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Frequently Asked Questions
Business Credit can be referred to as many things, one of them being Trade Credit. Trade or Business Credit is the single largest source of credit and bartering on terms in the world so far, vastly out-seeding personal credit. We all know what a FICO score is and the algorithms used by Fair Issac, and in general everyone knows that when making a large personal purchase, a score over 800 is considered good. Based upon that score, we all know we are going to get approved for personal credit products running the gamut from credit cards to home loans.
What is truly amazing is that business owners do not know what their Paydex or Intelliscores are. Business credit is almost exactly like personal credit. When you start a business and structure it correctly, it is a separate, living, breathing entity that has its own credit and it will outlive you as the primary principle or share holder. It certainly dumbfounds us at CCN credit why 9 out of 10 businesses fail due to cash flow issues, especially when given basic common knowledge of business credit scores.
Would you ever buy a home without knowing your FICO score? Perhaps 5 years ago you didn’t know, but this is the Internet age of unlimited information and there is simply no excuse to not fully take advantage of the cash flow enhancements using a separate credit profile for your business offers.
Secondly, and almost as important, what if you are one of the 90 percent who don’t make it when starting your business. Why in the world would you put you and your family as risk to lose everything? Every single day members sign up because they previously had good personal credit and leveraged every last penny to build their business. They simply did not have the cash flow to sustain until they reached their dreams. As entrepreneurs, it is in our spirit to try and try again until we do succeed and these hard lessons only make us stronger. I personally implore you, as a business owner, that even if you do not join the CCN program, get incorporated and use your business credit to achieve your success instead of putting your personal assets at risk.
As an all-star office supply sales representative in 2001, I was in the same situation. I decided that it was time to take my accounts with me in the advent of the Internet age to achieve success while helping others do the same. As an experienced and well-versed salesman, I found it was not too difficult to build a nationwide company. What I did not know as the absolute most important aspect in building a business or being a real entrepreneur was credit and cash flow. When clients didn’t pay on time, I could not pay on time and that was a harsh lesson for me and my own personal credit. If my company was going to sell hundreds of thousands in office supplies every month, I had to have corporate credit!
Thus began the journey into helping literally tens of thousands of start-ups all the way through to well-established Fortune 10000 companies. Today we have the most intensive research staff that seek out and explore the latest and hottest ways to legally strengthen, build, grow and establish a separate business entity.
There are two main ways business credit can help you. First, we can help you build your business credit profile so you will be approved online for credit cards instantly without using your social security number. These simple credit cards translate into cash flow, whether it be for Dell computers, Office Supplies, Office Furniture, Phones, Equipment, Trucks, or regular Credit Cards
The second way we can help is sometimes industry specific. If I am a construction company and want to bid a job and take a deposit, how do I get my materials? It is so simple and basic. If I am a clothing company or store, and I want to get all my hot new items for the Christmas season WITHOUT using my personal credit, how do I do this? Just have the wholesaler or manufacturer finance you. Everyone knows what NET-30 billing is, but it is incredulous that with a little attention and a few hundred dollars, you can increase your credit lines with trade credit 100-fold! You CAN have the purchasing and trade credit leverage of companies that are ten times the size of your company.
As a business owner/ entrepreneur, how can you possibly start or grow a business and expect to be successful without having or knowing your business credit score? That is our mission â€“ to help as many business owners as possible realize their dreams and guide them through one of the most simple, yet most important aspects of their business â€“ Cash Flow.
If you are in desperate need of money to stay afloat, I hope we can help you. There is no other service or place on the planet that has more insider information or real assistance than CCN. If you are building your business, don’t be crazy, KNOW your credit scores, PAY your bills on-time, and LEARN how to create the business credit of a company PRO-actively. Better yet, don’t use ANY personal credit, family money, venture capital â€“ start your business using business credit and grow it fast!
If you see the need for Business Credit as an Entrepreneur, CCN is the definitive answer. We have become the largest service of our kind in the world. We hope to empower you and grow with you, giving you increasingly HELPFUL and ETHICAL insider information on what banks to use, what to do and how to do it. We are a profitable company, and we are truly the only service that is taking your membership fees to empower our knowledge base. There is a huge difference between us and the handful of other companies that are out to make as much money as possible.
You will see us grow whether or not you join our service. But we sincerely hope that in taking the time to read this, you will join us and understand the importance of this aspect of your business, which is generating CASH FLOW without personally guaranteeing any of it!
Once you have become a member of the CCN program, you will receive a user name and password to use when accessing the members only area of the website. We will work together to asses what your credit goals are and what type of business credit cards are most beneficial. Initially it is necessary to lay the foundation for your business as a separate legal entity. This process includes: obtaining and registering your company address and phone number, choosing a business structure, and getting incorporated. Your assigned technician will double check all of these areas to make sure that you are listed correctly and are in full compliance to build proper and separate business credit.
Next we begin by opening what are called “vendor” accounts. These are large nationwide companies that will extend credit to your corporation based upon the very minimal credit your company may have. Concurrently, we are going to be obtaining your company’s credit identifying numbers (DUNS and Experian BIN) , at no cost, NEVER pay for these! There are various tricks and techniques for getting these overnight. As your company places very small and minimal initial orders with the vendors (selling things you need like office supplies), CCN is also reporting your open credit line with us per your monthly credit extension and membership fee. During this initial jump-start period we are going to look at what credit your company might already have and see if we can add those lines or perhaps push the process a long even faster if they have been reported. Some corporations may even already have a Paydex score established which is fairly easy but not enough trades with high enough amounts, equaling only minor credit, like a staples credit line for example.
Once this stage is complete we move on to the Commercial Credit areas where we start by getting approvals from Citi backed cards such as corporate / commercial gas cards, office supply companies, computer vendors, direct vendors like Apple or Tiger Direct etc. This in turn, if done in the proper sequence, avoids any extraneous inquiries or frustrating declines. Again at no time do we EVER want to use the owner (s) personal guarantee for anything as it defeats the purpose of separating one’s credit files. We will work together on a massive list of retail creditors and the requirements that each one requires to get approved.
Here is where most DIY researchers make the most mistakes and pro long any real results for months and years, inquiries DO matter when it comes to business credit. Entrepreneurs by nature want to do everything themselves and a lot of us have our lives wrapped up in our business so we are “control freaks” to put it mildly. Those that go it alone end up destroying their Experian scores almost every time thinking that they can find the applications themselves online and know what they are doing. Once you have more than a few declines without really knowing what to do next your business credit approvals will halt for many months. We run into his every day. Don’t trust ANYTHING you read from a forum, ever.
The final step that the TrueBuild program goes over is leveraging your business credit score to obtain advanced approvals. Some of the advanced approvals we will help you secure are no PG credit cards (Yes, Visa and M/C without a SSN), LOC’s, cash loans, large equipment leasing, micro loans, and purchasing private and commercial property.
It takes 60 to 180 days to establish a good file with business credit agencies and get the approvals without a personal guarantor. What normally takes years we can establish within a matter of months based on pro-actively following certain simple steps in the exact order and correctly. Think about it, will any real lender finance you personally without good FICO credit scores? The answer is NO. If you have bad or no personal credit, you can only find very high interest money. The same is true if you have no business credit scores. No real lender will finance your business if it does not have good business credit scores.
Did you know that without having good business credit scores, lenders will rely solely on your personal credit? So, if you have a FICO score above a 700, and are willing to risk your personal credit, then you have a chance of being financed. Less than optimal personal credit will result in declines, unless of course you have stellar business credit scores.
We have a list of dozens of vendors that will offer lines of credit to all CCN members during the start-up phase. Over the years we have developed relationships with these companies to offer our members exclusive deals that no one else receives. Most importantly, these vendors will report your positive trades with Dun and Bradstreet and Experian Business. The vendors know that as an CCN member, you are dedicated to building a strong business credit profile, and therefore, will be afforded a credit line without a personal guarantee. This is any area however where you should also be careful as over the years bad information has propagated and what and who reports, additionally many companies like a mirror to personal credit scams and will charge and get their word out via forums that they report and you should basically pay them for a useless product or service and it will get reported. This can and does most of the time get your business red flagged. These companies contact us all the time, and each one thinks the idea is a new one. Every time DNB finds out and we know of hundreds of companies permanently flagged again trying to do this on their own with bad information. The vendors you will be using with TrueBuild are guaranteed to be accurate and ethical and the ones that have an exclusive agreement with us you will not find anywhere else for exactly this reason.
Some of the types of vendors that we are partnered with are:
- Office Supplies
- Graphic and Logo Design
- Computers and Electronics
- Printing and Promotional
- Web Design and E-Commerce
- Merchant, Banking, and Financial Services
- Marketing and Advertising
Yes that is what we do. We specialize in helping startup companies, like you, with little or no business credit history established, build business credit in order to obtain company credit cards, corporate leases and creative financing. We are the best solution available of our kind to build your business credit without using your SSN.
If you have very poor personal credit, or are not willing to use your personal credit and SSN, we CAN help! In a nutshell, what we will do is build a corporate credit profile totally separate from your personal credit, which is the lifeline to any business as a FICO score is to a homebuyer. As a creative example, in addition to non-PG credit cards, we can do a lease-back where by you will lease equipment like a computer system, then lease-back the value for cash. This will have a slightly higher rate and you will be paying the lease and the interest on the loan but will accomplish your goal in obtaining extra cash without the need for a PG. This is just one example of many ways we can use Business Credit creatively within step seven. Getting top tier auto financing, leasing and buying commercial property and equipment you might not be able to get with your personal credit or guarantee, the list can go on. We are the largest and most successful on the Internet at building business credit that you will use to show the success and legitimacy of your business. We will accomplish what normally takes years or decades in building your files.
If you have gone through or are going through a bankruptcy or home repossession and want to start a business, you would be crazy not to join. Not only can you still have some dignity by having credit cards from about 30 retailers like Target, Chevron, Exxon, Sears and Home Depot, but you will be able to obtain some creative financing like equipment leases or other options you may need to get your business up and running. Obtaining computers from large companies like Dell or Apple, business machines and equipment, cars, there are literally thousands of ways having a business credit file scan help you and your companies during lean and good times.
If you already have some business credit established you are off to a great start! We are going to build on what you have already started. Yes if you have a file started with the major business reporting agencies then we can do it in less time. In addition we can help you maximize your credit score by showing you how to make sure the credit lines you may already have are reporting properly. We are then going to give you the resources you need to take out more credit lines and extensions using you business credit and add several additional vendors to increase your score dramatically.
One of the most important facets of building business credit is incorporating your business. Without being incorporated, the only credit you can use to finance your business is personal credit. If your intent is to build business credit, then you must get incorporated. We have searched hundreds of resources on the internet to find the best way for you to incorporate your business at the lowest possible cost to you. In fact, we have set up a partnership with BizFilings.com to offer CCN members an exclusive deal to incorporate their business at a special discounted rate. Contact us if you would like further information. We can also incorporate you with everything you need and all the documents sent overnight as a Nevada company for $395, it’s as simple as that. All state fees are paid and all inclusive. See http://corpcomply.com for more details.
TrueBuild is completely dedicated to helping each member build and maintain a robust credit profile capable of accumulating thousands of dollars in credit from even the most difficult lenders. Most of our clients start out with no business credit history, and with our help establish a positive credit profile. Repairing a damaged business credit profile by yourself can be a tricky proposition, we can VERY easily fix your companies credit profile and take off any bad information almost overnight. Unless you have tens of thousands in bad debt, a few late payments we can just make go away.
It depends, to receive funds over and above the $50k in regular business credit and terms (about $80k as of 08/09) we will need to look at each individual case and see if there is a solution to fix the owners personal credit by utilizing the funds procured from the business. We have many clients whom have used our personal credit contacts and resources to fix BK’s and sub 500 scores up and over 700 thereby easily obtaining SBA or other larger LOC’s within months. There is no situation we have successfully fixed. It takes time, resources and money. We will save and get you all of these if you take our advice and work together. You will need business credit regardless to show a legitimate concern for any unsecured funds over $100k in today’s market.
Absolutely, join and you will be amazed and what a lot of time and research can produce.
Getting an actual SBA Loan with poor personal credit is very difficult, especially with today’s economy. Most SBA Loans are being denied, even to those with good personal credit. That is where CCN Credit comes in. There are many other resources available to tap into in order to receive creative financing and start or build your business. Trade and Business Credit can be utilized, by using our program, very quickly to obtain computers, leases, company credit cards, lines of credit from wholesalers, etc… We are the single best source for you to get your business off the ground. If you are serious about starting your business, we can help.
If you have moderate or better personal credit (680+) or are willing to go the extra mile to procure an SBA loan we are the most resourceful company you will find anywhere. There ARE several places to procure SBA micro (under $35k) and 7A loans and the new administration is boosting their efforts. We can and will help you in this process and having solid business credit IS basically a requirement. Others include a solid business plan and other factors banks look at including the SBFE (Small Business Financial Exchange) We are not a “business loan broker” that charges outrageous fees to do some simple tasks or ruins your chances of the loan you need by going to the wrong bank because they have commissions. Even worse some entrepreneurs COULD have procured their loans but an overzealous site or sales pitch led them down an inquiry path that spiraled into zero funding. We are truly here to help and make money with your membership.
We have established accounts with all of the notable business credit building services, using dummy corporations, in order to evaluate their product and service. 10 years ago none of them were here, we are without question the leader and the most experienced service in the world.
The answer to this is simply Yes.