How To Get A Credit Card With No Credit

hello everyone, and welcome to our show today i’m really glad everybody could join us, i am been a minute late today, it’s become a crazy day over here. so anyways i’m really excited that everybody could make it today, today what we’re going to do is really going over how to get a high limit credit line for your business you know we deal

How To Get A Credit Card With No Credit, with a lot business credit financing and everything we deal with this by far is the most requested product out there ahm this is what entrepreneurs out most they want access to a height limit credit line

not a loan so in today show were going to go over exactly what’s available in this space were going to look at business credit cards, were going to look on business credit lines were going to look difference between them and you’re going to leave the very good understanding of how all these vehicles work and you’ll know what vehicle you can qualify for, so were actually going to be going over some that um you can get with bad credit we’re going to be going over some of the good credit for, we’re going to be over

all different kind of credit cards and credit lines and again the goals by the end of the show today is for you to know exactly what you need to do to go and secure for one of these you and your business even if you’re starting a business so before we jump in too far let me introduce myself my name is ty crandall, i’m actually the ceo over here at credit suite and what we do in credit suite is we help customers to get business credit for their business and also get financing for their business so if we can help you there

if you're ever ever interested in getting financing for your business we deal with all these financing vehicles i’m going to show you more feel free to check us out creditsuiteloans.com is probably decide what you want to go to creditsuiteloans.com i’m not going to be going pitch today or selling on you today it’s just going be probably 40-45 minute with straight content and information ahm but again if you want to learn more about what we do or get pre-approved for any

loan feel free to visit creditsuitelaons.com so credit lines, we talk about about credit lines and here again the most commonly requested loan program in the business world credit lines are popular because you only make payments on the amount of money you use on the credit line not the entire amount so this is specially works well you know for start-ups because when you’re getting started you don’t want to get a loan for fifty thousand dollars and only initially use 5,000 and the 50,000 and being payments and making payments on the whole 50,000 so

so it’s nice about a credit line is that you really making payments on what you’re actually using, if you put ten grant on the credit line that’s all that you’re paying regarding the payment and as you pay the lying down you can reuse it so really gives you access to ongoing working capital it’s not like were not 50,000 dollar loan expires you need to go apply again with credit line you don’t if you put 5 grant on it you have to pay 5 grant down and 5 grant to reuse. so again these are the reasons that these are the most popular

titles loan vehicle or loan products that are really out there today so even though they are popular through credit lines are rare and they’re very hard to find so if you’ve really out there looking for a you probably already know this that they’re pretty tough to actually find a real real legitimate credit line and that’s one of the reasons were going to talk about credit cards today to because often you’ll see credit cards advertisers credit lines when they’re not and i want you to be able to differentiate this and i want

you to know the differences between them and how each works so you can recognize them when you see them so many are also tough to qualify for okay most of these credit lines that you’re going to find require good credit they require good time in business and good financials and the reason for that is because you can’t get even approved for a lot a high limit credit lines unless you’ve got two years a tax returns which means you have to be in business at least three years and your financials would have to be good some of them are

based on financials as you’ll find out now again if you got credit issues if you’re just starting don’t worry there’s a lot of different options we’re going to dive in today even ones that are stated income without financials but there are other credit cards online that you people even know about they’re available for start-ups bad credit and even if you have no finance and those will be some other things were going to jump in today. today were going to dive in all of these so you’ll know all of your options out there whether they be credit card

whether they be credit lines you’re going to know, what’s really out there that maybe you can fit into now, you’re even going to know what you can grow into a due time. so a lot of cases when you see credit line offer such as the ones with zero percent these are truly credit cards not lines know were actually helping a pretty big groups with marketing campaign they’re doing and they do a lot deals they do 16 deals a day there unsecured credit cards but they

advertise a miss credit lines so if you go to website clearly says 0 percent they really end up being credit cardsas a matter fact, most adds that i see on social media, pay-per-click these are really credit lines, credit cards so again this is really one of the reasons we want to dive into this day. to decode the difference between them so what’s the true different step i mean before we start talking about credit cards and credit lines what really is the difference and i think this is an interesting question because most people i talk just don’t know.

you know i’ll asking for example you want a credit line or credit card why it’s got to be a credit line, what’s the different well i don’t know, well i don’t know, well think why are you so insistent in credit line and you didn’t know the difference. this is just something entrepreneurs don’t often know and really answer is there’s not much the difference. i mean for the most part these two types of funding vehicles are very, very, very similar except for a few different things. so credit cards for example usually offer the zero percent rates for up to two years.

very helpful for the start-ups because as a start-up you want to only pay only what you borrow but you also want the lowest payment you can have. well the only zero percent interest i’ve seen anywhere ever in the business world has to do with business credit cards, that offer the zero percent, don’t get me wrong okay i see common examples of fifty thousand dollar credit cards and higher limits ahm usually not higher, usually fifty thousand is probably one of the ceilings

that these type the cards you may see um at 0 percent so really good opportunity to get the money you need at a really low rate okay but you’re not going to find that on credit lines okay credit lines don’t offer zero percent rates so i guess i should go back because , if you’re see this offered it’s more than likely a credit card not a credit line. credit lines you don’t really see the 0 percentage rate, i’m not saying it’s impossible

there’s nothing impossible right. but i don’t often, i don’t can’t, i can’t tell you i ever seen a credit line in the business world that’s 0 percent it’s true credit line, not a card. okay in the credit lines allows you to take out cash at much cheaper rate than cards these really are the two biggest differences that i’ve seen in the credit line. you could take out cash advances, you could take cash out you don’t have to pay like a super high premium to do so. credit cards you do and this is one i’ve notice

notable differences meaning you could use a credit card a credit line pretty much the same placed but the problem well depending on if you have a debit card for the credit card for the but the credit card or the credit line will not charge you extra interest typically are are very high interest to take a cash advance credit cards typically do. so your limit are your rate might be zero percent in to rate. the rate on the card might be five percent they might charge you 15 to 20 percent on a cash advance

so two big differences credit cards you can get 0 percent intro rates for up to 2 years, which is awesome you cannot do that to credit lines the credit lines you could borrow and take cash against them much easier than the credit cards and much cheaper rate so this really the main two differences that’ll affect you between credit cards and credit lines there’s not a lot of them beyond that investopedia even said that lines to credit are potentially useful, hybrids have credit cards showing how similar they really are

as a matter of fact if you do research on this topic whether be investopedia or anybody else you’re going to find something pretty similar that most people out there telling you that a credit line and a credit card, one is a version of the other these are really hyper is there basically the same thing beyond very minor differences. what kinda differences i just told you the major one’s you want to know, benefit credit card 0 percent won’t really get that credit lines you could borrow cash and get cash advances at a cheaper rate

in credit card, so really there is two main differences you want to know, now both cards and lines are revolving credit, credit lines are harder to qualify for as card approvals are typically very fast i mean and a lot of cases you go to the website and get approved for the credit card immediately ahm even see fifty thousand dollar instant approval if you’re doing it the right way on credit cards, so very fast to get this even with high limits

credit lines no way you’ve going through it end up underwriting process for every credit line i’ve seen, to be able to get approved, much very big difference i mean between getting approved immediately and getting your money in 10 days or getting your card in 10 days versus going to underwriting process that could take 2 months and to get your money is a big difference ahm between the two. okay lines usually offer lower rates according to the bank rate bank card rates average about thirteen

percent i’m see this again okay credit lines usually get you lower rates in credit cards so if you’re looking at the bank rate and what they say is that your average is about 13 percent typical interest ahm on actual credit card well lines of credit give you 4 percent so credit cards give you good intro rates, the better than credit lines but when it comes to long –term money credit lines tend to be a little bit better on rate then what you’re going to find on credit card don’t get me wrong we see business credit

cards 5, 6, 7 percent, i’m just giving you an idea of what bank rate actually sees the average ask, so without a debit card credit lines are is easy to access credit cards because cards are used everywhere so we understand that, so just because you have a credit line doesn’t mean they give you a debit or credit card with it some of those only come with checks and it’s harder to pay with check that it is credit or debit card today society so sometimes credit cards are

just easier to use their credit lines it’s accepted it more places, but again whether that’s accurate or not depends on if they’re giving you a debit card with the credit line a lot of them do nowadays so now we talked a little bit about the difference between credit card credit lines let me dive and give you the option of both i’m going to tell you what out there in this world really for businesses with credit cards and high limits credit lines so you can see exactly what differs between the

qualifications and money you can actually get, so most banks offer unsecured business credit cards okay most of them do report to the consumer reporting agencies so even though they tell you it’s a business card it still reports your equifax, experian, transunion consumer bureau’s. okay they all require a personal guarantee from you so if you’re going into a bank or you’re going somewhere else to get a business credit card online they’re usually require not usually, all these types of cards require personal guarantee

you can get approved usually for one card max or maybe two max ahm because they stopped approving you if you have two inquiries on your report. okay now i had this happen to me, i have good credit okay don’t get me wrong i have always had good credit, i’ve had problems as entrepreneur lot of other people have to but recovering from that you know i have good credit and i’ve went to apply for a business card and got denied because of inquiries so what happens with these is

some of these accounts is about to learn, do not report to consumer credit they report to the business bureau’s so these card issuers never really know how much credit you have because they’re aware that some credit could be on your business bureau’s they don’t know about, so what happens if they seek two inquiries or more in the last 6 months then they usually approved you, for business card so this is why you can usually only get about 1 credit card if you go to your bank

ahm and you know it’s i can go to chase and get credit card go to bank of america go to regions and get them all you’re usually going to get 1 or 2 may before they get cut off that’s the reason why, because they’re not lenient on inquiries 2 inquiries can disqualify you for these types of account. so let’s look at some business credit line and card options, okay first of all we talk about business credit cards most credit card companies offer business credit card including capital one, chase, and american express okay i wish those three, because they’re the most popular

like if you look out there at the best companies that offer business credit cards, those 3 are often fine, now these have rates similar to consumer rates and limits are also similar the one you going to find a consumer credit cards again some report to the consumer reporting agencies some reported to the business bureaus, approval requirements are similar to consumer credit card account so all we’re talking about here is that you go online to credit cards dot com type in business credit card

they pull up the list of option that’s what i’m telling you about, this is normal business credit cards offered by most ahm card issuers. okay now there’s another kinda financing beyond your normal card that’s called unsecured business financing this is very important because this program i don’t know, i know six lenders in the country that offer this program it’s so rare that you’ll usually not find it or bumping in to it unintentionally you have to be looking for, which is why this is important it’s the most

popular product within the space, so typically when you apply for credit card what happens again as you put it inquiry on the credit report, when other lender see this they’re not going to approve you from your credit cause again as i said they don’t know how much do credit you’ve obtained because they’re seeing recent inquiries so the only approve you if you have less than 2 inquiries on your report in the last 6 months or more you get declined, this is the standard in the business word when you’re applying for business card,

but with this program with unsecure business financing you’re working with the lender who specializes in securing credit cards so this is what date do they get business credit cards for their costumers now this is very rare as i said little know about the program okay it’s really one of our most popular programs we see because when people learn about the like oh my gosh i’m in and that’s perfect it makes so much sense specially for startups, but again it’s rare didn’t know how this works because

it’s not something you going to find unless you’re looking for so what happens with this program is you’re going to get about 3 to 5 times the approvals that you’re going to get on your own that’s how it works, so for example you might only go out get one credit card but with this program they’re able to get you 3,4,5 of these type of accounts, now this is because they know the sources to apply for, the order to apply, and can time their applications so the card issuer’s

won’t decline you for the other card inquiries, so as i mentioned in the business world that you have to inquires more in the last 6 months you’re pretty much done you maybe going to get a card, you maybe going to get a second card okay that’s the most you’ll ever get, with this program you’re usually going to get 5 different high limit cards because what happens is they know who will give you the most money , they know who will give you the most money even with no inquiries one inquiry

whatever it may be and they time their applications in a way where they going and getting all this credit at once so the inquiries won’t hurt your chances getting in, okay it’s a whole system to this too delicate duns. the approvals usually range from let’s says up 20,000 to 50,000 but we see this all the time we see people with 5,000 to 10,000 and up ahm it’s not uncommon to see them go even hires as a matter of fact, we’ve seen clients with 100,000 of this kinda of money

and you can get 150,000 with this kind of money but typically we see about 20 to 50,000 or the approval limits, now the results of their service that i said you can get 5 cards that mimic your highest credit limit accounts i’m going to dive in to this, because this is something always baffles me when i talk to business office so when you’re looking for a credit card there you they’re going to look at your personal credit now for this program okay others at your personal credit won’t matter we going to dive in to this, they’re going to look at your personal credit they’re going to say what’s

what’s the highest limit somebody’s ever given you in your life, on a revolving account maybe it’s 2 grant maybe it’s 5 maybe it’s 50 grant maybe it’s 10 grant when you apply for a business card your typically going to get approved for right about that amount of money, okay some people, sometimes people like think it’s going to be well more than that also i have good credit and i want 50 grant what’s the highest limit account you have 2 grant it ain’t going to happen nobody going to give you a 50,000 dollar card

when the highest limit you’ve ever had it 2 grant it makes no sense, so what happens in the business world is there typically going to approved you around about same limit of your highest credit limit accounts now so if you have credit card with laws or visa for 5 grant on your personal credit report and you go get your business credit card, you typically going to get about a 5 or 6 thousand dollar credit card typically where it works, okay if you had a 50 thousand dollar credit card limit they’re typically going to get you 50 thousand dollars,

okay and i’ve been down this road before i was especially before the mortgage crash it was predominant that if you in good credit you’ve really high limits, i mean i had 30, 50 thousand dollar limits cards. i had denied, declined on offer once for 30 grant, and they asked me why i said because i already have one for 30 i want for more they gave me 50 was a whole different world back then, but now you don’t see that now specially you’re going to get approved for roundabout

whatever the highest limit account that you actually have, but with this program they get you 5 of those so you can usually get five times the amount of your highest credit account that’s five times the amount you usually going to get on your own now multiple cards, because they’re giving you not one credit line but 5 happens is your creating competition, and this means about 6 months said you can call one of the card companies ahm i’m not using you guys much because this guy

gave me credit and gave me more credit on using him and the bank goes ahh really we will raise your limit by 4 grant, cause this really happen i mean again this lender this is exactly the whole process of going to and getting people approved and getting you approve for even higher limits as time goes by, because they basically create competition between the card companies and again i just gave you example for my personal life for this actually was really applicable and because in this competition you have

an easier shot in 6 months of getting your limits raised and keep getting up higher and higher higher, and get approvals can go up to 150 grant per entity, such as a corporation so if you have a corporation you can get a 150 thousand dollars with these types of account how, well depends again on the highest limit accounts you have now and how many other people you have there. maybe willing to sign, so again you can usually 3 to 5 times the amount of the

highest credit card limit but here’s one of the big kickers, these accounts in this ubf program only report to the business credit reporting agencies. equifax commercial, experian commercial, dun and bradstreet they don't report on your consumer credit report, this is huge something most lender’s will not do or advertise, okay most times you go get this business credit card by yourself,

you’re going to get it reported on your consumer report not your business report. okay so not only will give you money but helps you build your business credit at the same time okay so let me explain to you two reasons this really, really, really, really matters to you. the way to fico score works 35 percent of your scores made up to your payment history, do you pay your bills on time or not? 30 percent almost the same portion of your score goes to utilization

what percentage of your high credit limit you’re using this means if you have to high of utilization you damage your score almost as much as if you paid your payment later every month it’s just math 35 percent of fico score in your payment history, 30 percent of utilization, you over utilize your account your scores dropped just like you paid a late payment because it’s 30 percent of your total score and here is the kicker if you’re over 30 percent above the limit

that’s when you start damaging your credit so that’s not very much at all if you a thousand dollar limit credit card you owe more than 300 bucks on that your hurting your scores so this is why you wouldn’t have these accounts for pull to the consumer agencies because if so the problem is as you used the credit cards as you would have it will cause you’re building a business you’re going to plummet your personal scores and then your chances of getting real loans and real high in credit lines were going to talk about here we go down the toilet so it’s very big because with

this ubf program they report that business reporting agencies not the consumer here’s the other kicker the other kicker is is that once these accounts report to the business credit reporting agencies so within 3-4 months you have a credit score established actually much faster than that about 90 days or less you’re going to have a credit score credit profile established now you established your business credit along with these ten twenty thirty fiftythousand dollar credit cards in

multiples so what happens in 3 to 4 months down the road you use you’re established business credit to then get more business credit card so it’s absolutely brilliant because with ubf you get five times the amount of moneythat you never get on your own okay then be on that you’re having no impact to reporting on consumer agencies meaning nobody that looks at yourconsumer credit even know you should have this 100 grants in other credit sitting here only were on the business reports then your business reports as long as you’re

paying your bill on time are established by 10, 20, 30 thousand dollars multiple cash, credit cards you have an instant good scores as long as again you pay your bill on time then you can use both profiles to getmore money its absolutely brilliant and this is whywhat are the biggest programs that we see most popular because it make so much sense, okay the lender can also give you these low intro rate 0 percent from 6-18 months we know see this go for two years

you’re not going to walk into your bank and it usually get back but again this ubf lenders know the sources that will give you those kind of apr's usually 5-21 percent apr after that on 20-25 percent apr for cash advances you already solve bank rate the average on these i think its 11-13 percent and now also get you the best cards for points meaning you can get the most rewards so if you’re going to get a credit card don’t even think about applying. it’s not worth your time you need to find one of these ubf lenders to get you five

times as much money they get you 0 percent rate, gets you all the points and benefits and then they’re also get you accounts to build your business credit and don't report to consumer credit notto mention that they help you six months down the road negotiate and get higher limits so a ton of benefits with this ubf program okay just like with anything else there’s a huge benefits in working with the sources specialize in the area the result will be much better

that if you try to go at it actually a loan okay now to qualify for ubs you going to have a good credit cause it’s all that being looked at i just as unsecured money there’s no collateral involved so they really want to see 700 types of credit score profile to be able to qualify the same as normal business credit cards, okay you shouldn’t have any derogatory items reported on the credit you must also have open revolving crediton your consumer reports now that makes

sense because they’re going to mimic whatever your highest limit account is if you have no credit now that’s revolving and you’re not going to get approved and you need that have less than two inquiries in the last six months which is another thing support that we had already talked about all winners in this space usually charge 10 to 15 percent success space so don’t expect to not to get charged a fee, you’re going to get charged a fee. i guess said their lender, they get paid when no date perform their service in

this case which gets you the five cards you don't usually have to pay it to youactually get approved some sources out there will charge you a fee i would never go with the source chargeactually you only pay the fee what actually secure with most these lenders, remember you get a ton of extra benefits that you’re paying a fee for 3-5 times the amount of money did you get on your own the business reporting all those are the things wetalked about so it's well worth it in my experience togo this route

. now you can also get approved using a guarantor don’t know if i have a sample of slide i will give you an example here we had a guy that didn’t want to pay the lenders fee, we say you know what were were going to help you to go your bank get the most money you can get there a 800 hundred score we helped with all aspects is going to its bank to get approved and he ended up getting approved for acard for twelve thousand five hundred dollars with these bank ubf lender had approved 75 grant

so that’s the difference into what you’re paying a fee versus not you’ve got your bank and get a fee on money you could get on your own but when the ubf lenders they charge a fee because they get you more but again in his case perfect scenario800 scores he still only got 12, 5 on his own even with our help getting as happened everything put together right and he could about 75,000 with ubs soagain that's really in the end what you'repaying the lender in the space for

you can get approved with more money ifyou have a guarantor other signer, you can use multiple signer or so if you think man i’ve got credit problems. i can’t this doesn’t work for me, very well don’t write this off you could use a guarantor for this which in our experienced 20-25 percent most clients do so in that case you might have a family member, a friend, an investor somebody might want to invest to you and your and you could use their credit to beable to secure the money as a guarantor there's a lotta circumstances were youmight have somebody that might work as a guarantor

of against me that maybe wants to be part of your organization. okay so consumer reporting now there’s another kind of program so i just walk to ubf i spent much time on it because again in my experience is one the most popularwe advertised actually utilize programs with credit lines credit cards so next i want to talk about a little bit more about lenient on secure business financing ubf but with consumer reporting with business credit reporting

so there’s also this type that’s basically the same program but these cards only report to the consumer reporting agencies you don’t get that extra benefits a building business credit these kind of account okay these are consumer credit card really versus business credit cards. they provide similar benefits you represents apr you get five times the amount you’re highest credit limit in there account now but there are a lot of easier to qualify for so even though the ubf program is really strange

you going to have a good credit to approved then with this program that reports with the consumer reporting agencies you don’t need to have as good at credit you get approved with the 680 score maybe even sometimes lower you get approved from five inquiries versus two so almost double like two and a half times the amount inquiries you can have a bk on your credit you can have order derogatory items in this programs a lot more forgiving this is much easier to get approved for the new ubf business credit card so

if you had a choice with really good credit you’re going to go with ubf because all those benefits to be crazy if not to. but if you got some duns and you still need to apply get approved well then this is much better this even has much better utilization and you can get approved with this despite 60 percent utilization the regular ubf you need 30 percent, so if you kind of qualify but maybe just missed the mark with ubf this is a great secondary program or it’s another way to get even more money so maybe you go with ubf and you can do this behind it

and get even more money okay with all previous cards mentioned you need to have good consumer credit to get approved of let me actually that’s perfect sites, all i want to say about that there’s not much more to say about these consumer reporting accounts they’ve got all the same benefits all the same features as the regular ubf it’s more lenient to get approved and the trade-off is that you don’t get the benefit of building business credit okay but it’s good secondary option if you don’t have the credit for the primary ubf were going to talk about on the third one now unsecured credit cards

using business credit, so with all the one’s we talked about so far you have to have a good credit consumer credit to get approved. but what if your personal credit isn’t good you don’t have a guarantor what if your personal credit sucks, horrible, its bad you know there’s no way you’re even going to go credit repair it gets fixed well that’s when building business credit just make a ton of sense as another option because even if you have that personal credit even if you do well building business credit still make sense because you get

even more money but most importantly you don’t have a personal guarantee that’s one of the benefits a building business credit is with business credit you don’t personally guaranteed the money so what we talked about before the other options you are personally guaranteeing your money why because you’re not providing collateral it’s called unsecured you’re securing the money with any kind of collateral so you’re going to have to supplier personal but with these cards with business credit with real business credits you’re not supplying a personal guarantee we teach our clients not even

that provide their social when they’re applying for business credit cards so without your social security number they can even pull your credit report which is why you can get approved for these regardless personal credit now business credits you’re not familiar talking about credits in a business thing, business credit is link to your ein not your social security number okay i put on now instead not hope we’ll disregard that, so when done properly business credit can be obtained with no personal credit check no personal guarantee

a something all other card’s i’d mention cannot deliver. okay here’s how you have to look at business credit if you’re not familiar you have social security number you have built a credit report to prove your social security number for however how old you were you got credit he’s getting you to build the good credit or bad and now when somebody pulls your credit leaked your social they see a credit report most people don’t know that your ein the same way you could go to credit profile score for your ein

the same you could do to your social and neither one of them are leaked to each other okay so your business credit completely separate from your personal credit especially if you do it without supply to your social and this personal guarantee. now you can usually get three types of business credit cards vendor credit which offers net 20 net 30 terms, used to start a business credit profile you hear this referred as business credit profile your hear this referred to a tier 1 blah blah blah it's basically vendorcredit these are vendors like

you line or quill that will say okay mister customer if you want to do business in our store and you have a then will give you a small line of credit of 500 bucks it you could use to our store and by the way we report this credit line to the business credit reporting agencies here’s the catch mister customer were not going to make this revolving line of credit or credit card if you borrow 500 bucks this month you’re going have to pay 500 bucks back within 30 days, 20 days whatever the net terms is.

so that’s what vendor account are now vendor accounts why would you want a vendor account versus revolving account you wouldn’t but you’re going to get a vendor account because this is necessity to build business credit these vendor accounts are perfect because once you get some of them then you establish a business credit profile, business credit score that then allows you to move on to the next kind of credit which is store credit, now these are credit cards with high limits okay 10,000 dollars at dell, 5000 dollars at apple,

3,000 amazon dot com, walmart, sam’s club, costco, bp, chevron they almost every major retailer offers business credit cards and if you get vendor accounts you build credit profile score you can go in and start getting like high limit store credit cards without your social being looked at without your personal credit being a factor so super cool you can only use the card in the store you’re getting approved for but come on your building a business you need credit and staples in lowes

and walmart, lowes and home depot and if your truck driver bp and chevron. so you need this kind of monthly credit anyways and helps you further establish business credit profile score or then you want to cash credit which which one these cards master card, amex card you can use anywhere again high limits how high typically within four to six months of starting a business credit profile we see our average client get five to ten thousand dollar limit cash credit cards regardless of their personal credit, guys that tough, if you have really bad

credit issues you’re not going to get ten thousand dollar credit limit cards any faster than that unless you’re usually using a guarantor and one other options which i show you a little bit later, okay this can be obtained with no credit check or guarantee because they’re linked to ein again applying you’re not even supplying you’re search on the actual application and limits are often five to ten thousand to start you can exceed 50 thousand somebody ask me the other day

on our you tube channel they said can i get 70 thousand dollars a money within the first 12 months i said yeah piece of cake you can get seventy grant in the first six months it would be a combination of vendors storing cash credit in 6 to 12 months you could probably get a total of a fifty to a hundred thousand in cash credit regardless of personal credit or guarantee. this is why a lot of people build business credit, because for one it doesn’t matter what your personal credit is, it could be horrible and you know i was on i’m speaking and then on october, i was on like this

ramp up where we all speakers talk about what we’re going to talk about their, i can bring description and there was lady and said, one the best thing i’ve ever said she goes look my fico’s vendor because i’m entrepreneur as entrepreneurs we’re risk takers and usually our personal credit reflects the risks we take unlike hallelujah, yes you’re spot on correct it’s just it’s just the way we all work we’re risk takers were entrepreneur so it’s

common for us to get in the business with credit issues so this is where business credit is a great solution it’s completely forgiving no matter what you’ve done on the personal side you could still get this kind of money fantastic solutions, so let’s talk about it unsecured bank line of credit now some alternative lenders are now offerings lines of credit’s that’s what locs lines of credit from fifty to a hundred fifty thousand. this is become one of the other most popular programs this is minimal doc

program so it’s not stated the ones i told you so far are stated in any kind you don’t have to supply tax returns, you don’t have to supply bank statements to get approved you put your income on the app and they go off the income you put on the app okay but with this one its minimal doc they’re good are usually require tax returns but they’re not going to require the p&l on the banks there they’re not to require everything else is usually required usually when you apply for a bank loan you going to have a

personal business bank statements, personal business tax returns p&l a projected p&l balance sheet and on and on and on with these you don’t need all those stuff but they are going to look at your tax returns now if you’re looking for over a hundred grant yet they’re going to ask you for the p&l and balance sheet that’s it and these take much less time to close the conventional bank lines credit so if you’re going to bank of america or chased try to get a loan their forget about it i mean asap

could easily be 3-6 months process with these 30-45 days baboom you close it fund at’s pretty super awesome because it’s 50 – 150 grant line of credit these are not credit cards this is a true line of credit here’s one account for a 150 grand you can get advances on without paying a high rates these are true line of credit. to get a line of credit 30-45 days like doc is a rare fine rates are low to i mean 7-10 percent on average

and your approval amount is usually about 10 percent of your annual sales for the tax to church this is important some credit lines go of your profits some of your sales this one goes of under actual sales you’ll need an experian score of 700 or higher to qualify so this is a 7 this is an experian base program they’re going to look at your experian score heavier than everything else which actually can be kind of good because not as many accounts report to experian as they do

equifax, transunion so you might have a better chance having a better experian than you do transunion or equifax anyways. okay so some conventional banks and private lenders also offers high limit credit lines, so moving on to another program cases a lot of your bank of america, your chase they offer very high limit credit lines 50,000-250,000 now if you have ever booked into credit lines this is probably what you found, this is what you probably found because this is the most common type of bank credit line that’s out there

now these are the types of accounts and i see most business owner truly want, i want to high, high limit of actual credit line okay but approvals required good personal credit and you’ve got to have tax returns for at least two to three years, they want to see your profits increasing year to year. so there’s two things are looking at on your tax returns you know well 3 against do you have good profits are your profits increasing from year to year and how are excuse me do you have revenue? his revenue increases from year to year then also how is your profits do you have increasing profit from year to year.

now that net revenue on your tax returns is equivalent to the amount you going to get approved for. so i just told you about the bank unsecured line of credit without when they’re going to do about 10 percent of your gross revenue okay that’s what you sales that’s what you actually made money but your actual profit okay is you’re is what they refer to your net revenue your actual profit is what they’ll approve you for on this. so if you have tax returns show man i have two million dollars

and i made a 250 thousand dollars in true profit then you’re probably going to get approved for up to 250,000 they’re looking at the profit on your tax returns some sources were require collateral but most don’t and you’ll need to supply a personal guarantor for a good guarantee for approval you going to have to personally guaranteed this because it’s unsecured there’s no collateral okay if you want to know about guarantees that’s what it comes down to this:

do you have collateral or don’t you if you don’t have collateral you usually get a personal guarantee, unless you’re using your business credit if your business credit strong enough to get you money you often don’t need personal guarantee but if you’re just going off your consumer credit you’re always get approved a p&g unless you provide collateral okay this is a full documentation program tax returns, p&l balance sheet bank statements for both personal and business to get approved okay

you also need really good personal credit 720 scores are higher with no derogatory we’ve seen clients was 780 scores denied because of one derogatory item of all the programs i’m going to show you today this is the hardest to qualify for program in existence underwriting and closing take about 60-120 days sometimes more sometimes 4 to 6 months and summer guaranteed by sba almost all are guaranteed by sba is what i say so why is that important because you qualify two times, two places

you going to qualify for your bank for their standards you going to qualify for sba for their standards that’s why this is the hardest to get approved for just like an sba loan how many people if you ever met your life whoever got an sba loan maybe you know somebody maybe you don’t but almost guarantee you don’t know more than what you can count on one hand or even a few fingers has a very tough to get approved for so does this is the equivalent of sba loan

really, really tough to get which is why if you’re even close you should go without unsecured bank line of credit to your show for up to 150 grant so unsecured cash advance pay attention if your credit issues about introduced you something it nobody really knows about out there in the lending space nobody’s talking about yet so new and it’s about the only way you can get a real true line credit with cash credit issues so cash advances are also known merchant advances

revenue lending in cash flow based financing are great way to get fast in and easy money the easiest the fastest way you’re able to get money, i mean you get cash advances within 72 hours we had a guy calls monday and he needed money to pay his payroll on wednesday we got his money in 48 hours so this is the fastest way you’re ever going to get money and by the way all we needed from him to get approved was three months bank statements we got the guy approve so

fast easy money in get approved if you’ve been in business for one year you’ve been in business for one year or more even if your fico is low as 500 so even if you have a really low credit score you could still typically get if proof for the merchant cash advances okay in usually they want you to be in business a year if you have a really good credit as a compensating factor than they might approve you in the business only six months but if you’ve been in business less than a year you have to have a good credit get approved otherwise if you’ve been in business one year more,

then you’re scores is low 500 you typically get approved so the only type of unsecured financing it doesn’t require good personal or business credit to actually get approved okay is on with cash advances now, cash advance require revenue you have to have an existing businesses won’t work for you if your start up so even if you’re starting your business now keep this in mind, because in a year this might be applicable to you do you really need to have revenues

of 10,000 a month or higher didn’t have any chance getting approved for unsecured cash, why am i talking about on unsecured cash advances well i tell you, because right now some lenders are now offering credit lines instead of or in addition to the actual cash advance actually the vendor will usually approve you for both so what happens and we’re starting to have our clients actually a lot of our clients well getting approved for these to came in get 50 thousand dollar cash advance

the lender goes here’s 30 thousand dollars in the advance do you want a credit line, and they say yes and they say okay here’s a 20 thousand dollar credit line to go with that, so it’s usually they give you a loan, and i’ll give you a credit line also, we apply upon approval you be offered the credit line if you qualify get these very new not a lot of these cash advance lenders are offering their shares as a matter of fact, we are part of a beta test with one of the biggest lenders our there that’s just seeing how it goes and the same as the bank line of credit

right where were be last because we do so much funding that were often invited in to participated in warehouse lines in edge fund money and this kind of beta test we know about him first because you know we’ve got a lot of clients that they could use actual beta test to see others work, but this is out there and if it’s not out there yet within a year two you’re going to start seeing this out there more and more and more often, so when you apply that’s when they determine if you actually able to get approved, okay so revenue lending credit line if you get

these are little harder to qualify for than just the cash advances okay you might need better credit or compensating factors so again the cash advance i said you can get approved for a year in business bad well with this they might be a little bit harder to qualify for that ahm but again if you have compensating factor that makes it makes, sense you’ll typically be able to get approved, funds must be used for the betterment of business not for you personally and looking 20 percent profit margins for approval is what a lot of them are looking for right now

so they might even ask your tax returns ahm unlike regular advances i mean regular cash advance they’re not going to ask your tax returns on these, but with these it makes a lot of sense because you typically get approved ahm they might ask you for tax returns but again it’s well worth it because to get a merchant advance credit line to get a credit line in three days to get a credit line even if you have credit issue, those are really really really big thanks and very almost impossible to come by, as matter of fact and all my times in the lending space i’ve been in financial services for about sixteen years

since i actually ahm get on the military i can tell you that i’ve never seen a true credit line for somebody with bad credit except for this, this is the first time in history i’ve ever seen such a thing so i’m really really excited that is out there because again so many entrepreneurs have credit issues so i hope you got a lot out of this today i mean i introduced you to everything that’s a legitimate credit line and legitimate credit card option that’s out there we talked about how to get money with good credit how to get money as a

starter we talked about how to get money with a bad credit we talk about the difference between credit card and credit lines you could differentiate between so hopefully now you have the knowledge you need to go out and to be able to find what you’re looking for in my experience that’s the problem with the lending space that’s why my company exist okay because we wanted to create solution where you can get business credit financing everything in one place

because in our mind that’s the problem with the space if you don’t know what to look for you’re not typically find it so hopefully i’ve accomplished my goal with this show today which is to teach you exactly what to look for what’s out there which can qualify for so now you know what to look for, and now you know what to look for then you able to have much better success and securing credit cards credit lines for your business again if we can ever help you in any way

let us know 877-602-487 our number or emails info@creditsuite.com if you’re interested to do know if you qualify for loan we do it all kinds of asset based collateral based in cash flow based programs and business credit so make sure you check this out creditsuiteloans.com and on that page you can actually go through a quick recall occasion it will tell you right away which qualify for even a video and detailed explanation of all the programs

so you’ll know rates terms all those kinda things that help you might as well check it out so get i know how important time is a launch to grow , i got another webinar coming up were here a matter of minute, so i don’t have time to sit around and take questions but if you have any questions fill free to check this out info@creditsuite.com also make sure you check us out on you tube could simply go to you tube type in credit suite and if you do, then you’ll find our you tube channel we have many many

multitudes of shows that will teach you how to get approved for financing how to build your business credit how to get business loans everything you need to be successful getting money for your business so this is ty crandall thank you very much to take the time to attend the show i hope everybody has a great day and hope everybody have a great success their thanks everybody.

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