How To Get Business Credit For Your New LLC In 2023

so now you have that 25 let's say right how do you how do you like double up on that how do you get the next 25. so here's the here's the play right so here's the sauce with this and so people like yo you get a hundred hundred thousand hundred fifty.200 you talking crazy no so let me give you a quick example so American Express or I'm just giving examples here I know I know for a fact they pull from Experian um um don't hold me to the rest of examples I'm gonna give you but Navy Federal they pull from Transunion and Key Bank they pull from Equifax right okay so I go to American Express I'm like hey American Express I need some bread right they maxed me out at 25k bet I go to Navy Federal they perform TransUnion they don't know I just got 25k because April from TransUnion they don't pull from experience right right boom I'm at the 50. I run to Key Bank Key Bank pull from Equifax they don't know I'm up 50k they give me another 25 you can get up to 50 000 from Key Bank right so I'm up 75 000 to 100 Grand on a brand new LLC in one day and it only cost me technically one inquiry but you got three inquiries over three different credit reports but it's really right I got a hundred thousand cost me one inquiry you go to uh arrest a a credit restoration place they get those inquiries off for you guess what you're gonna do run it back oh that's the place we'll do it again so wait a minute hold on I I just I just don't want this to go over nobody's house no of course but I Wanna Hold on all right all right so you basically saying that each one of these banks are pulling from only one credit bureau right right majority of them are probably from one credit all right so majority of the banks when you're going for business credit they're not using like a mortgage we use all three right exactly they're using one one you've just Mastered on knowing which which banks pull from which right things right and then once your personal credit let's just say a 700 you open up your LLC you know that day you're gonna run your credit to these three banks these three Banks because you know each one because you already did a soft pulling yourself so you know all three of your score is above 700. so let me go to key let me go here let me go there all applications done online done online yeah you do it online yep back to back takes five minutes yep and then boom if you get approved boom boom basically you up get the inquiries and run it back and here's how you definitely maximize the 25 right here's how you maximize the 25 also you want to make sure you have relationships with the banks right that's it is really really important so like my clients like we're giving them 50 60 000 in Chase right but we tell them before you come up to us go open up a business checking account with Chase first right put like 100 in there 500 in there start the relationship real quick and then they let us know hey Herman I'm all set I'm not good so when you go and ask them for bread you already got a relationship with them that's how you really Max it out so that's why I tell my my clients my mentees anybody within my my voice go to the credit unions in your neighborhood first to get a bag right type in zip code your zip code and then type in the word Credit Union it's going to give you 10 to 15 Credit Unions you even know is in your neighborhood you're going to go open up a bank account there business check-in business savings put a hundred dollars in each account right form the relationship pump fake like you about to get up think about ah you need some funding it's funny you say that and then because that's going to get you to the 20 that that Max because you have a relationship with them and you're gonna do that three times on a Saturday go to three different banks so right now same play how long does it take for you to build relationships with the banks the day you opened up the bank account you formed a relationship so it just takes like just yeah 100 on your check 100 checking 100 in the savings open it up give bring to give them your LLC your EIN your operating agreement you know what I'm saying your profile is looking sexy you're like you know man I want a couple dollars listen what's the most you're gonna give me well they're gonna ask you how much you want I was like what's the most you can give me on a business credit card it's like all credit cards goes up to 35 000. well I would like to submit for a 35 000 credit card then and they're gonna they're gonna look at your credit report they're gonna look at your business and they're gonna be able to tell how much is a 35 they're able to give you listen Mr dalty we can give you 20 000 on this the max of the 35 well we'll start there I'm gonna max out the car because I'm doing a real estate deal I gotta buy some wood I gotta do all that I'm gonna cash out refi anyway I'm gonna pay it back in four or five months right when you pay back after you max out a car and you pay it back you know what you look like to the bank you look sexy you look good that means that means business is good they're going to increase that card to 35.50 before you know it because business is good right and you still at zero percent interest because you got another six months to go so now you got a 35 50 000 credit card at zero percent interest and you got six more to go to run another play why are these Banks uh given new llc's with no proven track record of doing business right this much credit yeah the same reason why the same reason they're giving an 18-year rule thirty thousand dollars for a for a car because it's co-signed by the parent so it was co-signed by your good credit because you demonstrated to the bank based on your personal credit profile that you're responsible with money so if you're responsible with your money you're definitely going to be responsible for your business money they're making that bet so if I put on this application um this business started January 9th 2023 didn't make no money income annual income zero but me personally because it's going to actually your personal connections and your personal information yourself I this is I work here I make a salary of a hundred and fifty thousand and they run my personal credit right I'm 720 yep they're basically Linden or from me right but given the business giving the business the money in the business name not showing up on your personal credit report Max I joined out you still got a 720 credit score tomorrow and this credit card this business credit card won't appear on my personal credit 99.9 of them don't it's probably like two I could I know off the top of my head I know the Capital One spark card the airport's on both but 99 of them don't you could just confirm with the bank like hey this is only on business it won't show up on my personal list and they'll confirm it with you but 99 of them don't interesting yeah interesting yeah all right so that's how you get basically you just run the place to three different banks you will make sure your personal credit is up make sure your personal everything is looking sexy sexy right you got good income good job history you know you're solid Financial from a personal perspective right but you just need help with growing your business basically correct

Channel: Rants And Gems

Views: 46,566

Keywords: business credit, credit, business credit card, business credit cards, build business credit, how to build business credit, how to get business credit for llc, business loan, business credit hacks, business credit 2023

Id: YLuMRFraZDw

Length: 6min 46sec (406 seconds)

Published: Thu Feb 16 2023