Archive: August 2009

Establish business credit is what every entrepreneur should do from day one of their new business venture, unfortunately most never do. The sad fact is, more than 90% of all businesses never take the time to learn about, or to establish any business credit at all. What about you? Then when the entrepreneur gets into a financial jam and needs to get a loan, they seem surprised that there are either no loan programs available to them, or the ones that are available are attached to very high interest […]

Business credit without personal guarantee, is that possible? Of course it is. Actually that is how it should be done. So where do you start? Business credit without personal guarantee begins with a step by step process that must be followed in order to achieve success. The first step is forming a corporation or LLC. Next is totally separating your personal finances and credit from your business finances and credit. To do this you must get an EIN (Employer ID Number) that is like a social security […]

The Experts Agree … You Must Have Separate Business Credit Scores. Wells Fargo Bank – Separating Personal and Business Finances “The longer you delay establishing business credit, the longer you delay taking advantage of business loans.” Washington Mutual Bank – The Secret to a Healthy Business? “Having good business credit can save you money, Lenders use business credit scores to determine the rates you pay.” We […]

No credit check for a business loan is what some business owners with poor personal credit are looking for. Well the good news is that there are business lenders out there that will not let poor personal credit prevent you from getting a business loan. However those type of loans are very high interest and require a lot of collateral. But it doesn’t have to be that way you have other options. This is the best option, for business owners with poor personal credit, is to build your business credit […]

New business credit cards. How does your business get them? First, there are two types of business credit cards, those that require you to sign personally and those that don’t. For new business credit cards that require you to sign for them personally the approval decision is based solely upon your personal credit card and really have nothing to do with your business or your business’s credit rating. These type of cards typically do nothing to help you build a better business credit rating and […]

Business credit file is the same as your personal credit file only for your business credit scores. Your business credit file is important to your business because what is in it can determine whether or not your business will get approved for financing. In the personal credit world if your credit scores are good then you will get approved, it is much the same in the business credit world. A business credit file contains information including: identifying information credit information public […]

Insiders secret to building business credit? Well, there aren’t any. There are just the facts of how it is done. Building business credit is exactly the same as building personal credit. To obtain the best possible scores in the personal credit world you need a 1-2-3. That is 1 mortgage (home), 2 installment accounts (car, boat, TV, etc) and 3 revolving accounts (credit cards). If you have those and you pay them all on time your personal credit scores will soar. The biggest insider secret to […]

Establishing business credit begins by separating your personal credit from your business credit. That way if your business fails, your personal credit doesn’t have to be destroyed too. In the reverse if you do not separate your personal credit from your business credit and your personal credit takes a down turn, then your business credit may also be negatively impacted. To separate your personal credit from your business credit there are several steps you must take. First you need to incorporate […]

Best business credit card? Typically business credit cards have many of the same features as your personal credit cards. The difference for what you want to look for in a business credit card is one the will report to the business credit reporting agencies to help your business build good business credit scores. Unfortunately most business credit cards are tied directly to you personally and given out based on your personal credit scores not those of your business. So what they are really is […]

A bad credit start up business loan may seem an impossible place to start your own business. But that is not always true. Banks are out. No bank is going to touch your business loan if you have personal credit scores less than 640. But there is a lot more to business lending than just banks. First, you have to separate your personal credit from your business credit. Until you have accomplished that there will be almost no business financing available to you with bad personal credit. Smaller community […]