Start a Business with Home Equity

Are You Thinking If You Should Start a Business with Home Equity?

Whether it’s a good idea to start a business with home equity will depend on several factors. But it’s not outside the realm of possibility.

Home Ownership, Business, and Financing

Are you a homeowner? Do you have significant equity in your home? You probably already know that your home’s equity is valuable. But have you ever thought of using your home’s equity to finance a new or preexisting business?

Start a Business with Home Equity Lending

There are two main types of funds you can get out of your home’s equity. Both are second mortgages on your house. A home equity loan has a fixed rate, with a fixed rate loan amount and fixed repayment schedule. It’s a one-time lump sum loan that’s repaid monthly. In that way, it’s a lot like a regular mortgage.

Start a Business with Home Equity Lines of Credit

A home equity line of credit (HELOC) works more like a credit card. It has a variable interest rate. You can use the equity when you need it. This is up to a predetermined amount. You can borrow against it for a certain period. This is usually five to ten years.

You’re only charged interest when you withdraw funds. You only pay interest during this draw period. Hence the monthly payments are lower while you’re not repaying principal. After the draw period it converts to a fixed-rate loan for repayment of the principle.

During the time you’re repaying the principle, you can no longer withdraw funds. You must pay off the entire HELOC balance. With a HELOC, the interest rate will vary. As a result, your costs will go up or down with the prime rate.

Start a Business with Home Equity Loans vs. HELOCs

One issue is that a home equity loan has higher payments than a HELOC. This is because you’re repaying both principal and interest each month. For both types of financing, your home serves as the collateral. So if you default, it won’t matter if you have a HELOC or a home equity loan. You’ll lose your house either way.

Demolish your funding problems with 27 killer ways to get cash for your business.

Start a Business with Home Equity vs. Business Loans

Traditional small business loans can require a lot of paperwork. A bank may require paperwork like a projection of income and finance for the business, personal financial statements, your business lease, your business plan, three years of tax returns, and more.

The smaller and newer your business, the less likely you are to get a bank loan. Home equity can be easier to get. Home equity lenders aren’t concerned with your business plan. They just want to know about your personal resources.

Home Equity Loans: The Details

If you have the income, equity, and credit rating to repay the loan, you’re likely to get a loan or line of credit. Home equity interest rates are lower than business loans. This is because the mortgage lender isn’t taking on the risk of your business. Rather, that’s your risk.

If your business fails or isn’t as successful as you expected, you still have to repay the loan, or lose your home. The low interest rates offered on HELOCs can be misleading. this is because the rates vary during the loan period.

Most equity loans are fixed rate simple interest, but most HELOCs are offered at revolving variable rates. This makes them similar to credit card accounts. Hence, the line accumulates interest far more quickly, and the rate is subject to change. As a result, your best option may be to get a loan for an amount expected to cover immediate or short-term needs, with an equity line for any excess.

Home Equity Loans: Some Positives

A home equity loan may be best for one-time business expenses. And HELOCs may be better used by business owners as a cash reserve over time. Money from a home equity loan or line of credit can be used any way you wish, while business loans may be restricted in their use. The interest on a home equity loan or HELOC may be tax deductible.

You don’t have to pay a HELOC down to zero every year, as business credit lines may require. Interest paid on home equity debt can generally be deducted up to $100,000, or $50,000 if you’re married and filing separately, per the IRS. Interest paid on bank loans, personal loans, credit cards and other types of loans isn’t deductible.

The flexibility with home equity borrowing means, when pledging your home as collateral, the debt generally can’t be discharged in bankruptcy if the business fails. Plus you can’t refinance or consolidate without at least two years of profits as shown on your tax returns. If you use a HELOC to finance your business, pay vary close attention to making sure the business is profitable as quickly as possible. And get into a position to refinance or pay off the debt as soon as you can to mitigate personal risk.

Disadvantages of Home Equity Loans and HELOCs

One of the biggest issues is the possibility of going underwater. If you tap into your home’s equity, and later its value declines, you could owe more on your home than it’s actually worth. This is usually called being “underwater’’ or “upside down’’ on your mortgage.

There may be an issue with closing costs and fees. Home equity loans can serve as a second mortgage. So just like your primary mortgage, the closing costs, often somewhere between 2% and 5% of loan amount, can be expensive.

There may also be an early termination fee if you pay off the loan ahead of schedule. If you decide to sell your home before you’ve finished paying back the loan, the balance of your home equity loan will be due. Only you can decide if it’s worth it.

Which Businesses are Best for HELOCs and Home Equity Loans?

Risky businesses are not a good idea for HELOCs and home equity loans, seeing as your house is on the line. Hence a new product which may not catch on with consumers should be financed in some other fashion. Rather, a business in a well-known and used service industry – such as dry cleaning – would be a better choice. In essence if a product or service would be attractive to a venture capital firm, then it would probably be a poor choice for h0me equity financing.

HELOCs are Harder to Get Right Now

According to Forbes, even though a good 45 million American homeowners have about $6.3 trillion in available equity,“As of May 1, after raising their lending standards in April, JPMorgan Chase and Wells Fargo temporarily are not accepting applications for new HELOCs, “due to the economic uncertainty created by COVID-19.” In its mid-April announcement, Chase identified cash-out refinancing as an option available to homeowners seeking to tap their home equity”.

Consider Cash-Out Refinancing as an Alternative to a HELOC

Cash-out refinancing differs from a traditional refinance. It replaces the old loan with a new one that is for an amount larger than the amount needed to pay off the old note. The difference between what was borrowed and what it takes to pay off the previous loan goes into the borrower’s pocket, no strings attached.

Alternatives to Home Equity Financing

There’s a lot at stake if you use your home as collateral. And if you have a risky type of a business, then you’re unnecessarily jeopardizing your family. Business bankruptcy and even homelessness could ensue. So let’s look at how to protect you and your family.

Demolish your funding problems with 27 killer ways to get cash for your business.

401 (k) and IRA Securities Financing

You can get financing regardless of personal credit using stocks or bonds or a 401(k). Or you can use a guarantor instead. Borrow 90% of stock value, 100% for 401(k). You will still earn interest on investments. Pay rates of 5% and lower. And as a bonus, you can get inventory credit lines for 50% of value of your inventory.

Peer to Peer Lending from Funding Circle

Funding Circle is a peer-to-peer lender offering a line of credit. Their credit lines from $6,000 to $250,000. Pay rates as low as 4.8%. You pay interest only on drawn funds. Decision as fast as 24 hours and funds as soon as the next day.

Demolish your funding problems with 27 killer ways to get cash for your business.

Credit Line Hybrid

With a Credit Suite Credit Line Hybrid, you work with a finance source that specializes in unsecured credit lines. This is a very rare, very little know about program that few lending sources offer. Get up to five to eight times your current high limit, than what you’ll get on your own, because even one inquiry can cost you $25,000 or more. Individual approvals go up to $150,000.

You can get 0% financing for 6 to 18 months. Accounts report to the business credit reporting agencies. Multiple lines create help get you limit increases and give you more tradelines. Get approvals up to $150,000.

A 680 or better FICO score is required for approval. Guarantors are welcome! You must have 40% or lower credit card utilization, and 5 inquiries or fewer in the last 6 months. The consumer card program is easier to qualify for.

Business Credit

Business credit is credit in a business name, that’s linked to the business’s EIN number not the owner’s SSN. When done properly, you can get business credit with no personal credit check and no personal guarantee. You can get business credit as long as you have a business in the USA. You can build business credit for all sorts of businesses. You can get business credit even as a non-profit long as it’s incorporated.

You can get business credit cards with no personal guarantee. You can get 3 types of business credit cards. The first is vendor credit, which offers net 30 terms used to start a business credit profile. Second is store credit, where you can get credit cards with high limits at most retail stores. The last is cash and fleet credit.

Fleet credit is to buy fuel and maintain vehicles, whereas cash credit is Visa, MasterCard, American Express, and Discover cards you can use anywhere. Limits are often $5,000 – 10,000 to start and can exceed $50,000. You don’t have to buy bogus tradelines or shelf corporations, and you never have to put your house on the line.

Takeaways

Home equity loans and HELOCs are similar. They are both essentially a second mortgage on your home. But when you start a business with home equity, there are risks. Your house serves as the collateral for the loan, so if you default, the bank can take your house. There are other financing options which aren’t as personally risky. They include 401(k) financing, peer to peer lending, a credit line hybrid, and business credit.

Making the best decision for business funding is a big step. Let’s take it together.

The post Start a Business with Home Equity appeared first on Credit Suite.

Recession Crowdfunding Terms You Should Know, Unveiled

Even during COVID-19, you can still get financing via crowdfunding. But you should know these recession crowdfunding terms.

Do You Know These Recession Crowdfunding Terms?

Crowdfunding can seem to be a bit of a mystery. Why are people willing to part with their cash in this particular manner? There are a lot of recession crowdfunding terms thrown around all the time and they can sometimes get confusing. So consider this your primer on some basic crowdfunding terminology.

Because even if you do not think you will use this method of fundraising, you will probably encounter it all the same.

But before going any further, does crowdfunding ever actually, you know, work?

Crowdfunding Success, in a Nutshell

For some companies which crowdfund, the rewards are great. According to Crowdfunding Blog, the single most successful crowdfunding campaign was for the Pebble Time Smartwatch. And that was as of November of 2018. But before you run out and buy one, note that they are now a part of FitBit.

As in, they went out of business in July of 2018. And this is a business which raised over $20 million in 2015. That is no typo. And in point of fact, Pebble holds three of the top six spots in the biggest crowdfunding successes of all time. Together, these three crowdfunding campaigns took in a staggering $43.39 million. This is about $8 million more than the town of Huntington, New York (population 203,264) budgeted for highways in 2018.

Hence there is one thing that should be clear to all. Runaway crowdfunding success is no guarantee whatsoever of actual success.

But now it is time to get to the recession crowdfunding terms themselves.

Important Recession Crowdfunding Terms: Project

A project is what you are asking for money for. Projects can take a few months or even years. The more complex your project, then (usually) the longer it will take. The person starting the project is generally called the project runner or the project creator.

Projects can be for goods or for services.

What frustrates you the most about funding your business in a recession? Tell us in the comments.

Important Recession Crowdfunding Terms: Donors

The people who donate to the project are called donors. Or sometimes they are referred to as contributors or backers.

On rare occasions, they may even be called investors. However, such a word connotes a far different relationship. Many crowdfunding platforms shy away from such a term. And this is for good reason. It is because investors and investments may come under the purview of the SEC. The Securities and Exchange Commission exists in order to protect investors. This is in ways not current available to donors 0r other contributors to the success of businesses.

Hence, unless the crowdfunding platform is specifically for investing in companies, more like angel investing, you are not too terribly likely to see the investor.

Important Recession Crowdfunding Terms: Campaign

The act of requesting money on a crowdfunding platform is called a campaign. This is the soup to nuts of crowdfunding. So it covers everything from the first pitch to the final collection or perk distribution.

Important Recession Crowdfunding Terms: Donor Levels

In general, donor levels refer to the amount of rewards which are on offer for a particular size donation. Note: I will get to rewards in a moment. Your donor levels might look something like this:

$10 fountain pen (100 available)
$20 includes $10 level plus a tee shirt (50 available)
$50 includes $20 level plus a framed picture (30 available)
$100 includes $50 level plus dinner with the project runner (10 available)
$500 includes all other perk levels plus a new car (2 available)

Donor levels are limited by your imagination and your capacity for handling complexity. After all, five separate donor levels mean you are keeping five separate lists. If you are well-organized, then this is possible. But it is not easy. Five separate donor levels are plenty, particularly for people running their first campaigns.

Truthfully, you will be a far happier person if you cut the number of donor levels to no more than three.

Of course, time and budget should be considerations for anyone. But that is not just the case for crowdfunding.

What frustrates you the most about funding your business in a recession? Tell us in the comments.

Important Recession Crowdfunding Terms: Rewards (Also Known as Perks)

One basic about crowdfunding for creative projects is that you will need to provide incentives for your donors to open up their wallet. Crowdfunding to help someone with their medical expenses is a different animal. So let us get back to crowdfunding for business funds.

This is where perks come in.

Your rewards can be nearly anything. But it can quite literally pay to have them relate directly to your project.

For example, if you are crowdfunding to get enough money to back your new smart phone invention, then your rewards probably should not be your grandmother’s blueberry muffin recipe. And this is no matter how wonderful it may be. Instead, you could base your rewards around your invention. So this could be everything from offering a case to an extra battery or charger. Or you might even offer an app which only your donors can download.

A Word to the Wise about Rewards

Rewards are a very real part of crowdfunding and they can often be a part which project creators do not take into consideration. Sometimes, we think a product will go to market in, say, a year. But circumstances change, and now one year turns into two. So be it – this sort of thing happens all the time.

But it is an issue if your perks are dependent on your product going out the door. So if you need to fulfill perk promises to 10,000 people, you will likely find you need to do one of any of these things:

Delay your product launch
Hire someone to do fulfillment for you
Offer alternative perks (if you can)

Reneging is not an option, and it can get you on the wrong end of a lawsuit if you are not careful.

A fourth option is delaying perk fulfillment. Not every donor will go for that.

A For-Instance on Perk Level Complexity

Sending out so many perks is a major task. It can take months to get everything out the door.

Why does it take so long? Consider the degree of complexity. Let’s go with an easy number: 100. So let’s say you have 10 separate perk levels and they each have 10 slots. Once an eleventh person wants a certain perk level, they just plain can’t have it, as it’s gone. Are you with me so far?

Your ten separate perk styles may be of differing weights. So this means they will have different shipping costs. If any of your 100 donors are outside of the United States, then you will have to pay more to ship to them as well. Plus of course you have to make sure all of the addresses are complete and correct.

It becomes even more complex when your perks do not fit into such neat little buckets. This is where you have, say, eight perks. And you might have anywhere from 12 to 1,000 people who are supposed to be getting them. Plus some people may have donated twice and are waiting for two separate perks. Or maybe even more.

See how ugly and difficult this can get – fast?

What frustrates you the most about funding your business in a recession? Tell us in the comments.

Getting Around This Problem

The easiest way to get around these issues is to offer intangible perks. In our smart phone example, the exclusive app would fit the bill nicely. Your best bet is to make the intangible perk good for the largest number of donors possible.

Hence if your lowest level is $10, and you have 100 of those slots, then you could just give 100 people a download code. This is a lot faster than figuring out postage for all of those donors. Plus, with an intangible perk, technically the number of perks is effectively infinite. But scarcity gets people interested, so you might not want to make the downloads never-ending.

For the more tangible perks, leave them for far smaller groups, such as the 25 people who are at your two top donor levels. Mailing to 25 people is far easier than it is to mail to 10,000 people. And this is so even if the mailings are difficult.

But I Don’t Have Intangible Perks!

No? Then what do you call a coupon sent in email? See, there are ways to offer intangible perks even when the entire business operation is very, very tangible. Coupons have been around, seemingly, forever. People will gladly print them off or carry them in their smartphones for scanning.

Or there can be discount codes, which are virtually the same thing, except with no designing of a coupon to be cut out or scanned. Amazon, for example, gives these out all the time. And the vast majority of backers will know exactly how to use them.

Important Recession Crowdfunding Terms: Takeaways

There is, of course, more to recession crowdfunding terms than this. But these should at the very least get you started. And as always, if you have any questions, please feel free to ask them in the comments section of this blog post.

In Part 2, we will talk about types of crowdfunding and types of platforms. There’s more to this unique form of financing than just recession crowdfunding terms.

The post Recession Crowdfunding Terms You Should Know, Unveiled appeared first on Credit Suite.

Interest-bearing Accounts Interest Rate How To Start Earning Money Today

Spending your hard-earned cash in an interest-bearing account is maybe among the best as well as simplest methods to make the cash benefit you. Possibilities are, your cash will certainly not function as tough for you if you do not have the finest cost savings account passion price.

Right here is exactly how you can begin generating income today with your interest-bearing account rate of interest:

– Keep track of the passion interest-bearing account rates of interest supplied by both standard along with on-line financial institutions;

– Check out the information and also small print of “high rate of interest return interest-bearing account” as you have the power to make even more for your cash with this kind of interest-bearing account as long as you can stay on par with the dedication as well as abide by the problems and also terms;

– There are different sorts of interest-bearing accounts that might satisfy your details requirements and also needs to generate income that you might wish to discover even more such as cash market interest-bearing account, and so on

– With your meticulously picked high interest-bearing account rates of interest, you can begin setting aside a section of your cash right into the account frequently. You will certainly be amazed to locate that you have actually collected much financial savings particularly with interest-bearing account rate of interest that is worsened.

– Aside from the cash market interest-bearing account, you might additionally intend to place your cash and also make from it in a deposit slip (CD) that functions as a time down payment. Keep in mind that with this kind of financial investment, the longer your cash is kept in the financial institution as CD, the greater the return will certainly be for you.

– Another type of financial investment is with the cost savings account passion price you obtain from financial savings bonds. You can pay in the bond at any type of time yet doing so might cost you the gained rate of interests.

You can certainly generate income from interest-bearing account rates of interest as long as you agree as well as dedicated to conserve, or spend your cash in the most effective interest-bearing account. The relevance of conserving cash needs to not be delegated to the history as it is as crucial, of not more crucial than making money.

You have to establish your objectives plainly as well as wisely in gaining your cash from cost savings account rate of interest price. It will certainly likewise aid to differentiate your cost savings account where you straight down payment that part of your cash from your pay to your monitoring account the one that you make use of for your day-to-day costs.

When you do it instantly and also make conserving one of your great practices, gaining cash from your financial savings account rate of interest price must be a wind specifically.

– Another kind of financial investment is via the cost savings account passion price you obtain from cost savings bonds. You have to establish your objectives plainly as well as wisely in making your cash from financial savings account passion price. It will certainly likewise assist to identify your cost savings account where you straight down payment that section of your cash from your reimbursement to your monitoring account the one that you utilize for your everyday costs. You can establish up a high yielding cost savings account rate of interest price.

The post Interest-bearing Accounts Interest Rate How To Start Earning Money Today appeared first on ROI Credit Builders.

Business Credit Cards Bad Personal Credit

Are you looking for business credit cards bad personal credit?

The Absolute Best Business Credit Cards Bad Personal Credit

We researched a ton of company credit cards for you. So, here are our picks.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of consumer credit cards!

This reveals you can get a lot more cash with small business credit. And it also means you can have personal credit cards at retail stores. So, you would now have an extra card at the same stores for your company.

And you will not need collateral, cash flow, or financial data to get business credit.

Business Credit Cards Bad Personal Credit: Benefits

Benefits vary. So, make certain to select the benefit you like from this choice of options.

Get a Business Credit Cards Bad Personal Credit

Capital One® Spark® Classic for Business

For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.

But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Get Secured Business Credit Cards Bad Personal Credit

Wells Fargo Business Secured Credit Card

Look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is meant to help cardholders develop or rebuild their credit.

Pick this card if you wish to earn 1.5% per dollar in purchases without any limits or get one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Details

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Credit Builder Company Credit Cards – Make Your Credit Surge!

Discover it® Student Cash Back

Be sure to check out the Discover it® Student Cash Back card. It has no yearly fee. The credit card also has a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One special feature is that it provides an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or better each school year, the card will award the $20 statement credit each year for up to five years.

Details

Use this card to build personal credit. While this is a personal credit card versus a company credit card, for new credit users, their FICO scores will be vital. And this card provides an outstanding way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.

You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.

In the initial year, all cash back rewards are matched 100%.

Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And even though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Business Credit Cards Bad Personal Credit with 0% APR – Pay Zero!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the first nine months. Thereafter, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can earn unlimited points and points will never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 within the initial 60 days of opening the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

JetBlue Plus Card

Check out the JetBlue Plus Card for one more offer of a 0% introductory APR

Earn six points/dollar on JetBlue purchases, two points/dollar at eateries and grocery stores. And get one point/dollar on all other purchases.

Details

Spend $1,000 in the initial 90 days and pay the annual fee. So, then you can earn 40,000 bonus points. New cardholders receive a 12-month, 0% introductory APR on balance transfers made within 45 days of account opening.

Thereafter, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 yearly fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Business Credit Cards Bad Personal Credit with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And earn 2% back on online purchases.

So, this includes retailers and subscription services like Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly in the app.

By spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 per year are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cellular phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to certain events and offers. Uber anticipates most of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. So, the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accumulate at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll need to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This credit card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

So, note: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus offered with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Check out the Ink Business Cash ℠ Credit Card. Companies can earn cash back with every single purchase. Spend $3,000 in the initial three months from account opening. And you’ll get a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Afterwards, the APR is a 15.24 – 21.24% variable.

The credit card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver.

Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Starwood Preferred Guest® Business Credit Card from American Express

Another choice is the Starwood Preferred Guest Business Credit Card from American Express.

This credit card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.

And earn four points per dollar at US restaurants, American filling stations, and on American purchases for shipping.

Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.

Details

Get 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.

Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.

The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 afterwards. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR

Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card

Business Credit Cards Bad Personal Credit for Low APR/Balance Transfers

Discover it® Cash Back

Check out the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.

Details

You can get 5% cash back at different places every quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. In addition, automatically get unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

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Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Business Credit Cards Bad Personal Credit for Cash Back

SimplyCash Plus Business Credit Card from American Express

Check out the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases. So this is for the initial 15 months an account is open.

But when the introductory period ends, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless telephone services. So, these must be purchased from American service providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you get 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it applies if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Capital One® Quicksilver® Card

Check out the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 yearly fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that.

A cash bonus of $150 is on offer for those who make at the very least $500 in purchases within 3 months of account opening.

Details

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Business Credit Cards Bad Personal Credit for Jackpot Rewards

Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa credit card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.

Details

Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee credit cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

Small Business Credit Cards for Luxurious Travel Points

IHG ® Rewards Club Premier Credit Card

Check out the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For each dollar spent at participating IHG hotels, get 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants.

Plus, all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.

Details

This card provides a free one-night hotel stay each year. Plus, there is a wide array of benefits. They include travel and purchase coverage. And get an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.

The biggest issue is that the card does not have a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the yearly fee is $89.

Get it here: https://creditcards.chase.com/a1/ihg/premiernaep

Marriott Rewards® Premier Plus Credit Card

This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.

Spend $3,000 in the initial three months from account opening. Then you can get two free night awards. These are each worth up to 35,000 points.

Cardholders get access to perks including a free one-night stay annually after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.

Details

Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. And also, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.

Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.

There is an annual fee of $95. The APR is a 17.99– 24.99% variable.

Get it here: https://creditcards.chase.com/marriott/apply

The Best Business Credit Cards Bad Personal Credit for You

Your outright best business credit cards bad personal credit will hinge on your credit history and scores.

Only you can select which features you want and need. So, be sure to do your homework. What is excellent for you could be disastrous for others.

And, as always, make sure to establish credit in the recommended order for the best, fastest benefits.

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A Brief Look at the Origins of Lending

When attempting to find the beginnings of offering you could discover on your own taking a look at a great deal of unassociated details that does not truly inform you what it is that you would like to know.
The beginnings of providing return to at the very least scriptural times, with discusses of offering also being pointed out in particular locations in the Bible. Despite modern-day financial and also loaning, the beginnings of financing can return numerous a century … completely to the Middle Ages as well as in the past.
The Middle Ages and also the Renaissance are most likely the most effective areas to start trying to find info on this topic, as these times were when economic documents were starting to be maintained in earnest and also loaning in its contemporary kind was starting to really establish.
Financing in the very early Middle Ages
If you take a look at the very early Middle Ages to attempt to uncover the beginnings of loaning, you’ll discover that fundings were frequently essentially discriminatory as well as constantly paid for a huge advantage to the loan provider.
Landowners as well as the rich would certainly make lendings to poorer people while billing high rates of interest or making the consumer job to settle the financial obligation … in a lot of cases, the loan provider would certainly also enhance the regards to the funding as soon as is was virtually paid off to make sure that the customer would certainly need to remain to pay or job without spend for the loan provider.
If a debtor was incapable to settle their car loan they might also be tossed right into a borrower’s jail, held without reasonable test up until a person had the ability to repay their financial obligation or various other plans for their launch were made.
Borrowing throughout the Renaissance
Throughout the Renaissance as well as late Middle Ages, the beginnings of borrowing started to deviate a lot more towards what loaning is today. People called lenders would layer their sell market squares as well as various other service as well as seller locations, establishing a bench referred to as a “banca” (where we obtain the modern-day English word, “financial institution”) on which they would certainly perform their purchases.
A number of lenders could operate in the exact same location, as well as the competitors had a tendency to minimize a few of the luxurious rates of interest that were developed by landowners as well as various other authorities in previous centuries … this really did not, nonetheless, indicate that the profession of the lender was exemplary or totally reasonable.
The lenders would certainly still make every effort to make as much of a revenue as they can from debtors, and also could presume regarding misstate their documents of deals and also settlements so regarding fraud even more cash out of the much less ignorant or lucky.
Borrower’s jails were prominent, as well as in some locations were extremely crowded with individuals that had actually hardly been managing in the outdoors as well as had little hope of launch.
Financing in the modern-day globe
As time has actually advanced, so have the techniques of making and also obtaining fundings … it’s simple to see just how much points have actually come because the very early beginnings of borrowing.
The precursors of contemporary financial institutions created together with the Industrial Revolution, as well as in the years and also centuries that adhered to most significant nations worldwide have actually eliminated most sorts of unjust loaning in addition to borrower’s jails.
Rates of interest at financial institutions, money firms, as well as online loan providers are regulated by both nationwide as well as neighborhood aspects, as well as contemporary lending institutions aim to supply a beneficial solution to both the general public as well as companies by offering sensible rates of interest as well as precise terms.
Borrowing has actually expanded from a technique of a couple of people searching for revenues to a significant market on which the basis of the contemporary globe is developed … an instance of exactly how from easy beginnings can come wonderful points.
—
You might openly reprint this post offered the adhering to writer’s bio (consisting of the real-time URL web link) continues to be undamaged:

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Your Ideal Client

Your Ideal Client ” I do not understand the secret to success, yet the trick to failing is attempting to please everyone.”– Bill Cosby Perhaps they were constantly late to pay, or really did not do what they stated they would certainly do. Whatever the scenario, opportunities are you had a hint when you initially … Continue reading Your Ideal Client

Success again… $33,849.00 in New York, NY for Equipment financing!

Our client came to us to see how we could help him obtain her company goals. We were able to facilitate her needs by securing financing. Provided help when needed and became a great solution.

Glad to be a part of your success!

Click Here to see how much funding you can get for your business.

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Ideal Home Owner Insurance Quote

Buying vital and also as large as a resident insurance plan ought to be taken seriously. Undoubtedly, you wish to buy your plan from the most effective business, along with obtain the most effective resident insurance policy quote.

Just how can you do that?

When it involves homeowner insurance policy quotes, what establishes the insurance provider apart?

Property owner insurance provider are distinguished in numerous methods. Take a look at the score of the property owner insurer concerned, in addition to whether they are certified to do company in your state. Property owner insurer likewise vary in the degree of protection they use and also the sort of protection you can add to your resident insurance plan.

While you’re going shopping for the finest house proprietor insurance policy quote, discover the firm’s score. Talk to household participants, good friends, as well as next-door neighbors concerning the residence proprietor insurance coverage firms with which they do service.

What truly makes the most effective resident insurance policy quote?

The ideal house proprietor insurance coverage quote differs from individual to individual. You require to inspect out numerous various residence proprietor insurance coverage firms.

Where can I discover whatever I require to learn about homeowner insurance coverage in my state?

Your state’s division of insurance policy has all the details you require to understand about property owner insurance policy protection in your state. The insurance coverage division will certainly likewise have the ability to give you with a checklist of property owner insurer and also representatives certified to do service in your state.

Look at the ranking of the residence proprietor insurance coverage firms in concern, as well as whether or not they are accredited to do service in your state. Residence proprietor insurance policy business likewise vary in the degree of protection they supply and also the kinds of protection you can include on to your residence proprietor insurance coverage plan.

While you’re going shopping for the finest house proprietor insurance policy quote, discover the business’s ranking. Talk to household participants, buddies, as well as next-door neighbors concerning the residence proprietor insurance policy firms with which they do service.

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How to Set Up a New Business in New Hampshire

Starting a Business in New Hampshire

A new business in New Hampshire can be yours. So have you been wondering: how do I start a business in New Hampshire? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in New Hampshire during a recession?

A New Business in New Hampshire: Pros and Cons

New Hampshire is in the second highest set of ten states to start a new business in, per a 2016 article by Business Insider. But the state does have a poor startup activity score.

Still, the state does well with its business tax climate and the quality of possible employees. In a recent GOBankingRates.com study, New Hampshire was the best state for families to live a richer life. This is also important when considering where people want to live.

Given its size and favorable location, New Hampshire business owners can hire people in Vermont, Massachusetts, and Maine. Plus a vital New Hampshire business resource comes from having no sales or income taxes. Corporate tax rates are also relatively low.

Recent Massive Surge

According to a 2018 article by Fit Small Business, New Hampshire clocks in at number one! But keep in mind, Fit Small Business and Business Insider are using different methodologies.

Why the change? According to Fit Small Business, it had the best labor market and the best small startup costs – for the entire country. It also had some of the best quality of life metrics and very good rankings in the tax category.

A New Business in New Hampshire: Initiatives

New Hampshire’s Business Finance Authority provides access to finance programs. These programs are meant to expand credit availability to small businesses. The authority’s Capital Access Program also helps banks to offer loans to startup companies.

R&D Credit Program

New Hampshire’s Research and Development (R&D) Credit program offers tax credits to businesses which conduct manufacturing R&D. This credit is based on wages paid to New Hampshire employees doing R&D.

There is up to a 10% credit to offset a company’s state taxes. However, this credit is capped at $50,000 per business in a fiscal year.

Community Development Investment Program

The state’s Community Development Investment Program is meant to encourage companies to support community development projects. Tax credits of up to 75% of a company’s donation can also be granted. This lets businesses invest property, cash, or securities into programs to improve their communities.

Working Capital Line of Credit

The state’s Working Capital Line of Credit Guarantee program provides banks offering lines of credit. These are for New Hampshire companies with a guarantee of up to 75%.

Guarantee Asset Program

Another New Hampshire business resource is the state’s Guarantee Asset Program. It guarantees up to 90% of a line of credit. The line of credit is from a participating New Hampshire bank to a qualified local company.

Start a New Business in New Hampshire – New Hampshire Top Industries

The biggest industries in New Hampshire include retail trade. Smart business owners can find new opportunities. Work with the bigger industries in the area. Offer goods or services such as trucking for any industry.

Here is how to start a new business in New Hampshire.

Start a New Business in New Hampshire – New Hampshire New Business Secretary of State Requirements

Register a Business Name

Perform a business name look up on the New Hampshire Secretary of State’s website.

Business Permits and Licenses

All professional and business licenses are at the New Hampshire Government online services page.

Local Permits and Licenses

Check with your local municipality, city or county office or website. There may be any local licensing or permit requirements.

For example, in Nashua, go to the Licenses & Permits page on the city of Nashua website.

Start a New Business in New Hampshire – Business Registration

The Secretary of State of New Hampshire offers an easy online registration system. Forms are also available.

Tax Registration

Be sure to visit the New Hampshire Department of Revenue.

Start a New Business in New Hampshire – Virtual Offices

Alliance offers New Hampshire virtual business office space in Bedford and Portsmouth.

Also, try Regus for New Hampshire virtual business offices in Concord or Manchester. Go to DaVinci for New Hampshire virtual offices in Manchester.

For Franconia and other parts of the state, ask local business owners. Or try computer user groups for possible help in this area.

More options may be to look for virtual business office space in neighboring states. They are Maine, Massachusetts, and also Vermont.

Start a New Business in New Hampshire – Establish Business Credit

Company credit is credit in a company’s name. It doesn’t link to a business owner’s personal credit, not even if the owner is a sole proprietor and the only employee of the business.

Consequently, an entrepreneur’s business and individual credit scores can be very different.

The Advantages

Considering that small business credit is distinct from personal, it helps to safeguard an entrepreneur’s personal assets, in case of a lawsuit or business insolvency.

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

Another advantage is that even startup ventures can do this. Heading to a bank for a business loan can be a recipe for frustration. But building company credit, when done right, is a plan for success.

Individual credit scores are dependent on payments but also other considerations like credit utilization percentages.

But for company credit, the scores actually only depend on whether a small business pays its debts timely.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Building company credit is a process, and it does not happen without effort. A business needs to actively work to develop company credit.

That being said, it can be done easily and quickly, and it is much quicker than building personal credit scores.

Merchants are a big part of this process.

Performing the steps out of sequence will result in repetitive rejections. Nobody can start at the top with small business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Start a New Business in New Hampshire – Small Business Fundability

A small business must be fundable to credit issuers and merchants.

That’s why, a business will need a professional-looking web site and email address. And it needs to have website hosting bought from a company such as GoDaddy.

Plus, business phone and fax numbers ought to have a listing on ListYourself.net.

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

A business will also need a bank account devoted solely to it, and it must have every one of the licenses necessary for operation.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Dealing with the Internal Revenue Service

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

A small business can get started as a sole proprietor. But they will most likely wish to change to a sort of corporation or an LLC.

This is in order to lessen risk. And it will maximize tax benefits.

A business entity will matter when it concerns tax obligations and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you run a small business as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. As a result, you can find yourself being directly accountable for all company debts.

Plus, according to the Internal Revenue Service, by having this arrangement there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 possibility for corporations! Prevent confusion and substantially decrease the odds of an Internal Revenue Service audit as well.

Instigating the Business Credit Reporting Process

Start at the D&B web site and obtain a free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce 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 websites 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.

By doing so, Experian and Equifax will have something to report on.

Vendor Credit Tier

First you need to build trade lines that report. This is also known as the vendor credit tier. 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 acquire credit in the retail and cash credit tiers.

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

But first of all, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are in most cases Net 30, rather than revolving.

So, if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts need to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. In contrast to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To start your business credit profile properly, you need to get approval for vendor accounts that report to the business credit reporting bureaus. Once that’s done, you can then make use of the credit.

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

Vendor Credit Tier – It Helps

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

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to prove you are responsible and will pay on time.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are service providers which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

One such example is Lowe’s. They report to D&B, Equifax and Business Experian. They need to see a D-U-N-S and a PAYDEX score of 78 or more.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to fix, and take care of vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the small business’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411 company telephone listing.

Shell may claim they want a particular amount of time in business or profits. But if you already have enough vendor accounts, that won’t be necessary. And you can still get approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been sensibly handling the credit you’ve gotten up to this point? Then move to the cash credit tier. These are businesses such as Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or better. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

Plus, they want you to have an established business.

These are companies such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are commonly MasterCard credit cards. If you have 14 trade accounts reporting, then these are doable.

Start a New Business in New Hampshire – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any mistakes as soon as possible. Get in the habit of checking credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

Update Your Data

Update the relevant information if there are inaccuracies or the data is incomplete.

Fix Your Business Credit

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

Disputes

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

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

A Word about Building Business Credit

Always use credit sensibly! Don’t borrow more than what you can pay back. Keep track of balances and deadlines for payments. Paying in a timely manner and fully will do more to raise business credit scores than virtually anything else.

Growing business credit pays. Good business credit scores help a business get loans. Your lending institution knows the small business can pay its debts. They understand the company is authentic.

The small business’s EIN links to high scores and credit issuers won’t feel the need to ask for a personal guarantee.

Business credit is an asset which can help your small business in years to come.

Learn more here and get started toward opening a new business in New Hampshire.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

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