1 hr
How to Get Business Credit, with Ty Crandall The Money Advantage Podcast
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- Investing
Need capital in your business, fast? Today, we’re talking about another way to get a capital infusion through business credit.
https://www.youtube.com/watch?v=J_qT49JxLlI
The problem is that most business owners who want financing don’t get as much as they could, because they haven’t worked on the qualification process.
That’s where CreditSuite can help. Ty Crandall has become a recognized authority in business credit building, business credit scoring, and business credit repair. So if you want to improve your fundability, build business credit, or get loans and credit lines… tune in now!
Table of contentsBreaking into the Business Credit WorldCredit ReportingBusiness Credit vs. Consumer CreditThe Right Time to Build Business CreditBusiness Credit Cards vs. Consumer Credit CardsLeveraging DebtBuilding Business Credit Separate from Personal Credit1. Create Separation2. Get Your Credit In Line3. Find Companies that Report to Business Credit Reporting AgenciesFinding the "Sweet Spot"4. Start ImmediatelyBusiness Credit Gives You OpportunitiesTy Crandall’s OfferBook A Strategy Call
Access to cash is critical for a business owner. While you don’t want to rely solely on credit for your business cash flow, you don’t want to be stuck in a spot where you need it and don’t have it.
Breaking into the Business Credit World
Ty Crandall's first company was a mortgage company that he quickly grew into a 7-figure company. And he rode that wave right up until the subprime mortgage crash, when things started to go south. While he thought he had access to plenty of capital, it turns out that wasn’t the case. After a few late payments, as he figured out how to navigate a failing business, the unexpected happened.
His credit card companies actually shrunk his credit limit down to what he owed, so that he could not spend anymore, which effectively tanked his credit score. Then they pulled the money out of his personal bank accounts, depleting his cash stores.
When something like this happens, other areas of your life can snowball—checks can bounce, and you can’t use credit to get out of the hole.
Ty worked overtime to get out of this hole, but he couldn’t find quality credit information anywhere. During this period, he learned about business credit, and realized that the information was nearly impossible to access. So he decided to compile information about business credit himself, and begin teaching people how to use it and why.
Credit Reporting
Many people don’t understand the scope of credit reporting, because it happens in the background. Ty shares that a lesser known practice of consumer credit reporting is transparency from company to company. So if you have a late payment on one credit card, and not the others, the other companies will still know because it's in your report. Since all the companies have access to this information, your other credit providers can choose to lower your limits on that reporting alone.
That’s what happened to Ty when his credit imploded.
Business Credit vs. Consumer Credit
Business credit is a “hidden gem,” even though it has been around longer than consumer credit reporting. If you’re a business owner, having business credit can help keep your business separate from your personal credit, so that you can have more privacy and safety... and avoid negative outcomes in uncertain financial times.
[11:20] “The main scores that are used are just based on how you paid in the past. That’s it! It’s just a mathematical interpretation of how you, on average, pay your bills. And I love that! How easy is credit, if we’re scored just based on: Do we pay on time? Do we pay late? Do we pay early? How late do we pay?”
Consumer credit has many factors built into the score, and can take years of diligent monitoring to get to the top. But with business credit, you can build your score in as little as one month b
Need capital in your business, fast? Today, we’re talking about another way to get a capital infusion through business credit.
https://www.youtube.com/watch?v=J_qT49JxLlI
The problem is that most business owners who want financing don’t get as much as they could, because they haven’t worked on the qualification process.
That’s where CreditSuite can help. Ty Crandall has become a recognized authority in business credit building, business credit scoring, and business credit repair. So if you want to improve your fundability, build business credit, or get loans and credit lines… tune in now!
Table of contentsBreaking into the Business Credit WorldCredit ReportingBusiness Credit vs. Consumer CreditThe Right Time to Build Business CreditBusiness Credit Cards vs. Consumer Credit CardsLeveraging DebtBuilding Business Credit Separate from Personal Credit1. Create Separation2. Get Your Credit In Line3. Find Companies that Report to Business Credit Reporting AgenciesFinding the "Sweet Spot"4. Start ImmediatelyBusiness Credit Gives You OpportunitiesTy Crandall’s OfferBook A Strategy Call
Access to cash is critical for a business owner. While you don’t want to rely solely on credit for your business cash flow, you don’t want to be stuck in a spot where you need it and don’t have it.
Breaking into the Business Credit World
Ty Crandall's first company was a mortgage company that he quickly grew into a 7-figure company. And he rode that wave right up until the subprime mortgage crash, when things started to go south. While he thought he had access to plenty of capital, it turns out that wasn’t the case. After a few late payments, as he figured out how to navigate a failing business, the unexpected happened.
His credit card companies actually shrunk his credit limit down to what he owed, so that he could not spend anymore, which effectively tanked his credit score. Then they pulled the money out of his personal bank accounts, depleting his cash stores.
When something like this happens, other areas of your life can snowball—checks can bounce, and you can’t use credit to get out of the hole.
Ty worked overtime to get out of this hole, but he couldn’t find quality credit information anywhere. During this period, he learned about business credit, and realized that the information was nearly impossible to access. So he decided to compile information about business credit himself, and begin teaching people how to use it and why.
Credit Reporting
Many people don’t understand the scope of credit reporting, because it happens in the background. Ty shares that a lesser known practice of consumer credit reporting is transparency from company to company. So if you have a late payment on one credit card, and not the others, the other companies will still know because it's in your report. Since all the companies have access to this information, your other credit providers can choose to lower your limits on that reporting alone.
That’s what happened to Ty when his credit imploded.
Business Credit vs. Consumer Credit
Business credit is a “hidden gem,” even though it has been around longer than consumer credit reporting. If you’re a business owner, having business credit can help keep your business separate from your personal credit, so that you can have more privacy and safety... and avoid negative outcomes in uncertain financial times.
[11:20] “The main scores that are used are just based on how you paid in the past. That’s it! It’s just a mathematical interpretation of how you, on average, pay your bills. And I love that! How easy is credit, if we’re scored just based on: Do we pay on time? Do we pay late? Do we pay early? How late do we pay?”
Consumer credit has many factors built into the score, and can take years of diligent monitoring to get to the top. But with business credit, you can build your score in as little as one month b
1 hr