Home: Message List - Bad personal and no Business Credit

Re: Bad personal and no Business Credit

robertson240 — Wed, 10 Jun 2009 22:23:13 GMT

In my opinion it is quicker and easier to build a strong business credit score from scratch than it is to repair a bad personal credit score. There are many companies out there that help with business credit building, just do a google search.

Re: Bad personal and no Business Credit

Creditbuilder — Sat, 17 Jan 2009 09:47:35 GMT

As a former veteran employee of Dun and Bradstreet I learned that the intricacies of borrowing money (behind the scenes) is far from what are the perceptions of everyday business owners.

This is disturbing on many levels because #1, business owners flock to banks to borrow money with many myths and #2 those that actually do get funded, usually credit luck.

And, you know what? The answer is so simple that only a handful of business owners have an understanding of it.

You see, the majority of us live in a reactive society. Your car breaks down, you take it in for a tune-up. Perhaps you got sick and finally go for that checkup that you should have gone to many months before.

The key in loans is not to borrow money when you need it - do it when you don't need it. However, business owners who are now in need of that cash-flow burn through their personal credit to secure their lines of credit - if they get it - again, this is the thought process which leads to the inevitable downfall.

The key of course is to make your business become "Lender Compliant" Even if you just started a new business, if you structure your company the way lender's can relate to it, they will invest in your business with legitimate loans.

So what should I do?

Go to# http://www.dnb.com/# and start working on your business credit. Be careful as to what trades you add to your report as that can potentially affect your rating. You also want to be careful of the type of address and phone number you are using as those can be some of the mitigating factors that affect scores and ratings. You need to D&B with most lenders to be considered for loans, but you DO NOT require D&B to actually secure that loan. Your FICO will usually be that determining factor, but without D&B getting those loans will be much more difficult.

You will require a business plan - but not just any plan will do either. What we advise our clients to do is get a "lender compliant business plan"

You will also need your company's meeting minutes to be lender complaint.

Plan out which banks you want to go to borrow the cash you will need to run your business - research.

There are companies like mine out there that can help you through the process and let me be the first to tell you, YOU DON'T HAVE TO PAY SOMEONE TO DO IT - you can do it yourself. When you have accomplished the above and need free advice we can help you through your application process. NEVER PAY SOMEONE MONEY UP FRONT TO HELP YOU WITH FUNDING!! There are brokers that charge money, usually on the back end and we advise that the highest you should pay should be no more then 10% of the loan amount.

Since our line of business is to form corporations, we let banks act as the broker for our clients and therefore we do not charge any fees and our funding process is always free. In fact we have a free hotline (1-800-270-5960) where people can call to ask questions.

In the meantime, the best advise is to visit http://www.dnb.com/ and read about their products and services. You can also call their toll-free number at 800.234.3867 and speak to one of their representatives.

We wish you the best of luck!

Re: Bad personal and no Business Credit

MnlyTechnlgy — Thu, 24 Apr 2008 19:34:34 GMT

Hi Carol, Just an FYI - I e-mailed you yesterday with a couple of questions. Please let me know if you received that e-mail as I have not received a response to date.

Thanks,

Re: Bad personal and no Business Credit

FinanceHelp4U — Thu, 24 Apr 2008 14:29:06 GMT

<address>Hello, this is Carol (post name FinanceHelp4u),

Yes, we do have a minimum of $300,000, but why would you not want to have that amount available, if possible. You only pay interest on the amount you use. It is a great program and one that is needed by the majority of businesses in this country. We work with alot of great lending institutions (such as Bank of America) and vendors.

As you may have read on one of my other posts, I have years of experience working with the U.S. Small Business Administration. One of the reasons the majority of new businesses fail is due to inadequate capital. The majority of people I speak to tell me about the business opportunities (work for their company) they have to turn down due to not having the resources available to fund the project until they are paid. This is sad because they have so many ways of becoming a successful entreprenuer, but they do not get prepared for the financial demands it takes to fund their operations until they receive their payments. These are all hard working people with great minds that get so tied up in their everyday operations they fail to plan and be ready for the "bigger" payday. "It takes money to make money" and no one can pay their bills (keep a roof over their heads) if they don't properly plan and be "capital ready" for their future "growth" needs. No one goes into business planning to fail, but alot of people go into business without properly planning to "grow". Hindsight is 20/20 (whoever said that has to be a genius....lol) - cause you know it's true.

I am a Financial Consultant, I do not know everything or pretend that I do. But I am very candid and as helpful with you and your business as anyone that you will ever find. I have many clients call me after they have tried to work with other companies. They are usually very upset because the companies will not even return their telephone calls, they are not even able to get a "live" person on the telephone, or the companies make them many promises they cannot deliver, and on and on...many of these clients are very upset and feel like their is no one to help them....because most of them needed help "yesterday".

I am in this business because I love what I do and helping people become as successful as possible is very rewarding. When you win, I win. My services not only include helping businesses obtain loans/lines of credit, but it far surpasses that.

We "meaning myself and the other people I choose to be a part of my team (which are seasoned consultants, such as myself, plus our team of legal experts)" help to grow your business. We can help with corporate legal services, offering an integrated variety of advertising and marketing services to build brand equity (which includes services such as Website Development, Direct Mail, Case Studies, Video Production, Graphic Design, Web Commercials, Creative Writing, Ad Creation, Marketing Brochures, Marketing Strategies, Corporate Newsletters, Brand Management and more). We also help optimize organizational effectiveness - which is advanced corporate consulting services for building an organization that is adaptable to today's everchanging marketplace. We help to determine your strengths and weaknesses, assessing your competitive strengths and core competencies and the proper leveraging of such. We offer a wide range of consulting services that encompass everything a corporation needs to optimize their effectiveness.

Just because you are not already a corporation doesn't matter. We can get you properly incorporated. I am by no means an attorney, but I work with a great legal team. We can help with everything "start to finish". Almost any attorney or accountant can do the "paperwork" and get you incorporated and listed as such by the state of incorporation. But, the problem is after you are incorporated, you don't know what and how to proceed to make sure you are protected by being "Incorporated". If you are not properly informed and take appropriate steps, you can still fail to be protected and be personally liable if a lawsuit is filed against your company, due to what is called "piercing of the Corporate Veil". You can think you are getting a bargain by paying a low price to an attorney or accountant to prepare the paperwork to become incorporated, but if you don't know what to do to properly transact your business in the manner set forth by law, then you are not really getting a bargain, are you? It pays to have your corporation set up correctly and to maintain the proper accounting and paperwork as required by law. So when setting up your Corporation, we make sure you are aware of everything required by your State of Incorporation to stay in compliance. Don't get me wrong in thinking I am "trash talking" accountants and attorneys. Because I am not, the majority of these professionals do this the proper way and I applaud them. I admire them and look up to them and can't say enough about how great a service they are doing for their clients. I just wished they all did this the correct way. But in any profession, there are always some that are not ethical.

We also offer credit repair services. We want to get your company to where it can stand on its own 2 feet when applying for future loans, etc. In this, we mean - that you don't have to sign a personal guarantee each time (putting everything your own personally on the line - home, automobiles, etc). We want to help protect you and in doing so - help you become more successful and keep growing.

Sorry for this being so lengthy, but I just wanted to clarify a few things.

In addition, for any of those loan officers/financial consultants out there that need to be able to help consult their clients in the way I help mine - please feel free to call me. I work with alot of loan officers and consultants who want to be able to offer the services I do. I am very stringent in the ones I work with - so if you are honest, hardworking and compassionate to your clients you may want to contact me.

Thank you,

Carol, Financial Consultant
(FinanceHelp4u)
hardwork70@newwavecomm.net
(877) 382-8159 </address>

Re: Bad personal and no Business Credit

FinanceHelp4U — Thu, 24 Apr 2008 13:11:04 GMT

+Just give me a call and I will work very hard to help you with your needs.+</stro<br />Carol, Financial Consultant*
(FinanceHelp4u)
hardwork70@newwavecomm.net
(877) 382-8159 Toll Free

Re: Bad personal and no Business Credit

linklitedata — Wed, 23 Apr 2008 22:37:35 GMT

Yeah I responded to FinanceHelp4u answer. It seems like a way out but I want to learn more about it. Another thing is its only for bigger money....

Re: Bad personal and no Business Credit

MnlyTechnlgy — Wed, 23 Apr 2008 22:10:59 GMT

linklitedata: Definitely not .. and our situations are extremely similar. Have you contacted any of the responders to your original question?

Re: Bad personal and no Business Credit

linklitedata — Wed, 23 Apr 2008 22:03:09 GMT

MnlyTechnlgy- I also funded the start of my company and the necessary supplies I needed. Now I have job offers that I can't take because I don't know any employee that will wait 60 days to get paid. Its a brutal process trying to get credit when you have bad or no credit. I figured that I wasn't the only one out there with this situation...

Re: Bad personal and no Business Credit

MnlyTechnlgy — Wed, 23 Apr 2008 21:09:31 GMT

linklitedata: I am in a similar boat as you. My husband and I funded the startup of our own business and are now faced with growth opportunities and lack of ability to gain the necessary finances to fund that growth. We need new equipment which will allow us to handle the growth and unfortunately our business is not LLC'd to date so we are apparently at a higher risk for obtaining a loan for our growth. The responses are interesting to me as well .. thank you for asking the question.

Re: Bad personal and no Business Credit

dr_chughtai — Wed, 23 Apr 2008 18:05:07 GMT

Email Reply 6. Re: Bad personal and no Business Credit Apr 23, 2008 2:02 PM
http://smallbusinessonlinecommunity.bankofamerica.com/images/up-10x10.gif in response to: FinanceHelp4U <stro<br /&g<br />
How are you. It was nice speaking to you this morning. As I discussed, I am interested to set up a TODDLER Pre school business. I am exploring with a few companies who can be a partners in this joint venture. They help to buy land/ building and provide a complete setup along with staff as well. I need to establish a line of credit~ $300,000. Can you help?

Waiting to hearing from you

regards

Dr. Gul M. Chughtai
215-722-2435
Philadelphia, PA Report as inappropriate