How To Get Business Credit For Your New LLC In 2023
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- Опубликовано: 4 июн 2024
- In this video, we're going to show you how to get business credit for your new LLC. This is a crucial step if you want to start up your LLC to succeed!
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Thanks for watching!!
Link to the full episode here: ruclips.net/user/liveSIEumjBVy_4
Finally, an honest conversation about business credit instead of the BS you get from these other channels. I knew my man was telling the truth because the capital one spark card does show up on both reports.
Yeah, that's one of the few that show up. I believe a Discover, and Citibank one shows up as well. But there are a huge amount that don't report to both and just the business
Before you go to back or CU call ahead and see what report they pull and what documents you need to bring in.
5:00 To 5:22 = The Roots Of It All. That’s it, That’s that
Great content knowing where people pull from
great information, Thank you
That's the game I needed.
Can the play be ran with personal credit by paying the invoice and flip it? I’m building and I don’t currently have business credit cards. I do have several 20k personal credit cards though.
*When someone says “Run The Play”, you’re about to be PLAYED. 😂*
Are you doing this on personal or business. If personal do you recommend doing this If you have higher debt already? If business are they looking at the duns number?
Good talk fellas
which credit bureau they look at for your credit report ?
I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
Credits to *ROCHELLE DUNGCA-SCHREIBER,* she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience....
@@tahirisaid2693 congrats. im on that journey now studying a ton of Ramit Sehti. its awesome. changed my whole perspective about money
Great timing... just got my LLC and EIN.
Let’s goooo me too. 3/15/23
Me too for my food business but I’m reading about a d.u.n.s number which is your business credit history I guess
@@Floreypottery I was unware of the DUNES number. I need to look into this
Dunns number is necessary especially if you have no proven credit through your buisness and your starting at 0 buisness credit the Dunns is the verification sayint your buisness is worthy and in the system to be able to be trusted for them to grant you the credit through banks
What state you get it in? And have you gotten your loans??
Can we talk about what needs to be Said on the application to graduate approval?
Let’s get it
Great video, but listen to the details!!! You need to already have your self together first, credit, income, and job stability. If you don’t have these things together, this may not work for you. Do your research first, and just know nothing is never just handed. However if you have yourself together, all things are possible. I was able to get approved for a Platinum no limit American Express card, with no documentation based off my personal credit information alone.
HOW DID YOU START YOUR CREDIT?
I just did that but apple credit union said I need 3 years worth of business statement. Which bank does that!!!cause i had bot been lucky ....
So how can we do this with not so ideal personal credit.
Question! 🖐️😲
Unique situation....
I (along with two other people) own 4 part time llc's a piece totaling 12 businesses
Breaking up the applications by 90 days segments is it possible to get funding for all 12? 🤔
Great video. Honestly there’s a lot of excuse making in the comments. It’s a simple process just do the work. The system was already made easy, stop looking for loopholes inside of loopholes.
Credit unions asking for w2 to prove my stated income. Can’t prove my stated income, had been approved for $2000 but can’t prove income
Can you get business credit with a bank without a bank account with them
So with this method are you essentially the personal guarantee for the business? Does this mean if the money isn't paid back it will affect someone's personal credit? 🤔
yes
My business Experian credit score is at 85/100 and my paydex score is not updating. Can I still get funding ?
How do I get the opportunity agreement ?
CHASE business bank UPDATE 2023 - you can't open a business bank account with just $100. You will need $2,000 to open one.
PG back credit does report on Personal and if you don’t pay it back prepare for both personal and business Credit to suffer
Everything that I’ve read states applying for business credit will temporarily affect personal credit
Only because of the hard pull that creates a hard inquiry. But the best and most powerful part about having the business credit is that the majority of business credit lines don't record utilization to your personal credit profile. Utilization is one of the biggest affects so it's a win while a hard inquiry just shows that you applied for something
cant apply for key bank online
Can I use an existing LLC from a couple years ago? If so will I have to show tax return.
Perhaps that’s why you create a new LLC
I don't ton it matters on the age of the llc. I think your personal credit matters and then your business credit if you have any. In that order. If you have open GOOD credit with your llc AND your personal credit is good I think that's when three length of it being open doesn't matter, but judging from this info. Sexy person(personal credit) + llc(good credit no matter how old) = bread
Use the older llc. Aged llcs have more credibility when applying for buisness credit. Just like personal credit, age is essential, for an llc and for your buisness credit.
I’m smiling hell hard rn
American express also runs your personal credit. I only need credit for the business using the EIN. 😮😢
When you have at least (1) Amex card on the personal side, they no longer run your personal credit for other cards. I have (2) Amex business side and (2) Amex Personal.
Is it smart to remove/dispute inquiries from lenders you have an account open with though? Wouldn't it close the account essentially taking the line of credit you was just approved for with it?
The inquiry shows only on the personal side the cc only shows up on the biz side so basically what he saying is that it’s not a open account on the personal side only the biz side
@@nigelmorris5756 thank you for taking the time to explain that cause i was extremely confused. The credit world is very strategic and one wrong move cause create a domino effect
Littttt can’t wait to have you
So what does your personal credit has to be roughly?
I'd personally say average age above 3 years (on the low end)
Utilization 0% on personal credit cards
No lates; No derogatory remarks in the past 2 years
720 score (can be 680-700) but 720 looks better and after every inquiry your score can drop 2 - 5 points or so. (Inquiries fall off in 2 years btw)
And no recent personal credit cards
💪
So I have a question.....how would you be able to do this if you don't have good personal credit? Can there be a list of 3 credit card companies that you can run this sysyem with for fair credit?
@Tierra if I were in your shoes I would use the next 30 to 90 days to fix all of the issues with your personal credit to get your FICO up to 680 or 700. Then you wont have to waste time dealing with any other "subprime" business credit card companies.
@jalabi99 Only way 👍🏾 🔥
I've found a hack that worked for me. I had a low 600 due to credit card utilization. I got a personal loan and used that to pay off the cards and my score went up 150 points. Should work for you if your score is due to credit utilization.
@@TheThotWhisperer I just did this exact same thing but the kicker is what I paid off everything they asked me if I wanted to get another loan but they offered me 300K originally I only needed $40,000 to pay off business credit
@@TheThotWhispererwhere did you get your personal loan from ?
Why are they asking about your personal if you need credit with your LLC
More 💎💎💎💎💎’s
who is homie givin thus free game ????
Also if you using personal credit, then that means they are using your personal income, suppose you don’t make 100k?
You need to find something to invest in to make that money back plus more.
Overtime it should work in your favor just gotta be smart with the money and not just spend it but also invest as much as you can.
Whats an operating agreement?
A document explains your business. Like the constitution of your business.
The problem I see here, you said when you cash out refi, then pay it back. That takes 4-6 months, you have to pay the minimum payment on the credit card
You don’t have to pay the minimum every time. If you gettin to the money gone and pay that thang off in a few months. Period
I just need $30k, all this 100k business isnt needed from what im tryna do. Its too much a headache to have big business. Id rather work with my wife until my som gets back from the military and he comes in as help too.
LMFAO!! Okay.
What’s that guys name ?
What if your personal credit score 519? What can I do?
Get those negative things off your credit by disputing things that have old addresses
lexington law has been a legit waste of time for me and my
l've had tried different repair companies all to no avail untill i was
referred to Solutionx and i'm grateful. I was a little below 600
but now I'm up 830 within a week,thanks to the agency expertise,
my student loans,bankruptcy, business loan were also taken care
of,thier gmail business info is
@@katesmith314use Dovly ai credit repair
Bro giving sauce
So if your personal credit isn’t good you have no chance?
EXACTLY
Yeah, but trust it's worth fixing your personal credit to make it happen
How is it that you have one inquiry, but you went to three different banks
One enquiry per credit bureau as each bank only reports to one bureau.
Because different banks and credit unions pull from different credit bureaus
@@nigelmorris5756 So that would be more than one inquiry it would be one inquiry for each credit report, right?
@@nigelmorris5756 The way he said it makes it seems like you were only get one inquiry across-the-board
Can I get this guy contact please
but where are banks giving zero interest cards for 12 months??
my credit unions are not
This is not exactly all true nor is it lies…it’s sensationalism basically
FACTS
🎯🎯🎯
Who is the guy giving all this information
This is using your ssn as a pg. most of us don’t want that . We want ein only
In that case you better have a good amount of money coming into your business…
Why not? The utilization on the business side isn't recording on your personal. Especially in this scenario, 1 inquiry per bureau doesn't put you in a red zone at all. That's over 70k with 3 bureaus that he mentioned. And then there are credit cards that you can use the same trick for on business side that can put you up 80k+ on top of what he already stated. High Utilization has a worse affect than having 3-4 Inquiries per bureau in a few months yk. But it all also depends on what you plan to do in whatever time periods on both your personal and business side
My score is 752 . 1 year in biz. I think I'm gonna be a pg. The key is to just pay back ! And early is on time!
Should we start an LLC before we have the actual business plan to develop that long term relationship you talk about with the banks ?
Not that easy so plz tell the harsh truth
And the Credit Restoration place he speaks on… they basically submit false documents claiming you aren’t responsible for the transactions.
🤦🏾♀️PPL please don’t be this foolish.
What's stopping you from borrowing up to 250k, holding on to the money (Interest bearing accounts, stocks Voo)
Then not pay it back and file bankruptcy. U get up to 4 bankruptcies. Except you'll have 250k in the bank
You can only protect up to $24,500 cash in all bank accounts combined in a chapter 7 bankruptcy.
lexington law has been a legit waste of time for me and my
l've had tried different repair companies all to no avail untill i was
referred to Solutionx and i'm grateful. I was a little below 600
but now I'm up 830 within a week,thanks to the agency expertise,
my student loans,bankruptcy, business loan were also taken care
of,thier gmail business info is