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what's up Facebook second time I just tried to do a live stream and it said my signal was weak so hopefully it's a little bit better where I am now so welcome to our live stream so today what we're going to be doing is we're gonna be diving deeper into the process of building your business credit we're gonna be talking about how you can get initial startup credit with vendors that report your credit to the business credit reporting agencies but don't require any kind of personal guarantee or any kind of personal credit check to get approved so again what we're gonna do is I'm gonna catch you up to speed with where we are in the business credit building process and then I'm also going to be talking about where we're going in the business credit building process so thanks for joining us for trying to figure out now how to see everybody's name as I join the live stream but I will figure that out so here to the white one okay so what we're going to be doing today is talking about this step right here step 3 building vendor credit accounts who will approve you for initial credit if you have no credit now so thanks for joining some wish I can say hi to everybody but I'm still trying to figure out how to figure out who's here and who I can say hi to so I'll forgive that as I go okay so to bring you up to speed what we're talking about here the only legal way you can build a secondary credit profile you have a credit profile that's linked to your social security number and what we're talking about is building your credit profile that's linked to your EIN okay so that being said when we're going to be doing today is we're gonna be diving in we're gonna be talking about how you can build this credit profile that's linked to your EIN this leads your business and not building this credit profile that's linked to your socialists completely separate credit profile that's what business credit is so why would you want to build business credit well a lot of benefits we talked about before first of all there's no impact on your personal credit this credit reports the business credit reporting agencies not the consumer credit reporting agencies so as a result of that you can use the credit without affecting the 30 percent of your credit score that has to do with utilization you can use this credit and there's no personal inquiries on your personal credit report because again we're not even pulling your personal credit when we talk about this another huge benefit as we've talked about before is there's no personal guarantee this is credit you're not liable for because again there's not even a personal credit check with this type of credit you can also get this credit really fast what I'm going to talk to you about today you're going to be able to get this kind of credit immediately you're gonna be able to get this kind of credit immediately whether or not you have good credit we're not because your personal credit is not even going to be looked at you can start getting high limit store credit accounts within about 60 days building business credit and that brings me to the next point high limits SBA says the business credit accounts are about ten to a hundred times higher limits than what you're actually going to find on the consumer side so it's very easy to get to to $10,000 limit accounts within sixty days I'm going to show you today how to do that and business credit is perfect because it works for startups you don't need collateral you know be cash flow to actually get approved and it doubles your borrowing ability because again is the only way you can legitimately have a real business credit report that's linked to your EIN not your social and most importantly business credit makes you more lendable this is kind of determines how much you're going to get improve the credit limits that you're going to get whether you get approved or get denied in the terms you'll pay and as a matter of fact in future Facebook live streams what we're going to do is we're going to look at actual business credit reports so you can see exactly how this looks on actual business credit account of business credit reports and and so important to note that anybody can see your business credit as a matter of fact when just as as little as your name in your city anybody can look at your business credit report so this is just a one more reason and a lot of different reasons on why you want to build your business credit because again your personal credit wasn't designed to fund your business that's what business credits for right the personal credits for you to use it as an individual what business credit is intended you use as a business so if you're trying to use your personal credit and then you're trying to use it here for your business well then you have a problem because you're going to lower your consumer scores because it wasn't designed to fund your business it was designed for you as an individual not designed for your actual business so so far in the business credit building process we talked about step one credibility in order to get business credit you have to have what's conceived as a legitimate credible business okay and for that to happen you have to have a real physical business address not a home address needs to be a real physical business address you could even use a virtual address or a UPS address if need be but as long as you don't use a home address you're going to need a business phone number doesn't have to be a landline it can be a voice over IP like RingCentral for 10 or 15 bucks a month you need a fax number that you're gonna need to put on the application you should have a toll-free business number as well and your numbers should be listed with for one one as well as all those other things okay you're also going to need a business entity such as a corporation or an LLC okay any business entity can do business credit but a corporation or LLC limits your liability so if you really want to keep your liability personal and business separate well then what's important is that you shouldn't choose a sole proprietorship or partnership you should choose a corporation or LLC you need a proper licensing for your industry county and state and you need to make sure easy to find online and then all your informations can grow it okay I use a service called yes for that you could go to Google Bing Yahoo all the places for one one make sure your informations can grow up but you need to make sure that the same company that you have listed on all of your business documentation your bank statement your utility statements is the same as what's online so that's the very first step of building business credit now last week we talked about step two and we talked about getting set up with dun & bradstreet Experian and Equifax so these are the three business credit reporting agencies DMV Equifax and Experian commercial and you can go to dun bradstreet service called I update to see if they already have information about you you can also google free Duns number and you'll be able to get your free Duns numbers set up with dun bradstreet now a lot of people think that your Duns number is what you're building your business credit under but that's not true at all actually your entire business credit profiles linked to your EIN here it's not linked to your social it's linked to your EIN it's not linked to your Duns number but your Duns number from dun & bradstreet is one of the initial and most important ways that you actually it is one of the most important ways that you can get started with building business credit you need a lot of places will ask for your Duns number some places will not ask for your Duns number when you initially get set up personal guarantees or excuse me um you know so you can get set up with dun & bradstreet with your Duns number of no cost you can do a search with Equifax and Experian to see if they have any information about you but that usually cost money they usually want you to get their credit monitoring now you can always go to credit suite comm forward slash consult credit suite comm forward slash console will get you a free copy of your credit safe report and we can pull your Experian report - and I don't have to give it to you because Experian will let us hand out those reports but we can tell you if you have an established credit profile if you sprayed it won't cost you any money for us to pull that report credit suite com a console and we'll do that for you and dun and bradstreet you can check with I update and you can also see if they have any information before you get your Duns number for free as well if you don't want to look for where to get credit with them you can just go to credit suite comm former slash reports and on that we actually have links where you can get all three so today we're going to talk about vendor accounts and let me kind of yeah of how this all this breaks down right so here's how this works so we've went through and on step one we made sure your business was set up credibly in step two we see if the business reporting agencies have any information about you already that's very important and let me show you why let's see if I could pull some real business credit reports here to go over this with you and show you this is important because what happens is you may think that you have no business credit established now okay what's up Fred welcome to the call but actually what does happen is you actually might have business credit established you just don't know about so what happens unfortunately is that a lot of people don't think they have business credit and the business credit reporting agencies know that you actually exist so what happens is they actually will come in and tell you that will give you a bad score low score what's up Pat welcome to the call so even if you think you don't have established business credit chances are very good that you actually do you just don't have very much credit established and what happens there is it gives you a really low score so let me give you some real examples of business credit reports that people let us use as examples here on periscope and Facebook I'll show you here we go so here's a business credit report here right that's not great score it's a fifty one out of a hundred credit score okay and the reason it's a fifty one is because they just don't have very much credit established as you could see here they only have one account that's a credit card but on their business credit report that's the only account that's here so in its current it's a hundred it's a current account but they have a low score because they just have very little actual business credit established so you can see the scores low here's somebody that thinks they really have no credit established they actually do have one credit that reports a credit card that reports the business credit reporting agencies but unfortunately the the accounts new there's not a lot of history and so as a result of that they then have a much lower score I'll give you another example here and let me look at some of the reports there and let me look and see this one right here ok so here's somebody that has a very low score right they have a 12 score now the score ranges from zero to a hundred and the lower your score the higher the risk that you actually are so as you can see here as we go down again you've got somebody here that basically just only has one account open and because they only have one account open then their score is much lower now let me show you what I want to teach you how to do today let me show you the opposite end of the spectrum those are some people that think that they have better business credit than they do now here's the opposite here's somebody who has a 92 out of 100 because they've done exactly what I'm telling you we're gonna do here they're being recommended for twenty two thousand two hundred dollars in credit and they're going to do exactly what I've showed you we're going to do or what we're gonna go through today so they come in and they've got these accounts okay small accounts which I'm going to show you how to do net 30 accounts for 100 bucks 100 bucks here's another one for 400 dollars for example and they're paying these accounts as agreed then what happens as they go from having a very low score here you can see their scores were very low ten and twelve then their score shoot up to 96 and 92 and the reason they're sure to score shoot up from 10 to 12 all the way up to 96 92 which is very very high scores is because they got these small accounts they paid them as agreed they were then given a good score and then because their scores are good then they're able to come in here and get these kind of accounts $900 accounts of thousand dollar accounts $1400 accounts okay here's some more accounts that they have here 99 hundred dollar credit card okay four thousand dollar credit card now this is somebody his name is Mark he follows us on periscope he actually just got approved for a $3500 Amazon card just got approved for a fifteen hundred our staples card and a seventy five hundred Apple credit card all without a personal guarantee without a personal credit check how did he do it I showed you on the report now let me show you on the way so this is exactly how he did it step three he went and got credit with a few of these different creditors which we call vendors so you line is one okay quill is another may sell shipping supplies you mind quill sells office supplies monopolize your marketplace does marketing orders does like outdoor stuff right so you might think well I have an office there's not a lot I could buy get bored I bought batteries the other day again forced to build business credit seaton is another one so these are all creditors that will give you credit even if you have no business credit established now they will not require a personal credit check at all for approval and they will also not require a personal guarantee but most important not only will they give you credit without a credit check they report that credit to these guys DMV Experian and Equifax on your business credit report not your consumer credit report so what they're doing is they're importing credit you're helping you establish a business credit report they're not requiring a personal credit report review for approval which means you have no personal guarantee so these are very very important vendors this is one of the most important steps of building business credit because they'll give you credit if you have none they report to credit on your business credit reporting agencies and within about 60 days or less of getting credit with these guys using the credit paying the bill that credit reports here to the MBE that gives you a credit profile that gives you a credit score and that's what helps you start getting to the next step which we'll talk about next week which is all kind of high limit credit accounts so I'm going to show you on the whiteboard debris to go back I'm going to show you on a real report so first step was they make sure their business was centered credibly then they did make sure they got their Duns number check to see if they had any credit room with the business credit reporting agencies then they got some accounts here you get you line you get quill you get a few of these the one report I'm going to show you that they actually did they went and got you line and quill and seaton or I think a few of the credit accounts they got initially don't provide your social which means there's not a consumer credit report pull there's no personal guarantee and within about 60 days of paying your bill those accounts report to the business credit reporting agency so let's go back and look at the actual report so you can see exactly what we're talking about they came in here they got you line they got quill they got a few of these low limit accounts here okay they had no business credit established but the business credit bureaus knew who they were so they had low scores then they got those accounts they paid these small accounts as agreed these net 30 accounts they're not revolving accounts visitor accounts they're more like net accounts that 30 accounts they got these small accounts they used them they paid the bill then what happened was their scores skyrocketed they literally went from 12 of one of the lowest you could get to 96 in one quarter how did they do it they did exactly what I just told you they got you line they got quilled they got seat and they got vendor accounts they used him they paid their bills as agreed and because they did that their score went from here to 96 now what happens now what happens is they to come in and get $9,900 credit now they get $4,000 credit so now what happens is all these higher limit accounts start opening up for them because they're actually have an established business credit profile and score so this is why what I'm showing you so important because your might be here you probably have no credit established and that would mean that you're very low on the credit scoring spectrum then all of a sudden when you get credit and it reports the business credit reporting agencies you shoot up to this what does this mean why is this good this is why it's good right here because what's happening is Experian is now telling people that are pulling the business credit report hey give this person $22,000 in credit that's what they should qualify for so as a result of that now this person's coming in here and getting you are getting staples accounts and Amazon and Lowe's and all these so for example this exact case mark he keeps me updated of his progress he just got a $1,500 at Staples card he got a 3500 on our Amazon card a $7,500 Apple credit card all with no social required and with no personal guarantee pretty sweet right imagine no matter how bad your personal credit is within months being able to get $3,500 to 7,500 on 11 accounts at all these kind of stores so now I've just shown you so far exactly how we're doing this build your credibility step 1 get your Duns number set up with a business reporting agency step 2 step 3 get these small accounts you like will monopolize your market place or see them see them for some examples of them get them use them pay them as agreed and then as a result you'll actually have an established business credit profile and score so you can start getting high limit store accounts out so now I've given you a pretty good idea what's up bad word welcome to the call now giving you a pretty good idea of how this works we've actually looked at real business credit reports to see not just only on a whiteboard in theory how this works but real business credit reports so you can see exactly how this all goes down so in next week's live stream what we're going to be doing is we're going to be talking more about how you take the next step how you get store accounts what kind of story you should get first how that process works and we'll move on from there the week after we'll talk about how to get fleet credit etc and somewhere in between we might even get a chance to look at some cool famous businesses business credit reports as well so now you have a good idea of how this process works today we covered vendor accounts how to get your accounts to start your initial business credit profile and score we even looked at a real report to see it as well as the white board next week we'll talk more about store credit so make sure you follow us live here on Facebook we do these live streams every Thursday at about 11:00 a.m. Eastern time now so you'll know when to get us so again make sure you join us next week at eleven o'clock on Thursday we'll dive into exactly how you can start getting high limit store revolving credit accounts well looking into the white board we'll look at it on real business credit reports so you know exactly how this process works so saying thanks for taking the time to join us today hopefully you got some good information education out of this and I forward to seeing you next week on our Facebook live stream Thursday at eleven o'clock Eastern thanks everybody have a great day and have a good Veterans Day and please make sure that you honor all of our veterans because they're very very very very important to our country so thanks everybody see you next Thursday at 11 o'clock on Facebook live