You Don’t Have to Build Business Credit to Get Business Credit
By Janine H.
“Next to doing the right thing, the most important thing is to let people know you are doing the right thing.”
John D. Rockefeller
Juan Pablo, founder of 100 PercentFinanced.com shared part of his story on how he raised $110k in business credit in 365 days, and he says that you can do it too.
Juan avows that you do not have to build business credit to get business credit. That’s his story and he’s sticking to it. In fact, if you use one of the business credit consultant firms that are affiliated with 100 Percent Financed, the same ones that Juan Pablo personally used to get himself $110k, you may actually get access to $100k or more in business credit within a year’s time just by doing multiple rounds.
A round is basically when every 90 days you apply for business credit with another business credit company and keep asking them for an increase in the credit line. So, why is it that you don’t need to build business credit? The answer is that if you choose to go with the company Juan Pablo used, they have what is called Stated Products: stated income, no docs and no document products.
These particular companies do not need copies of your w2’s from your employer. They do not need a copy of your tax return. They do not need a copy of your profit and loss statement, balance sheet, or any other financial statement you can think of; they just do not need it.
However, there are five other documents that these credit consultant firms do need. They need a recent copy of your personal credit report, proof that you did incorporate your business, proof that you have an SS4 received from the IRS, your articles of incorporation from your state secretary and a Doc C from the IRS when you received your EIN number.
Most of these companies focus heavily on your personal credit. Why? Because they figure if they are going to give you business credit without any stated income, without the traditional documents normally required, they are going to base their decision on your personal credit file. They believe that if you can handle your personal credit wisely, then perhaps you will handle the business credit wisely too.
Some of the things that these consultants look for on your personal credit file:
- 10 year personal credit history
- Credit card with at least $5k credit limit
- No delinquent payments within the past 24 months
- No bankruptcies
- No foreclosures
- 720 credit score
If you know upfront you do not meet these requirements, apply anyway and Juan Pablo and his team will coach you to help you reach the level required to secure business credit; and the coaching for business credit is free; no charge. You will receive a free consultation. So, it doesn’t hurt to apply. At least you will know where you stand and that way you can work on improving your personal credit file.
Now, even though a 720 credit score is required, Juan can testify that there are those individuals including him self as well, who got approved for business credit with a 680 credit score. But, by having a 720 credit score will certainly improve your chances of getting higher credit limits.
So, you really do not need to build your business credit. You may have heard that having a Dunn’s number, or a Paydex score of 80, which is extremely well, is required but you do not need any of that for business credit. You may have also heard that you have to have a seasoned business, but you don’t need to have that either.
Juan created a business within 60 days of applying and he received business credit in the amount of $17.5k during his first round. For a startup business, a person can get business credit up to $75k, and for a seasoned business that has been in operation for at least 2 years or more can receive up to $150k.
Most of the business credit cards have a zero (0) APR introductory rate for the first 6-12 billing cycles. Therefore, somewhere between 6 months to a year you will only be required to pay the minimum payment amount due without incurring any interest charge. Isn’t that great news!
Now, Juan tells us that he used his business credit for his real estate investing so he could retire from his day job and work on his current business, which is providing value to business people, entrepreneurs and real estate investors who want to live the lifestyle of their choosing; people who aren’t built to be employed.
I encourage you to go to Juan’s website: 100percentfinanced.com and subscribe so that you can get the blue print on How to Quit Your Day Job Through Real Estate Investing. Juan says that If he can do it, then you can do it too.
There’s no cost for applying. You will receive a free consultation and you will receive an estimate, which is a range of what you qualify for during the first round. And if you do not have a business registered, apply anyway and then create a business and Juan and his team will show you how.
To Your Success! Please apply below:
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