I hope all is well with you. We have had some continued security issues with hackers and we have worked hard to finally be back on stream and strong. The Business Credit Ebooks website will soon be online and so will the Business Credit Bible free download. Here are a few things to look out for now that we are back online.

1. More communication via email and phone.
2. Group discussions on progress and suggestions.
3. Continuous promotions and specials. We will have special promotions on a continued basis. Weekly or bi-weekly.
4. MiniBlogging. This is blogging but shorter versions. Many blogs put out information that is filled with a lot of fluff. Some blog posts need 500 words or more but in many occasions we can relay all the necessary information in 20% of the words. There will be a new category under Business Credit called MiniBlogs and this will be posts that are short, sweet adn to the point.
5. A change in price in the Shelf Corp magic.
6. The Cheapest Shelf Corporations on the internet.

I look forward to working with you guys.

Marc

Hey Guys,
I hope all is well. Shelf Corporations are becoming more and more important in the Business Credit Building Process. At this point they are pretty much a must if you plan to acquire a considerable amount of business credit. It order to help with this we are running a one week clearance sale on 12 corporate entities. You will pay $200 for a corporation that has been legally acquired and sold and is more than 3 years old. For those of you who do not know much about Shelf Corporations, the following links will give you all the information you need.

1. Staples Now need a 3 year old Shelf Corporation
2. The Cheapest Shelf Corporations on Earth
3. Save Thousands with a Shelf Corp Tip
4. Types of Shelf Corporations
5. Should I Use a Shelf Corporation
6. Shelf Corporations, Business Credit and Asset Protection

So What do you get with the Clearence Shelf Corp Package
1. An Aged Corporation over 3 years old
2. A clean business credit file
3. Tax ID number and DUNS numbers
4. FREE Website
5. Two Weeks of Business Credit Coaching

For all information on the Shelf Corp Clearence, give me a call at 3054322921 or email me at marc@creditrich.net

Marc

The Approval

A few weeks ago I was working on a client’s corporation and one of the accounts he wanted was a Dell Revolving account. He owns a call center in Arizona and plans to open another one in Texas and needed some equipment. His corporation was 4 years old and had 14 tradelines showing with a high trade of $15000. At the time he did not have a rating but from previous experience(and from previous blog posts) we know that Dell will not approve any financing without a rating, so we went ahead and got his corporation a rating. We did an online application and it was instantly approved for $5000 with Dell Revolving Business Credit and $15,000 with Lease financing. We then called in and requested an increase on the Revolving Credit and they raised that limit to $15,000 once we made a purchase right away. We made a purchase for approximately $8000 at that point so bath the client was happy and the Dell sales rep were happy.

The Denial

On Monday a client came to me with a corporation that was about 6 months old and explained that he wanted cash credit as well as some vendor credit. He expressed interest in Sears, Dell, Office Depot and Lowes(the typical ones). I went on to explain to him that in these times he needed a corporation that was at least 3 years old and we needed to build it up. He explained that he knew that he needed an aged corporation but he had an average of 730 fico score on all three bureaus and he wanted to PG a few accounts. Although I advised against it he insisted so we went ahead to start acquired accounts. We did get approved for a Citi card for $6500 and Key Bank for $8000 which were both PG’d accounts but one thing that baffled me was the fact that we were denied by Dell. In the past, if you were denied by dell with No PG and you use a PG with good credit you were usually guaranteed an approval. Today I made a few calls and insisted to find out why we were denied. After talking to 4 different people I finally got some insight on the denial. Although the client had good personal credit, Dell still looks at the Business Credit File of the corporation. They are no longer allowing applicants to simply completely replace their lack of business credit with their personal credit. The rep that I gave us some insight stated that they will deny applicant for business credit accounts if there is very limited business credit. Although a good personal file will help with an approval and with the limit of the account, you still need to have some sought of a business credit file. I will suggest that even with good personal credit, you should not apply for a Dell account without a basic 80 paydex.

The Conclusion

We see now that both personal and business credit are becoming more and more important in order to complement each other. A few years ago will usually put more weight or importance to personal credit. Yes, it is easier to get a mortgage with your personal credit than it is to get it with business credit but in the Business Credit world we see a growing importance in your business credit file. Now even business owners with good personal credit should start building strong business credit. This is not only to separate your personal and business liabilities, but it is getting harder to simply rely on your personal credit for acquiring enough credit to successfully run and grow a business.

Legal CPN’s Services

Let me start by saying that the term Legal CPN alone should give you an idea that something is amiss.

Legal CPN offers all type of services that range from CPNS and tradelines to Ebooks. The bottom line is, the use of a CPN to acquire credit is ILLEGAL. This is an article about a guy who got arrested for using a CPN and he is now serving 6 years in prison. http://rosevillept.com/detail/106893.html

Also, if you want to know everything there is to know about CPNs, how they work and how they are used, I suggest you have a read of :

http://www.creditrich.net/do-cpns-work-are-cpns-legal/

and

http://www.creditrich.net/the-truth-about-cpns-letting-the-cat-out-the-bad-credit-bag/

LegalCPN.com and their eProducts. A Complete Rip Off 

As I mentioned before, it was brought to my attention by a reader that this company has completely ripped off two of my products. They are selling the Business Credit Bible for $8o which they simply took from me where I offer it for free and started to sell it and they also stole Shelf Corp Secrets and is selling that as well. I have contacted them about this and they have chosen to ignore my requests. It amazed me of how bold this company is to completely steal the text and art work and resell it on their website. I will be working on getting them shut down soon.

Marc

Hope you had a great holiday and I wish all of you a prosperous new year.  I have not posted anything in a couple weeks since I have
been busy working with a number of clients.

The Business Credit Landscape of 2011

The business credit landscape of 2011 has been a pretty tame one in comparison to 2010. Most of the changes happened in the beginning of the year and this seems to be a trend. Although there has not been many game changing events this year, there are a few note worthy changes that we should be reminded of.

1. DnB discontinued eUpdate and has now renamed the program iUpdate. For those of you who do not know what this is, please read My article on the changes for detailed information. Although iUpdate was introduced in late 2010, eUpdate was actually finally completely discontinued in January of 2011.

2. A few of Citi backed Business Credit accounts have increased their requirements. In an attempt to reduce the number of defaults occuring with Citi’s business credit accounts, we have seen an increase in requirements on a couple of their accounts. Staples, BP and a few other accounts now require a 3 year old corporation and an annual stated income for $5 million in order to be approved for their revolving business credit account with no PG.

3. A few of the started accounts that we usually rely on have increased their initial order to $100 but there has been a number of new starter accounts that I covered in previous posts that have come on stream.

4. DnB has made is more difficult to get your DUNS number for free as they keep playing their games. Here is the new way to avoid their tricks that I covered at the end of last year.

5. With these increases in requirements of starter accounts, we have come to the conclusion that it is not worth wild to build business credit with a brand new corporation is you do not plan to use a PG.

CreditRich in 2011

In order to accommodate for various changes in the Business Credit landscape, CreditRich has also made a few changes to better service our clients. Some of the major changes are:

1. The Business Credit Bible is now free. Many people keep asking why I will  give away such valuable information and the bottom line is this. Business Credit is not going anywhere and it is not rocket science. I have used this knowledge to make a living and I am sharing this with you in hopes that you will do the same.

2. Shelf Corp Magic is now $47. This reduce in price does in hand with the fact that it is a little harder to acquire business credit now and we are making it attainable to anyone to achieve.

3. In line with the lowering of prices, Creditrich is now offering the lowest prices on Shelf Corporations on the market and they start at $350 for a 3 year old corporation.

4. A valuable lesson was learnt in depending on funding from a leaseback option in the beginning of the year and you can read about it here.

The Business Credit Landscape of 2012

It is hard to say exactly what we can expect for this coming year, but if we take any cue from the last four year, we should see the major
changes in the industry happen in the beginning of this year. Business Credit is something that will never go away, but the requirements will change. In following with 2010 and 2011 we do expect to see credit requirements to loosen a bit and to see a few more accounts come on stream.

CreditRich in 2012

CreditRich as a company will continue to tailor its service to the changes in the market. We did so in 2011 and we will do so again in 2012. I encourage all of you to start building business credit for 2012 even before you need it.

Which doesn’t mean they won’t be able to open a bank account. ‘Bad credit bank
accounts’ – also known as ‘basic bank accounts’ – are there to help people in that kind
of situation. They’re available to people who’ve had problems with their credit rating
and as a result can’t open the kind of bank account that comes with features like
overdrafts and cheque books.

They might be ‘basic’, but bad credit bank accounts still let people do the essentials,
like pay money in, arrange Direct Debits and withdraw money. A lot of them come
with a debit card as well, which can be extremely useful.

You can find out more about this kind of bank account on this website.

What if I’ve been made bankrupt?

If you’ve been made bankrupt recently and you’ve not yet been ‘discharged’ from
bankruptcy, you might find that even a lot of basic bank accounts are out of reach. If
this is the case, you’ll need to find one that’s open to undischarged bankrupts.

What if I want an overdraft?

If you can’t open an account with an overdraft, there’s probably not much you can do
about this – for the moment. Opening a basic bank account can really help you stay
on top of your finances and make sure your bills get paid on time, which can help
you improve your credit rating over time, so you can apply for an account with an
overdraft later on.

Having said that, do you really need an overdraft? If you’ve run into troubles with
your money in the past, having access to an overdraft might not be the best idea
anyway, if you’re trying to improve your money management skills. Many people find
that living without an overdraft makes it easier for them to stick to a strict budget -
and harder to get into debt.

The Scenario

I am currently working with a client out of Austin Texas who has a music studio and does a lot of visual and audio editing. When working with clients(as some of you may know) I try to get an idea of what business you are in so that we will know what vendor accounts will be more beneficial to obtain than others so we generally try to go for the appropriate accounts first rather than to just keep adding account to your file. He had a brand new corporation so we went ahead and acquired a 4 year old corporation for him for $150(which was part of our $199 per month service). Once we acquired the company, we built it up over a two month period where we get starter accounts, some gas cards and it currently has 11 tradelines with a high trade of $4200. So I was talking to the client about what he needs and he express his need for some new audio equipment and some Apple computers. (In a future post I will be writing about the various option we have for leasing all kinds of equipment, but this post will focus on my client’s need for Apple computers). So I felt that the company was definitely strong enough to get him financing with Apple.

The Approval Process

I have gotten approved for Apple financing on many occasions. Previously all Apple business financing was done through Bill Me Later Business. BML no longer does the financing for Apple. When getting financing for Apple I cureently use two options.

Option 1

Go directly to apply and apply for their business lease.

If you go to Apple’s page for commercial financing you will see that they have three options for leasing equipment. All three options have a minimum leasing value of $2500 for new leases and a term from 12 to 60 months. The three options that they give you simply give you various options of buying the equipment after, trading it in for new equipment and various monthly payment options which will help with your business cash flow. All three options offered by Apple are backed by Direct Capital and they will usually get back to you within 48 hours of the application via email to let you know if you were approved. The application does not require a pg or an SSN if your corporation is more than 2 years old. They do require a number of references. The application can be viewed on the website provided. With my client’s application, we requested a $7000 limit and was approved with a 36 month term with a $1 purchase option lease. The client was happy and this was a pretty straight forward application. I usually use the second option if a client needs more equipment leased from the same company. You must know though that Direct Capital has some negative review by various clients who have had issues with them but I have not had any issues personally. I also feel that if Apple trusts them then I can.

Option 2

Northern Star Leason Company

Northen Star is a leasing company that leases a wide range of equipment for businesses and does much of its leasing with No Pg. I usually use them an a second option for leasing Apple equipment as well as other leasing needs that myself or my clients may have. They are pretty easy to deal with and usually get back to clients within 4 hours of their application(which is amazing). The seem to have a good reputation with clients and are very flexible on  their financing terms.

In an upcoming post I will be writing about a number of leasing companies that do equipment leases without a PG and this company will be one of them. I hope that you too will have success in building business credit.

Marc

Damian’s Company Stats

So I have worked on a company for Damian about 4 years ago but he was working on another company on his own. The company that he is currently building business credit with is now 1 year and 7 months old with an 80 paydex and 6 tradelines and a high trade of $400. The companies that he had accounts with were Uline(net 30), Grainger(net 30), Nebs(net 30), Rapid Forms(net 30), AT&T land line, Sprint Wireless(2 lines but approved for 10), Quill(net 30), Reliable(net 30) and Seton(net 30). At this point he thought he was ready to apply for some revolving vendor accounts so about a month ago he applied to Staples and Office Depot and they both denied him. We know that Staples now requires a 3 year old corporation, but we both were not sure why Office Depot denied him.

A couple weeks past and he did not know what to do. He did not want to go and get any more of those starter net 30 accounts and he did not want to get denied by anymore revolving accounts. He considered purchasing some business credit tradelines but simply could not afford them at the time. With nothing to lose he decided to apply to of the companies that offered revolving accounts but applied for their net 30 accounts. In the last two weeks he was approved for Staples Net 30 for $1000, Office Depot Net 30 for $1000, Pep Boys net 30 for $5000, Amazon net 30 for $6000 and a Tech Depot Net 30 account for $2000. He also asked the rep with Staples and Office Depot if it will be possible to upgrade to the Revolving Accounts in the future and they both said sure. One rep suggested that he can apply in 3 months but if his business credit file get stronger within the next month he can go ahead and apply.

We know that the goal is to get to those revolving accounts, but this just shows you what perseverance and creativity can do. I have no doubt that in the next few months he will have all those accounts on revolving terms as well as some gas card and a few cash cards.

Marc