To succeed with getting the most business credit at the best terms, set up your business where it is fundable by meeting business lender approval criteria before applying for loans.
Get business credit for your EIN that’s not linked to your SSN to become more lendable and easily access other capital you need.
Improve Your Fundability
Have you ever applied for a company credit card and received an immediate clearance from an automated system?
To become eligible for business loans, lenders and credit issuers have an unpublished set of requirements in their database system that you must follow.
If you get electronic approvals or are rejected depends on how fundable your company is.
Some fundability factors include:
The type of business entity you have
The type of phone number you use, business or cell phone.
If your business phone number is listed in certain directories
The type of business addresses your business has; the type of business licensing your business has.
The congruence of your records
The types of business lending references you have
Whether your bank account is set up
The way your website and email are set up.
Numbers you have, such as your EIN, DUNS, and BIN
Even if you are fundable, most business loan applicants are turned down due to fraud issues, not because you do not meet the requirements.
Business Lenders combat fraud by matching your company and application details against other data they have from places such as:
Dun & Bradstreet
The Small Business Financial Exchange
LexisNexis Reports include:
Every home you have ever owned including value and sale prices.
Building materials for your home
HOA info such as beds, baths, and roofing
Deeds and mortgages
Loan amounts, terms, loan types
Every phone number and email you’ve ever had.
All licenses, firearms, mortgages, and violations
Traffic tickets, felonies, misdemeanors, sex offender records
Marriage and divorce records
Every vehicle owned including VIN.
Every insurance policy you’ve ever had.
Every business you have been associated with
Family info including children.
Loans and leases
Aircraft and boat owner records
Public records including bankruptcies, judgements, lawsuits.
Education information including degrees, schools, dates attended and graduated.
Online marketing records
Short-term credit offer request records
Build Credit for Your EIN
When the company files for funding, your credit score is used to decide if you'll be eligible and how much you will be approved for.
Regardless of your personal credit score, you will be accepted.
There is no need for a personal guarantee, and there are no customer credit requests or filing. Balance limits range from 10-100 times those of mortgage credit.
Since credit ratings are dependent on payment history, you can get credit easily.
For lenders, retailers, and credit issuers, this builds your reputation.
If you have no credit history, you will be given a failing score for your company if you look unestablished or on the brink of bankruptcy.
Even one account filing will turn a bad credit score into a good credit score, making you more lendable.
If your credit score improves, business rating agencies will approve you for more revenue, allowing you to obtain more business credit approvals.
Startups, non-profits, owners outside of the United States, and individuals who own several companies may all apply for business credit.
There are no cash flow conditions, no liquidity requirements, and no consumer credit requirements, so you can get accepted even though you can't get some other form of loan or credit line.
How to Build Initial Business Credit
Credit must submit to company CRAs and credit issuers must accept with no new credit in order to obtain original business credit.
Both personal and non-personal guarantees are available.
Use Credit Line Hybrid to Build EIN Credit
To create EIN credit, get a $150,000 credit line hybrid.
There are no DOC and no 0% prices.
You may withdraw currency, and credit partners and startups are welcome.
There are no conditions for collateral or cash flow.
Multiple cards, usually five to eight, may be accepted.
There are business and regular cards available, as well as free roll-in financing.
Use Vendors to Build EIN Credit
Use vendors that don't need a personal pledge, don't offer Net 30 terms, and don't need a credit check.
Some trade vendors have a minimum buying requirement, and you must use vendors that state that fundability is a factor in vendor acceptance.
Uline, Crown Office Supplies, Laughlin & Associates, and Supply Works are the best reporting firms.
Steps to Build Credit for Your EIN
Register for the software that best suits the amount of accounts you're listing to create credit for your EIN.
Request for Retail Credit if you have five or more accounts reporting; apply for Fleet Credit Tier if you have eight or more accounts reporting; and get Credit Cash Tier and car finance if you have fourteen or more accounts reporting and a $10,000 high-limit.
Relationships with underwriters have been increasingly relevant since COVID-19.
Use the credit you've been given, pay your bills on time, get loans and credit lines that report, and keep an eye on employee numbers while filing annual reports.
How to get Money to Grow Your Business
You should be able to get the money you need anytime you need it as an entrepreneur.
However, you are hampered by a lack of understanding of eligibility criteria, a lack of market credit, and the inability to access all financing opportunities in one location.
Credit Suite's Business Finance Suit assists you with achieving all three goals to make the most out of your money on the best terms possible.