Author: Rachal Galloway

New comment by createmarketx in "Ask HN: Who is hiring? (April 2021)"

MarketX – San Francisco, LA, New York, Singapore, Texas (remote first)

We are transforming the way private investing is done today for mass affluent investors. MarketX is the Robinhood of Private Investing. We aim to make private technology investing as easy as possible, end to end. We are building the wealth containers of tomorrow by creating an infrastructure play for individuals who have never set up a legal entity to invest in private companies, and don’t have the time and resources to work with multiple lawyers, fund administrators, or accountants. You would play a pivotal role in building the platform that would enable trading of top global Pre-IPO companies like Bytedance, Grab, Impossible Foods, Warung Pindar, Epic Games, Flutterwave etc.
Thus far, we have completed a couple hundred millions in transaction size and currently working with over 300 family offices around the world.

We are currently looking to bring on a fulltime VP of Engineering and a full time backend engineer to help us tackle some of the toughest technical challenges – building a sophisticated API for private investment providers and wealth distribution networks.

As a MarketX team member, you will have exclusive access to invest in these global pre-IPO companies firsthand, alongside our clients.

Skill set:
• Expert level skill with the use of role-specific tools: ReactJS, ReactNative, NodeJS, Python, and Java
• 2-4 years of professional experience building web applications, preferably with exposure to fin- tech startups
• BS in Computer Science, Engineering or equivalent combination of experience

Interview process: screen, take home coding test, technical interview, leadership

Find us at www.marketxventures.com
Contact Email: Cathryn.chen@themarketx.com

Get Home-Based Business Recession Funding

Get Home-Based Business Recession Funding Without Jeopardizing Your Personal Assets

A home-based business can get expensive in a hurry. Between supplies and the phone system, to the printer ink and postage, and don’t forget your computer, you might be experiencing negative cash flow before your business really starts to take off. So here are some ideas for getting funding which don’t involve getting a loan from someone in your family. Get home-based business recession funding the right way, now!

Home-Based Business Recession Funding – Background

The number of US banks as well as thrifts has been decreasing gradually for 25 years. This is coming from consolidation in the marketplace along with deregulation in the 1990s, decreasing 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 financial institutions is problematic for local business proprietors. Big financial institutions are a lot less likely to make small loans. Economic declines indicate banks end up being more careful with lending. Thankfully, business credit does not depend on financial institutions.

Get Home-Based Business Recession Funding with a Loan from The Small Business Administration

The SBA says that over half of American businesses are based out of a home. And they have a number of loan programs you can take advantage of. Note: the SBA doesn’t provide the loan; they work with the lender and they make these programs available to you, the small business owner.

SBA Loans

There are two primary kinds of SBA loans you can generally secure. One kind is CAPLines. There are in fact 4 types of CAPLines that can work for your business.

You can also acquire a lower loan amount faster using the SBA Express program. A lot of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered up to and including $5 million. Loan qualification criteria are the same as with other SBA programs.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Microloans

These are not for a lot of money. The SBA facilitates microloans of up to $50,000, but the average amount is around $13,000. You can use an SBA microloan for:

  • Working capital
  • Furniture or fixtures
  • Inventory or supplies
  • Machinery or equipment

However, they won’t let you use it for buying real estate or to pay off business debts.

General Small Business Loans

Ah, the 7(A). It’s available for most forms of small business although, like the CDC/504 loan, you can’t get one if your business’s profits depend on sales made by an ever-increasing number of participants. You also can’t get one if your business derives (either directly or indirectly) more than 2.5% of its gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature. Since this is not too terribly well-defined, it’s hard to say whether it would include lingerie (although it most likely includes marital aids). You might need to check with your lender.

There are also some restrictions on franchises. Again, it’s always best to check the fine print and, if you have questions, talk to your lender.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with SBA Express

You can get approval for up to and including $350,000. Interest rates vary, with SBA enabling banks to charge as much as 6.5% over their base rate. Loans in excess of $25,000 will call for collateral.

Approval Details

To get approval you’ll need good personal and company credit. Plus the SBA specifies you must not have any blemishes on your report. An acceptable bank score requires you have at least $10,000 in your account over the last 90 days.

You’ll likewise need a resume showing you have business sector experience and a well put together business plan. You will need three years of business and personal tax returns, and your business returns should show a profit. And, you’ll need a recent balance sheet and income statement, thereby showing you have the funds to pay back the loan.

Collateral

To get approval you’ll need account receivables, but only if you have them. When it comes to the collateral to make up for the risk, generally all business assets will serve as collateral, and some personal assets including your residence. It’s not unusual to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Microloans (but not from the SBA)

There are other microloan providers. You can try the Association for Enterprise Opportunity to find a local microlender.

Bank Loans

What if you need more than a microloan, or your business falls into too many SBA exceptions? Then apply for a bank loan for your home-based business recession funding. Be prepared to put up collateral, which could be equipment or inventory or the like. Pay back your loan on time or else your business’s credit score will suffer.

Business Credit Cards

Another option is business credit cards. However, be aware that you must pay off business credit cards just like personal credit cards. A high credit utilization rate (the amount of credit you use, divided by the total amount of credit available to your company) of greater than 30% can bring down your business credit score. This can make it harder to borrow money or get another business credit card. Therefore, be vigilant with these and pay them off as soon as is practical.

Get Home-Based Business Recession Funding with Crowdfunding

You might want to try with a service such as Kickstarter or GoFundMe. Always make sure you read the fine print, because many crowdfunding platforms require that you give all of the funding back if you do not make your goal by the end of the crowdfunding campaign (IndieGoGo has a flexible funding option). Also, crowdfunding platforms take a percentage of the donations, and they generally will push to have you deliver on your promises, so you’ll have to actually do what your business is supposed to be doing – or face a potential lawsuit.

You will need to make a lot of choices before you even launch a business crowdfunding campaign.

How Much?

Your very first decision should be: just how much do I need to crowdfund? If you need $1 million, you are going to need to crowdfund more than that. Why? Because that is how crowdfunding platforms make their money – they take a percentage of whatever money you can raise. Therefore, you will need to take that into consideration. Crowdfunding percent costs range from 4% to 10%.

Will I Succeed?

Another decision is about how successful you believe your campaign is going to be. If you are extremely confident that you will be 100% funded at the end of your campaign, then traditional funding is for you. If you aren’t sure, then try GoFundMe’s flexible funding. With flexible funding, you, the campaign runner, can retain your donations even if your campaign fails. However, for this privilege, you will need to pay an increased fee to GoFundMe. Other crowdfunding platforms like Kickstarter don’t provide this option.

Your Campaign Strategy

A few words on strategy:

Pitch Videos

Your pitch video needs to be good. Use an expert to film it and create the script. Can’t pay for professionals? Then try schools, both students and instructors.

Your script does not need to be verbatim but you must have points you wish to make and not rattle on. Create a script and stay with it. This is not the time to improvise.

Show the Evidence

If you have physical evidence of your project, then make sure to show it in your campaign video and on your campaign webpage. This means a photo of your health club’s sign or a short video recording of your prototype robot.

Financing for Home-Based Business in a Recession Credit Suite

Address Skepticism

A lot of people are understandably skeptical about crowdfunding. An image and a tangible thing will go a long way to assuring them that your project isn’t vaporware.

Manners Matter

Say please, thank you, and you’re welcome to everyone. Use these magic words in your pitch and in your correspondence with your donors, even in the cover letters you send with your perks (even internet perks can include a cover email message). You do not need to be servile, but you absolutely must be polite.

Don’t Be Greedy!

If you need $250,000 for your campaign, but you call for $1,000,000, that does not do anybody any good.

You’ll just look like you wish to bum off others’ generosity. Instead, account for your expenditures as clearly and transparently as you can. And incidentally, if you misuse your funding, you could find yourself in an unpleasant meeting with your state’s attorney general. So be honest!

Stretch Goals

Your stretch goals should be a combination of easily achievable and pie in the sky. If you are crowdfunding for $100,000, a rather easy to achieve stretch goal is $125,000.

Pie in the sky is going to be more like $300,000. Make it perfectly clear what you will do with any added funds if you are lucky enough to get it. Will you buy the property your business operates in? Employ five additional people? Replace your outdated equipment? Open up a brand-new market on some other continent? Let your donors know what you are striving for, so they can dream with you.

Courtesy Counts

Be polite if your campaign falls short. Even if you use GoFundMe’s flexible funding option, you nevertheless might not get enough to make a significant dent in your funding needs. If you hoped for $100,000 and you just got $500, your best option is to simply return the money.

If you almost got there with $95,000, then say thanks to everybody who donated and see what you can do, despite the fact that there’s a shortfall. And let them know what you’re doing! Perhaps you’ll buy your building next year, or hire four people as opposed to five.

Once more, give your donors a stake in and an inside look at your startup. This will enable them to feel invested. And they might just decide to make up the deficiency on their own. Even if your crowdfunding campaign concludes doesn’t mean a donor cannot send a check or purchase extra goods or services. If that happens, then politeness is crucial.

Donor Strategy

Line up the most significant and most trustworthy donors you can before you start. Tell your mother or your brother in law or your former high school soccer coach to postpone on handing over their $1,000 or $10,000 donation till you begin your campaign.

And ask them (nicely!) to release their money at a very precise time. Which time? The first or very last day of the campaign (split the anticipated funding as well as you are able; if the division isn’t close to half and half, then ask for the bigger chunk of donations to come on the very last day of the campaign). Benefit from the novelty factor of the very first day of the campaign, or the urgency factor of the very last.

Much like a busker with a few of her own bucks in her hat, to encourage people to throw a few bucks for a song, you want your most significant donors to show other donors that they have confidence in you and in your project. And you also want them to suggest your other donors that they had best get in on investing in your startup before the chance ends.

Social Media

Share your campaign on social media sites and ask your friends and family to do so, too. Tweet the link. Add it as a Facebook status. Make it a Tumblr blog post or a snap on Snapchat or publish a blog post about it. Ask your network to publish the link. The best method to get your network to help you out is by assisting them in return. If your relative’s band is on Facebook, share their page, or tweet about it.

Be a participating member of your very own personal community, and your contacts will be far more likely to help you out when you ask. And repeat these social media posts. Considering timezones and our all-too hectic lives, people may not see your message the first time around. Mix it up and deliver it at odd hours (you can normally use scheduling software like HootSuite for this), including what is the middle of the night where you live.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with Unsecured Business Credit Cards

Many of these cards report to the consumer credit reporting agencies. They all require a personal guarantee from you. You can get approval in general for one card max as they discontinue approving you when you have two or more inquiries on your report.

Most credit card providers feature business credit cards including Capital One, Chase, and American Express. These have rates much like consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements are similar to consumer credit card accounts.

Inquiries

Usually, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they won’t approve you for more credit because they have no idea how much other new credit you have lately obtained.

So they’ll only approve you if you have less than two inquiries on your report within the most recent six months. Any more than that will get you declined.

Get Home-Based Business Recession Funding with Our Credit Line Hybrid

With this form of business financing, you work with a lender who specializes in securing business credit cards. This is a very unusual, very little know of program which few lending sources offer. They can typically get you three to five times the approvals that you can get on your own.

This is due to the fact that they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals typically range from $2,000 – 50,000.

The result of their services is that you ordinarily get up to five cards that resemble the credit limits of your maximum limit accounts now. Multiple cards create competition, and this means they will raise your limits, ordinarily within 6 months or less of original approval.

Approvals

Approvals can go up to $150,000 per entity like a corporation. With hybrid credit line they actually get you three to five business credit cards that report solely to the business credit reporting agencies. This is huge, something the majority of lenders don’t offer or promote. Not only will you get cash, but you build your business credit also so within three to four months, you can then use your new corporate credit to get even more money.

Rates

The lender can also get you low introductory rates, regularly 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the best cards for points. So this means you get the very best rewards.

Just like with anything, there are big benefits in partnering with a source who concentrates on this area. The results will be far better than if you try to go at it on your own.

Qualifications

You have to have excellent personal credit right now, preferably 685 or higher scores, the same as with all business credit cards. You shouldn’t have any derogatory credit on your report to get approval. And you must also have open revolving credit on your consumer reports right now and you’ll have to have five inquiries or less in the most recent six months reported.

Fees

All lenders in this space charge a 9-15% success based fee and you only pay the charge off of what you secure. Keep in mind, you get a ton of additional rewards and about three to five times more cash through this program than you’d get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval using a guarantor and you can even use a number of guarantors to get even more money. There are also other cards you can get making use of this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They offer similar benefits including 0% intro annual percentage rates and five times the amount of approval of a solitary card but they are a lot easier to qualify for.

You can get approval with a 650 score and seven inquiries (or fewer) in the last six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than UBF company credit cards.

With all preceding cards above, you have to have good consumer credit in order to get approval but what if your personal credit isn’t really good, and you do not have a guarantor?

This is the time when building business credit makes a great deal of sense even if you have good personal credit, establishing your business credit helps you get even more money, and without a personal guarantee.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are a lot easier to qualify for than conventional SBA loans. They also need much less documentation for approval. These alternative SBA credit lines generally demand good personal credit for approval.

Unlike with SBA, many of them don’t require good bank or business credit approval. Nearly all of these kinds of programs require two years’ of tax returns. Tax returns need to show a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions. Loan amounts are often based upon the revenues and/or profits on tax returns. At times lenders may ask for other financials including a profit and loss statement, balance sheets, and income statements.

Merchant Cash Advances

Merchant cash advances have rapidly become the most popular way to get financing, in large part because of the effortless qualification process. Businesses with $10,000 in revenue can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at minimum one year, though three years is better. Lenders generally want to see a credit score of 650 or better for approval.

Loan amounts are frequently around $20,000. Lenders generally do pull your business credit, so you ought to have some credit already and at times lenders will want to see tax returns.

Rates vary, due to the risk for this program, and there usually are not a lot of funding sources who offer it.

Get Home-Based Business Recession Funding with Credit Lines

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor which establishes a maximum loan balance which a borrower can access.

A borrower can gain access to funds from their line of credit anytime, so long as they don’t go over the maximum set in the agreement, and so long as they meet any other requirements of the bank or investor including making on time payments.

Advantages

Credit lines deliver many one of a kind benefits to borrowers which include versatility. Borrowers can utilize their line of credit and just pay interest on what they use, unlike loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Details

Credit lines are revolving accounts similar to credit cards, and compare to various other types of funding including installment loans. Often, lines of credit are unsecured, much the same as credit cards are. There are some credit lines that are secured, and for that reason easier to be granted

Credit lines are the most routinely requested loan type in the business world although they are very popular, authentic credit lines are few and far between, and tough to find. Many are also very tough to get approval for calling for good credit, good time in business, and good financials. But there are various other credit cards and lines that few people know about that are available for start-ups, bad credit, and even if you have no financials.

Get Home-Based Business Recession Funding with Securities as Collateral for Financing

You can get financing irrespective of personal credit if you have some kind of stocks or bonds. You can also get approval if you have somebody intending to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit requirements for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are frequently below 2%, making this one of the lowest rate credit lines you’ll ever see. You can nevertheless earn interest as you usually do on your stocks and bonds.

Get Home-Based Business Recession Funding with Building Company Credit

Business credit is credit in a company name, in association with the business’s EIN number, and not the owner’s Social Security Number. When undertaken correctly, you can obtain company credit without a personal credit check and no personal guarantee. This is something all other cards above can’t deliver.

You can get three types of company credit cards. First is vendor credit, which offers net 30 terms to set up a business credit profile. Then is retail credit, where you will get credit cards with high limits at most stores.

Next is fleet credit. It’s credit to fuel, service, and maintain business vehicles. And then there’s cash credit, which includes Visa, MasterCard, and American Express cards that you can use anywhere. You can get these without any credit check or guarantee. Limits are typically $5,000 – $10,000 to get started, and can exceed $50,000.

Takeaways

Stop asking your family for handouts! There are lots of ways to get home-based business recession funding.

The post Get Home-Based Business Recession Funding appeared first on Credit Suite.

New comment by JonasKS in "Ask HN: Who wants to be hired? (March 2020)"

Location: San Bruno

Remote: Yes (US only)

Willing to relocate: No

Technologies: C, C++, Ruby, Java, Javascript, Netbeans, PHP, Python, SQL, Xcode, Slack, JSON, SQLite, CodeIgniter, Eclipse, MySQL Workbench, Android Studio, Git, Github

Résumé/CV: https://angel.co/jonasks. If unable to create an account, please see https://portfolium.com/JonasKS/access/5998c63d0e93a instead.

Stack Overflow: https://stackoverflow.com/users/story/3127548

Github: https://github.com/JonasKVJ

Email: jonaskaneborg@gmail.com

About: Recent Computer Science graduate, who completed two college projects where a lot of collaboration was done remotely with Slack and Github + Git. I am now hoping for an opportunity to learn, and create high-quality code in a remote environment– startups are welcome.

Wells Fargo Business Platinum Credit Card: What It Is and What It Isn’t

The True Story of What You Can Do with a Wells Fargo Business Platinum Credit Card, and What You Can’t

It can be a bear to figure out which credit cards are worth your time to apply and for and which ones are not.  If you like to play the loyalty points and balance transfer game, it can be equally as daunting to figure out which combinations of cards work best for your needs.  The Wells Fargo Business Platinum credit card is great for many purposes.  It isn’t for everyone though.

To understand if this card is right for you, and how it compares to other cards out there, keep reading.

Check out how our reliable process will help your business get the best business credit cards.

Wells Fargo Business Platinum Credit Card New Customer Perks

Many cards offer a new customer bonus.  The Wells Fargo Business Platinum credit card is no different.  Currently the offer to new cardholders is a one-time $500 cash back bonus or 50,000 bonus points.  That is, if you enroll in their rewards program and spend $3,000 in the first three months.  They also offer a $0 rewards fee annually.

Wells Fargo Business Platinum Credit Card Cash Back and Points

The Wells Fargo Business Platinum credit card offers 1.5% cash back on every $1 spent.  In addition, you can earn 1 point per $1 and 1,000 bonus points if you spend $1,000 or more in any month.  There are no required spending categories or caps.

Users can redeem points for gift cards, merchandise, airline tickets and more.  In addition, you can earn a 10% credit by redeeming points online.

Wells Fargo Business Platinum Credit Card Interest Rates

This card offers a 0% introductory rate for first nine months.  After that, Interest rates are prime + 7.99% to Prime + 17.99% on purchases.  Cash advance rates are prime + 20.74%.

Which Businesses Benefit Most from the Business Platinum Credit Card?

Not all cards work well for all businesses.  This card works best for those that meet the following characteristics:

  • Businesses with annual sales up to $2 million
  • Those wanting the ability to choose between cash back or points
  • Businesses that need an easy way to manage business expenses
  • Those needing to add employee cards. The Wells Fargo Business Platinum credit card allows up to 99 employee cards with no additional fee.

Other Benefits of the Wells Fargo Business Platinum Credit Card

In addition to those already mentioned, this card also boasts the following.

  • Cash management tools
  • Spending reports available online
  • Online banking and bill payment options

How Does the Wells Fargo Business Platinum Credit Card Compare to Other Cards?

It really just depends on what you need and what you qualify for.  Here are some other options for comparison purposes.

Discover it® Cash Back

You can earn 5% cash back at different places each quarter. Gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs all qualify. There is a quarterly maximum each time you activate however. On top of that, 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 initial year, automatically.

For this card, your APR will be 14.99% to 23.99% based on creditworthiness and the market rate, which is based on the Prime Rate. Find out more about this card here.

Check out how our reliable process will help your business get the best business credit cards.

Wells Fargo Business Secured Credit Card

This is another Wells Fargo card that may work better for you if the Wells Fargo Business Platinum credit card is not an option.  It charges a $25 yearly fee per card (up to 10 employee cards).  In addition, it requires a minimum-security deposit of $500 (up to $25,000). It’s designed to help cardholders build or rebuild their credit.

If 1.5% per dollar in purchases with no limits or earn one point for every dollar in purchases sounds like something that would work for your business, this is the card for you. Additionally, you earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

You will also have access to free FICO scores every month. It’s important to note that there are no foreign transaction fees, and it is possible to upgrade to unsecured credit.  They will review your account regularly to see if you are eligible for an upgrade to an unsecured card.  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. Since this is a secured card meant for building credit, it is not a good option for balance transfers.  Find out more about this option here.

Chase Sapphire Preferred® Card

If you travel, the Chase Sapphire Preferred® Card is a great option.  They offer two points for every dollar on dining and travel.  Other purchases will earn you one point per dollar.  Trade the points in for the regular parade of cash back, gift cards, or travel.

Other benefits include trip cancellation insurance, travel, and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection, and extended warranty protection.

When you spend $4,000 in the initial 3 months from account opening, you will get 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.

There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 — 24.74% variable. Also, there is an annual fee of $0 introductory for the first year. After that it is $95.  Find out more or apply here.

Business Platinum Credit Card Credit Suite2

Ink Business Preferred ℠ Credit Card

With this card, cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising. The cap on this is $150,000 each year.  All other purchases earn an unlimited one point per dollar spent.

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

One drawback is there is no introductory APR. Find out more and apply for this card here.

Discover it® Student Cash Back

Be sure to look at the Discover it® Student Cash Back card. It has no yearly fee and offers a six-month introductory period of 0% APR on purchases. After six months, there is an APR of 14.99 — 23.99% variable on all purchases.

One exceptional feature is that this card offers an incentive for students to maintain good grades.  Those with a GPA of 3.0 or higher each year will get up $20 statement credit.  This is good for up to 5 years.

Since it is developed with students in mind, this card is great for building personal credit. Of course, this is different than business credit.  However, for new credit users, FICO scores will be important also. This credit card offers an outstanding way to raise FICO while also getting rewards.

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, the card offers unlimited 1% cash back on all purchases.  Also, all cash back rewards are matched 100% the first year.

Drawbacks include a cash advance fee of either $10 or 5% of the amount of every cash advance, whichever is more. 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.  Find out more here.

Hilton Honors American Express Ascend Card

This one earns hotel rewards points, so it is best if you spend a lot of time in hotels. Get up to 12 points per dollar of eligible purchases at participating Hilton hotels or resorts.

In addition, you automatically get Hilton Honors Gold status. That means room upgrades when available, and a 5th night free when you book a rewards stay of 5 nights or more.

This credit card has a variable purchase APR of 17.74 — 26.74%.   Also, there is an annual fee of $95.

Special offers include a 125,000-point welcome after making $2,000 in eligible purchases within 3 months after opening the account.  Additionally, earn a free weekend night award after making $15,000 in eligible purchases on your card in a calendar year.

Check out how our reliable process will help your business get the best business credit cards.

If you spend $40,000 on eligible purchases with the card within a calendar year, you can earn Hilton Honors Diamond status through the end of the next calendar year. This status includes all the benefits of Gold status. Find out more here.

Where Do You Start?

This is just a sample of what is out there and I am certain you can already see how hard the choice can be.  While some narrowing down is easy, based on things such as spending habits and eligibility, other factors are not so cut and dry.

The first thing you should consider is what is actually available to you.  Which cards are you eligible for based on your business income and credit?  If you currently are not eligible for the cards you want, you can do a couple of things.

The easiest is to start building your business credit.  If you don’t already have business credit, now is the time to make that happen. If you haven’t done the following already, they need to be handled first.

  • Incorporate as either a Corporation, S-corp, or LLC.
  • Get an EIN.
  • Get a D-U-N-S number.
  • Make sure your business has its own phone number, address, and fax number separate from your personal ones.
  • Open a separate business bank account.

How Do You Build Business Credit?

After you do these things, you can begin to open tradelines with starter vendors in the vendor credit tier.  These are vendors that will give you net terms on invoices, and then they will report your payments to the business credit reporting agencies (CRAs).  Find out more about the vendor credit tier and some great starter vendors here.

After there are enough of these vendors reporting on-time payments, your business credit score will be strong enough to start applying for credit cards in your business name.  Start with the retail credit tier.  These are store specific cards, such as a Staples credit card or a Best Buy card.  When you apply, use your business name and contact information along with your EIN.  Do not use your name, SSN, or contact information for anything other than identity verification.

As you get more of these cards and use them wisely, you will be able to apply for fleet cards that you can use to manage fuel and auto maintenance expenses.  Those would be from companies like Fuelman and Shell.

Lastly, you can apply for cards in the cash credit tier, which is where the Wells Fargo Business Platinum credit card falls. Other general, non-store associated cards fall into this category as well.

Is the Wells Fargo Business Platinum Credit Card Best for Your Business?

It depends on what you are looking for and what you are eligible for.  If the rewards with the Wells Fargo Business Platinum credit card fit your spending habits, and if you are eligible, then yes, this card may be right for you.

It can help to choose a few of the best cards that you may qualify for, and make a list of their pros and cons.  Maybe the rewards are perfect for you, but there is an annual fee.  Try to evaluate your spending to determine if the rewards will make the annual fee worth it.  Will you earn more than the annual fee in cash back or points?

If you need to do some work on your business credit before you are eligible for approval, there are other options.  Do some research, and in the meantime follow the steps outlined above to get your business credit score up to par.

It really is a balancing act between what you need rewards wise and what you actually qualify for.  Take some time to evaluate these things, do some research, and find the card that will work best for your business.  It may be the Wells Fargo Business Platinum credit card, but it may be something else entirely.

 

 

The post Wells Fargo Business Platinum Credit Card: What It Is and What It Isn’t appeared first on Credit Suite.

Just How to Escape High Credit Card Debt

Just How to Escape High Credit Card Debt

Financial debt can virtually appear like a dependency. The financial obligation situation obtains to be so poor since you really feel like you should have these products, yet you do not have the cash money to pay for them.
The crucial to damaging this financial obligation cycle and also to leave high credit scores card financial obligation is to check out the trouble as simply that– a dependency. At the very least you have to discover to obtain your financial obligation under control and also utilize it in just accountable methods.
Do you live the typical American desire– living income to income? That is a one-way ticket to high financial debt. Rather, look at your income as your monetary ceiling.
Individuals really live this method, so it’s not difficult. That additional loan you conserve every income can after that go to paying down your financial debt. The even more major you are concerning getting away the financial debt cycle, the even more loan you will certainly conserve from your income to pay down financial obligation.
Astonishingly, do this for a time, as well as you will really leave from under your high financial debt. When you pay down your financial obligation, you can increase the bar on your costs? You can in fact begin to get your devices once again– after you conserve up adequate cash money to get them tidy.

The crucial to damaging this financial obligation cycle and also to run away high credit rating card financial debt is to watch the trouble as simply that– a dependency. That is a one-way ticket to high financial obligation. That additional loan you conserve every income can after that go to paying down your financial obligation. The even more major you are regarding getting away the financial debt cycle, the even more cash you will certainly conserve from your income to pay down financial obligation.
Remarkably, do this for a time, and also you will in fact leave from under your high financial obligation.

The post Just How to Escape High Credit Card Debt appeared first on ROI Credit Builders.

How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers

Long Haul Truckers: Here’s How to Build Business Credit Quickly

Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly.

Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies!

Business Credit for Trucking: Why get Business Credit in the First Place?

If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.

And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.

Building Business Credit for Long Haul Trucking: The Benefits

Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.

Since the business gets approval for the credit, in some cases, there is no personal credit check needed from the firm owner. The business can utilize its credit to get approval for retail credit tier credit cards.

These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can utilize its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.

How to Build Business Credit Quickly: Start With Business Credit Profiles

A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.

A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.

How to Build Business Credit Quickly: Get a PAYDEX Score

Dun & Bradstreet’s Business PAYDEX scores are based upon payment history.

But personal credit scores are based on 5 factors:

  • payment history (35%)
  • utilization (30%)
  • length of credit history (15%)
  • accumulation of new credit (10%)
  • and credit mix (10%)

When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.

How to Build Business Credit Quickly: Defend Your Assets

Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.

Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.

A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.

As the business continues using credit and covers bills promptly it will get approval for more credit.

How to Build Business Credit Quickly: Developing Business Fundability

The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.

It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.

How to Build Business Credit Quickly: Corporate Entities and EINs

You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.

Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.

Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.

How to Build Business Credit Quickly: Business Addresses, Phone, and Fax Numbers

Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.

Virtual Addresses

However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.

And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.

Phone Numbers

You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.

Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.

A cell or home telephone number as your main business line could get you flagged as a non-established firm, which is too high of a risk. Do not give a personal cell phone or residential telephone as the company telephone number! You can forward a virtual number to any cell or land line telephone number.

Fax Numbers

Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents, you will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.

How to Build Business Credit Quickly: Business Websites

You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.

There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.

Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.

Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.

How to Build Business Credit Quickly: Business Banking and Licensing

Your company banking history is important to long term success in acquiring more substantial business loans. The date you establish your business bank account is the day that loan providers consider your company launched, no matter when you incorporated or achieved any other business milestone. The longer your business banking history, the better your borrowing potential is.

Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.

State Licensing

A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.

Contact the State, County, and City Government offices to see whether there are any necessary licenses and permits to operate your trucking business. This includes your commercial driver’s license. You must list your business filings correctly at the state, county, and city levels. Plus your IRS filings must have correct listings.

How to Build Business Credit Quickly: Company Listings

Also make sure to confirm that main agencies (State, IRS, Bank, and the 411 national directory) have the same listing for your company and with your precise legal name. Also make certain every single bill you get has a correct listing  for your business name and comes to your company address.

How to Build Business Credit Quickly Credit Suite

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

How to Build Business Credit Quickly: Get a D-U-N-S Number

Make sure your firm has a listing with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.

And check out creditsuite.com/monitoring for the lowest-price monitoring. We can save you 90%!

How to Build Business Credit Quickly: Get Your Other Business Credit Reports

Our business finance suite includes monitoring.

Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. It costs $49 – 99. Learn how many trade lines are reporting, and see if you have a business credit score assigned. See if you have an active Experian Business Profile, and check on recent inquiries.

Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business. It is $99.95 for a full report.

Business Credit for Trucking: Start with the Vendor Credit Tier

This is the beginning of business credit for trucking companies.

It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.

So if you’re set up on Net 30 terms and purchased goods today, then repayment is due in the next 30 days. Get products for your business needs and postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.

True Starter Vendors

We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.

Some vendors require an initial prepaid order before they can authorize your firm for terms. When your first Net 30 account reports your trade line to Dun and Bradstreet, the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Help Yourself with On-Time Payments

Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.

It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. Having said that, there is no benefit to the merchant to promote credit without personal liability if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.

You must have a total of at least five (5) Net 30 day pay accounts reporting although eight (8) are better, to move onto the next tier.

Business Credit for Trucking: Attain the Retail Credit Tier

After you set up 5 – 8 trade lines by utilizing vendor accounts, getting retail accounts is the next step. These are cards which a business owner can make use of and they don’t have to pay the full balance owed each month.

Retail credit tier approvals will start coming from stores. You must get retail credit prior to you, the business owner, can start getting Visa, MC, and Amex-type cards.

Most stores will not approve a business owner for business credit unless the owner has an established credit profile and score, a lot like in the consumer world. Vendor accounts must be utilized first to set up a profile and score, and after that your firm can get store credit. It generally takes a mere 90 days or less to set up a score and profile with trade lines.

Most major stores offer business credit such as: Racetrac, the Fuelman MasterCard, Ally Car Financing, and Phillips 66/Conoco/76 Commercial.

Once 10 total accounts are on report, a firm owner can then start applying for Visa, MC, and Amex-type credit. Approval amounts will equal the greatest credit limit account on the business report.

For that reason, try to have 10 accounts with at minimum one of them having a $10,000 high limit. Keep using the credit, and keep applying for more, and speak with credit providers to increase credit limits. If you do this, your business credit will keep growing until you can get higher limit credit lines, normally within 6 – 12 months.

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Business Credit for Trucking: Getting to the Fleet Credit Tier

As soon as you have 10 – 15 accounts, you can begin to get approval for fleet credit and auto vehicle financing. You must have at least one account with a $10,000 high credit limit to get authorization for most fleet credit sources.

Plus you must have higher scores, 75 or higher with Dun and Bradstreet. This score just confirms you pay your bills on time. Fleet credit is for everything to do with business vehicles and can be used at multiple locations. Its uses include fuel purchases, and vehicle repair work and maintenance.

Business Credit for Trucking: Going Beyond the Fleet Credit Tier

As you keep building more business credit, you’ll get approvals for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval.

And you will need well over 20 reported accounts, a bigger number of employees, and higher revenue and profits to get loans without these. Being responsible with fleet credit will lead straight to getting vehicle financing.

Business Credit for Trucking: Unsecured Credit

This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often very high, as in $10,000 – 50,000, and you can get it in 1 – 4 weeks.

You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.

Business Credit for Trucking: Revenue Loans and Lines

A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, they do not give you cash in trade for a portion of the business. Rather, you repay the loan (or credit line) as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.

Revenue-Based Financing Details

The lender (investors, really) will take an equity warrant which means they have a fixed price if they want to buy stock in the business until an expiration date. And the business owner does not need to back the loan with their own personal assets. They do no valuation on the company’s assets.

All you need is:

  • The company needs to be producing revenue
  • It needs to have good gross margins to be able to afford the payments

One way to get revenue-based financing is via crowdfunding platforms. Interest paid is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for very early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old, with revenue coming in but banks still aren’t providing loans.

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Fundbox

Our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.

Requirements:

  • Six or more months in business
  • Yearly revenue of $25,000 or greater
  • The company must have business checking account

Find them online at: https://fundbox.com/lines-credit.

Business Credit for Trucking: Takeaways

You have a lot of options when it comes to getting business credit for trucking companies.

 

 

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