Leanne Mikka asks -
Tom, I have been approached by many companies telling they could build my credit – they want a pretty big upfront fee for that service – which they want me to fund with my personal credit… doesn’t that seem to fly in the face of what I’m trying to do!
Tom says – you always have to use some of your own money to start a business before you get your first business line of credit. Then your business can reimburse you when you get the business credit. Think about it. You need to personally pay the costs just to get your business name registered with the state because you don’t even have a business yet. Then when you are set up and get approved for the business lines of credit, your business pays you back for any costs you fronted to get started.
Paul Chou asks -
I already have a Duns number established and want to get corp. credit. I’m looking for seed money to get my business going. How much time frame do I have to get it going?
Tom says – most people have a few of the pieces in place for building business credit off their business image, but they usually have not done all the steps. You could be ready to start using my recommended lenders immediately. But you should plan on an average of a few months to build up over $100,000 in new business credit.
Dan Black asks -
Does one have to buy a shelf corporation to speed up the process since a new entity will have no credit initially? And are we applying directly to your recommended banks for the credit lines?
Tom says – you do not need a shelf corp. to build business credit. Most of them are over-priced. I can show you how to use a new business with no proven history to apply directly to my recommended lenders for business credit.
Curtis Mobley asks -
I have a business line of credit but the lender keeps lowering the limit as the balance is paid.
Tom says – then you need 10 more of my business lines of credit so you are not dependant on just 1 lender. Curtis, there are thousands of business credit lenders I recommend if you will just take the time to ask for more business credit!
