Business Credit America has done it again. This time, their taking on the credit industry to prove to Americans it is still possible to build business credit. Their offering a free business credit forum and BUSINESS training teaching entrepreneurs, small business owners, internet and online marketers how to properly structure themselves for the best asset protection.
As the banks and other financial institutions still refuse to help the American economy rebuild itself, Business Credit America has decided, they will not wait until after an election to help revive the economy. A spokesperson for the company, said “they feel the American Economy should not be struggling when you have so many multimillionaires that are able to help small business owners keep their business going and help start new businesses”.
Business Credit America is offering a Free Business Credit Forum and Business Training to the American public. Learn some of the Basic things most business owners miss in order to have a successful business
• Learn, How to properly structure your business for the strongest asset protection
• Learn how to properly order you EIN number
• Learn about current trade vendors that offer business credit on net terms, such as ShareDaLuv.com, AZSnaxks.net, TradeSmartProducts.com, VipElectronicsCenter.com, SNS.com, these are just a few trade vendors.
• Learn the difference between a Paydex score and a Business Credit Score
• Learn how to properly file a Ucc-1 financial statement to help your business or personal credit
Business Credit America offer so much business information to help get the American Economy get back going. Check them out at BusinessCreditAmerica.com and join their free business credit forum today, IT’S FREE http://BusinessCreditAmerica.com
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Protect your Identity and Social Security number with a CPN (Credit Profile Number). Learn the secret that celebrities, government officials,and pro athletes use to protect their identity and get all the credit they want with out using their social security number. Learn More @ http://GoodCreditUnion.com
4 Starter Companies to Help Get Bad-Credit-Business-Loans Business loans are very difficult to obtain in today’s challenging economy especially if you have bad credit. Many people are closing their small-businesses because they have bad credit. Lenders such as banks and credit unions have even made if hard on people with good credit scores.
Now, that does now mean it’s impossible to get business funding with bad credit, it just means you have to be a little more creative. The creative process starts by finding trade vendors that will give you credit regardless of your personal-credit. I done a little research and found 4 trade vendors or net 30 companies that would be more than willing to help you startup you business-credit file. If you order from these companies first, they will automatically create you a Dun and Bradstreet report that way you don’t have to purchase their product just to get a Dun’s number.
The four companies that will give you credit regardless of your personal-credit are Grainger, Nebs, Uline and Rapid Forms. You do not have to pay up front they will automatically give you trade vendor credit to help you establish yourself for a business loans and create a paydex score with Dun and Bradstreet.
This is just an alternative to helping you get funding with bad-credit. If you would like to get you’re personal-credit repaired in less than 30 business days then I recommend you check out Good Credit Union (http://www.goodcreditunion.com/), there fast reliable and comes with a 100% money back guarantee.
http://www.goodcreditunion.com/ Get A High Paydex Score.Using Good Credit Union 30 Day Secrets. Using Good Credit Unions Business Credit Approval Secrets they'll get you a high paydex score in 30 Days.
Everyone that's ever did any business with Dun and Bradstreet and the credit bureaus (Experian, Equifax, and Transunion) know how important it is to have a paydex score of 80 and above.
This is part of the bloodline to getting funding for your business. When lenders see you have a high paydex score, they feel confident your business will pay them om time too.
http://BusinessCreditAmerica.com
How to get Business Credit Cards Without a Personal Guarantee? http://BusinessCreditAmerica.com 1-888-821-6408x2
How to get a Business Credit Card with out a Personal Guarantee is a step by step process. First you have to see what business is more favorable to banks, which is called SIC CODE. Once you know and understand this step then you can continue on with the proper step to get business credit cards.
http://www.businesscreditamerica.com/services.html
Here are the necessary steps to get a Business Credit Card with out a Personal Guarantee.
Know you Sic Code for what type of business your looking to Start.
Call and get your EIN#/TAX ID# over the phone not online and please make sure you use Incorporated at the end of your company name.
Incorporate your business to a C-Corporation Banks love this entity.
Get your Dun and Bradstreet Number from their website. DandB.com. You want the number thru the CCR Government program. This way you get the number for Free and within 48hrs instead of 30 days.
You need to have Projected Financials submitted to Dun and Bradstreet in order to a Clear complete file this is very important.
You need to file Ucc-1 lien against your business for the money and equipment, you invest in the business to get it started. This is very important to creditors.
Once these steps are completed then you need at least 6 to 9 Net30 Accounts such as http://www.sharedaluv.com/, http://vipelectronicscenter.com/, http://www.tradesmartproducts.com/index.html, http://www.azsnacks.net/, http://ucc-1credit.com/, https://www.stntsol.com/, Grainger, Uline, Seton, nebs, deluxe and so on. Remember Dun and Bradstreet does not report your credit limits, they report the amount you spend on purchase, so the more you spend on products the better the tradeline looks on your business credit file.
If you follow this step by step, you're guaranteed to get Business Credit cards with out a Personal Guarantee.http://www.businesscreditamerica.com/services.html
I believe that effective outsourced accounting, taxation, financial management and consulting is more than a service, it is a relationship. We build that relationship with each client by learning about his or her business process and culture. Then we design a service package that meets the unique needs of the business. If the client has an in-house accounting staff, our team can supplement and support their work. If needed, we can become the in-house accounting department.
Shirika Gomillion
Accountant & Tax Advisor
With just a few days left until the end of the month, as well as April being Financial Literacy month. I thought it was very ironic to hear a recent radio advertisement announcing that certain individuals should take part in a great program being given by creditors; it’s called “The Credit Amnesty Program”. This advertisement was encouraging people who have credit scores as low as 480, to come and apply for INSTANT CREDIT no one is turned down. Lie!!!!!, this is the biggest gimmick and it’s been around for years it just has a new name, but the financial shackles are the same for individual with bad credit. Why because the people who buy into these tactics are given interest rates as high as 18% or higher, the debt these individuals accumulate is designed for them not to pay if off which in turn many of these people will default on their debt. I recently did a webinar regarding “What impacts Your Credit” during this webinar I showed the cost comparison of a credit worthy consumer and an unworthy credit consumer. Take a look:
Examples of Credit Profiles
Here is an example of the cost of a $20,000 car loan over 5 years:
Prime 680 or higher score - Interest rate 7%, Payment $405, Total Cost after 5 years $24,300
Sub prime 500 - 619 Interest rate 14%, Payment $477, Total Cost after 5 years $28,620
Jilted 500 or below – Interest rate 21%, Payment $557, Total Cost after 5 years $33,420
As you can see in this example there no advantages of being an unworthy credit consumer, you may be able to buy material purchases but the consumer with bad credit pays a big price at the end. Don’t buy into the hype, educate yourself.
Lorillia Brown-Phillips
Building and Preserving Wealth One Generation at Time
Let's face it, your personal and business credit is essential to your financial health as a small business owner. It's important to understand this and learn as much as you can about building and maintaining a good credit score for your business.
Having a business credit score of 75 or higher through Dun & Bradstreet is essential and can help you especially when trying to get lines of credit with vendors. While cash loans, such as an SBA loan, micro loan or personal signature loan will require a review of your personal credit - your business credit score will help also in making a final decision.
Much has changed in the business credit industry today. It used to be that you didn't need to always use your personal credit history when applying for small business loans or lines of credit, but that's not the case anymore. You'll need a personal credit score of at least 680 and again, a D&B score of at least 75. If your personal score is less than 680, it's time to start working on it right away.
Building your business credit is not something that can be done over night, but it is a gradual process that occurs over a period of time. As your business grows your business credit worthiness should get stronger and stronger.
A good business credit score will assist in getting business loans, lines of credit and minority or woman-owned certified. Your business credit worthiness is an essential part of growing your business and it also shows your leadership ability as the owner or CEO.
Below are 10 ways you can get started in building your business credit:
1. Consider changing the structure of your business to a corporation, such as a Limited Liability Corporation better known as the LLC. This is the most common structure that many small and micro businesses are using. If you are not certain of the structure for your business make sure you discuss it with your accountant or attorney.
2. Apply for a business checking account. This is an essential part of the process in legitimizing your business. It will be important for you to keep all of your expenses separate. This is very important to do if you're incorporated especially. It is also a plus to keep a minimum balance of $2500 in your account at all times. This helps in establishing your credit worthiness.
3. Develop your business plan. Many times when applying for a loan or line of credit you'll be asked for your business plan. This normally causes a lot of small business owners to procrastinate, because it can cause one to feel overwhelmed just thinking about writing one. But, it is necessary and remember to get help doing it. You don't have to write it alone and neither do you have to create a long 100 page document.
4. Gather your business financials. Most of the time a lender or loan specialist will also ask you for financials. This will include the Business Checking Statements, Balance Sheet, Cash Flow Projection and Tax Statements. Depending on the number of years you have been in business be prepared to provide up to 3 years of statements.
5. Apply for your DUNs (a.k.a. D&B) Number. The DUNS number is a 9-digit number that is used worldwide in tracking more than 100 million businesses. It helps to build your company's credibility and helps vendors, lending agencies and others to verify that you are running a legitimate business.
6. Apply for a business phone line that can provide you with a 411 directory listing. This is normally with your local phone company. Validating a business phone number is normally the first thing that vendors do to verify that you are indeed a real business.
7. If you're a home-based business, consider also using a virtual office service that has a commercial address (not a PO Box or UPS Store). This means that you should be able to receive packages there and anyone should be able to visit the office and ask for you or your company by name. There are many such services popping up all of the US, so you shouldn't have a problem finding one.
8. Make sure that any services you use are in the name of your corporation. This should include: cell phone, office lease, any machine leases, business services etc.
9. Start applying for business credit with vendors (Staples, Office Depot etc.) that report to business credit agencies, such as Dun & Bradstreet and Experian. Make a list of items that you need in your business that can be purchased through a line of credit or lease, instead of using cash. Don't just trust a vendor's word that they report to business credit agencies; ask if they have it in writing in their literature or credit applications.
10. Only use 35-50% of your business credit cards spending limit. Business creditors get very nervous when you use anything larger from your spending limit and especially when you don't pay it off within 30 days. This shows that you might be having a cash flow problem and they run from that.
Once you have received your D&B number, consider using the D&B File Creator Service. This allows you to quickly place business accounts on your file and helps to establish your credit worthiness quicker. In addition, it will be important to check your business credit profile at least quarterly to ensure that everything is being reported properly and that your score is getting higher.
As you build your business credit, it is also important to understand the importance of paying your accounts payables at least 7-15 days ahead of time. This goes over well with business creditors and is reported on your Dun & Bradstreet credit report, which helps your score to go higher.
The information points provided above are suggestions based on the success that others have had in building their business credit. It is not a conclusive list and there are many other things to consider when working on building your company's financial reputation. However, it's a start in the right direction.
About the Blogger
Trina Newby is a business success coach and founder of Women About Biz. For more than 20 years, she has been helping women to turn their ideas in to profitable business ventures. Trina is also the host of the Successful Woman Radio Show.
Debt that has been sold is no longer your debt. It now belongs to the company that bought it. They only way they get paid is by ATTEMPTING to collect it. Just review every letter that is sent to you by a DEBT collector. It states that "this is an ATTEMPT to collect a debt.
THIRD PARTY DEBT IS NOT REAL DEBT. In this country, we do not have enough regulation to protect consumers. Beforeyou go filing bankrupt, which I do not suggest you do, decide if you arereally in DEBT. This image has been created in your mind.
For more information on Debt and Credit information visit my site at www.reginalittles.comOr you can join the fan club on facebook (REGINA LITTLES).
Author of the Trinity Collection-Credit Education for the 21st century.
advocate102@hotmail.com
321-287-0986
http://ministryfinancing2010.eventbrite.com/
http://ministryfinancing2010.eventbrite.com/
Are you using your personal credit to fund your church or ministry?
Are you an established or start up ministry without business credit?
Are you tired of having to use your personal credit and finances to fund your vision?
Do you have CHALLENGED personal credit and think that you can't establish YOUR MINISTRY business credit?
Greetings Fellow Kingdom Builders,
My name is Pastor April Mason and I want to tell you about this power packed webinar that will most likely change the way you operate in ministry. If you're an Apostle, Prophet, Pastor, Evangelist, Teacher, Artist, Author, Musician, Praise Dancer or anyone that has been given a vision and need the PROVISION.
If you answered YES to any of the questions above, then you're ready to take the next step in securing the ong-term success of your ministry by building business ministry credit.
- Get the computers you need for your staff and/or afterschool program
- How to set up you ministry credit profile
- How to apply for credit under the church or ministry name
- How to get the video equipment you need
- How to get credit cards (ie, Mastercard, Nordstorms, Airline Accounts, Home Depot etc...)
- How to get vehicle leases
and much more...
ADDED FREE BONUS
•Rod Warren’s The Ultimate Credit Repair Guide eBook: 10 Steps to a Better Credit Score FREE ($34.99 value)
•ALlison Cross- Over 400+ page ebook of EVERY GRANT RESOURCE for Non-Profit’s FREE ($79.99 value)
•Allison Cross- How to Successfully Write a Grant Proposal ebook FREE ($39.99 value)
PLUS:
Learn how to secure hotel space for your conferences WITHOUT having to pay up front!
SPACE IS LIMITED REGISTER TODAY!
http://ministryfinancing2010.eventbrite.com/
When: May 20, 2010
Time: 7PM PST
Investment: $147 early bird (includes material)
BEST VALUE: $247 early bird (includes material and 1hr of coaching with April Mason to get you on a running start)
For more information about bringing this workshop to your ministry or organization email us at info@aprilmason.com
Posted by Anita Moore http://www.girl-friends.ning.com
When should you give your kids a credit card? Should you wait until they're 18 and off to college? Or is younger better? This can be an explosive topic for parents, many of whom have very strong ideas about what's best for their teens when it comes to credit. A new ABC News poll found that 71 percent of parents are opposed to giving kids a credit card before the age of 18, even one that has a restricted balance and is linked to a parent's account."GMA" assembled a roundtable of moms and dads with children between 8 and 17, who were passionately divided about the topic. Some said children need to have access to credit to learn how to use it safely, while others were adamantly opposed to the idea. Most parents agree that kids should learn to save and budget and should earn their own money. But when adults are struggling with their own credit along with the increasing and complex material needs of children, it can be difficult to decide when to help them get plastic. What's the Appropriate Age? Mellody Hobson disagrees with the majority in the ABC News poll, and advises getting your child a credit card linked to your account at 16. She thinks 18 is too late because, at that point, you no longer have total control over your child's spending and credit habits. Parents should look at 16 as a milestone age, she says. We already equate turning 16 with getting a driver's license, 18 with the right to vote and 21 with the right to drink. Make 16 the age you start teaching your child about financial independence and responsibility. Benefits of Giving Your Teen a Card-You Can Monitor and Control Activity A credit card can give you some control over your child's spending and credit management skills, especially before they go off to college, Hobson says. You can discuss with them the proper way to use credit before they get a card of their own, kind of like credit with training wheels. You get to see all of your child's transactions in your monthly statement if they are an authorized user on your card, and you will be able to better recognize any impending issues and problems they might develop in the future. MY VIEWS: View the video and tell me what you think? Personally this has made me recognize that I can handle finances with my sixteen year old son differently. I’ve been holding a credit/debit card for him and when he gets paid, I would take a few dollars from him and match it and put it on his debit card for when he started college, but now I see that I need to give him the card so that he can learn how to handle his credit himself. Even though I still feel a child shouldn’t get a credit card until he has a job, this is a good eye opener. What’s your opinion? Kids Won't Have to Carry a Lot of Cash There's one other really big advantage to giving your 16-year-old a credit card, Hobson says. By giving your child a card, you're making sure they will not be carrying a ton of cash which can be very unsafe for them.
