Few business credit builders exist, however, those that do exist are taking advantage of the general public’s lack of knowledge about business credit and how to obtain a business loan.
DON’T LET THEM SCAM YOU!
I will try to show you how to get unlimited capital for your business…
Without risking your personal assets, lowering your personal credit score, or damaging your personal credit history
These 8 simple questions will ensure your success in building business credit when looking for a small business loan.
There are simply too many people who hire commercial credit building companies who are not happy with the results. Before you choose another company, asking these 8 questions will ensure you’re working with a legitimate company that can help you build business credit and, more importantly, get the business loan you’re looking for. Getting that business loan is after all what you’re looking for, isn’t it?
Why is it so important to work with an expert advisor? Why can’t you do it yourself? The Fair Credit Reporting Act does not apply to commercial credit bureaus; This means that if you make a mistake, skip a step, try to take a shortcut, your business credit file may be “red flagged.” This means your business is barred from receiving credit and maybe that elusive business loan.
There is a proven step-by-step process that MUST be followed if you plan to properly build your business credit and obtain working capital. If you don’t follow the proven process, you may be placed in the “High Risk” category. When that happens, no lending institution will give you a cash advance or small business loan and there is nothing you can do to eliminate it.
Make sure you choose an honest credit building company that has the knowledge, experience, and proven systems to back you up. Before you decide who you’ll work with, be sure to ask them these 8 vital questions.
Question 1
Will I get business credit only or CASH credit?
Be careful, there are a number of companies that will only help you obtain business credit. Business credit can only be used with the individual creditor and nowhere else. This is great if you need $3000 worth of paper products, but it’s useless if you need payroll loans, inventory loans, or just to cover business expenses or expand your business.
And if it’s CASH credit, will I always have to personally guarantee the application?”
If the business says that you will always have to personally guarantee all types of credit, then you are NOT receiving the full benefit of business credit. Please note that the solution must introduce you to business financing services that will not require a personal guarantee; however, these non-traditional lenders will still check your personal credit and will need your social security number. They do this to stay in banking compliance.
Question 2:
Will a trained coach show me, step by step, how to incorporate my business and build business credit with a view to getting that business loan or business loan?
My guess is that if you wanted to figure out the intricacies of incorporating your business and building corporate credit on your own… you would have already done so. (I have. And trust me… this is NOT something you want to figure out on your own.)
So if you’re not going to get step-by-step instructions backed by a trained credit coach, resulting in a predictable successful outcome, call another company. (I’ll detail every step of getting business loans without traditional personal guarantees in vivid detail in a later article.)
Question 3:
If I get stuck while taking all the necessary steps, will I have to pay them hundreds or even thousands to help me figure it out?
Many companies charge low fees up front and continue to add additional fees every time you call or write for help.
Make sure they provide everything you need to know to secure a business line of credit with bad credit or subprime business loans, all without the traditional personal guarantee. Make sure you have access to a dedicated training consultant and that you don’t put limits on how often you can talk to them.
Question #4:
Will you have the ability to set up home equity loans and monitor your business credit score development with all major business credit bureaus, all within your training platform?
Why work with an advisor who is trying to blindly guide you?
Problem #5:
When businesses promise to get you cash credit, ask them this direct question: “What kind of paperwork is required to get cash lines of credit?
Beware of companies that say you don’t need to submit financial statements, tax returns, business plans, bank statements, etc., to get a small business loan without a traditional personal guarantee. When it comes to getting approvals for cash advances without a traditional personal guarantee, you’ll need to show that your business is financially responsible, and you do so by showing that you earn income, pay your bills on time, and have established good business credit.
If the company tells you that you can get this type of financing without providing any real documents, don’t bother working with them, they are not being honest.
Think about it, will a lender really give you hundreds of thousands of dollars without a traditional personal guarantee without you having to prove to them that you are a “safe risk”? Over time, I’ll show you exactly what you need to do to become a safe risk and get a small business loan.
Question #6:
How are your coaches paid?
This is a really important question! How would you like to work with someone who couldn’t care less about getting the business loan he desperately needs? Think about it!
Problem #7:
When it comes time to apply for a business loan, will I be passed from lender to lender?
This is another very important question. Virtually all credit building companies, when it’s time to apply for a business loan, will pass it on to one lender for you to apply for and then tell you to go apply to the next lender and so on. They literally end up sending you on a wild goose chase and just hoping one of the non-traditional lenders can get you home equity loans. Does this sound like something a true business credit and financing expert would do?
Question #8:
What kind of guarantee do you offer?
It is essential to get the details about the guarantees. Because most of the companies that offer guarantees or only promise that your corporation will get a Paydex score of more than 80. While this is a start, it is not good enough:
If after completing your program, you should have:
Corporate Compliance and documentation review
D&B Archive and D&B Rating
D&B Paydex Score
Business credit file with Corporate Experian with an intelliscore
Business credit file with Business Equifax with the appropriate business credit score.
Commercial Accounts and/or Seller Accounts with and without personal guarantee.
A business credit that can be used to take advantage of financing opportunities
This is by no means a complete list of all the questions entrepreneurs should ask themselves when it comes to building corporate credit. But if you address these costly and dangerous mistakes, you’ll be on your way to building a safe, secure and financially sound business – the business you’ve always dreamed of!
Hopefully, these 8 questions will help ensure you work with a credit building company that is honest, straightforward, and helps you successfully establish your business credit and leverage it for new small business loans and opportunities for your business.
