Obtaining credit for a business with no personal credit check and no personal guaranty is very appealing for my clients.
One might say this is the holy grail of owning a business, being able to obtain massive amount of funding using the business itself as collateral.
There are many steps to building an exceptional business credit profile. Each of these steps is essential in obtaining business credit with no personal guaranty.
Here are some of the steps you will want to take when building business credit...
1. Make sure you start by incorporating your business and make sure you obtain a Federal Tax ID#.
2. Insure you setup a business bank account and that the business name on their corporation papers is the same as on the business bank account.
3. Insure you have a business land-line number that is listed with 411.
4. Insure you have the proper businesses licenses for your business that you need in your state.
5. Set up a complete credit profile with Dun and Bradstreet
6. Make sure you pay business bills that report to the business credit reporting agencies ahead of the due date. The earlier they are paid, the higher your business credit scores will be.
7. Build solid payment history with many accounts being paid as-agreed or early each month. Building excellent business scores means you have many accounts reporting as paid-as-agreed. So obtain credit, then keep using your credit to build a solid profile.
8. Always monitor the business credit file. Keep an eye on your scores and the accounts that are reporting.
9. Establish a minimum 'low 5' bank rating by establishing and using your bank credit.
10. Open a small business credit line that reports on your business credit profile. Credit lines have high limits and reflect positively on your business reports.
11. Insure you establish a diversity of credit using multiple store and Visa, MasterCard, and Amex accounts.
12. Establish a well written business plan as many lenders will want to see this to approve you for funding.
I can help you obtain money and credit for your business by offering you the TRW Business Credit Finance Suite.