7 Little Secrets To Getting $5,000 To $50,000 Or More Of Business Lines Of Credit Over The Next 30 Days!
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INTRODUCTION
Chapter 1 – The Check List
• Do you know what ghost credit is?
• Do you know what an unsecured business line of credit is?
Chapter 2 - Getting and Building Business Credit
• Why you need a Corporation/LLC.
• Your tax ID/EIN is a must have item.
Chapter 3 - Looking Good On Paper Is All You Need!
• Business lines of credit are credits given to your business with a personal guarantor.
• Keeping your mouth closed is priceless.
Chapter 4 - Show Me The Money!
• The facts and figures to make your case.
• Using a home address is ok, but a business address is better.
Chapter 5 - Stated Income Applications
• Future casting, the art of foretelling your businesses future income.
• Tried and true stated income financials.
Chapter 6 - Using The KISS Theory, “Keep It Simple Stupid”
• Never give more than what’s being asked for.
Chapter 7 - The More People With 700 Plus FICO Scores The Better
• Rinse and repeat you can have as many people applying for credit as you can find.
Welcome!
Thank you for downloading our free e-book, 7 Little Secrets To Getting $5,000 To $50,000 Or More Of Business Lines Of Credit Over The Next 30 Days!
Our goal is to give our Vanguard Global, LLC’s Round Table Members the best information to be found on building your businesses through our e-books, teleconferences, seminars, webinars, and emails. This e-book is taken from firsthand knowledge gained from our own corporate and business credit building, and that of our clients and business associates. Please be aware that some of the issues covered within this book may include speculative topics, statements, information, and procedures that will be passed on to you in an effort to provide you with as much information related to the subject matter listed above. The goal of Vanguard Global LLC’s, free e-book series is to give you the readers, the best information possible. Some of the sites that we may refer you to are affiliate sites and may pay us a commission if you chose to use their service.
Featured Content
• Incorporation & LLC Set Up
• Business Credit Building
• Business Credit Lenders
Chapter 1
The Check List
The check list is your guide to making sure that you have all of the things that you will need in place before you start applying for business lines of credit from the various banks and lenders available to you so that you do not start applying in vain.
1. The very first thing that you must have is good credit, or someone on your team that has good credit. If you do not have good credit or someone that is willing to work with you and allow you to use their good credit standing, then this program will not work for you.
2. A legal business entity of some type is a must have. You will need to have a corporation or a LLC, in order to go after business lines of credit properly.
3. A business phone number listed in the 411 directories is also something that you should have. However, if you do not, you can possibly get away with it when going after business lines of credit.
4. A business checking account will definitely aid you in the process of getting the credit cards and loans you will be going after.
5. A business license is not mandatory, but will definitely help you and your business look like a better risk.
6. Set income, and employee figures.
7. You must have your tax ID/EIN number before trying to acquiring credit.
Chapter 2
Getting and Building Business Credit
Getting and building business lines of credit is really pretty simple. If you have the few things that the banks and lending institutions are looking for you will be quite successful in getting all of the money you want. Understanding that getting business lines of credit is based almost entirely on the person who is putting up their social security number and their credit worthiness for the loan(s) or credit cards. This takes the corporation almost completely out of the equation.
The lender is naturally concerned about your business being real and functioning, but because there is a guarantor they seem to not scrutinize the corporation or LLC as much as they would under normal circumstances.
When you are applying for business lines of credit, you will only apply for 2 to 3 credit cards per month so that you don’t appear to be desperate for capital which will cause undo concern to the lenders and more that likely cause you to miss out on getting the approvals you are looking for.
You should always make sure that the applications, online or offline are the applications for business lines of credit, and not for personal lines of credit, for two very important reasons. First business credit limits are typically higher than personal limits, and second business credit typically does not report on your personal credit history. This means that you can have $300,000 of business lines of credit or more given to you and it would never show on your personal credit history as long as you don’t default on those debts. I call it “ghost money” because no one knows that you have it except you and the lender or credit card issuer(s). Do you see how powerful this is?
Chapter 3
Looking Good On Paper
Looking good on paper is the key to getting the money you want from the banks. Simply put, even though your business entity does not need to have all of the “bells and whistles” it would need if you were going after corporate credit, it still needs to appear to be a real live functioning business in a viable industry. Remember this one thing, no matter how good your personal credit may be, if you put on your credit application that you are in a non performing type of business like real estate, construction or some other business that is not viewed as timely or profitable. The amounts of money that you will receive will be minimal, at best.
Before you start applying for credit, your corporation or LLC, must be filed with your Secretary of State and showing on the Secretary’s website. You should also have your copy of the stamped articles of incorporation or organization, as well as your complete corporate kit containing your minutes and bylaws, corporate seal, stock certificates and your letter from the IRS indicating your tax ID/ EIN. These items are asked for more now than ever before. So you would be wise to have everything ready and waiting so that you don’t slow up the process or appear to be fraudulent.
Getting approved for credit even in these harsh economic times is still relatively easy as long as your paperwork reflects what the bankers want to see. You should make it a habit of keeping copies of everything you submit next to your phone as a point of reference so that if the banks call to do any verification you know exactly what you have put down on the application. Banks like to see earning projections of $240,000.00 to $340,000.00 in gross projected annual revenue and $100,000.00 to $150,000.00 in net projected annual income.
Chapter 4
Show Me The Money!
Show me the money is the simple step by step system that you are going to use to go after and get all of the unsecured business lines of credit available to you right now. You can apply for business lines of credit in several different ways. You can use a paper application, in person at a bank, over the phone, or via that web.
My favorite route of applying for business lines of credit has been via the web. I have found that applying for most credit card applications over the web is a pretty simple and painless process that seems to generate a relatively quick response from the credit card issuers. I also like the fact that when using the online application system(s) you have the ability to apply for more applications back to back. This means that you have less of a chance of the inquiries showing up on your credit profile before you have gotten approval for one or all of the credit applications that you have applied for. This gives you a greater chance of getting approved in my opinion.
The next method of applying for business lines of credit that has been used with great success is the paper application. The paper application process works best when your corporation or LLC is new because that’s when you will receive a ton of unsolicited business credit card offers in the mail from lots of companies vying for the opportunity to give you and your business credit. Once you have incorporated with your Secretary of State that information is then sold to the credit card companies, and to any one else willing to buy the information. Once these companies have purchased your information and have placed you in their databank you will start receiving the paper credit applications in the mail, which usually takes a couple of weeks.
Being patient is key when going through this process. You must not call and bother these companies about your application, no matter how much you may want to do so, because you may trigger an unwanted probe into your application that may reveal some small error that could possible get your application canceled, investigated, or require you to have to come up with a ton of documentation like paycheck stubs and tax returns.
What we want you to grasp here is that each and every one of these companies receive hundreds of thousands of pieces of mail daily, and process almost all of it automatically via their computer systems unless it is kicked out of those systems for human review. Human review is what you want to avoid if at all possible, simply because the people that are charged with this task come to work with their own set of “hang-ups” and attitudes that will play into whether or not they feel your application is passable or not. We have also found that when it comes to human review the people reviewing the applications have a huge incentive to deny your application as opposed to approving it. No one wants to approve someone that may default on the company and thus making them look bad!
The next way to apply for business lines of credit is via the phone. This is not one of my favorite ways of applying for credit so I will keep it brief. All that you need to do here is simply call the customer service department of the lender(s) you want to apply with and tell them that you want to submit an application for their business lines of credit, credit card, and they will walk you through the process.
Let me take a minute here to go over the reasons why I don’t personally like using this method of calling into to apply for credit. First, I try to avoid talking to people because I have no clue what they may ask of me, which leaves room for mistakes to be made and my application being denied. The next reason is that there is in my opinion a far greater opportunity for success when you allow the computer system to process your online or paper application(s).
The next way to apply for business lines of credit is to simply walk into your local branch office of the bank that you wish to apply with and open up a business account and simultaneously apply for your business line of credit, credit card or loan. More mainline banks seem to prefer this over any other process we believe because it makes you not just a credit card holder, of their bank. But a banking customer in the hope that as you are building your business over-all that you will use them to hold your financial assets.
A quick note about the last method above that you should remember. If at all possible you should try and use a bank that you are already doing business with and have an established repore with. Also you may want to consider getting some business cards made at minimum. So when you walk in to the bank and hand the small business accounts person your card, you’re showing them that you are serious about what you are doing, and are already conducting business.
Chapter 5
Stated Income Applications
Stated income applications are as you know by now simply applications of credit that you can simply state what your income is without having to show documentation of “said income.” Business lines of credit card applications are for the most part, stated income applications. These are the types of applications that you will be using to build up your credit empire and accumulate the working capital you are looking for to run your business.
Stated income applications for business lines of credit allow you to do what is referred to as future casting of your new businesses earnings and profits for the year. Appling for credit using this technique has been used for decades, and still remains a common practice to this day. This type of loan process allows you to acquire much needed smaller amounts of capital to run and operate your business without going through a big long dragged out process. These creditcard offers and loans are typically in the range of $5,000.00 to $30,000.00 per approved application. Obviously depending on you or your credit partner’s credit score and debt to income ratio, and the lenders desire to lend at the time of your application.
The power of this system that we are revealing to you here is this. Let’s say that over the next six months you applied at 2 to 3 different lenders per month and received an average of just $5,000.00 per approved creditcard, that comes out to $10,000.00 to $15,000.00 per month and either $60,000.00 or $90,000.00 in liquid capital to use for your business.
Now let’s say that you or your credit partner had really good credit and that you were able to double or triple those figures. That would mean that you could have as much as $180,000.00 to $270,000.00 in liquid working capital to build your business over the same 6 month period of time.
The biggest secret to using business lines of credit to capitalize your business venture, is that you can use the same business entity as many time as you want and go back to the very same lenders that you have already used to get credit from successfully, by simply using a new personal guarantor or credit partner to apply for the credit with. A quick side note here. You must also be in good standing on the credit that you have already obtained via the lender that you are going back to for more credit for that particular business.
Business lines of credit allow you to use your home address for as many corporate entities as you want and still get founding for each one separately, as long as you are using different credit partners for each separate business entity. One thing that you should know is that in most cases any business line of credit, credit cards that you have applied for using a credit partner will not be sent to your address or that of the business it will be sent to your credit partner’s address.
Chapter 6
Using The Kiss Theory, “Keeping It Simple Stupid”
This system is fool proof and will work for you if you don’t over think it. All you need to do is simply apply for business lines of credit, credit cards as mentioned above, and if your credit or that of your credit partner is at least at a 700 or better and has a decent DTI (debt to income ratio) you will be approved in most cases. You should always take extra special care of your credit partner credit so that you can reuse their credit to go after even more credit after a six month cooling period, allowing their credit to rest from all of the inquires that have been placed on their credit profile.
We have learned through trial and era that you must put away at least 12 months of payments for each business line of credit, credit card you have received. This task can be accomplished by simply going to your bank and swiping your credit card for that specific amount of money and having it placed in a separate business account that you will be maintaining. This process will work for you in two different and powerful ways. The first thing is that by putting away 12 months of payments for each credit card that you have received, you insure that the payments will be made on time raising the possibilities of getting an increase in your loan amounts. The second powerful reason that you will want to put away at least 12 months of payments for each credit card that you have obtained is that you will be seasoning your money. Which means when you show the ability to place large sums of money in an account and for the most part not touch it, you become a better credit risk to the banks and will start receiving loan offers from the banks where your accounts are held.
Chapter 7
The More People With A 700 Plus FICO The Better
As mentioned in chapter 6, going after business lines of credit is really a good way to capitalize your business for a lot of reasons. But the one that always sticks out to me most is that you are able to create thousands of dollars in much needed business capital from the same banks over and over again without having to do anything special other than create a corporation or LLC, and apply for credit using yourself or a credit partner or two. Or better yet, what if you had 5 or 10 different credit partners that have good credit and want to invest in your business but simply don’t have the capital to invest, and don’t know were or how to get the capital. If you were able to get 5 to 10 credit partners you could realistically borrow $1,000,000 to $2,000,000 or more in business lines of credit in 6 to 12 months or so at the rate of $5,000 to $10,000 per month per credit partner.
As a true life example we have a client Mr. D. Cary who placed ads on craigslist.org looking for a credit partner for his business ideal and was able to secure a credit partner with a 740 FICO score and at last count had received credit approvals from 4 business credit grantors; Discover, Amex, Capital One, and US Bank. So as you see, anything is possible if you simply get started.
Once again and as always, thank you for your time!
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Corporate & Business Credit Resources
Corporate/ Business Phone Service
Vonage http://www.vonage.com
Vonage is the phone system that we recommend you use for your corporate phone lines because you will be able to keep the phone system any place you want like at your home. But have them list your number at your business address in 411 listing so that everything looks as it should to the credit grantors. Also they are cheap, around $29.00 per month unlimited calling.
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7 Little Secrets To Getting $5,000 To $50,000 Or More Of Business Lines Of Credit Over The Next 30 Days!
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