Also, because I believe honesty is the best policy, some ofthe jvzoo academy review I suggest may reward me if you do business withthem. Few do, but there's no need to be coy – especially whenI want to build a long-term relationship with you and help yougrow your business over time, don't you agree?My recommendations are based 100% on my personal experiences and conviction they'll help you – not whether I benefit. In fact, I approached some of these sites after I finishedthis book, inquiring if they had referral programs and couldgive my readers exclusive deals – deals they couldn't get goingdirectly to their sites.It's liken it to knowing a great wedding photographer andsending people who need one to them because you love their
work. Hopefully they give your referrals a great deal or sendyou a “thank you” gift. But either way, you recommend thembecause they're good. That's how it is with the sites I recommend. If they reciprocate, that's nice. If they hook you upwith a great deal, that's even better.
I just wanted to lay that on the table because disclosing material connections is the right (and legal) thing to do. No trickery. No hidden motives. Just honest, no-nonsense recommendations that will help you grow your business.Now, let's explore the three core rules for building greatbusiness credit...
Like most things in life, building business credit is governedby several very basic (but important) rules.A rule is defined as a “prescribed guide for conduct or action.” This report is your “prescribed guide” for taking thefastest, easiest and most-effective actions toward building solidbusiness credit. And, the rules that govern these actions are:Rule #1 Establishing and Building Credit is a Process,Requiring Patience and StrategyRule #2 Build Credit Before You Need It Later May Be Too Late!Rule #3 Limit (Or Eliminate) Your Personal ExposureLet's explore these rules in further depth, and discuss whythey're so important...
Like it or not, believe it or not – the days of getting easybusiness credit are over.Banks used to lend money hand over fist to anyone with adream and a goal. Not today.Unless you have phenomenal personal credit and are willingto personally guarantee loans (more on that in Chapter 2,) yourbusiness must stand on its own merits. Getting approved forloans and credit lines without personal guarantees requires solid business credit. Your company must also pass other basic“litmus tests” that we'll discuss later.Not only is credit-building a jvzoo academy review, but it also requires astrategy. To reach the point where your business gets approvedfor loans on its own merits, it needs (at minimum):
• A positive credit history established with the three major business credit bureaus – Dun & Bradstreet, Experian and Equifax. And, to establish this history, itneeds...
• At least five vendors reporting lines of credit (and payment history) to the three bureaus, and,
• At least three business credit cards reporting positivepayment history to the three bureaus
As you can see, this requires an ongoing commitment to establishing, building, monitoring and protecting your business'scredit – in essence, a strategy, tempered with patience.
Build Credit Before You Need It –
Later May Be Too Late!Because building solid credit is a process, you must take decisive action, starting today. Don't wait until too late, becausebanks don't lend money to those who need it most!It may take up to two years for your company to get approved for generous credit lines without personal guarantees.That's why you literally can't afford to put this off.You'll celebrate milestones along the way – like establishinggreat business credit scores, getting approved for vendor linesof credit (purchase accounts), getting approved for businesscredit cards and so on. Each stage brings greater rewards – butyou must pursue the stages in order.You'll recall from the introduction, I said business credit canprotect you from many causes of business failure. It bridgescash flow gaps and helps you to expand into new markets – before your competition does!If you fail to plan today, you plan to fail later. Don't waste asingle moment getting started. Take action now!And, finallyYou probably put a lot of thought into choosing a businessstructure that protects your personal assets from seizure if yourcompany is sued or goes under. But, did you know you can beheld personally responsible for its debts if you're not careful
how you apply for business credit? That's true, even if youown a corporation or LLC!That's because most banks ask you to personally guaranteebusiness loans if your company doesn't have enough credit history or is under two-years-old. A personal guarantee is to business loans what co-signing is to personal loans.Personally guaranteeing your business's loans and creditlines means creditors can come after your home, your car, yourinvestments and anything else you own if your business can'tpay back its creditors.Make no mistake... I don't advocate limiting your personalexposure to escape your responsibility, as a business owner, topay your creditors when you have the means. Opening a business and taking-out loans intending to default on them is fraud.But, because certainty and security aren't guaranteed, youcan't afford not to limit your personal exposure.Another downside to personally guaranteeing business loansis that they can show up on your business's credit and personalcredit! That's bad news, and it can bring your personal creditscores down – way down.You wouldn't (or shouldn't) mix your personal checking account with your business checking account. So, why mix yourbusiness's credit with your own, when possible?Of course, you can't always avoid personal guarantees – norare they always bad. For example, if you have stellar personalcredit, you can build business credit faster by personally guaranteeing your first few accounts. Plus, you can skip past opening “toy” accounts just to build credit (like gas cards and storecards) and skip to the good stuff.As a rule of thumb, avoid personally guaranteeing morethan 50% of your company's total credit. So if it has $100,000in credit, less than $50,000 of it should be personally guaranteed.By following these three simple rules – #1 acknowledgingthat building excellent business credit is a process, requiringstrategy and patience, #2 that you must build (or improve) yourcompany's credit long before you'll need it and #3 that youshould always limit (or eliminate) your personal exposure –you'll do for your jvzoo academy reviewwhat so-called experts charge thousands of dollars to do for you.This guide lays out, in step-by-step detail, the most quickest, most-effective actions to build your company's credit.Let's not waste another moment! Turn to the next chapter tolearn how your personal credit affects your business – regardless if you personally guarantee loans.
By now you know banks evaluate your personal credit whenyou personally guarantee business loans. But, they may alsopull your personal credit (or that of another officer's) when –
• Opening a business bank account
• Applying for a merchant account to accept credit cards
• Insuring your company (or equipment)
• And so on...That's why it pays to learn as much as you can about business credit and personal credit – or you'll pay a hefty price.Pay close attention, because you're about to learn why manythings people believe about personal credit are distortions ofthe truth – or outright lies.What's the most common misconception? It's this.
Nothing is further from the truth. Your credit is nothingmore than financial gossip about you.Three for-profit companies – Experian, TransUnion andEquifax – make money selling your credit information to others. But they're not the only credit bureaus in town. There arealso specialized bureaus that collect and sell information aboutconsumers to insurance companies, payday lenders, employersand so on...What that means to you is you have not one... not three...but many credit reports! What do they say about you? And,more important – are they accurate?As a consumer, you have the legal right to ask for a freecopy of each credit report once a year. You can get them at:
This is the official web site for getting free annual credit reports as part of the FACT Act. Other sites prey on consumer'signorance – advertising “free credit reports” and then billingthem every month for credit monitoring if they don't canceltheir free trial in time.You must get copies of all three major credit reports becauseinformation can – and often does – vary dramatically from report to report.Not only are you entitled to free credit reports every year,but you also have the right to question the accuracy of anything
they contain. And you should! That's because experts estimateover 80% of credit reports have errors.The federal law that gives you these rights is called the FairCredit Reporting Act (FCRA.) It also says what credit bureauscan and can't do and how they're supposed to handle consumerdisputes. You can read it at:
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