how to get a $10,000 business credit card with no personal guarantee!

How to Get a $10,000 Business How to Get a $10,000 Business Credit Card Without a Personal Credit Card Without a Personal

Guarantee or Personal Credit CheckGuarantee or Personal Credit Check

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Business Credit

• You are obviously familiar with consumer credit• This is credit that’s linked to you personally

based on your SSN• Business credit is another type of available credit

for business owners• Business credit isn’t linked to you personally,

instead it’s linked to your business based on your EIN

Business Credit Benefits


• Per SBA, business credit card limits are 10-100 times that of personal cards… this means you can get A LOT more money with business credit

• And this also means you can have personal credit cards at stores… and now have a 2nd card at the same stores for your business

• And you won’t need collateral, cash flow, or financials to get business credit


• ALL lenders look at your business credit to determine your approval for business loans

• And anybody who wants to can easily and cheaply look at your business credit including…

• Your clients• Your prospects• Even your competitors

Business Credit Benefits • When done properly, you can build business

credit with no personal guarantee… so you aren’t liable for your business debts

• Having business credit also increases the value of your business, making it easier to sell when the time comes

• Most importantly, EVERY highly-successful business in the United States has business credit


• You do NOT have to be big to get business credit…

• But you DO have to have business credit to get big!

How Not to Build Business Credit• You can’t start building a consumer or business

credit profile at banks or in stores• If you go into Staples with absolutely no credit

established, they’ll deny you credit• If you go into your bank and apply with no

credit, they’ll turn you down• But if you go into either with a well-established

credit profile, you’ll get approved• The KEY is to not apply until you have

credit built

Building Business Credit

• YES, you need credit to get credit… both on the business and consumer side

• On the consumer side, most use SECURED credit accounts to build their initial credit

• In the business world, we do this with VENDOR accounts… trade vendors who will give you credit with Net 30 terms that reports to the business credit reporting agencies

Building Business Credit… Step 1• But before you start applying, you first should

setup your business where you can be approved

• When you have credit established, your credit is reviewed and used as the main determining approval factor

• But when you have NO credit established, it’s the information you entered on your APPLICATION that’s used to determine your approval

Building Business Credit… Step 1

• This is why the first true step of building business credit is to insure your business is setup credibly to meet lending guidelines… BEFORE you actually apply

• By doing this you can insure you meet the credit issuers approval standards before applying, dramatically increasing your chances of approval

Building Business Credit… Step 1• Take a look at things lenders and credit issuers

look at to insure your business is credible…• Your business address… must be a business

address not a P.O. or UPS box or home address• Your phone… must be a business phone not a

home or cell phone • Your website and email should be professional• You should have proper licensing for your

company


• You should have your EIN number, entity setup, and your business bank account established

• Your business name should be the same on all of these documents, including your licenses, and including any DBAs

• You should have a toll free phone number, and a fax number

Building Business Credit… Step 1• Basically, every field on the application should

reflect that you have a successful and established business

• REMEMBER, this is what’s solely looked at to determine your approval, so your business most be represented in a positive, and credible light


• Now that you are setup credible, you can qualify for new credit that reports to the business credit reporting agencies

• But there is only a VERY small percentage of vendors who will actually approve you at this stage of the process

• These are STARTER VENDORS, and they will all require you buy something first, then they’ll give you credit


• Some starter vendors include…• Quill• Uline• Reliable Office Supplies• All of these will require you place 2-3 orders

first before getting a net 30 credit line• Apply for credit, get denied, still buy about

$50 worth of items, then try again, and again, and usually on your 3rd application you’ll be approved

Building Business Credit… Step 2• Some other starter vendors include…• Laughlin and Associates• Monopolize Your Marketplace • These will require you buy their services, then

they’ll finance those services and give you Net 30 terms to pay

• The benefit is you won’t need to place three orders

• The drawback is that you’ll have to buy their stuff…. Maybe even stuff you don’t really want or need


• Once approved, use that credit, then pay your bills

• Once you pay your bills your accounts should report within 30-90 days… or 3 reporting cycles

• You’ll need at least 5 accounts to start getting approved for store revolving credit accounts

• Do NOT apply for store or cash credit unless you have these 5 accounts


• With 5 reported accounts, now you can move on to revolving store credit cards

• These are just like normal store cards you’re accustomed to at places like Best Buy, Amazon, Walmart, Lowes, BP and Chevron, and most other retailers

Building Business Credit… Step 3• Some stores like Home Depot and Staples

require you have a LOT more credit or time in business of 3 years or more for approval… most sources don’t have these requirements if you have tradelines and scores established

• The keys to most store credit are…• You have established trade lines on your

business report• You then have a credit profile established• You then have a credit score

established… and if good you can then get approved for revolving credit


• With 10 total accounts established, then and only then can you start to get real cash credit cards

• These are like Visa, MasterCard, and AMEX cards that you can use anywhere… in your business name and linked to your business EIN number

• You also should have one of those store accounts with a $10,000 high limit… Dell is a good source for this type of limit approval


• Cash credit cards are actually not easy to find• Home Depot has a great one you can apply for• So does Sam’s Club• Even Race Trac offers a great fleet card• And you can check with your bank to see what

they also offer• Your approval limits will mimic your other

accounts… which is why you shouldn’t apply unless you have a revolving store card with a $10,000 limit or higher


• Just keep in mind, do NOT apply for any of this credit and put your SSN on the application

• If you do this they WILL pull your personal credit to make the lending decision

• And you’ll be personally guaranteeing your business debts… something you don’t want to happen


• No matter how much credit you build, you’ll still always get applications that ask for your SSN

• You just need to get used to not putting it on the application when applying for credit for your EIN

• It will still be needed for bank loans and larger credit lines you might apply for… but it won’t be needed for credit cards you get for your business… even higher-limit cards

Building Business Credit• Building business credit fundamentally isn’t that

different than building consumer credit• Start building your credit using vendor accounts• Once they report and you have a credit profile and

score, use that to start to get revolving store credit cards

• Finally once you have 10 total tradelines, start applying and getting cash credit

• Do all of this leaving your SSN off of the application so your EIN can build the credit

• Enjoy building a business with access to money!

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