Credit class 5.20.22

 net30, net 15, they are talking about corporate credit. you are building a separate credit profile. breaking up from your business. 

business has its own taxes, phone number, has own credit profile. 

corporate credit- we dont have to pull our personal credit on the line. ex. fleet credit/gas cards. store/retail credit, non reporting credit accounts, trade credit/vendor financing. 

franchise, they are not going to PG every car or insurance. scale without putting your credit at risk in case business fails. these accounts can be established without PGs. not risking ssn to get approved.

BUSINESS CREDIT CARDS

-require PG and good personal credit to be established.

1-5 million worth of income and at least 3 years in business.

-HOW TO STRUCTURE YOUR CREDIT SCORE

-credit karma is not your real score, 

-Credit factors: payment history is 100 percent. credit use under 30 percent. or under 6% is great. 

Tradelines do not work when it comes to business credit. bank wants to see what are you doing with your primary account. 

For personal cards, authorized users work. more personal credit you have, the more business credit you have access to. 

PAY ATTENTION AURIS. YOU HAVE BEEN DOING THIS FOR WHAT? 2 YEARS NOW, WORKING ON YOUR CREDIT? got to my goals. no need to pay it all back. over leveraged myself, need to make money in my business to get things right. 

-Build to get 20k to 50k limits. 

get way more. every 90 days, ask for credit limit increase so when you get your credit increase for business you get it.

-2 years in a major tier 1 bank (BOA, chase, wells fargo)

-2500 at least in a credit card before applying for business card

DEROGATORY MARKS

-none, clear it up. take all that off.

CREDIT AGE

- we want it to be at least 4 years

TOTAL ACCOUNTS

-At least 10, installment loans and credit cards..paints whole picture

Inquiries

0 to 3 inquiries 

any more, you look thirsty.

BUSINESS FUNDING

-Business loan you need all type of documents to get it.

-you can handle credit and your business credit is good as well, net30s are great. helps you get higher limit. 

HOW TO STRUCTURE YOUR BUSINESS

-When its PG, they dont care too much your profile. when its corporate credit, everything needs to look legit.

MAKE YOURSELF FINDABLE

-google, bing and yahoo

-create social media accounts

-listyourself.net -spread your business name across different sites, more findable

- this business has the statements, the 3 year old LLC, but she was nowhere online and missed out on 72k worth of funding. 

-you say you do trucking, real estate, logistics, etc.. they flag you as high risk. i had him get a whole new LLC, with different NAICS code and he got approved for higher limits.

BIRTH YOUR BUSINESS

-get LLC, and EIN

-get your DUNS number. (Do I have one? I don't think so). 

GET A BUSINESS BANK ACCOUNT

-1 major bank and 2 credit unions

Best banks: Navy Federal, citizen bank, NASA credit union

-when you open a business bank account, that's when lenders consider that your business has started (the day you open your business bank account)

-cant have virtual address with multiple people at that address, if its more 3-5 business listed you will be listed as risky. pull up google. 

1)

PSECU

50k in funding with 1 inquiry. 

30k credit card

20k line of credit 

all in 1 inquiry.

24 hour credit hack to remove credit hack, after approval. 

2) American Consumer Council

-Secret society, can get you into 500 credit unions.

-password is Andrews or CapitalAndrews

capital like all caps: ANDREWS

3) BOA is giving out auto loans, they will give you 4 auto loans with 1 inquiry. 

car for turo, doesnt show up. 

under 125k is no doc. experian is structured right and over 720, you can go and get 4 cars. 

4) Navy Federal is giving out a bag. 

80k in credit card limits from Navy Federal. 

can shift the limits from one credit card to another within Navy Federal

They got bunch of cards, gold rewards, the cash rewards and high tiered card. flaship card.

get all 3 of them. 

when i got gold rewards, built film business. they gave me 25k with 680, 2012. 

i  had 32k in one card, after time and the increases.

every 91 days, you can ask for an increase or apply for an additional Navy Federal card.

Second thing, multiple Navy Federal cards, navy will max you out at 80k in cards total.

If i had 25k in 1, 25k in another, i can take 10k from each  the cards and push it over. why advantages? for big ticket offers. maybe you need a 60k for a purchase. 

5) ARF Financial is giving out same bag 

6) Key bank, 680 and 2 year old business They give you money. gotta go to philly to get that. 

7)  sauce: bankbranchlocator.com

Shows you all the banks around you. how to find out who giving out the best lenders?

Credit unions give out the bag. who gives high lines of credit?

Look up the bank and then go to Youtube, type it in. 

People make videos on it.  

Find banks that are in the area.  NASA CU. 

Nick bar: When you go and apply for credit cards, #1 don't just join the banks and immediately apply. open checking, drop a bad and move money around. Make deposits. Do that for 3 months. gotta be patient with this game. credit is a lifetime process. #2 Figure out where the banks pull from. Ask them, they will tell you. (dsboone book tells you too). I love Experian banks, #3 Download this app in your computer, express VPNn. (oh ok, apply from there).  The average credit score in your area affects the way you are judged. 

best time to apply, middle of night, burden on the computer. apply and get approved. 

#4 open up multiple browers: chrome, internet explorer, microsoft edge, in incognito mode or private browser. Go to all the credit cards you want to apply for. It auto fills your information, 

then click SUBMIT, SUBMIT, SUBMIT. 

Get all that funding with only a few inquiries. This is called sequencing. I can apply for any American Express without  inquiry for 60 days. 

(One MS Play)

-rewards and cash back for free. one easy way. 

How many of you shop at costco?#1 put regular spend on your cc. how do we get reward point for free thats what MS means. go to costco, pick up bunch of Dell laptops. 5k. Costco only allows you to spend Visa, go back to costco, return line. i got the wrong laptops. and you return the Dells. show me receipt and insert cc, instead of you inserting the credti card that you purchased, you are going to put your debit card in the machine. that money will go to your debit card. with 0 fees. and then, you are going to pay off 5k credit card. the following day. now got bunch of reward points for free. no split payment needed in costco.