Seven Credit Building Steps
Building a business takes capital. You can use your personal funds and credit to accomplish your dreams, but why would you if you don’t have to? For Business, the Seven Credit Steps program is the most comprehensive system in building a strong foundation and business profile to secure money for every business owner.
When we learned about business credit,we were shocked! BizGate partners have been doing business for over 40 years and this was never an option. As a matter of fact, one of our BizGate partners paid an attorney $10,000 to set up his business profile or they would never have obtained the large funding they applied for.
The Secret to Funding is Out
Every highly successful business within the United States has established a strong business credit profile. Even highly profitable companies such as Walmart uses their creditworthy status to acquire additional funding. That means they still use other peoples money (OPM) to expand or grow various aspects of business. It’s wise to leverage credit and debt in the most profitable way. The business credit building program is an easy step-by-step system to build business credit linking it to your business Federal Employment Identification Number (FEIN) number, not your Social Security Number (SSN). BizGate Financial provides a unique system where you can access business credit reports and maximize your credit building efforts, Each step offers audio and video instructions for your education and learning experience. Your Personal Adviser will help walk you through each step of the building process.
Business Credit Building Snapshot:
STEP 1: BUILDING BUSINESS CREDIBILITY
This first step will actually reveal the lenders secret formula for funding approval. You will walk through all 20 secret compliance points that lenders look for on their business funding application. BizGate professionals will help insure you meet or exceed their requirements to obtain approval. This step establishes a strong foundation wherewith you can swiftly move to the next step. That’s right, you must fully complete each step in order as they build upon each other. The essential credibility requirements must be met for funding approval. Is your business managing any of the following?:
- A Business 411? Yes, its a specific way to be found by Lenders.
- A Paydex Score? It’s the Business Credit Score that Dunn and Bradstreet records.
- Appropriate business Licensing. Licenses that are required for your industry and your specific state.
- The Public perspective of your company including derogatory remarks, liens, or judgements?
Although many of you may have heard of the above, we have found most are missing these pieces and much more!
STEP 2: BUSINESS CREDIT REPORTING
Many owners have no idea that businesses can build credit, much less that any business credit reporting agency will only report business activity on the corporate EIN. Most owners have been using their Personal Social Security Number (SSN) for credit, funding, and other liabilities related to business. In fact that’s part of the mystery. Except for large corporations who are privy to the High Credit and Lending institutional compliance and lending criteria and the Business Credit reporting agencies that report millions of dollars in business, why would a business need a Dun & Bradstreet number? But you do! A FREE Dun & Bradstreet profile ($800 value) is part of the full-package you receive when you purchase even the basic Silver Suite. The second largest reporting entity is Business Experian and it’s essential to monitor these in real time so you can fast track to funding right away! It should be an automatic step from each vendor or account that supplies you product, credit, or terms, however, many are not part of the High Level lending/reporting circle. With the Business credit and funding program you will be guided to only those who do participate! Remember, its your responsibility to see that it happens and that’s the difference of an approval or denial.
STEP 3: WORKING WITH CREDIT BUREAUS
The mystery behind Business Reporting Credit Bureaus is really learning how they function and how to read their reports. Once you have mastered that, this step will seem like a breeze. Your goal is build a strong business credit profile. A Business credit score called a ‘Paydex’ is similar to a personal credit score commonly known as a “FICO’ score. BizGate professionals will provide you with a check list to assist you through this process along with your real-time credit monitoring that helps you build a Business Paydex score quickly! As your business credit building skills grow along with a ‘Credit Worthy’ business profile, your Certified Financial Officer will assist you in leveraging your business credit profile to qualify for tens-of-thousands of dollars.
TIP* Little becomes much, as when you follow this pattern, the Paydex score you build will open up lines of credit, large credit card balances and business revenue lending.
STEP 4: CREDIT - REVOLVING AND VENDOR
Most all business credit profiles begin with vendor credit. It’s important to choose vendors who report the business credit agencies so its essential to verify with such sources before applying. As you begin with ‘Starter vendor accounts’ and you pay your bills timely, you will be awarded with exceptional business credit scores that opens up larger vendor accounts to you! Take note that if you are a pre-revenue company that some vendors may ask for a prepaid first order before they extend a Net 30 or revolving account to you. The faster you convert personal accounts you may have opened with your personal SSN, to a corporate business FEIN credit account, the faster you build a strong Business profile and you will be well on your way of removing all personal liability.
TIP: lenders often still ask for your SSN, the trick is not to give it.
STEP 5: BUSINESS LINES OF CREDIT
When you reach Step 5, your business credit profile should be growing strong. It’s here you will experience a lighter load as your business has become visible, established a strong credit rating and is now being offered business credit cards, vendor terms, revolving credit accounts and even business loans. The larger Business Lines of credit will begin to open up to your business, in the name of your business, and many of them require no personal credit check or personal guarantee for approval. As your Creditworthy profile continues to grow, larger lending opportunities only available to qualified corporations including unsecured lines of credit will be available to you.
STEP 6: THINK LIKE A LENDER
Thinking like a lender gets helps you obtain ‘increased credit volumes’ which makes your business profile very credible in the eyes of high level corporate lenders previously unavailable to you. As you are more aware of things like Bank Ratings, Business Revenue funding, unsecured lines of credit, and other unique funding programs that can unlock unlimited cash to fund or expand your business!
STEP 7: ABOVE AND BEYOND
After you have completed all six steps AND your Business Profile has obtained 10 Reporting Trade accounts along with establishing at least one (1) Credit Card with a minimum of $10,000 limit, your Business Profile is eligible for Universal and Fleet Business Credit.
This type of business credit card is considered a Universal/Master Company Credit card gives your Company opportunity to distribute to employees of their choose for Company authorized purchases.
Now you are playing in the Real Business Credit Ball Park!
BizGate Financial Business services are just what you need to not only Build a Business Credit Profile, but place you on the pathway to profits. Employing these seven simple steps will short cut your efforts and save you time, experience and money.