Frequently Asked Questions

What is the best option to choose when ordering the Business Credit Systems program?

That's up to you. But if you're a self-starter and have the discipline to follow through on long-term projects,
Option #1 Online Financing Access may be all you need.

Keep in mind that building business credit can be a complicated, and in current market conditions an ever-changing process

So, you can benefit from having a professional adviser walk you through the procedure. They can help you with anything you need. They will even fill out application forms for you and give you up-to-date advice in this tight credit market.

If you are in a hurry and want professional guidance then Option #3 Expedited V.I.P. Access is the best value for you. You can save money over Option #2 based on the waiving of the monthly access fees ($99 per month) and Enrollment fee ($199).

With current business credit consultant fees in the $5,000 or more range — it's a tremendous value.

How long will it take to complete the program?

On average the program takes anywhere from 90-180 days. The time frame to complete relies on your speed at which you complete the steps. Clients have finished the program in as little as 73 days and some have taken longer than 180.

Why does the process take so much time?

There is only one shot you get at building your business credit right. We want you to have a business with a solid foundation for gaining credit and financing long into the future. We could take shortcuts like many other competitors do, however we know that in the long run the shortcuts only cripple your ability to get credit and financing.

When will I be able to apply for loans or lines of credit?

When you are prepared is the answer. To be completely prepared you will need a solid foundation on your business built by completing all critical compliance items, register with the business credit bureaus, get positive trade references with vendors and have positive personal credit score. Yes, you still need to have good personal credit for an unsecured business line of credit from a bank.

How long will it take to get a credit score?

I'm getting many requests to apply for "Business Credit" cards.
Should I apply for these in the company name?

Not all business credit cards report to the business credit bureaus. You want to make sure if you apply for a business credit card, that card report to business bureaus and not personal bureaus.

Why can't I pay vendors with a credit card?

Many vendors don’t consider a credit card payment as a line of credit because they charge your credit card right away. Just make sure you are invoiced for the purchases you make and send payment in the form of a check or money order.

Who are vendors?

Vendors are companies who sell services and or products. Basically, any company you purchase a product or service from. We recommend finding vendors that extend credit, because not all vendors will grant credit.

When will we get to start working with vendors?

There are a series of steps to complete to make sure the business is set up properly before access to vendors is given. The final step before receiving access is confirmation of registration with the business credit bureaus.

When will I get my business credit scores?

There are two main business credit scores, the paydex and the intelliscore. The paydex score is given by D&B and is achieved when around five vendors have reported their payment experiences with your business. If the dollar amounts of each trade are very low the number of vendors needed may be higher than five. The intelliscore is granted by Experian and needs roughly three vendors who reported your business’ payment experiences.

Who is Dun and Bradstreet?

Dun and Bradstreet (D&B) is the worlds largest provider of business credit information. They have been in business for over 100 years and are the most recognized in the business credit reporting industry. They are also a publicly traded company that is in the business of making a profit. They are not a government agency or non-profit. The information they gather about payment information on businesses, is then sold to other companies wanting to grant credit or to marketing departments for ad campaigns.

What is a D&B rating?

The rating is given by Dun & Bradstreet and shows the company size, net worth and the ability of the company to pay its bills. Some ratings such as 1R2 is only an indication of the company size by employees and not the net worth. For a full list of what each rating means go to:
http://www.dnb.com/customer_service/paydex_tables/0,3588,6-223-1012-0,00.html

How do I get a rating?

A rating is obtained when financial statements are sent to Dun & Bradstreet. However before sending the financials we ask all clients to send their income statement and balance sheet to us for review. Dun & Bradstreet will not accept financial statements that are inaccurate. To submit your financial statements we recommend having at least one year history before being sent.

What is a trade reference?

A trade reference is a vendor who is willing to share your payment experience with other companies. The vendor may or may not report to the credit bureaus. Many loan or credit applications will ask for trade references, you can use these companies at that time.

Why does it take so long for the vendors to show up on my report?

On the Dun and Bradstreet report; D&B has millions of companies that report on their clients every day. Most of these reports are done via the computer, which can cause delays. On average, it takes D&B 4-6 weeks to update a file. One way to make sure that your report is not lost in D&B’s system is to make sure that your vendor has the same information listed on your D&B report, such as exact spelling of company name, address, city, state and phone number.

When can I start the loan process?

We recommend that the loan process start after you have completed the steps in the program. We also recommend setting up a merchant account for your business and accept visa/mastercard. By doing this you will have a higher likelihood of getting a loan regardless of personal credit.

Why should I get a business license?

A business license is a requirement of many banks, lenders and credit grantors. It provides legitimacy to your business. Many credit grantors will determine the age of your business by the start date of the business license.

Who do I call or where do I go to get a business license?

You can contact your city hall or county clerk to find out about the business license. You can also go to businesslicenses.com

Where can I get a major credit card without a personal guarantee?

We've found only a couple of banks willing to offer a Business Visa/Mastercard without a personal guarantee(PG). There are companies listed in our database which may be able to offer this option.

Benefits of Incorporating in Nevada?

Nevada corporations provide a benefit to those looking to reduce the liability of the officers and directors of the company. In Nevada, corporate officers and directors can only be held liable for acts of the company, if the individual officer/director committed fraud.

Another benefit of incorporating in Nevada is the lack of information needed to provide to the Secretary of State, which is listed on public record. However, when the business has to register in another state by foreign filing, because they are doing business in that state, the company may need to disclose additional information that didn’t have to in Nevada.

Benefits of Incorporating in Delaware?

Delaware is the first state to promote the benefits of incorporating in their state. Almost all Fortune 500 and publicly traded companies are incorporated in Delaware. The major benefit of Delaware over other states is the liability protection of the owners of the business.

Delaware has a court system designed only for the businesses incorporated in it’s state, in order to keep them separate from the regular court system.

What is the amount I can get for a business loan?

Simply put, “The amount your business can afford to pay back”.

Why can't I use 100% equity in my house against a loan?

Lending institutions will only grant a percentage of the equity because if they need to foreclose on the property, they may want to sell it quickly by pricing it under market value. When pricing the property under market value the equity in the home will be reduced.

What percent of business loans are grants?

According to the S.B.A. (Small Business Administration) only 3% of small business funding requests are ever granted. The #1 reason is lack of preparation by the business owner. Preparation is the “packaging” of the loan. Properly packaging your request improves your chances greatly of getting the loan you are looking for.

How long do I have to be in business to get a loan with no personal guarantee?

There are no concrete rules in the lending market when a business can receive a loan without a personal guarantee. It all depends on the lender, the borrower’s business credit, how the national market is reacting and most importantly the ability of the business to pay back the loan.