5 Easy Approval Vendors | How to Build Business Credit in 2021

what up guys this is kelvin and welcome back to my channel where we discuss financial wellness mindset therapy and real estate in today's video i'm going to cover more ways that you yes you can build business credit so stay tuned [Music] first and foremost i would like to thank all of my new subscribers i appreciate each and every single one of you welcome to a la familia to my new viewers welcome show some love make sure you hit that subscribe button and thumbs up so you can be notified whenever i put some new heat out there on the market this channel is all about spreading the wealth of knowledge and i aim to share my experiences to help others my motto is constant progression so let's all elevate together so that we can all be self paid in shade if you haven't already make sure you check out my first video that i made about how to build business credit where i cover 10 ways that you can get started with tier one and then also i gave you five revolving accounts i'll link that right up here so make sure you check that one out it's a really good video with that being said i want to go ahead and jump right into it i'm gonna give you guys five more easy approval vendors that you can go ahead and get started with and i'm gonna end this video by giving you guys three pro tips that i feel will really help you guys make sure you have the best possibility of getting approval for any of these vendor accounts so please make sure you watch the rest of this video because it's going to be at the end and it'll be a treat the first net 30 that i want to tell you guys about goes by the name of hd supply this is a tier one net thirty account that reports to dun and bradstreet it's an easy approval net 30 account where you can get fitness equipment uh health products small electronics and office supplies i really like hd supply because you know as i just mentioned there are a lot of different categories so it's very important to be able to find something that you actually want to purchase because i'm going to tell you grainger for example that's a popular one that anytime i shop on granger you know i have a credit repair business so it's really hard to find something to purchase on grainger and other you know similar vendor accounts but with hd supply it's a lot easier to find something to purchase so i highly recommend hd supply i think everyone should have it so yeah check them out the next net 30 account is creative analytics creative analytics reports to both credit safe and equifax commercial they too have a wide variety of categories of products that you can choose from including beauty small electronics fitness equipment as well kitchen supplies which is a rare category to see with these net 30 accounts and more so here are the minimum requirements in order to make sure that you qualify to get approved for this net 30 account so right off the bat you must know that they will require you to make a 79 annual fee that's due when you apply for this account so don't be surprised you've heard it here first other than that fee make sure you meet these next four qualifications number one your business must operate in the united states number two make sure that your business has been established for at least 30 days number three you want to make sure you have your ein and dunn's number both of those can be easily found you can get your duns number by going to dun and brad street website and they'll hook you up with that for free and then last but not least make sure that you have no derogatory items on your business credit report not your personal so if you have derogatory items like collections and stuff like that on your personal this is different my goal is to get you no pg vendor account so this would be something that you want to you know make sure you can check your business credit report uh and as long as you have no delinquencies or derogatory marks on your business credit report then you can go ahead and apply for this uh net 30 account this next one is very popular it's crown office supplies i'm sure a lot of you may have heard of them before crown office supplies sales hey so the name office supplies so you can find you know anything that you need for your office whether it be you know paper printers ink sticky notes whatever you would need for your office you can find it there but the beautiful thing about crown is they actually report to five business credit bureaus this is extremely rare these five business credit bureaus include dun and brad street equifax commercial and experian commercials so i mean what more can i say you need this account if you don't have it already also be aware that they do require a 99 annual fee to be paid up front and every year you know moving forward next is the fuel man fleet the fuel man fleet is actually a revolving account which means they're gonna give you a certain credit line let's say two thousand dollars and then with that credit line you'll be able to get gas and you know pay it back before the due date and as long as you do that it'll help you build business credit and they do require you to make a payment within 30 days so you can look at this just like any other net 30 account the only difference is the full balance would not be due in the 30 days because this is a revolving line of credit when you apply for the fuel man make sure you do list a minimum of five employees so with the fuel man fleet i have a little secret that i want to tell you guys about how you can get approved for the fuel man fleet and if you watched my previous video you already know where i'm going the exit application strategy with this one you're going to do the same thing just like with shellfleet you're going to go into the application fill it out before you hit submit exit go ahead and back on out like homer and within 24 to 48 hours you'll probably get an email and a phone call and then this is where you're going to be able to apply with no pg but if you want to go ahead and fill out that application and hit submit with no pg i just want to tell you if you list that you have less than five employees they will require you to put in your social security number before moving forward but as long as you list at least five then you can move on for without listing your social security number on that application leading you to a no pg vendor account this next one is relatively new that's very little known not a lot of people know about this it's called the five star processing business credit card five star processing primarily offers services for small businesses who need to accept payments online or you know over the phone but they recently came out with this new program for building business credit or they're going to offer you a mastercard that'll be under your business name and they're going to give you a line of credit okay so here are the requirements in order to get their easy approval business credit card you must have a business bank account you must have a minimum fico score yes your personal credit score must be a minimum of 300 which basically just means you need to have a credit score so you know if you don't have any credit at all it's very easy to you know start building personal credit you can also check out my video about how you can build personal credit and then last but not least you just have to have a tax number ein so if you don't have an ein that is also something that you can get very easily never pay for ein you can do so online for free so all five of those vendors that i just mentioned are net 30 accounts you should be able to get those accounts going without having a lofty business credit profile so you know make sure you tap in with those and get started now i want to give you guys three tips these are pro tips that will help you get approved the number one tip i want to talk about is count your employees you've already heard me mention this before in this video if you have less than five employees just go ahead and put five employees anytime you're on an application and they ask you how many employees you have the reason why you want to do this is because number one there's going to be times where you want to skip the ssn number and they won't allow you to put or they won't allow you to skip past that step and a lot of times that's because of your company's size and if they're looking at you as just being the only person in your business they're like well we want you to be you know a personal guarantor of course if you have more than five you want to count your employees and put however many you have if that's 15 then put 15. if it's eight put eight fifty put fifty that's going to help you get approved which leads me to the second pro tip i wanna tell you guys about which is try to avoid using your social security number or listing your social security number on any vendor application there are ways around this that you can finagle and finish your way around one way you can do this is the exit strategy that i just mentioned you know backing out of that application opting to fill out the application over the phone with the sales rep because a lot of the times the sales rep you can just talk with them and you can tell them i don't want to list my social security number because i don't want to personally guarantee this vendor account there will be pretty much two options either they'll tell you we do require your social security number and then if that happens you want to ask them two questions you want to ask them will this be a hard or a soft pool okay if this is going to be a hard pool then you want to you don't want to do it you just don't want to do it because this means that this account that you're getting will show up on your personal credit and if anything goes bad it will negatively impact your personal credit score if it's a soft pool then it's okay it just means that they want to take a peek at your personal credit score uh to see that you don't have you know a 300 credit score they just want to you know check and but this account will not show up on your personal credit report there will be no inquiry or anything like that and then sometimes they will just ask for your social security number as a method of verification of your identity so ask them is this going to be to verify my identity or are you actually going to pull my credit and if so is it going to be hard or soft pull and then the last thing that you can do if you're on an application and it's not letting you go past the ssn um question just put in all nines just put in 999 99999 and it should let you go through if they have any issues with that what will happen is you'll still be contacted by a sales rep and they'll give you a call just to verify you know your identity over the phone and that's your way of getting around that social security number option last but not least the 50 rule okay i just made that up the 50 rule okay so the reason why i call it the 50 rule is as you may know most lenders are going to require that you make a minimum purchase of 50 or more in order for them to report your purchases to the business credit bureaus this is crucial this is very very important because you know let's say you sign up for crown or whatever the case may be and then you've been making purchases you know 15 20 30 purchase uh for four months and they don't report four months later you're like why don't why don't i have a um a score yet why don't i have this account showing up on my business credit and it's because you didn't make a minimum 50 purchase or more so most vendors will require at least 50. some will require 200 so if you aren't sure just go to the website of the vendor that you're looking at look at the frequently asked questions or just give them a call if you're not sure and ask what is the minimum payment that i need to make in order for this to report to the business credit bureaus because we're doing all of this for one reason only we're doing this because we want a paydex score we want our debt score to be at 80 or above and the only way to do this is by opening business credit accounts or vendor accounts if you will at least one purchase a month and then paying that back as soon as possible matter of fact one more bonus tip okay you should not treat this like a credit card where today if i go to chick-fil-a and swipe my card for you know 10 bucks i may think well what's the due date i'm gonna pay it on the due date no that's not that's the way personal credit works the way the business credit works is if i want to use my business credit card for chick-fil-a you best believe i better have ten dollars in my account because once i swipe it if i make my payment as soon as soon like as soon as possible as soon as that invoice becomes available then my payday score is going to skyrocket your pay debt score is based off of how fast you pay your balance how fast that invoice is paid is going to you know be the difference between you having a good paid at score or a bad payday score so just always keep that in mind so i hope you found this video helpful if you did make sure you drop a thumbs up and hit that subscribe button because i would really appreciate any help this is a very new channel and i appreciate each and every single one of you who are watching my videos and subscribing i love you all uh welcome to a la familia again i hope you guys enjoy the rest of your morning afternoon night whatever time of day it is and as always thanks for watching

Channel: Kelvin McNeil

Views: 100,129

Rating: 4.9858813 out of 5

Keywords: business credit, how to build business credit, building business credit, net 30 accounts for new business, how to build business credit in 2021, net 30, revolving lines of credit, build business credit in 30 days, how to build business credit fast, vendors for business credit, 5 star processing business credit card, 5 star processing reviews, creative analytics net 30, fuelman fleet card, hd supply, crown office supplies net 30, easy approval vendors, net 30 vendors, paydex

Id: eZhMOsmF6gg

Length: 14min 59sec (899 seconds)

Published: Fri Jan 29 2021