Sunday, November 18, 2018

Business Credit Myth #10

MYTH:  "Churches and Non-Profit Organization cannot build business credit..."

FACT:  Many times we talk about the general aspect of ministry at the many different conferences and seminars, but as important as establishing a credit history for the ministry is, it is so often overlooked. Establishing business credit for your ministry is vital, especially in the early stages.

Business Credit Mtyh #9

MYTH:  "It takes 5-6 years to build business credit..."

FACT:  It really only takes 120 days to build business credit.

Business Credit Myth #8

MYTH:  "With my business credit, I can buy personal items and pay off debts..."

FACT:  This is one of the biggest myths about business credit, and often the subject of newspaper headlines. A popular case, citing instances of the abuse of business credit is ENRON. While you are free to purchase whatever items you choose with your business credit, we at BCF advise our clients to beware of the rules surrounding the purchase of items not used, consumed or in the direct funding of your business. There are exemptions that may be applicable to your particular business, but may not apply for every business type.

Business Credit Myth #7

MYTH:  "Now that I have a Business Credit Profile, I can get any kind of credit I want..."

FACT:  Vendors have specific criteria that they use to approve or decline an applicant for business credit accounts. By establishing your business credit you have announced to the world that you have a business but it does not mean that you have a rite of passage to acquire any type of credit account. Be mindful that you are subject to credit scoring just as you would be with your personal credit, and some creditors require a minimum score in order to approve your application.

Business Credit Myth #6

MYTH:  "Since I have great business credit I can qualify for a business loan..."

FACT:  Having established business credit has its perks, however, it does not preclude you from having to furnish your personal credit history to a vendor. When applying for loans, you may still need to provide the financials for officers of the company in order to guarantee the loan.

Business Credit Myth #5

MYTH:  "Purchasing a shelf corporation will instantly give get you thousands in business credit..."

FACT:  Shelf corporations do not build credit. They are designed to primarily establish longevity. You are not guaranteed higher limits by purchasing a shelf company, and would have the same benefits as if you incorporated a new business.

Business Credit Myth #4

MYTH:  "I have a credit card in my business name so I already have business credit..."

FACT:  When your business name appears on a credit card, you cannot assume that the credit account is specifically tied to your business. If you applied for the credit account using your social security number, the account will be guaranteed based on your personal responsibility. It is important to know and understand how to apply for business credit correctly so that you are keeping your business accounts separate from your personal credit accounts.

Business Credit Myth #3

MYTH:  "I can build business credit separate from my personal credit as a sole proprietor…"

FACT:  Unfortunately, one of the drawbacks of a sole proprietor business entity is that your personal credit IS your business credit. While some business owners opt for a sole proprietary shop, this business formation is the least favorable since your social security number and your tax ID number (EIN) are linked together.

Business Credit Myth #2

MYTH:  "I have a tax id (EIN) number. I qualify for business credit..."

FACT:  An EIN number by itself does not permit you to access to all levels of attaining business credit. You will still need to establish your business credit profile which cannot be done with your EIN alone.

Business Credit Myth #1

MYTH:  "My personal credit is bad so I can’t establish business credit..."

FACT:  Many people think that personal credit weighs into the factors of establishing business credit, however you couldn’t be more wrong. In most cases, your business credit profile is completely independent of your personal credit if your business is formatted correctly. However, in 2018, some creditors will still require a personal guarantee, it just depends on which creditor it is.

Monday, October 29, 2018

Business Credit Secrets Exposed eBook

Are you using your personal credit to fund your business or ministry?

Are you an established or start up business or ministry without business credit?

Are you tired of having to use your personal credit and finances to fund your vision?

Do you have bad personal credit and think that you can’t establish business credit?

If you answered “YES” to any of the questions above, then you’re ready to take the next step in securing the long-term success of your business by building business credit.
Think about this… Statistics tell us that everyday millions of Americans start new businesses. Statistics also report that over 50% of those new businesses fail within the first year of business because of the lack of financing. Many can’t get the finances needed for several reasons: bad credit, no credit, no assets or just plain ole lack of knowledge.

The goal of this eBook is to show you how to position your business to apply for credit on its own using little to none of your personal credit. With the knowledge you’ll learn in this eBook your business is sure to be taken to the next level. Whether your personal credit is good or bad or your business or ministry is new or already existing, we’ll show you how to get the credit your company deserves.

Would a business line-of-credit of $49,500 help you grow your business?


What you will learn:

*Why building business credit is important to every new and growing business

*How to build credit no matter how new your company is

*How to establish business credit regardless of bad personal credit

*How to properly set up your business

*Why businesses owners shouldn't sign a Personal Guarantee

*What a business credit rating is  

*Who the business credit bureaus are and how they impact whether or not you receive credit

*How to properly fill out an application

*What are the business credit scores

*What do business lenders look at

*Where do you find companies that grant credit  

*Which companies report to the business credit bureaus

*What credit card companies do not require personal guarantees

*How to structure your businesses so that it can apply for credit on its own

*How to get a New Credit Report for every business you start

*How to get credit for...

Retail Credit Cards (Visa, MC)
Store Cards (Lowes, Exxon, Nordstroms, Etc…)
Business Equipment and Supplies
Business Cellular Accounts
Major Hotel Chains
Computer Leases
Airline Accounts
Automobile Leases


Monday, October 22, 2018

About Us


Business Credit Firm, LLC is dedicated to helping business owners, aspiring business owners and ministries with new ideas, services and applications find the credit and capital they need to fund their vision. BCF does this by helping you build the financial support you need through establishing business credit without the use of personal credit in most cases. Our methods are easy to follow and results can be quickly duplicated to build the capital you need to take your business or ministry to the next level or to simply get started. Our methods, followed to their entirety can help companies yield high six-figure results and help ministries greatly expand their reach.