BUILD BUSINESS CREDIT
BUSINESS CREDIT FOR TRUCKERS
HOW TO BUILD BUSINESS CREDIT IN SIX MONTHS
Improve Your Fundability Through Preparation
Have you ever applied for a business credit card and received an automated instant approval? Lenders and credit issuers have an unpublished set of standards in their Artificial Intelligence computerized system that enables quick approval for business credit. The key to business credit is preparing your company in advance of the application. Those standards involve meeting certain criteria. We help you meet that criteria before the application.
There are certain standards to meet for an automated business loan approval, or your business shall be automatically denied. Some fundability factors include the type of business entity under which you operate. Always use a corporation or an LLC. Don’t use a sole proprietorship.
Don’t use a personal cell phone or a home phone. Always use a toll free line or a commercial telephone line tied to the commercial business address.
You must register the phone number with 411 and other directories.
The key here is that the information on your business from public sources must match the information on the loan application and on all directories. Consistency is key.
Seek congruency and consistency in business licensing.
The company needs a business account. Don’t use a personal account for your business.
Apply for the business credit under the EIN, not under your SSN.
Even if you’re ready to apply for business funding, most business loans applications are denied because of potential fraud concerns. Business Lenders combat fraud by matching your company and application details against other data they have from places through LexisNexis, Dun & Bradstreet, Experian, The Small Business Financial Exchange, Equifax, and ChexSystems.
LexisNexis reports on almost all public sources of information, such as present and previous residence addresses, prior homes owned, the building materials for your home; HOA info, the title company used; the interest rate; the loan amount, the terms of the loan, other liens and the connecting loans, the types of loans involved, present and prior phone numbers under your name, present and prior emails used and criminal and moving violations, aircraft and boat records, etc.
Build Business Credit under your Business EIN instead of your SSN.
When your business applies for funding, a decision is made based on the business credit and not of your personal credit. For this to properly serve to your advantage, build the business credit under your EIN, not under your SSN. In this way, the business loan approval or doesn’t impact your personal credit. Business credit doesn’t require a good personal credit score. There’s business credit available without a personal guarantee, and the inquiries don’t impact your personal credit.
Business credit limits are 10-50 times greater than consumer credit. Build business credit quickly as payment history influences the credit score, and doesn’t impact your personal credit. This establishes your credibility with lenders, suppliers, and credit issuers.
One account reporting to a business credit bureau may change a failing score to a great score and increase the borrowing capacity of your small business. As you continue to grow your business credit, the business reporting agencies recommend you for additional lines of credit, this assists in obtaining approvals for greater levels of business credit. Any business can qualify for business credit, including startups, non-profits, owners outside of the U.S, and people who own multiple businesses. Your business can obtain an approval even when you can’t get any type of loan or credit line, There are no cash flow requirements. There’s no collateral is required, and there are no consumer credit requirements.