- Incorporate or form an LLC for your business! If you have not done this yet, call Nevada Corporate Planners, Inc. at 1-888-627-7007!
- Stop using your personal credit cards to finance your business.
- After you form your LLC or corporation for your business, apply for a business credit card in the name of the LLLC or corporation.
- Set up a plan to pay down your personal revolving debt to the 5-20% range. Fist, develop a 8 month personal emergency fund. If you require $6K per month to live personally that means you will need $48K in savings first for your personal emergency fund. After that, start to pay down your personal credit cards. Do not pay them off each month. You will improve your credit score by leaving a small balance of 5% each month.
- Set up a merchant account to accept credit cards for your business. For the best rates and service contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for a referral.
- Develop a D & B® profile for the LLC or Corporation. We would recommend you do not do this on your and contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for options in this area. Continue reading →
Entries Tagged 'Business Credit' ↓
The Master Implementation Guide to CA$H for Your Business!
February 8th, 2010 — Business Credit, Dun and Bradstreet®, Incorporation, Merchant Accounts, Personal Credit, Starting a Business
How can You Avoid Costly Mistakes when Developing Business Credit!
January 4th, 2010 — Business Credit, Business Financing, Dun and Bradstreet®, Small Business, Starting a Business, business credit
I’ve seen made by hopeful, yet sadly uninformed individuals over the years.
Here are a few more secrets to give you the ability to avoid common mistakes. When it comes to developing business credit you need every secret you can get.
Avoid Costly Mistakes when Developing Business Credit!
The Business Credit Financing Ladder™ Steps for Your Business to Access More Cash!
October 7th, 2009 — Business Credit, Small Business
How does your business get money (without an investor)?
Most small businesses are self financed. According to SCORE (Counselors to America’s Small Businesses) there are two groups of businesses that are looking for financing: start-up business owners, and business owners that have been in business for on average three years. SCORE and SBA (Small Business Administration) focus on helping the second group. Unfortunately, there is very little help for the first group… until now.
What Do the Banks Consider When You Apply for a Business Line of Credit?
October 2nd, 2009 — Business Credit
The long aged mystery will now be solved! First, why such a mystery?
It was never a policy of the banks to explain the process they go through to evaluate your business to determine if and how much of a business line of credit it would qualify for. It has always, until now, been a reactive process.
Is Your Personal Credit a Factor in Your Business Credit Success?
September 30th, 2009 — Audio, Business Credit
Yes! Both are tied together when it comes maximizing your ability to secure business credit for your LLC or corporation. Especially when it comes to any type of bank financing. Banks will always look at your personal credit score, revolving debt and any derogatorties. If you have a bankruptcy or foreclosure personally you are not going to receive any cash lines of credit in the name of your LLC or corporation.
