Business credit the rabbit vs. the turtle
Updated: Oct 24, 2020
IT has come to light that most people seeking business credit, thinks that there is only one way to get there. however, there are actually two.!
First UP :
the net 30/tiers (turtle/NO PR OR PERSONAL GUARANTEE))
NET 30/6/90/ ACCOUNTS 5 -10 ACCOUNTS
REQUIRED TO SPEND $50.00 - $100.00 PER MONTH FOR 6 -12 MONTHS
COSTS i; $1,500.00 - $3,000.00
COSTS ii: TIME AND MONEY POTENTIAL DEALS AND SUCH
FOUR TIERS TO WORK THROUGH TO REACH BANK CREDIT CARDS
The Business Credit Cards (Bus. Credit w/Personal Guarantee)
FICO score of 680+
No derogatory items in credit profile
no excessive inquires
2-3 credit cards(not store cards)
2-3 years old(history)
credit limits of at least $$3,000.00 - $5,000.00
cost 1: $0.00 - 9.9%(fee)
it really comes down to, whether or not you believe in yourself and your company and if you have good credit.
If you believe in you and the business you want to create, what is the concern with having to personally guarantee the funds to do so? How do you think the bank views the fact that you want them to fund your business, however you don't even believe in it enough to even personally guarantee the funds! come on!!
yes, it does require you to have good to excellent credit. you should know already that the foundation to business credit is built on having good personal credit. the banks will always check your personal credit no matter what. just this year, the businesses that took the sba/ppp/eidl loans we given a experian fico credit check. it did not matter how much you made or time in business, you still go a credit check. and those that didn't meet the cutoff score were denied the ppp loan!
the companies out there that want you to do the net30 ans such are in it for the money. they charge thousands of dollars for the service or guidance.you can do this yourself for more information contact: www.legacy7funding.com