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Here’s a Great Question from Residential Real Estate Agents: How Do I Build Recession Business Credit

COVID-19 got you down? It’s not going to last forever. In the meantime, you can build recession business credit. Get a jump on then competition and use this pause in our lives to get ahead.

Recession Business Credit for Residential Real Estate Agents and the Rest of Us!

Every entrepreneur asks this same question: how do I build recession business credit?

The United States’s economy has been through any number of changes throughout the years. Our economic fortunes can depend on breakthroughs in modern technology, diplomatic ties (or cutting those ties), the weather, and a lot more. Business credit, luckily, is an asset which you can build even during economic recessions. Nevertheless, you may need to get a little imaginative with it, and with other forms of company funding.

Business credit is credit in a company’s name. It doesn’t link to a business owner’s consumer credit, not even when the owner is a sole proprietor and the sole employee of the company.

As such, a business owner’s business and consumer credit scores can be very different.

Recession Business Credit – Get The Advantages

Due to the fact that recession business credit is separate from individual, it helps to safeguard a business owner’s personal assets, in the event of a lawsuit or business insolvency.

Also, with two distinct credit scores, a small business owner can get two separate cards from the same merchant. This effectively doubles purchasing power.

Another advantage is that even new ventures can do this. Going to a bank for a business loan can be a recipe for disappointment. But building small business credit, when done properly, is a plan for success.

Consumer credit scores rely on payments but also other components like credit utilization percentages.

But for company credit, the scores actually only hinge on if a business pays its invoices on time.

Recession Business Credit – Start The Process

Growing company credit is a process, and it does not occur automatically. A small business has to proactively work to establish business credit.

However, it can be done readily and quickly, and it is much swifter than establishing consumer credit scores.

Merchants are a big part of this process.

Doing the steps out of order will lead to repetitive rejections. Nobody can start at the top with company credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Recession Business Credit – Get Started with Small Business Fundability

A small business needs to be fundable to lenders and vendors.

Hence, a business will need a professional-looking website and e-mail address. And it needs to have site hosting bought from a supplier like GoDaddy.

And also, company phone and fax numbers ought to have a listing on ListYourself.net.

At the same time, the company phone number should be toll-free (800 exchange or comparable).

A business will also need a bank account dedicated solely to it, and it has to have all of the licenses essential for running.

Licenses

These licenses all have to be in the particular, accurate name of the small business. And they must have the same small business address and phone numbers.

So keep in mind, that this means not just state licenses, but potentially also city licenses.

Learn more here and get started toward establishing small business credit. Get money even in a recession!

Recession Business Credit – Start Credibly Dealing with the Internal Revenue Service

Visit the Internal Revenue Service web site and get an EIN for the small business. They’re free. Pick a business entity like corporation, LLC, etc.

A small business may get started as a sole proprietor. But they absolutely need to change to a form of corporation or an LLC.

This is to diminish risk. And it will take full advantage of tax benefits.

A business entity matters when it involves tax obligations and liability in the event of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and tax obligations. No one else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

Recession Business Credit – Set off the Business Credit Reporting Process

Start at the D&B web site and obtain a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

This way, Experian and Equifax will have activity to report on.

Starter Vendor Credit

First you must establish tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get credit for numerous purposes, and from all sorts of places.

These types of accounts often tend to be for things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are generally Net 30, instead of revolving.

Therefore, if you get approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts need to be paid fully within 60 days. Unlike revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.

To launch your business credit profile the right way, you ought to get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help like true starter credit can. These are vendors that grant approval with marginal effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to prove you are reliable and pay in a timely manner. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer shipping, packing, and industrial supplies, and they report to D&B and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information. Your company address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your business can get approval for Net 30 terms.

  • How to apply with them:
  • Add an item to your shopping cart
  • Go to checkout
  • Select to Open an Account
  • Select to be invoiced

Quill

Quill is an additional true starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies. And they also sell toner, office furniture, and even shipping and school supplies. They report to Dun and Bradstreet every quarter.

To apply, you MUST have a D&B PAYDEX score. If not given a Net 30 they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report but you would need them to have given you a Net 30 account. Net 30 accounts require $50.00 purchase to report.

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. Terms are Net 30.

  • Here’s how to qualify:
  • Your corporate entity must be in good standing with the applicable Secretary of State
  • You must have an EIN and a D-U-N-S number
  • Business address (it has to match everywhere)
  • Business license (if applicable)
  • A corporate bank account

Apply online or over the phone.

Grainger Industrial Supply

Grainger Industrial Supply is likewise a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need to have a business license, EIN, and a D-U-N-S number.

  • To qualify, you need the following:
  • A business license (if applicable)
  • An EIN number
  • A company address matching everywhere
  • A business bank account
  • A D-U-N-S number from Dun & Bradstreet

Your business entity must be in good standing with the applicable Secretary of State. If your company doesn’t have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Business Credit for Residential Real Estate Agents in a Recession Credit Suite

Recession Business Credit – Get Benefits from Accounts That Don’t Report

Non-Reporting Trade Accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. And credit accounts of any sort will help you to better even out business expenditures, thereby making budgeting simpler. These are companies like PayPal Credit, T-Mobile, and Best Buy.

Store Credit

Store credit comes from a variety of retail companies.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.

Fleet Credit

Fleet credit is from companies where you can purchase fuel, and fix and maintain vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

Learn more here and get started toward establishing small business credit. Get money even in a recession!

Cash Credit

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are often MasterCard credit cards.

And there are tons of ways these business credit cards can help residential real estate agents.

Learn more here and get started toward establishing small business credit. Get money even in a recession!

Recession Business Credit – Monitor My Business Credit

Know what is happening with your credit. Make certain it is being reported and take care of any mistakes ASAP. Get in the practice of taking a look at credit reports and digging into the details, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost at the business CRAs.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Data

Update the relevant information if there are inaccuracies or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

Recession Business Credit  – Fix My Business Credit

So, what’s all this monitoring for? It’s to dispute any inaccuracies in your records. Mistakes in your credit report(s) can be fixed. But the CRAs often want you to dispute in a particular way.

Disputes

Disputing credit report errors typically means you mail a paper letter with copies of any evidence of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always mail copies and retain the originals.

Fixing credit report inaccuracies also means you specifically itemize any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

Recession Business Credit – A Word to the Wise

Always use credit smartly! Don’t borrow more than what you can pay back. Keep track of balances and deadlines for payments. Paying off on schedule and fully will do more to elevate business credit scores than nearly anything else.

Establishing small business credit pays off. Great business credit scores help a business get loans. Your lender knows the small business can pay its debts. They understand the company is bona fide.

The business’s EIN attaches to high scores and credit issuers won’t feel the need to demand a personal guarantee

How Do I Build My Business Credit: Takeaways

Business credit is an asset which can help your small business for years to come. Learn more here and get started toward establishing small business credit. The COVID-19 pandemic is not going to last forever.

The post Here’s a Great Question from Residential Real Estate Agents: How Do I Build Recession Business Credit appeared first on Credit Suite.

Here’s a Great Question from Residential Real Estate Agents: How Do I Build Recession Business Credit

COVID-19 got you down? It’s not going to last forever. In the meantime, you can build recession business credit. Get a jump on then competition and use this pause in our lives to get ahead. Recession Business Credit for Residential Real Estate Agents and the Rest of Us! Every entrepreneur asks this same question: how … Continue reading Here’s a Great Question from Residential Real Estate Agents: How Do I Build Recession Business Credit

Screenleap (YC W12) is hiring engineers to build next-gen collaboration platform

Screenleap (YC W12) is hiring engineers to build next-gen collaboration platform Screenleap (http://screenleap.com/) is a screen share-first collaboration platform. We allow you to share your screen (installation-free sharing soon on all the major desktop browsers) and view from any web-enabled device without installing any software. We also allow developers to add screen sharing to their …

Screenleap (YC W12) is hiring engineers to build next-gen collaboration platform

Screenleap (YC W12) is hiring engineers to build next-gen collaboration platform

Screenleap (http://screenleap.com/) is a screen share-first collaboration platform. We allow you to share your screen (installation-free sharing soon on all the major desktop browsers) and view from any web-enabled device without installing any software. We also allow developers to add screen sharing to their applications using our screen-sharing-as-a-service API. Our mission is to make screen sharing a hassle-free experience that just works across all devices.

We have built a product that users love and we need your help to make it even better! You will have the opportunity to work on a product used by millions of people, solve challenging technical problems, and make a meaningful impact on the company. In your role, you will continue to innovate on our screen sharing platform and turn it into a complete real-time collaboration platform (with real-time audio and judicious use of video). We are looking for generalists who are comfortable moving among various languages and technologies, including Go, JavaScript/TypeScript, C++, Java, and Rust.

We are seed-funded and profitable. You’ll be joining at an exciting time as we are growing rapidly (our monthly revenue has doubled in the last two months alone). We are a completely remote team with team members across many time zones. As a company, we value simplicity, creative solutions, and the ability to get things done. We offer a competitive salary, significant equity, matching 401(k), health insurance, and a flexible work schedule.

Requirements:

* B.S. in Computer Science or equivalent experience (proven ability matters more to us than degrees)

* Experience with Go, C++, Java, or Rust

* Ability to take complete ownership of projects, from conception to implementation

Nice-to-haves:

* Experience with full-stack real-time audio engineering (codec, AEC, GStreamer, TURN, etc.)

* Experience building low-latency and resilient distributed systems

* Experience with advanced browser APIs (WebRTC, WebAssembly, Worker, etc.)

* Experience building cross-platform Windows, Mac, Android, and iOS apps

* Experience writing automated tests for complex systems

* Experience with UNIX systems administration / DevOps / SRE

Interested? Please email us at jobs (at) screenleap.com. Include your resume and links to projects you’ve worked on.

Comments URL: https://news.ycombinator.com/item?id=23174614

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How to Build Business Credit with Bad Personal Credit

You don’t have to let bad personal credit destroy your dreams of starting your own business.  It may take a little longer to get started, but it is possible. The key is business credit. However, you do need to know how to build business credit with bad personal credit. 

Start a Business by Learning How to Build Business Credit with Bad Personal Credit

The thing you have to understand when it comes to how to build business credit with bad personal credit, is it is a process.  It takes some time. You have to actually climb the mountain to get to the top. There is no helicopter ride. However, once you are there, all you have to do is stay there.  What you learn on the climb will make staying there much easier. 

How to Build Business Credit with Bad Personal Credit: Set Up Your Business to Be Separate 

Most do not realize that you can’t even start building business credit until your business is set up properly.  Until then, any accounts you have are just reporting to your personal credit, even if they are called business accounts. How do you fix that?  You have to set up your business as a fundable entity separate from you as the owner. 

Get our business credit building checklist and build business credit the fast and easy way.

Separate Contact Information

Your business has its own phone number, fax number, and address.  That doesn’t mean you have to get a separate phone line, or even a separate location.  You can even still run your business from your home or on your computer if that is what you want.  You don’t even have to have a fax machine.  

EIN

You also have to get an EIN. This is an identifying number for your business that works like how your SSN works for you personally.  You can get one for free from the IRS.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is vital.  It lends credibility to your business as one that is legitimate. It also offers some protection from liability. 

Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.  What is going to happen is that you are going to lose the time in business that you have.  When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated. 

This is why you have to incorporate as soon as possible.  Not only is it necessary for fundability and for building business credit, but so is time in business.  The longer you have been in business the more fundable you appear to be.  That starts on the date of incorporation, regardless of when you actually started doing business. 

Business Bank Account

You have to open a separate, dedicated business bank account. First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

Furthermore, there are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, warnings are going to go up at every turn.  Do the research you need to do to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

Of course, you are wondering how a business website can affect funding.  Here’s how.  These days, you do not exist if you do not have a website. But, having a poorly put together website can be even worse.  It’s a first impression, and if it appears to be unprofessional it will not be good.

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. Don’t use a free hosting service.  Along these same lines, your business needs a dedicated business email address.  Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

How to Build Business Credit with Bad Personal Credit: Get Accounts Reporting 

This is the part that a lot of business owners don’t get.  It isn’t easy to get credit in the name of your business when you don’t have credit to begin with. There are a few hacks that can help you jump over this hurdle however.  Once you break down the need credit to get credit wall, you can work your way up through the credit tiers. 

The other piece of this puzzle that is missed by many business owners is that you have to have a D-U-N-S number for it to work. Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  If you do not have a D-U-N-S number, you do not have a file with them.  If payments are reporting to them and there is no corresponding D-U-N-S, the payments will not count. To build business credit you absolutely have to have this number.  

Now, how do you get accounts reporting without your personal credit coming into play? 

Ask Vendors You Already Work with to Report Payments to Credit Agencies

Vendors you already have a relationship with may be willing to extend credit without a credit check.  If not, they may offer net 30 terms on invoices.  They don’t have to, so you will have to ask. The worst that can happen is they say no.  If they say yes, ask them to report the payments to the business credit agencies. 

Talk to Utility Providers about Reporting Payments

You pay things like utilities, rent, and internet each month anyway.  Ask those companies to report payments to the business credit reporting agencies.  Again, the worst they can say is no.

Use Starter Vendors in the Vendor Credit Tier

This is a little-known secret of how to build business credit with bad personal credit.   Many are unaware of starter vendors. They are part of what we like to call the vendor credit tier.  Certain retailers will extend Net 30 terms in your business name without a credit check.  Then, after you pay, they will report those payments to the business credit reporting agencies (CRAs). 

Get our business credit building checklist and build business credit the fast and easy way.

This is how you can get the ball rolling with business credit.  They do not check either your business or personal credit score.  Of course, they do have other risk reducing guards in place. These vary by vendor.  When you ask yourself “how do I build business credit,” starter vendors are the answer. Here are a few to help you start the process. 

Quill Office Supplies 

Quill sells office supplies as well as cleaning and packaging supplies. Products range from office furniture to office supplies and more. 

They report to D&B. If you do not already have a PAYDEX score, you will have to place an initial order first. Generally speaking, they establish a 90-day prepay schedule, and if you order each month for three months, they will most often approve you for a Net 30 account. 

Uline

Uline sells shipping, packing, and industrial supplies.  Also, they report to Dun & Bradstreet.  This means you must have a D-U-N-S number. 

In addition, they ask for 2 references and a bank reference. The first few orders might need to be paid in advance to get approval for Net 30 terms.

Grainger Industrial Supply 

Grainger sells power tools, pumps, hardware and other things. In addition, they can handle maintenance of your auto fleet. You need a business license and EIN to quality, as well as a D-U-N-S number.

You can apply by fax or over the phone. If you need less than $1,000 in credit, you only need a business license for approval. For over $1,000, you will need trade and bank references.  

If you are just starting out and do not have references, the $1,000 is plenty to get you started building your business credit. 

Behalf.com 

Behalf is a way of getting paid through an app, but they also offer funding. The more you have your customers pay you through Behalf, the more likely Behalf is to offer you favorable terms when it comes to funding.  

Funding can be through purchase financing or a virtual MasterCard option. Terms run from Net 30 to 180 days, and they report to Dun & Bradstreet, Experian, and Equifax. This fact alone, that they report to all the major credit reporting agencies, makes them an extremely valuable tool in building business credit. 

The Other Credit Tiers

After you have 8 or so of these types of accounts reporting payments to your business credit report, you should have a strong enough score to move on to the next tier. We call this the retail credit tier.  They are retailers as well, but offer more traditional credit.  These are credit cards for use at specific stores such as Office Depot or Lowe’s. It is also sometimes referred to as store credit. 

After you have several of these store credit account reporting, you can apply for cards in the fleet credit tier.  These are gas cards with companies such as Shell and Fuelman.  They can be used for fuel and auto repair and maintenance only. 

Lastly, with accounts reporting from all these tiers, you should have a score strong enough to apply for cards from what we call the cash credit tier.  Of course, that is only if you have been making payments consistently on time. 

These are traditional credit cards that are not attached to a specific store or tied down to certain types of purchases.  They can be used for anything and everything.  In addition, they often have better interest rates and nice rewards programs. 

How to Build Business Credit with Bad Personal Credit: Business Credit Monitoring

It is important to keep an eye on your business credit as it grows.  A business credit monitoring service can help.  Not only will you be able to see your score, but you can also see which accounts are reporting.  This will help you know when to move on to the next tier. In addition, you’ll be able to catch mistakes and have them corrected before they can cause too many problems. 

How to Build Business Credit with Bad Personal Credit: Fix Your Personal Credit

Just because you now know how to build business credit with bad personal credit, you shouldn’t let your personal credit stay bad.  Get a free copy of your credit report and take a look at what’s on there. If there are mistakes, fix them. Then, make payments on time.  This is the number one way to build strong credit, both business and personal. 

Get our business credit building checklist and build business credit the fast and easy way.

How to Build Business Credit with Bad Personal Credit: It Is Possible

Build Biz Credit With Bad Personal Credit Suite
If you set up your business to be a separate fundable entity and utilize the vendor credit tier properly, you can definitely build business credit despite bad personal credit.  However, you cannot let your personal credit remain bad. Business credit is great, but many lenders still require a personal guarantee. Most of those will absolutely check personal credit as well.  By having both strong personal and business credit, you open doors to so many more business funding options. In this way, your personal credit is just as much a part of business fundability as business credit is.  

You also need to take some time, while building business credit, to figure out what else affects the fundability of your business.   For example, in addition to how your business is set up, something as simple as a parking ticket or a lien can even affect the fundability of your business. You may be surprised at what else you find out. 

 

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