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You are here: Home / Archives for credit for small business

Small Business Credit with No Personal Guarantee

October 20, 2009 By Marco Carbajo

Credit for Small Business

Business Credit with No Personal Guarantee

 

Building small business credit has incredible advantages including obtaining cash credit cards with no personal guarantee. Two of the most common questions I’ve been getting lately is…

Are no personal guarantee businesss credit cards still available in the marketplace?

 and…

How do I go about finding who offers no personal guarantee cash credit cards for businesses?

That’s the magical question but before you get some answers you need to know that in order for you to obtain cash credit cards with no personal guarantee you will need to have an established business credit profile with a DNB paydex of 80 or greater plus 7-10 trade lines (vendor credit) reporting credit lines ranging from $2k and greater.

The video below will share with you the three ways to obtain Small Business Credit with No Personal Guarantee credit cards for your business. Don’t be confused with no personal guarantee vendor credit because that’s very easy to obtain. Cash credit is what most if not all business owners are seeking to obtain greater amounts of especially these days.

 

 

If you plan to apply for a business credit card prior to building business credit pay close attention to what information the application requires. It must require your Federal Tax ID, Dun and Bradstreet number, and may require a personal credit check. It’s always a good idea to verify with the credit card issuer how they report your payment history. If the answer is your personal credit file then it’s not a true business credit card.

True business credit cards offer three main benefits:

  1. Payment history is solely reported to the business credit bureaus
  2. No personal guarantee which shields you and your family from liability
  3. Separation of Personal Credit and Business Credit eliminates the co mingling of funds & credit profiles

What type of small business credit are you looking for? 

Looking for no personal guarantee business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value =>

About the Author

Marco CarbajoMarco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle.  He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

Filed Under: Business Credit Tagged With: business credit, business credit cards, business credit information, business credit no personal guarantee, business credit with no personal guarantee, credit cards for business, credit cards for small business, credit for small business, no personal guarantee credit, no personal guarantee credit card, no personal guarantee credit cards, small business credit, small business credit with no personal guarantee, start business credit

Are Credit Cards for Small Business on the Rise?

September 23, 2009 By Marco Carbajo

Business Credit offer

Many business owners across the country have experienced the cold shoulder from their banks and seen their credit lines reduced as a result of rising losses, the credit crisis, and economic uncertainty.  Are credit cards for small business on the rise or decline?

 

While major credit card issuers like Advanta have left the business earlier this year it’s refreshing to see that banks like J.P. Morgan Chase card services announced today that it plans to launch four more credit cards specifically targeted at small-business owners! Among them will be a credit card that requires the cardholder to pay their balance in full each month similiar to Amex’s card.

 

Richard Quigley, president of Chase Business Cards said “It’s really going to be small businesses that are going to help pull the U.S. out of the recession.” Now we have all known this from the very beginning of this financial mess but it’s about time that these national banks realize it and do something about it.

 

Even though this is good news for small business owners there are some that see this as a strategy that banks are pushing simply because business credit cards aren’t covered under the new regulations that restrict issuers from raising rates and fees on consumer credit cards. Whatever the reason is I believe that the more options small business owners have when it comes to credit cards the better. Hopefully Chase will roll out some true business credit cards but I do like that they are positioning themselves to compete with American Express.

 

Competition is a good thing and when it comes to small business credit cards the winner is the small business owner! For example, Chase’s Ink Bold card—the first charge card offered by a Visa or MasterCard issuer—is aimed at business owners who want to avoid paying interest charges. It comes with a variable credit line that automatically adjusts to the business owner’s spending patterns. Annual fees are $95, but the first year’s fee is waived.

 

Here are some other aspects to Chase’s new small business credit cards compared to Amex.

 

Chase’s Four New Small Business Credit Cards – Ink Bold, Ink, Ink Plus and Ink Cash

*They are accepted at twice as many locations worldwide as American Express

 

* InkSM Bold — Chase’s first pay-in-full  charge card with no interest
      charges 

– Ink Bold has no annual fee for the  first year and $95 thereafter

 

*InkSM — Developed for small business  owners seeking business-sized
      credit limits, flexible payment options  and online expense management
      tools with the ability to earn rewards  from business purchases with no
      limit on how many points may be earned  and the points do not expire.

-Ink has no annual fee.

 

*InkSM Plus — The solution for  small business owners seeking
      business-sized credit limits, flexible  payment options, online expense
      management tools and the ability to  earn rewards from business purchases
      including extra travel benefits  with no limit on how many points may be
      earned and the points do not  expire. Rewards points also are worth 25
      percent more when redeemed  for air travel through Ultimate RewardsSM and
      cardmembers  can earn an annual spend bonus of up to 25,000 points.

-Ink Plus has no  annual fee for the first year and $60 thereafter.

 

*InkSM Cash — Designed for small  business owners seeking unlimited cash
      back and accelerated earnings  on everyday business purchases: dining,
      fuel, home improvement and  office supplies. Ink Cash provides
      business-sized credit limits,  flexible payment options and online
      expense management tools.

-Ink Cash  has no annual fee.

 

Ouch! I’m sure Amex doesn’t like to see this!

 

If you like to stay informed and here about the latest news regarding business credit be sure to subscribe to my blog. 

 

Better yet CLICK HERE to become a business credit member and discover what business credit can do for you!

 

By the way, what would you like to see more of on this blog? Any questions? Let me know 🙂

 

To Your Success!

Marco Carbajo

About the Author

 marco-picture-2009-small-pic2

Marco Carbajo is a business credit specialist, author, speaker, and founder of http://www.startbusinesscredit.com . Want to learn more about how to build business credit and obtain unlimited financing for your business? Claim Marco’s popular FREE business credit seminar ($597 Value), available by simply submitting your email below To Your Success! =>

Filed Under: Business Credit Tagged With: business credit, business credit card, credit cards for business, credit cards for small business, credit for small business

Discover What American Express Never Tells About Credit Reporting

July 28, 2009 By Marco Carbajo

Credit OwnThe American Express card has spent years and years branding itself as the card you can’t leave home without. While the AMEX card has been one of the consumer’s preferred credit cards to own not much has been discussed when it comes to the way it reports the payment history of it’s customers.

While the majority of the media is focusing on credit lines being reduced, bank failures, and so on I want to address something that knowone seems to know about or pay attention to. Back in 2007  only after numerous consumer complaints nationally Capital One finally started reporting the true credit limits of it’s customers after years of only reporting the maximum balance used on consumer’s credit cards.

These credit limits showing on your personal credit profile have an important impact on your credit score because it reflects your true debt to credit limit ratios.

Unfortunately, some creditors like American Express have not adopted this practice and as a result millions of consumers are left out of the dark when it comes to ensuring their own true credit limits are being accurately reported on their credit reports to this day. This of course impacts the credit score and impacts what type of interest rate and/or loans a consumer qualifies for.

American Express and HELOC

American Express and HELOCS (Home Equity Lines of Credit) are known for not reporting the accurate credit limits of an account. For example, the American Express green card does not have an actual credit limit so the limit reported on the credit report of the consumer is actually the maximum amount that you have ever spent on that card. So if all you have ever charged on your AMEX was $3,000, and you paid it in full when the statement came and then you spend another $3k the following month, the $3,000 limit reported would show that you are using your card at 100% of your credit limit.

So what’s the solution?

Until AMEX comes to their senses and starts reporting the true credit limit of it’s customers you have to meet them at the court and play the game.

You basically have the power to set your own credit limit with AMEX on your credit reports. The question is what’s the percentage you want to shoot for on your debt to credit limit ratio with AMEX? No more than 30%! So, if you know that you regularly charge let’s say $3,000 per month on your AMEX then you want to make sure that the true credit limit reporting for your AMEX account on your credit reports is $10,000 or more. Why? Because if your limit reporting is $10,000 for AMEX and your charging $3k monthly then you are right at 30%, therefore your score will boost tremendously!

How do you set your own credit limit?

To increase and leverage that AMEX credit limit higher on your credit report, you should use your AMEX card and spend over $10,000 such as travelers checks or something like a TV then pay it off when the statement comes. Be sure to only set your limit if you know you can pay the balance in full when your statement comes in! The last thing you should do is go into debt simply for the purpose of raising your true credit limits with AMEX.

So once your statement comes in pay it in full. Next, go back to spending $3,000 again like normal. Your AMEX credit reporting limit would then increase to $10,000 as your limit and your regular spending habit of $3,000 would be below 30%.

You will need to reset your limit again in about 7-8 months so keep that in mind. This insider secret is priceless and this strategy alone can build credit fast and boost your credit scores 25 or more points!

Another option to offset your debt to credit limit ratios and boost your scores is by adding new credit lines with large limits and no balances.

Looking to build your business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($597 value) =>

About the Author

sp_image-435950341-1242740704.pjpeg

Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for AllBusiness, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in the SBA Community, American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

Filed Under: Consumer Credit Tagged With: add tradeline, american express, AMEX, build credit, build credit fast, business credit blog, consumer credit repair, credit, credit for small business, credit own, credit reporting, marco carbajo, own credit, trade line, true credit limit

Bad Credit Business Loan – Top 5 Solutions

July 2, 2009 By Marco Carbajo

Bad Credit Business LoanDuring tough economic times many business owners are faced dealing with tough personal credit challenges.  As a result they have to resort to applying for bad credit business loans just to keep their businesses afloat regardless of the interest rate being charged.

 

Hard money lenders have no problem charging outrageous fees and interest rates for taking on the risk but there are alternatives to bad credit business loans.

 

Here are my Top 5 Solutions to Bad Credit Business Loans

 

Accounts Receivable Factoring

 Factoring is a form of finance used to finance commercial, consumer, and government accounts receivable. Typically, businesses factor their accounts receivable to improve and accelerate their cash flow. Businesses that factor their invoices (accounts receivable) sell their invoices to a factoring company, usually for anywhere between 95 to 99 cents on the dollar.

 

 Business Cash Advance

 An alternative to a traditional bad credit business loan, you can receive advance cash based off your future credit card sales (Visa, MasterCard, American Express, Discover, and Debit Cards). There are no personal guarantees or collateral attached to the business advance. This allows you to have the working capital you need within 3 business days or less. There are no restrictions on how to use the money allowing you to grow your business hassle free.

 

 Business Asset Liquidation

While liquidation usually means you’re closing your business forever this can be a viable strategy to raise capital without actually closing your business. You may have equipment that you no longer use or other assets that can be sold off that can generate substantial capital for your business.

 

Personal Credit Restoration 

It’s not a shame to have bad credit because everyone at one time goes through challenges but it is a shame to keep it. Start repairing your bad credit immediately by either fixing it yourself or enrolling in a solid, reputable, and legal credit repair service.

 

Increase Credit Scores

In addition to credit restoration another strategy for solving a bad credit challenge is in improving your debt to credit utilization. You accomplish this by establishing higher credit limits with lower balances typically below 30%. When you have larger credit limits on personal and business credit reports new lenders that you apply to will tend to extend even larger credit lines.

 

Bad credit business loans do exist but before you decide to commit be sure to consider these options. If you do choose to apply or you are already in a high interest rate loan because of bad credit be sure to start restoring your personal credit. Once you improve your credit you can apply for a loan and obtain a much better rate. This will allow you to pay off the high interest rate loan and saving you thousands in interest.

 

Remember – Improve your business, your life, your relationships, your finances and your health. When you do the whole world improves. ~ Mark Victor Hansen

 

Instead of jeopardizing your personal credit and assets every time your company requires financing, you can use the business’ credit rating to secure the financing you need with even more favorable terms and lower interest rates.

 

Start your business credit today!

 

To Your Success!

Marco Carbajo

About the Author

sp_image-435950341-1242740704.pjpegMarco Carbajo is a business credit specialist, author, speaker, and founder of the National Entrepreneur Club.  Click here to visit his blog and signup free to get strategies, resources, and credit building tips with blog updates, news, and more! To start building business credit join his business credit community today and Click Here.

Filed Under: Business Credit Tagged With: bad credit business loan, bad credit business loans, business asset liquidation, business cash advance, business credit, business credit help, credit for small business, credit repair, credit repair fix, factoring, increase credit scores, small business loan bad credit, start business credit

Credit Cards for Business

June 10, 2009 By Marco Carbajo

small-business-credit-cardWhile small business credit card usage is on the rise according to the 2009 Small Business Credit Card Survey the majority of all small business owners fail to understand the importance of what’s in the fine print.

 

Statistics even show that over 65% off all small businesses use credit cards on a regular basis; but the problem is less than half of those credit cards are actually in the business name.

 

I hope to provide you with some insight into business credit cards and what you should pay close attention to when applying.

 

First, you should be aware that there are over 500 business credit cards available in the marketplace but less than 70 report your payment history to the business credit bureaus.

 

In addition, there are less than 40 business credit cards that will extend cash credit cards to your business without a personal guarantee.

 

Here are my ‘Top 4 Types of Business Credit Card Applications’ you should know about

 

The Business Credit Card Wannabe

 

This business credit card is by far the worst and in my opinion very misleading. It doesn’t matter how much fluff or creative sales copy is used by these particular companies what matters is what’ in the fine print! In a nutshell this business credit card application is nothing more than a glorified personal credit card.

 

How to identify?

 

The application requires your personal information, social security number, and business name only.  No Tax ID# or Duns# is required.

 

Disadvantages

 

Personally liable for all debt

All charges and debts are reported on personal credit files

Impacts personal debt to credit limit ratios

 

The Business Credit Card Poser

 

This business credit card is doing its best to be a true business credit card but it doesn’t quite make the grade. In a nutshell this card still requires a personal guarantee but what makes it appealing is the payment history and credit card balance are solely reported to the businesses credit reports not personal.

 

How to identify?

 

The application requires your business information, Fed Tax ID#, Duns#, personal information and social security number.

 

Disadvantages

 

Personally liable for all debt if the business defaults

 

The True Business Credit Card

 

This is the real deal business credit card and what truly represents what every business owner should have. A card that is tied to the business and completely separate from personal credit. This card is the best of both worlds! The payment history and balances report solely on the business credit reports and there is no personal guarantee keeping the liability strictly tied to the business.

 

How to identify?

 

The application requires your business information, Fed Tax ID#, Duns#, personal information but no personal social security number. (No personal guarantee)

 

Disadvantages

 

NONE

 

*Keep in mind there are also business credit cards that allow you to apply with business information only and no personal credit check. However, if you’re business credit scores and files are not strong enough they may require a personal guarantee for approval. I call this the ‘Two Faced Business Credit Card’.

Looking to rebuild your business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($497 value) =>


To Your Success in Business and in Life!

Did This Blog Help You? If so, I would greatly appreciate if you like and shared this on Facebook and Twitter.

About the Author

Marco Carbajo

Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, Business.com, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.

Filed Under: Business Credit Tagged With: build business credit, build corporate credit, business credit card, business credit cards, business credit loan, business credit strategy, business credit without a personal guarantee, business loan, corporate credit card, credit card tips, Credit cards, credit cards for business, credit education, credit for small business, how to business credit card, no personal guarantee credit card, no personal guarantee credit cards, small business banking, small business credit card, small business finance, small business financing, visa business credit card

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