From Covid lockdowns to crime and cops, the political-media consensus was wrong.
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One of the nation’s biggest, oldest and best-known property-casualty insurers has made a preliminary proposal to acquire another storied name in the industry.
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All businesses, irrespective of their sector, can significantly benefit from digital marketing. It allows you to cost-efficiently reach clients, places your brand in the right circles, and positions your business in the same standing as your peers. Moreover, digital marketing platforms – such as your website or Facebook page – can also double up as …
Do you know how to beat the business recession? You get business credit cards with no personal guarantee? We do, and we are here to show you how. This method will work no matter what is happening with COVID-19.
Normally, getting credit isn’t easy.
You know what I’m talking about. You looked around the big banks, and then the medium-sized banks and then the small ones. And you tried the banks where you do business. And you also tried the others suggested by your friends or business associates. But after your long quest, you were unable to acquire any kind of a small business credit card without a personal guarantee.
The number of American banks as well as thrifts has been decreasing slowly for 25 years. This is from consolidation in the marketplace as well as deregulation in the 1990s, lowering barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts
Assets focused in ever‐larger banks is problematic for small business proprietors. Big financial institutions are much less likely to make small loans. Economic declines mean banks become extra careful with lending. Fortunately, business credit does not count on financial institutions.
There are over 500 distinct business credit cards around but less than fifty of them grant credit to companies in the absence of a personal guarantee. Complicating matters, these cards are not marketed or granted to all interested clients.
You can identify with the banks’ viewpoint. They don’t like risk so they attempt to diminish it by securing a business credit card. They accomplish this by asking you, the business owner, to guarantee payments from your private finances. So, this is in the event of business default.
If worst comes to worst, and as a guarantor or co-signer you are not able to pay the financial obligation, then your individual assets will be executed. If you provide a personal guarantee and don’t pay your business credit card bills, the bank can seize your accounts, your vehicle, your residential property, and your stocks.
And they can seize whatever else you may have used to guarantee that card.
But your standpoint, of course, is that you need to have this card to run your company better.
The first thing you can do, and it’s easier said than done, is to have patience, and grow creditworthiness for your small business in the same manner that you have established your personal credit history. For most companies, this means paying your debts punctually, plus staying in business for a while, to develop a record of creditworthiness.
To get rid of the sticking point of a personal guarantee, you will have to demonstrate to the bank that your small business is solid. And you have to show that it can produce consistent earnings, and it has a substantial cash flow.
And the business needs to have a flawless payment history. If all the above can be shown, it will be a lot easier to find small business credit cards with no personal guarantee.
This is how to start establishing business credit without personal guarantee.
Set apart yourself from your company. This means you can help your cause by incorporating or becoming a limited liability company (LLC). This is a separate entity from the owner(s). And it means you must register for a separate identification number with Internal Revenue Service.
If your business is already an LLC you can skip this step altogether.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
Get several company credit cards with personal guarantees. The ones with high spending limits will be better. This is because they are the only ones reported to the business credit agencies. And you definitely want business credit cards that do not report to personal credit.
Make sure when you buy these products, they have the personal guarantee removal feature baked right in. Keep your credit utilization at one third of your credit limit or less. Pay in a timely manner every time.
Make sure to use these small business credit cards to make your business’s large orders. These purchases, in combination with a low revolving debt and of course on time payment will all help.
These actions will demonstrate to the bank that your company can control its financial resources well. It will also persuasively show that the profit your business yields is enough to take care of financial obligations and more.
This can lead to an unsecured business credit card no personal guarantee.
Make certain that your personal credit history stays spotless. Eventually, you can file a personal guarantee removal request for these preexisting business credit cards. So, this is normally six months to one year.
The financial institution will hold an account review. But they could also consider your private credit report. If the bank approves your request then you have met your goal. If the bank says no, don’t lose hope. Just go to the next step.
No personal guarantee business credit cards can be yours.
You can elect to make an application for third-party guaranteed lending. For example, this could be an SBA loan, for financing. Settling such a loan will help you develop your business credit score.
You can also make an application for a small business credit card from a particular retailer. These retail credit cards often do not require a personal guarantee. Chose a store where your company makes purchases often. And by all means do not forget about those prompt payments!
These retail credit cards, along with an SBA loan will raise your PAYDEX score from Dun and Bradstreet. If you are unfamiliar with the term, the quick version is that PAYDEX is for businesses what FICO is for people.
Retail credit cards will give you an extra advantage from the start. This is because they will decrease your personal liability for your company debt. These are business credit cards for new businesses without personal guarantee.
Ask the financial institution again to take off the personal guarantee clause. Or apply for new business credit cards without any personal guarantee. Yes, new business credit cards without personal guarantee are possible.
You can try this once you have gotten an 80 PAYDEX score under the above conditions. This is when your opportunity to get such credit cards will increase exponentially.
You can instead apply directly for those very few small business credit cards with no personal guarantees. You should apply for business credit card no personal guarantee. For example you can opt for Sam’s Club® Business MasterCard® or the Bremer Bank Visa® Signature Business Company Card.
Each specific card of this type asks you, the business owner, to satisfy a set of conditions. But these conditions will differ from one card to another. For a Sam’s Club ® Business MasterCard ® you need your business to bring in over $5 million in yearly sales.
The Bremer Bank Visa ® Signature Business Company Card is available for businesses with annual revenues between $1 million and $10 million. But at the same time other company credit cards with no personal guarantee attached call for an open Dun & Bradstreet file. Plus there can be other requirements to be met.
Be sure to consult the card issuer. And read through all the specifics of the promotion carefully.
Increase your chances big time by building business credit!
Small business credit is credit in a business’s name. It doesn’t link to an owner’s individual credit, not even if the owner is a sole proprietor and the solitary employee of the company.
Accordingly, a business owner’s business and consumer credit scores can be very different.
Considering that small business credit is distinct from individual, it helps to protect a small business owner’s personal assets, in case of legal action or business insolvency.
Also, with two distinct credit scores, a business owner can get two different cards from the same merchant. This effectively doubles buying power.
Another benefit is that even new ventures can do this. Visiting a bank for a business loan can be a formula for frustration. But building company credit, when done properly, is a plan for success.
Individual credit scores rely on payments but also additional components like credit usage percentages.
But for business credit, the scores actually only hinge on whether a small business pays its debts promptly.
Establishing business credit is a process, and it does not happen automatically. A small business will need to actively work to develop small business credit.
Having said that, it can be done easily and quickly, and it is much speedier than establishing personal credit scores.
Merchants are a big part of this process.
Carrying out the steps out of sequence will cause repetitive denials. Nobody can start at the top with small business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.
Starting with vendors is how to get easy business credit cards no personal guarantee.
A business must be fundable to loan providers and merchants.
Hence, a company will need a professional-looking website and e-mail address. And it needs to have website hosting from a company like GoDaddy.
Plus, company telephone and fax numbers ought to have a listing on 411.com.
In addition, the company telephone number should be toll-free (800 exchange or the like).
A small business will also need a bank account dedicated strictly to it, and it needs to have every one of the licenses essential for running.
These licenses all must be in the correct, appropriate name of the small business. And they need to have the same business address and phone numbers.
So keep in mind, that this means not just state licenses, but potentially also city licenses.
Visit the Internal Revenue Service website and obtain an EIN for the small business. They’re totally free. Select a business entity like corporation, LLC, etc.
A company can start off as a sole proprietor. But they will probably wish to switch to a kind of corporation or an LLC.
This is in order to minimize risk. And it will make the most of tax benefits.
A business entity will matter when it involves tax obligations and liability in case of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and tax obligations. No one else is responsible.
A corporate business card will be in the corporate name. Yes, that even includes corporate credit cards without personal guarantee. And it can even mean start up business credit cards without personal guarantee. This is how to get a credit card without credit.
Begin at the D&B website and obtain a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a business in 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 web sites for the small 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.
In this way, Experian and Equifax will have something to report on.
Start with business credit cards without personal credit.
First you ought to build trade lines that report. This is also referred to as vendor credit. Then you will 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 retail and cash credit.
These kinds of accounts have the tendency 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 off, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are often Net 30, instead of revolving.
Therefore, 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, such as within 30 days on a Net 30 account.
Soon, these will be business credit cards that do not require a personal guarantee.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
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 also credit accounts of any sort should help you to better even out business expenditures, thus making financial planning simpler. These are providers like PayPal Credit, T-Mobile, and Best Buy.
These won’t start out as small business credit cards without personal guarantee. But in time, they can be credit cards for businesses with no personal guarantee.
Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move to retail credit. These are businesses like Office Depot and Staples.
Are there more accounts reporting? Then move onto fleet credit. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to fix, and maintain vehicles. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply for business credit card no personal guarantee using the small business’s EIN.
By now, you’ll get a business credit card no personal credit check.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
Have you been responsibly handling the credit you’ve up to this point? Then move onto more universal cash credit. These are companies like Visa and MasterCard. Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.
These are normally MasterCard credit cards. If you have more trade accounts reporting, then these are doable.
Make sure to use the business EIN to apply for business credit card without personal guarantee. Then you will get a business credit card no personal guarantee.
Always use credit sensibly! Never borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying in a timely manner and fully will do more to boost business credit scores than almost anything else.
Establishing small business credit pays off. Excellent business credit scores can help a business get a business loan no personal guarantee. Your lending institution knows the business can pay its financial obligations. They recognize the small business is authentic.
The company’s EIN links to high scores and loan providers won’t feel the need to request a personal guarantee.
Business credit is an asset which can help your business for many years to come. It’s really the only way to get a business credit card no personal guarantee required.
With patience and over time, you can get business credit cards with no personal guarantee. All you need to have is what the banks ask. That is, a dependable small business generating consistent profit, with a strong cash flow. And then, you will have what it takes.
This is how to get business credit card without personal guarantee. The COVID-19 situation will not last forever!
The post Get Business Credit Cards with no Personal Guarantee in a Business Recession appeared first on Credit Suite.
Make More Money From Land
Land financial investment is boosting in appeal as it comes to be extra cost effective for private financiers. The realisation that huge locations of land are most likely to be approved authorization for real estate growths in the future has actually urged individuals to include land to their financial investment profile.
Exactly how can you generate income from land?
Whilst absolutely nothing is assured, very carefully selected land can be a superb financial investment. Below’s just how it benefits personal capitalists:
– An investment firm investigates land that’s most likely to be created
– The firm gets a huge item of this kind of land, presently without advancement authorization
– The land is sub-divided right into smaller sized parcels
– Private capitalists get tracts for just ₤ 5,000.
– Purchase consists of freehold possession as well as the financier’s name on the acts.
– Investor can market the land any time.
– Land will most likely boost in worth in time.
If intending authorization is approved, – Land will significantly enhance in worth.
The loved one cost of this land implies that it is currently a major financial investment chance for exclusive financiers. The land is constantly gotten with no preparation approval, which is why it is less expensive, and also although there are no warranties regarding the revenues to be made, the investment firm has actually generally investigated the location consisting of the varieties of brand-new residences required and also the schedule of various other land in your area prior to selecting which land to purchase. This implies that the business will certainly deny land unless it is extremely certain that it will certainly be provided advancement approval at a long time in the future.
Just how can you make even more cash?
A sensible capitalist might place several of the cash produced by their very first “land bargain” right into brand-new parcels. This is a medium-term financial investment, so returns can be found in 5-10 years. This indicates that with cautious preparation, you can re-invest your revenues right into a variety of various tracts, making even more cash when consents are provided.
An excellent land representative can speak you via your initial acquisition as well as assist you to recognize stories of land that drop within your standards.
The family member cost of this land implies that it is currently a significant financial investment possibility for personal financiers. The land is constantly acquired without any type of preparation consent, which is why it is less costly, and also although there are no warranties concerning the revenues to be made, the financial investment business has actually normally investigated the location consisting of the numbers of brand-new homes required and also the schedule of various other land in your area prior to picking which land to purchase. A sensible financier might place some of the cash created by their very first “land offer” right into brand-new items of land. This suggests that with mindful preparation, you might re-invest your revenues right into a number of various parcels of land, making even more cash when authorizations are given.
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Business owners hear it all the time. You need business credit to run a business. You shouldn’t run your business using personal credit. Business credit is the best way to ensure you can get the funding you need to build and grow your business. The problem is, you don’t hear a lot about what business credit is, how to get it, or how to build business credit score.
Did you know you can’t automatically build business credit score? That’s right. It isn’t like your personal credit score where accounts are automatically reported. You have to be intentional when you want to build business credit score. In fact, if you have not been intentional, you may not even have business credit yet, despite the fact that you own a business.
Before you can even begin to build business credit, you have to establish your business as an entity separate from yourself. Here is how that happens:
This is the most decisive first step in separating your business credit from your personal credit. When you cease operating as a sole proprietorship and incorporate your business, it will be easier for credit agencies to recognize your business separately. You have a few options.
This is the most definitive separation, but it is also the most complicated and expensive. Before choosing this option, be certain there are reasons other than establishing business credit that it needs to be done. If it isn’t necessary for some other reason, there are other, less complicated, and less costly options.
This option basically offers the same separation as the C Corp, but taxes are paid at the personal level, rather than requiring the business to be taxed as well, resulting in double taxation. It is also cheaper than incorporating as a C Corp. If you aren’t required to file as a C corp, this is a good alternative.
Forming a Limited Liability Corporation results in less liability, thus the name, and offers enough separation to serve the purpose of establishing business credit. If you are not required to be a C Corp or S Corp, this is the easiest and most cost-effective way to create the separation of business and personal credit needed.
Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.
You need to apply for an EIN and stop using your Social Security Number as the identifying number for your business. Your SSN is tied to you, personally, and it is virtually guaranteed that anything connected credit-wise will end up on your personal credit reports.
The process for applying for and EIN is easy. The IRS has an online form, and as soon as all the information is verified you receive your number. It typically happens almost immediately.
Dun and Bradstreet (D&B) is the most widely used business credit reporting agency. They issue each business on file a 9-digit DUNS number. Application is easy and free, and once you have that number, you will be even closer to establishing credit for your business separate from your own.
Your business needs its own phone number. This way, when you apply for credit, you can enter contact information that is separate from your own. When information is reported to agencies, sometimes the phone number is an identifying factor. If you and your business share a number, that just decreases the level of separation.
Be sure you get your business phone number listed in the directory under the business name.
There has to be a dedicated business bank account. Run all business transactions through this account. Resist the temptation to pay personal expenses from it by paying yourself a salary instead.
The next question is, how do you build business credit score if you have business credit already, but it is bad? How do you improve your business credit score? It is impossible to improve on anything if you do not know what you are starting with, what you have to work with, and what you have control over. Let’s break down where exactly your business credit score comes from and what it means. This is important to get a good starting point.
Dun & Bradstreet offers several different types of business credit reports. In fact, there are six different reporting options in all. They all offer different information related to credit worthiness. It takes all of them to get the whole picture.
The report most used is the PAYDEX. This is probably because it is the easiest to understand. It is the options most like the consumer FICO score. It measures how quickly a customer makes payments and ranges from 1 to 100. Scores of 70 or higher are acceptable. For reference, a score of 100 shows payments are made in advance, and a score of 1 indicates that they are 120 days late, or more.
Experian uses what it calls Intelliscore as its credit ranking. There are more than 800 different factors that they use to predict a company’s credit risk. With Intelliscore, a score of 76 or higher indicates a low risk of default or late payment. If a score falls between 51 to 75, it indicates a low to medium risk. Scores from 26 to 50 are medium risk, and from 25 down to 1 is medium high to high risk.
Experian Commercial offers a number of other scores as well, similar to Dun & Bradstreet.
Equifax gets its business credit data in ways similar to D&B and Experian. They get Net 30 type industry trade credit information from a wide variety of suppliers that provide products and services to businesses on an invoice basis.
In addition, they use financial data with this industry trade data, and they add in utility and telephone payment data. They also use public records information.
Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.
Equifax Business credit scores include:
It is scored on a scale of 1 to 100, with 90+ indicating that a business has paid its obligations as agreed. An 80 to 89 means they are 1 to 30 days past due, 60 to 79 indicates they are 31-60 days overdue, 40 to 59 is 61 to 90 days past the payment date. It just goes down from there.
This score indicates the chance of a company paying its bills late on the following scale:
The FICO SBSS is the business version of your personal FICO credit score. It is becoming increasingly more common for lenders to use this score, rather than the Experian or even the D&B PAYDEX business credit score.
Unlike your personal FICO, the SBSS reports on a scale of 0 to 300. Of course, the higher the better, but most lenders require a score of at least 160.
This is a lot different from other business credit scoring models because it combines your business credit score, personal credit score, and other financial information such as business assets and revenue. It is a total global financial picture rolled into one score.
Unfortunately, there are not a lot of ways to find out what your business credit score is without paying. Find out how to get business credit reports for free here. Most options do not work on a continual basis however. You will eventually have to pay.
The prices are not cheap. Here are the prices for the top 3 business credit reporting agencies:
As for your FICO SBSS, that is a whole other story. You cannot really get a copy of it because it will be different from lender to lender. They system calculates a score based on what the lender tells it to look for. This means the lender can weight certain aspects of the calculation. For example, if one lender says that they want the personal credit history to be heavily weighted and another prefers to focus on another type of debt, those two lenders will have two different scores. Meanwhile, another lender may leave out student loans all together. The next may not want any personal credit information at all. With the huge number of possibilities, you could feasibly have a different FICO SBSS score every time.
With Credit Suite, you can monitor your scores with Dun & Bradstreet and Experian for a fraction of the cost. Get more information here.
Once you understand where it comes from, what it is, and what it means, you can get to work and build business credit score. Here are some of our favorite tips.
The fastest way to build business credit score is to get as many accounts as possible reporting on-time payments. The fastest way to do this is to work with starter vendors.
These are vendors that will offer net terms on invoices without a credit check. After you pay, they will report those payments to the credit agencies. As more and more of these vendors report your payments, your business credit score will start to grow.
Another way to get more accounts reporting on-time payments is to ask vendors you already work with to report. You pay things like rent, utilities, and your telephone bill each month. Sometimes if you ask them, they will report those payments. They are not required to though.
This is one thing that a lot of business owners do not realize they can do to build business credit score. Once you are able to see your business credit report, be sure to dispute any mistakes you find. Do this in writing. When you send the letter, you have to be very detailed about what the mistake is. Be clear about the correct information, and send copies of supporting documents. These are documents like receipts and cancelled checks. Additionally, use certified mail to send dispute information. .
Dispute your or your business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.
You can dispute mistakes on your or your business’s Experian report by following the instructions here: www.experian.com/small-business/business-credit-information.jsp.
And D&B’s PAYDEX Customer Service contact number is here: www.dandb.com/glossary/paydex.
Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.
The Small Business Finance Exchange collects information from its members for their database. They then provide this information to partner credit agencies. These credit agencies can then distribute that information to other SBFE members seeking credit data on potential borrowers. Consequently, by doing business with members of the Small Business Exchange, you ensure that the credit agencies have as much information as possible related to your business.
It’s important to remember that using too much of your available credit can cause problems. Your credit utilization, as indicated by your debt-to-credit ratio, needs to stay as low as possible. So you cannot use up every bit of credit you have. Carrying balances close to your limits will raise this ratio. As a result, your credit score will go down. Granted, you need to carry balances and make payments to get those payments reported. However, avoid getting too close to your limits.
Despite the fact that business credit is separate from your personal credit, there are some business credit reporting agencies, like Experian Business and FICO SBSS, that use your personal credit history in the calculation. As a result, it is possible for a poor personal credit score to have a negative effect on your business credit score. So don’t neglect it.
Here’s the thing. It will not do you any good to get more accounts reporting, correct mistakes, or work with SBFE members if you are not making payments on time. Regardless of how much credit you have available and how little you are using, not paying will tank your score fast. Hence, it will totally negate any progress you make to build business credit score. You just have to pay, on-time, and consistently.
Whether you are starting from scratch or trying to build up a bad score, trying to build business credit score can be completely overwhelming. Honestly, you have to start somewhere though, right? These tips can help you find a good starting point, and from there you just keep swimming.
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Content strategy can be defined as managing all tangible media that you create and therefore own, including written, visual, downloadable, etc. assets. This segment of a marketing plan is continuously demonstrating who you are and what expertise you are bringing into the industry. There is no niche where content marketing wouldn’t work. It all comes… Read more »
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