Applying for Business Credit Cards with an EIN: Top 10 Factors

May 30, 2019 By Marco Carbajo

Applying for Business Credit Cards with an EIN

Do you plan on applying for business credit cards with an EIN?

In today’s post we’re going to go over the top ten factors that impact the approval process and size of credit limits you can acquire with our business credit card funding program.

This particular program requires that your company have an employer identification number issued, also known as an EIN. Although the banks require a personal guarantor; at the credit reporting level, none of the activity or cards issued under this program report to your personal credit reports.

Basically, you are leveraging the strength of your personal credit so the company can acquire its own business credit cards under its EIN. Think of it as co-signing for your business without it impacting your personal credit reports.

Once the cards are issued to your company under its EIN, the bank card issuers will report your card activity to business credit reporting agencies such as Experian Commercial and/or Equifax Small Business.

Remember, the ‘dividing line’ between business and personal credit cards must be established at the credit reporting level in order to legitimize true business and personal credit separation.
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Business Credit Cards vs Corporate Credit Cards

March 20, 2019 By Marco Carbajo

Business Credit Cards vs Corporate Credit Cards

When it comes to making business purchases; business credit cards and corporate credit cards play a vital role. But what is the difference between each one and which is ideal for your business?

In today’s post we are going to talk about everything you need to know about business credit cards vs. corporate credit cards. You’ll learn the similarities, the differences, the qualifications, and which one requires a personal guarantee and which one doesn’t.

Let’s get started.

Both business credit cards and corporate credit cards are similar because they are both a revolving source of funds you can use anywhere Visa®, MasterCard®, Discover, and American Express are accepted.

You get access to a pre-set credit limit that you can borrow against at any time. When you pay down the principal the credit becomes available to use over and over. Also, you can maintain a revolving balance on both business credit cards and corporate credit cards.
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5 Easy Approval Net 30 Accounts

January 29, 2019 By Marco Carbajo

Easy Approval Net 30 Accounts

In today’s post we’re going to reveal five easy approval net 30 accounts that help you build business credit. Whether you’re a startup or existing business this post will provide you a jump start in the business credit building process.

Also, we have included a special bonus at the end of this post on how to add up to 8 trade lines to your business credit report in less than 30 days.

So, let’s get started.

What are Net 30 accounts?

A net 30 account is credit that’s extended to you from a company, that allows you to buy their products and services on credit and pay the invoice in 30 days. Net 30 accounts are also known as vendor credit, supplier credit and trade credit.

You probably see it all the time circulating on the internet stating you got to get net 30 accounts to start building business credit. Net 30 accounts from vendors and/or suppliers is just one of the types of credit that you can obtain as a startup, existing business or even a real estate investor.

Starting out, if you’re a brand-new company and have no credit file established you typically can expect a small credit line from $500 -$1k and some even start higher than that.

Many vendors do not require any personal guarantee or personal credit check so that’s why a lot of business owners like to start out with net 30 accounts because they don’t want to use their personal credit.

One of the things I want to share with you though is if you do have strong personal credit then consider leveraging it with business credit card funding on top of net 30 accounts. This will dramatically speed up the business credit building process.
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Unsecured Business Line of Credit No Doc: 3 Fast & Easy Sources

December 19, 2018 By Marco Carbajo

Unsecured Business Line of Credit No Doc

How do you get an unsecured business line of credit with no documentation?

In today’s post we’ll reveal three fast and easy sources of credit lines for your business that you can apply for with no documentation. Whether you’re a startup or existing business, you may be able to qualify for one, two, or all three of these credit lines.

What is an unsecured business line of credit with no doc? A no doc business line of credit is a line of credit which requires no income documentation. To qualify you won’t be required to furnish financials, tax returns, etc. This is also known as stated income where the bank or lender does not verify income by looking at documentation. Instead, you are simply asked to state your income, and it’s taken at your word.

Typically, banks offer no doc or stated income business credit lines for self-employed individuals or borrowers who may have difficulty documenting their income.

This is a fast, easy and truly hassle-free way to get access to a line of credit for your business without all the red tape and excessive documentation.

What is a business line of credit?

Simply put it’s a revolving source of funds. You get access to a fixed amount of capital (your credit limit), which can be used anytime you need it. Think of it as having a cash/credit on demand tool for your business.

You can borrow against your credit line whenever you need it, repay it, and use it again. Best of all since it’s unsecured you don’t supply any collateral.

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How to Build Business Credit in 30 Days

November 28, 2018 By Marco Carbajo

How to Build Business Credit in 30 Days

Today, we’re talking about how to build business credit in 30 days. In this post, you’re going to learn step-by-step how to establish anywhere from 12 to 15 accounts reporting on your company’s business credit reports whether you’re a start-up or an existing business in 30 days or less.

So, let’s get started.

Why build business credit? Building business credit allows a business owner to protect their personal credit while establishing the creditworthiness of the business itself. With a separate legal entity such as a corporation or limited liability company, you have the unique ability to create a credit identity for the business also known as a business credit profile with the business credit reporting agencies.

When you structure your business as a corporation or limited liability company it becomes recognized as a separate legal entity with the ability to enter into contracts. It’s treated as a separate being. Basically, you have the ability to create a credit file in your company’s name using your EIN number.

As you know you have a Social Security Number. Your social security number is used when you apply for personal credit while a business has an EIN number which is also known as your Employer Identification Number.

Your EIN is used by the IRS for tax purposes, but this also gives you the ability to create a business credit report with the business credit reporting agencies. This credit profile for your business is vital if you plan on acquiring credit or funding using your company’s credit report as a qualifier.
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