How to Build a Business Credit Line in 3 Days
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- Опубліковано 16 лип 2024
- When a business owner understands his or her credit, they are 41% more likely to approve for credit. Btw 1 out 4 businesses get rejected. So its pretty important you learn how to establish a business credit line.
Why you want to build your Business Credit ?:
Simple explanation:
Its important because you want to establish a good business credit with creditors that way if you ever need expansion or have an opportunity then you can take advantage of it.
- Now I will say this, although have a strong business credit history is important you don’t want to rely on it to keep your business afloat. Like warren buffet says who has a massive cash reserve, you don’t want to rely on the kindness of others.
How to Build a Business credit line in 3 days
- The title of this video is clickbait you cant get a perfect score in 3 days it takes some time, but you can set everything up in less than 3 days for sure.
1. Get Incorporate: this protects your assets, and you don’t want to operate as a sole proprietorship
Funny: If you left your door open and someone walks into it, and now wants to sue you, well not your covered.
Video On Free LLC: • How to Create an LLC f...
The Skinny: you open up it with zenbusiness, use chase bonus to cover all the filing fees.
2. Get an EIN: ( employer Identification number) Its basically your business social security.
Funny: They might try to charge you 30-60 bucks to do this but you can do it yourself for 0$ and 15m of your time
Apply Now: www.irs.gov/businesses/small-...
3. Open a business Checkings Account
Funny: Massive bonus opportunities with this
Top Accounts: • Top 5 business Checkin...
4. Establish A Business Phone Number on address
How: Register on Google, Yelp, Angie's List, better business bureau
Funny: And if you’re broke just use a text free number to temporarily register for free until you can afford a second phone
Link: just google it lol
5. Get a D-U-N-S Number (
Info: This is where your trade lines will your report your credit history. Think experience and Equifax. Except they haven’t gotten hacked yet.
Funny: it's free but if you go to a website they might try to upsell you and charge you to give it to you in 5 days, just wait the 30 days lol
Link: www.dnb.com/duns-number.html
6. Establish Trade Lines with Supplier
Info: These are the people that will report your on-time build payments, to help build your business credit report.
Funny: I know, it’s the 21st century you probably don’t have a supplier and your 100% online. Well, you can get Office supplier, and ink check printers and still have does purchases reported.
Quill: www.quill.com/
More: hdsupplysolutions.com/
7. Get business Credit Cards
Info: This will help your business credit also
Funny: make sure you read the fine print because you don’t pay they might charge you personally
Tip: I’ll be getting a Chase Ink card and a capital one card
Best Cards: • THE BEST BUSINESS CRED...
8. Loans and Borrowing more
Info: make sure it's being reported to the D&B, Experian and Equifax.
Funny: remember this is all for building credit, so don’t buy things you don’t need. Nav shows you options, but I would just google also
NAv: www.nav.com/
Or: Just google some options
9. Stay up to date with your report ( not free or maybe free, three platforms)
Info: Experian: 75 bucks report (too much money
Equifax the people that got hacked: anywhere from 100 bucks to 400 bucks
D&B: So much Upselling ( expensive also)
Nav: It's free, and it gives you summaries, which saves you $600 bucks a year. They do have premium stuff also, but you don’t need it
10. Borrow carefully
- Don’t end up like the guy with the 1m in credit line that now has to figure out a way to pay it back in 30 days.
* PRO TIP*
INFORMATION IS EVERYTHING
Link:
Trade Lines: www.nav.com/begin/establish-p...
Monitor Credit Nav: www.nav.com/
Dun & Bradstreet: www.dnb.com/
Great Article: www.creditkarma.com/advice/i/...
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What would you do if all the creditors you owe money to, call your debt? Would you be able to pay?
TommyBryson wat if I got laptop on business credit but lost job to make payments- now got late payments on business credit,🤦🏿♂️?
It would take me 8 months
Only have 2 months worth of bills paid if I had to pay all debts. If it's not making me money it's not worth paying interest on
@@shevykoldexp087 If no personal guarantee, the company is on the hook unless you close it. You could preserve the account to pay the minimum, like 15 to 25 usd a month. Choices like anything else!
Cbx.credit
Linesofcreditforrealestate.com
Question can I use the same ein for more than one business
I am a minority woman owned company. If I was given the $100k line of credit. I would expand my company and employ more people. The key to being successful is only take the money that you have plans for. Never let the money just set in the account because you may incur fees and interest. Thank you for the information.👍
I LOVE your video and your energy! Down to earth! I feel COMPLETELY lost right now trying to get my kids incorporated with their Lawn Care business. I'm just a mom with some teens that mow lawns for money. This video was just what I needed to hear!! I like the fact you also put what you said in the notes....with the links.
Glad I could help 😎
Love your energy. I just opened my business Jan 01 2020. So I'll grow.
I just watched your video again. I subscribed this time after starting my first LLC this past weekend.
Hello I just wanted to say this info is extremely accurate. I also wanted to thank you for sharing your knowledge as so much other people charge you a arm and a leg. You will absolutely be blessed if not already for recognizing the little guy. You will not be forgotten on my journey and I'm sure not on most others stay real brother. Also I just wanted to point out that the company ULine will extend those seeking a net 30 loan immediately after you order and they report to the agencies. They sell office supplies also BP petroleum is another one you may have to pay a security deposit but the extend you 3x what it is.
Thanks again for the solid information
Video starts at 4:21
I really like your energy. I am just starting on this entrepreneurial journey and I will be definitely watching your content and eventually work with you. I appreciate you work and passion. Thank you
Your info was definitely ON POINT. I’m subscribing now!
Bruh I was just thinking I need this video.... GLAD IM SUBSCRIBED TO YOUR CHANNEL
Ayee thanks man, any questions or ideas just let me know
1. Incorporate (LLC, Corporation, etc)
2. Get an EIN
3. Open a business checking account
4. Make it official- biz address and phone number
5. Get a DUNS number (so your biz credit can be reported)
6. Establish trade lines
7. Get business credit cards
8. Make sure everything is reported to business credit history
9. Track progress
10. Build credit, not debt
No. 3 is a challenge for me, as I don't live in the U.S. Would it be ok to have an account in a foreign bank, while the business is U.S.-based? Any workarounds?
I. Love. Love the way u talk everything about it. But u also share simple clean cut information I’m watch u and carefully build my business credit
3:57 starts
😎
Thanks alot of babbling and repetition
Thanks!😊
Best comment thus far. Thanks
@@nole8796 Crying about getting free information...Move your impatient ass on🤷♂️
I learned a lot thanks so much!!!! ❤️ Sending love from Myrtle Beach SC
Awesome
Love your passion brother. You speak even faster than me. You can’t be stopped. You have the most insight. In from Brooklyn. Let’s talk about sharing valve.
I will be following all the steps and have forwarded the information to my friends and family.
I just got my LLC and I want to build my business credit! I am lost, I just watched you video and still need help🤦🏿♂️🤦🏿♂️🤦🏿♂️🤷🏿♂️🤷🏿♂️
As soon as you said you’re an accountant, I came from the kitchen into the living room and clicked subscribe.
Never heard of banks calling in business credit. Great information!
I think it's pretty rare, but it happened to Dave Ramsey, before he was was a financial advisor. Before he became antidebt. Most banks would never want to do that, as loans are how they make money.
You the reason i started my tshirt printing company. You made it sonund so easy. Which it was. My hard part is being consistant. But thats personal. Thank you bro
100,000 would definitely help me grow my business. I just started my business in Feb of this year
What would use that money for and is your business profitable
Bad move your business is better off growing on it's own capital
@@TommyBryson I would use the money to buy equipment. Not all the money would be needed but a lot of it
@@Trumptrain2024FJB I was talking about, I would buy equipment...
@@keynanabear how did you get the loan
Good stuff, I would recommend a brief intro so you can slow down when delivering the material, seemed like you rushed through it. Keep up the good work
Thanks brother and check out the new content and let me know if I’ve improved
So glad I came across your vid! Thanks Tommy, you rock!
Thank you😎, any questions just let me know
Just watching this video for the first time good info but look how far you came
Step by step 😎
I wanna pat myself on the back for watching this video. My head is spinning.
🤣🤣🤣
LOL
🤣🤣🤣🤣
Lmfao fr 😅
Wow, I’m currently using the same steps. And more like DomainIT of my business name, and hiring an accountant for filing for my taxes. And I use a virtual office for the address for my business. I use ring central for my business and fax number. You dropping jewels. Keep this uuuuup👍🏾👍🏾👍🏾
Ayeee 🔥🔥
Thank you for the information you just gave. Thank you also for adding all of the helpful links under the video.
I came across this channel by accident. I'm now a new subscriber
Ayeee welcome 😎
a hundred usd a day is absolutely viable if you observed a decent tempo
alright folks, this is valid, I simply earned 25 dollars! much obliged to you
alright folks, this works, I simply earned 15$ !!
alright folks, this is valid, I simply earned 25 dollars! much obliged to you
alright folks, this is valid, I simply earned 25 dollars! much obliged to you
This was great, thanks, I've been looking for "how to obtain business credit with bad personal credit" for a while now, and I think this has helped. You ever tried - Vansaiah Meylijah Domination - (do a google search ) ? Ive heard some amazing things about it and my co-worker got great results with it.
Imagine I walk into your business and I fall “ idk because I fall all the time” had me weakkkkk 😂😂😂
Lol 😂
Then he said, " I will be doing that in the next month" Hilarious!!
Thanks for the information. I actually never thought of business credit or thought I would qualify. I have subscribed to your channel.
Thanks brother and keep me updated
Great information I shared it with some of my friends and I will be trying this and just followed you today also.
I would start a trucking business to give others an opportunity to start their business to Better provide for their families
That’s awesome, set a deadline
I can help with the trucking portion.
Rochelle can you help me im in the process of getting started
@@acctspayable4981 I'm interested in starting my own truck business as well. Can you help please
@@christopherdean215 yes
Great Video‼️ & Thank you Very Much For These Steps🙏🏾
Thanks for this info I can use this on my business, thanks Tommy
Thanks Angel and any updates let me know
You're doing the Lord's work 🙌🏾🙌🏾🙌🏾
Thanks brother 😎
-8:01 Start
Thank you so much! Great information!
God Bless!
Thank you so much 😊 🙏🏾I need this information ✊🏾👍🏽 blessings to everyone that reads this msg on your journey
😎😎
100,000...I'm a 61 year carpenter,craftsman I would start flipping houses...
Are you flipping houses? Please share. Thanks.
new watcher. I like your content, but please slow down and breath. Articulation is super important to get your very important message across. thank for the knowledge
Moremoretruth thanks 😎 and check out some of the new content and let me know if I’ve improved
Well said a business should finance it self!!!!
I noticed that capital one only requires the EIN to open a business account. What are the requirements for Chase Bank? Thank you in advance
Great questions when i applied for it they just require my info and the business info and that was about it. However i do have a history with chase
Did you apply via their website? What URL??
Captial one still reports on a credit report. Chase reports on your credit report. All these credit cards needs a personal guarantee.
5 minutes in and barely anything was covered, am I the only one getting tired of UA-cam formatting?
💯
💯🎯
Read his descriptions first. I watch the videos because of tommy but you can learn this stuff from allot of different places.(no offenses) I love this channel. If you want a more direct format try linked in learning/Lynda learning.
Cheers for this, I been tryin to find out about "does business credit work" for a while now, and I think this has helped. Have you ever come across - Vansaiah Meylijah Domination - (do a google search ) ? Ive heard some incredible things about it and my buddy got amazing results with it.
No you are not. I always skip to half way through, but the introduction is usually a review; old information
I literally been up all night it is 5 o’clock in the morning studying studying studying how to get my business profile go on so I can start to get Lolxz but I finally found your channel and I like the way you give out your information is royal simple so I’m going to continue to watch and continue to update
Very informative and helpful. I will visit all those links you provided. Thank you. 🙏 😊
Great information and well broken down. Thx
Thanks bro 😎
I would buy mobile homes, invest into startups with a history of paying dividends.
Same here - already investing in mobile homes but looking to grow!
@@thebrowbeateratl1809 how are the mobile Going for you?
MR Rosser well so far! Still learning but it’s good so far
@@thebrowbeateratl1809 I'm currently putting away 5K to start out.
MR Rosser that’s what I started with that’s a good amount check out mobile home elite investors here on UA-cam for more info if you haven’t already
I jus received my LLC and wanna get grants, funding and a decent business credit line...
I have used the help of a Credit Repair Expert at Sam Hacks technology, LLC . And I must say, they have displayed being #1 in class, in my opinion. I appreciate the time and effort they provide getting your credit repaired and back on track. Very professional and highly trained and skilled people who are great in credit restoring and rebuilding. I strongly recommend them to anyone looking to fix their credit
Thanks for the info, I will be using all the information you suggested...
Great content, easy to execute, thanks! 👍🏼
$100,000 business credit line OMG I can expand my beauty supply store we can expand our landscaping business
Sunshine Bannerman tread lightly, last thing you wanna do with a brick and mortar is over expose yourself
🔥 information but I disagree on one statement.
You mentioned that building credit history and not debt. True unless you’re into real estate. Where you should use debt to build solid cash flow. Typically they won’t call the mortgage.
Build cash flow and appreciation over time while controlling and managing debts off of properties.
Usually when you buy your first property it’ll be under your name and then later be converted into an llc.
These are more for normal business, and the problem is when ppl try to fund a failing business
Thank you for the information. I will use it for my clothing brand.
Thank you steps very easy, very informative. there's a few steps I am missing with this information I am able to fulfill the missing link..thank you very much
You talk so fast but I did understand you. I have a headache now. Lol
Lol I’m sorry 😂😂, I’ve slowed down in the new videos. Here’s one on how to save on taxes
Link: ua-cam.com/video/rLYAqpFMt4k/v-deo.html
he aint talking fast you just listening slow....lol
Bay Areas I knew somebody was going to say that... maybe you’re right lol 😆 I know this guy knows he’s stuff. I ain’t mad I love it....trying to get that knowledge
Bay Areas lol
Ha ha ha fi real
And where, exactly, did you show how to build business credit in this video?
Oh wow, I'm not watching then.
Hero.
He literally left the links under the video and said it step by step lol 😂, working on my index now.
@@RosserNFT damn, you must be as dumb as the rest of his viewers. The video title state "How to Build a Business Credit Line in 3 Days" and that's not at all what he delivered. Anyways, I didn't sub and won't be watching future videos so I could care less. Have fun playing those video games!
Montina aka SPARKWISDOM He explained how to build business credit from the ground up. He discussed how to establish a business entity, what to do and not to do if one were to receive a business line of credit, the importance of having a DUN, etc. Albeit, his explanations are short and to the point. I’m assuming this video is targeting current business owners who are looking to expand.
This will open and run my business within a few months
Thank you so much for breaking it down
Slow down with language.
Sounding like gibberish no pun intended.
More like 3 months to actually start building business credit. Lol.
The foundation takes little time the work takes time 😎
Exactly
Thank you for sharing this information..I see a way to get things done😊👍🏻
Thank you so much for great information
Ayee thanks, any questions just let me know
Great Info, I’m a delighted new subscriber!
I love that statement building credit history not building debt
Thank you, thank you, thank you for sharing to the inexperienced people out here trying to get it together. Your channel is helping get my things done to build credit & trade lines. I’m still waiting to get my business account together, but I’m trying.
You’re so intelligent and giving to the world. Can you Please slow down a bit while you’re talking? It sounds so mumbled sometimes I can’t quite make out what you’re saying. Thank you again. 😊
Such a great video I’ve been working my clothing business for years and never got any of this stuff ✅ done .
Right now I’m ready to own a tattoo clothing store 🏬 But I’m starting from scratch doing in line of credit when I just have a EIN that I have no idea what it was for years lol 😂
Very informative video! Thanks💯
Thank you 😎
Wow bro this is helpful I have to give it a shot thanks .
Thank you so much for this information. I almost paid legal zoom today.
Great video....and thanks, Tommy Boy!!!! Great info!!!
I could definitely appreciate that info lil bra. Good job.
Be able to expand my business so far
Great video, awesome tips. Thanks.👌
Thanks, any questions just let me know
This was great fam thank you
You hit all the points I like to talk with you on a few issues
Appreciated...very very informative
Thank you, seriously!
He is on point with what he is saying
Excellent video. Thank you!
😎glad this helped
good info bro thanks
Very informative!!
Thank you!!!
Love this video 🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾
Great Information....Thank You!!!
Great information thank you
This is the best info ever!!!!
Thank you something I have already done ✅ I was just in certain about trade line business credit
Great vid g!
This has been the most helpful video of all ive seen. Thank you
* how can i find information on collections in my name? Like bills or other loans that are against my credit..
Thank you again.❤️
Very good young King.
I am truly appreciate you brother may be needing your assistance
Great Info Tommy
Thank you TommyBryson for your valued information. Definitely Liking and Subscribing...
Thank you 😊
Good looking out 🙏🏼😏🙏🏼
Awesome video!
Thank you bro!!
Amazing job