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Business Credit 101


 
 
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section The Money Spot
  
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 2 years ago '04        #26
JayR04 131 heat pts131
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I only got half this ish

 2 years ago '04        #27
youngpop 
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Awesome info and step by step instructions...will be trying this out in the near future...thanks

 2 years ago '08        #28
tdnupe3 19 heat pts19
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 Briellz said
Man, Thanks to this thread I got my business credit in order. I have 80 DnB score, $15000 in business credit cards and a 72 experian score. I can't thank ya'll enough.

My next goal is to leverage my business credit in Real Estate.

How long did it take you to do it?

 2 years ago '08        #29
tdnupe3 19 heat pts19
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I just became an outside broker for a company that provides funding for businesses. We also do credit repair (personal and business). We help build credit as well to get you funded, whether it's in house or out of house. This isn't a solicitation, just letting the bredren know they can hit me up.
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 2 years ago '05        #30
Briellz 
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 tdnupe3 said
How long did it take you to do it?
6 months.

 2 years ago '04        #31
the wise one 
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I fund businesses all day and THE MOST important factors for borrowing $$ come down to 4 things: Monthly Revenue, Personal FICO, Time in Business, and Industry.

Revenue : Underwriters will look at 1. how many negative days you have per month (doesn't matter if it's $1 or $1000 in the negative, both count as the same). 2. Average daily ledger 3. The amount of monthly deposits

Personal FICO :Self Explanatory

Industry: Many people ignore the fact that industries such as 1. Transportation 2. Real Estate 3. Construction 4. pr0n 5. Cannabis 6. Firearms are all very high risk and will have to pay more then lets say "a restaurant" for the same type of lending.

Time in Business: Most lenders won't mess with you if you don't have at least 6 months in business. The more $$ you need, the higher the requirements. To get the absolutely best rates you will need at least 3 years in business.

 2 years ago '04        #32
dc3003 147 heat pts147
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I just worked my a*s off on my credit and got a secured credit after my boa business cc was denied every time i ever applied and now there finally offering me a boa business cc. Finally ! But im hesitant to accept because im not sure if its gonna drop my cc score. I just applied for a contractors license and they run my credit so im scared of losing points.
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 2 years ago '15        #33
Madethagreat 19 heat pts19
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Love bro !

Would it be the same for a npo?

 7 months ago '04        #34
Cali 
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 BIG RICHARD said
I just worked my a*s off on my credit and got a secured credit after my boa business cc was denied every time i ever applied and now there finally offering me a boa business cc. Finally ! But im hesitant to accept because im not sure if its gonna drop my cc score. I just applied for a contractors license and they run my credit so im scared of losing points.
good sh*t ... i need to look into this. My homeboy recently told me he is doing this and has been getting all the info on YT.

i heard about business credit in 2008-2009 ... i got scammed out of 2K ... the industry got tight during the financial crisis but i hear its starting to pick up again.

- Jon
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 6 months ago '11        #35
Unattached 46 heat pts46
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