How To Pick The Best Sic Codes For Raising Money.

Here's a Great Article I stumbled upon.

 

Business CREDIT AND SIC Codes

What is the best way to describe the principle business activity for your company? What type of industry are you involved in? What type of products or services do you sell? These are questions quickly determined by the type of sic codes assigned to your company.
The two types of business classification systems used today is the SIC and NAICS codes.
Lenders, insurance companies and business credit bureaus use these systems to determine if your business is in a high risk industry classification. Some small business sic codes can trigger automatic turndowns, higher premiums and reduced credit limit recommendations on your business credit files.
The internal revenue service uses it to determine whether your business tax returns are comparable to other businesses within your industry. If your deductions do not resemble other comparable businesses there’s a chance of your business receiving an audit.
Don’t worry because you can avoid being labeled as a high risk by first understanding how the business classification system works and secondly by selecting the proper code for your business.
An SIC code (Standard Industrial Classification) is a four digit numerical code assigned by the U.S. government to businesses in order to identify the primary activity of the business. The first two digits of the code identify the major industry group, the third digit identifies the industry group and the fourth digit identifies the industry.
For example:
36      ELECTRONIC & OTHER ELECTRIC EQUIPTMENT
367    ELECTRONIC COMPONENTS & ACCESSORIES
3672 PRINTED CIRCUIT BOARDS
The NAICS (North American Industy Classification) replaced the SIC code back in 1997. This took the 4-digit (SIC) code to a 6-digit (NAICS) code system.
The main reason why this new system was introduced was because the SIC classifications were outdated and didn’t represent some of the new industries that have re-shaped our country and global economy.
Both of these codes are universal numbering systems that help identify what industry your company is in and breaks it down into more detailed segments. While the old business SIC codes are still widely used, the Federal Government no longer supports and maintains the system.
For business credit building purposes you need to select an SIC code for your company because Dun & Bradstreet continues to use SIC codes to this day. You’ll be required to furnish this SIC code when setting up your business credit report with DNB so be sure to record the number you select for your records.
Before you select an SIC code and NAICS code there are certain industries or codes that are flagged as high risk. Here are a few of the codes to stay away from relating to the following industries:

1. Real estate investing or anything else regarding investing of any type
2. Car sales
3. Adult entertainment
4. Travel industry
5. Money lending/collecting
6. Restaurants
7. Dry Cleaners

If you plan on investing in real estate then you will want to make sure that the company you build credit on is not “real estate investing”. Most banks will automatically turn you down because this is a high risk category. You still will be able to invest in real estate but you may have to set up a business that does business development, business management, business consulting, marketing & advertising, training and development, etc. and then operate your real estate investments from a separate division or company that does something else.
As you can see selecting the wrong business sic  and naics codes can get your business labeled as a high risk and directly impact your financing ability, insurance premiums, and credit limit recommendations.  Don’t make this small mistake that can cost your business future problems.
Are you willing to follow a proven step-by-step business credit building system so you can avoid making costly mistakes like these? A system that provides you access to premium vendors, business credit cards, funding sources and lenders that report to all the major business credit bureaus? Become a member of my Business Credit Insiders Circle.

Net30 Accounts that report to Equifax and Dun and Bradstreet (dnb).

New net30 accounts to build your business credit. http://www.businesscreditamerica.com/net-30-accounts.html

How to start a business, while working a job?

A gentleman asked me, what would it take for him to get a $100k in cash credit? I told him, when he decides to make the decision to take action, then and only then, he will be able to reach his financial goal. Learn more Earn more @ http://businesscreditamerica.com/

Learn the basic steps to help you get the funding you need without adding and extra financial burdens.  Join a group of people that started at the same place as you and who have created successful businesses.  http://www.gboogieforums.com/

Why Big Corporations Never Lose?

Here's something to think about. A corporation makes $5 million in profits they buy 4 $1million dollar whole life insurance value policies that pay dividends plus the cash value is $1 million and it's non taxable. You have $1million dollars taxable buy your operating expenses run you $1.5million. So you working at an operating loss of $500k which entitles you to a tax refund. This is why the corporation always when, verses working for someone. The more you learn the more you earn http://businesscreditamerica.com/

 

 

How To Be a Better Entrepreneur?

Things You Should Know http://businesscreditamerica.com

If you are thinking of starting your own business you should know…
• Internet Publishing and Broadcasting has the highest revenue growth of any industry from 2000-2011
• Wind power is expected to grow the most of any industry, at 11.2%, for the years 2011-2016
• The states that are often regarded the best for entrepreneurs are California, Alaska, Arizona, Colorado and Texas
• The states that are often regarded as the worst for entrepreneurs are Hawaii, Illinois, Indiana, West Virginia and Pennsylvania
• The highest percentage of entrepreneurs per 100,000 is in Arizona
Starting your own business may be time consuming and it may even be frustrating, at times. But, America is the place to be if you are determined to gain success as an entrepreneur. With the right amount of time, research, funds and development you may be able to start a successful business, right here, in the United States.
Resource:
http://visual.ly/america-land-entrepreneurs

How To Research The Best SIC CODE To Get Funding From Crrditors

Industry: Database research is the easiest way to target by industry. Standard Industrial Codes allow you to specifically target by industry. For example, if you want to target the Aerospace industry, look at SIC#3721. If you decide you want to work in the Healthcare Industry, look at SIC codes in the 8000 range. If you want to work for a distributor of Sporting Goods, the best SIC code is 5091. Interested in the Software industry? Try SIC code #7372.

How To Get Out Of Chex System?

What I Did and How I Did It http://businesscreditamerica.com

Just as you have the right to free credit reports once a year from all of the 3 major credit bureaus, you also are entitled to your Chex Systems file for free annually as well. Go to this link https://www.consumerdebit.com/consumerinfo/us/en/freereport.htm. It is Chex Systems' official website to access your file.
Click on FACTA (Fair and Accurate Credit Transaction Act) Free Report and provide them with the requested information. You should receive your free report in 5 business days.
Once you receive the file and see the negative information that your financial institution has placed against you, visit the website again at this link https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/disputes.htm to dispute that information. You will have to download and print a Consumer Request for Reinvestigation form. Once you have the paper form, this is what you can write under the Nature of Dispute section of the form, which is what I wrote on mine:
"Please settle this account to zero per UCC (Uniform Commercial Code) 3-419 and per Public Policy HJR (House Joint Resolution) 192 (Public Law 73-10)"
You will then sign your name and next to it state "Without Prejudice UCC 1-308".
Mail it in to them at the address on top of the form and within 30 days, they will notify you of their findings.
If, and when, you receive the results of their investigation only to show that they will not remove the negative item from your file, then go back to the same Chex Systems website link that you visited to download the Request for Reinvestigation Form and click on the Request for Consumer Statement form. Print it and include the following statement to show on your file:
"Per HJR 192 of 1933, under the UCC, and due to the absence of real 'money supported by substance', discharging one's part of the public debt through THE UNITED STATES TREASURY is the ONLY lawful way to settle all prior debts and convictions. This shall be done in ADMIRALTY by the voluntary tender and offer of 'THE EXEMPTION'".
Lastly, sign it and include the "Without Prejudice UCC 1-308" citation. Chex Systems will then make that statement public and place it underneath your negative item. Therefore, the next time you try to open a new account with a bank, that statement will be seen by the bank's representative. The banks are all aware of the UCC because that is what governs their transactions and, by placing that statement to your file, they cannot deny that you are aware of the game.
After doing the above myself, I was unsure of its effectiveness until my mother opened an account and asked me to be added per her Power of Attorney in 2011. Being there with her at the bank, the branch manager asked for my information before adding me as account co-holder. I warned the manager not to bother because am not eligible due to my Chex Systems record. She insisted anyway just to see. So, I gave her my information and she came back saying that Chex Systems cleared me and that am able to hold an account with my mother. Go figure. It was a pleasant surprise for me to learn the above procedure actually worked.
Best wishes if you decide to try it for yourself.

http://businesscreditamerica.com

4 Ways to Apply for a Credit Card So You’ll Get Approved

http://businesscreditamerica.com

 

1. Get your finances in shape

There’s nothing you can do about a history of missed payments or a bankruptcy. Thankfully, your credit score considers your most recent behavior more important than what happened 3 or 5 years ago. If you show that you’ve cleaned up your previously spotty payment history, credit card companies are more likely to consider your application.
This means keeping current on all your debts, not just credit card debt: personal, auto and other loans all count towards your score. Plus, stay away from cash advances and going over your credit limit.

2. Don’t apply for too many cards at once

Every time you apply for a loan, a credit card issuer (or other lender) looks into your credit score. If you initiated the lender’s inquiry by applying for the card, your credit score takes a hit. If the card company runs the credit score check without your knowledge to pre-approve you, then you’re off the hook.
What this means in practical terms is that you shouldn’t apply for two or three cards all in one go, or even space your credit limit increases too closely. Even though it may seem like a good idea to apply for a backup credit card in case you’re rejected for your top choice, it looks to lenders like you’re suddenly asking for a lot more credit. They’re more likely to look at you nervously.
The exception to the “spread out your applications” rule is mortgages, student and auto loans, and any other loans that involve rate-shopping. In that case, you’re expected to go from bank to bank, comparing their rate offers. Fair Isaac (the company that computes your credit score) lumps all of those types of applications made in 14 or 45 days as just one inquiry. (The old way of scoring used 14 days, and the new uses 45; lenders choose which version to use).

3. Lower your debt utilization ratio

One of the best ways to prove your creditworthiness is showing that even though you’re trusted with credit, you aren’t relying on it. The way to demonstrate this is by lowering your debt utilization ratio, or the amount of credit you’re using compared to all the credit available to you. For example, if you have two credit cards with $5,000 limits and you carry $1,000 of debt on one and $4,000 on the other, your debt utilization ratio is 50%. Generally, 30% or less is considered a healthy ratio.
When you apply for your card, make sure you haven’t racked up a lot of debt on your cards. Even if you’re planning to pay off your debt at the end of the month, before you have to pay any interest, lenders still count it as debt. A good time to apply, then, might be right after you’ve paid off your credit card.

http://businesscreditamerica.com

4. Set your sights on the right credit cards

We mentioned that your credit score gets dinged every time you apply for a card. You can minimize your applications by having realistic expectations about what you’ll qualify for – you probably won’t get the AmEx Platinum with a 650 FICO score. While you’ll get the pick of the litter with excellent credit, if you have average or bad credit, you’ll need to consider other options.
Capital One explicitly tells you for what credit score each card is recommended. For example, there are two versions of the Capital One Cash Rewards: one for average credit, and one for excellent credit. It’s worth taking a look at their offers, and using those terms and rewards as a baseline for measuring non-Capital One cards.
Secured credit cards have few or no restrictions on who qualifies. Capital One and Orchard Bank, for instance, will lend you a secured credit card right out of bankruptcy, regardless of your credit score. Other lenders might have a waiting period after bankruptcy, or consider your FICO score. One thing to keep in mind: you’ll have to post collateral upfront. The Capital One Secured requires you to give a deposit of $49 to $200, while the Orchard Bank card’s minimum deposit is $200.

http://businesscreditamerica.com 

How To Build Business Credit On A Budget.

Learn How To Build business Credit On A Budget.   http://businesscreditamerica.com

• How to file a Ucc-1 to build up your Business and Personal Credit
• How to get all the major credit cards under your business (Visa, Master Card, American Expreremove ss, Discover, ect.).
• How to rebuild your Personal Credit with a Ucc-1,  remove inquiries, remove liens, remove judgements, and  add trade lines to boost your credit.

http://businesscreditamerica.com