approved for most business credit:
One secret of building business credit that few entrepreneurs know is that to move to each stage of the process you must have a certain amount of tradelines established, which are also known as payment experiences.
For example, to get approved for revolving business credit store cards you must have five payment experiences reporting to the business credit reporting agencies. While to get approved for cash credit such as Visa cards will require a total of 10 payment experiences.
We complete the following steps for your company to obtain your business credit reports:
1. Almost every credit issuer will ask for your DUNS number on the application, so getting this set up is the first and most important step.
2. Experian business is the second most popular reporting agency, the many credit issuers report to.
3. Equifax, and even fewer creditors report to them. Get access to your Equifax business credit reports.
Almost all business credit profiles get started with vendor credit. This is credit offered by vendors to business owners that reports to the business credit reporting agencies.
It is important to note that over 90% of trade credit, or vendor credit, reports to the reporting agencies. So, it is essential that you verify with the source that they report before applying.
Here is the requirements of what you will need to get approved for initial vendor credit:
We contract 3-5 vendors which report to the business credit reporting agencies.
Apply for vendor credit with them without supplying your SSN. Many will ask for this, but if you have some credit established or buy products initially from them, in most cases you can get approved without supplying your SSN.
Some sources will give you 30 day net terms if you just buy their product.
Use your newly approved credit to buy items from that vendor for $50 or more.
Pay your bill timely, preferably early. Your business credit scores look mostly at how you pay the bill, early or late. Make sure to pay your bills as soon as your bill is received.
Check your business credit reports to ensure your new accounts are reporting. D&B Establish three payment experiences.
A payment experience is the reporting of an account to one reporting agency.
You will need a total of five reported payment experiences to start getting approved for store credit.
One of the biggest benefits of business credit is that you can use it to get approved for real revolving credit at most major stores. Most major retailers offer business credit linked to your EIN not your SSN.
To get approved you will first need to have an established business credit profile and score.
This is why you took the prior step and established your vendor accounts.
Once you have done this, you will have reported payment experiences, have an established score, and an established profile you can use to start to get revolving business credit.
Remember, this is just an example of main points to help our clients understand what’s needed to build business credit, this is not a full guide.
One of the main goals of establishing business credit is that once established you can use it to get cash credit such as Visa and MasterCard accounts.
Once you have followed the proper building steps it is common to be able to secure $5,000, $10,000, or even higher individual credit cards for your business, cards you can use mostly anywhere.
Here is an example of what’s needed to secure revolving cash credit:
Make sure you have 10 payment experiences reporting to the business credit reporting agencies.
We ensure that at least one of your reported accounts has a high limit of at least $10,000.
We ensure you have an established business credit profile and score with at least D&B and Experian.
We locate the cash credit where you want to apply for credit. These types of accounts are not readily available, so you will need to do some research to find out who can give you cash credit for your EIN not linked to your SSN.
Note:
Many will require that you have an established business credit profile and good score for approval with 10 reported payment experiences and at least one account with a limit of $10,000 or higher for approval.
Complete the cash credit business application and leave your SSN off the application.
Please note, ALL applications will ask for your SSN. But with established business credit they will pull your EIN credit instead, and if it meets their requirements then they will approve you anyways… without
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