7 SIMPLE STEPS TO SECURING BUSINESS CREDIT CARDS AND GAS CREDIT CARDS WITH OUT A PERSONAL GUARANTEE http://BusinessCreditAmerica.com 1-888-821-6408x2

In a tight economy everyone is looking for funding for their business, but before you sign up for that business credit card, you may want to learn the proper steps to get that credit card without a personal guarantee.  Yes, it’s true; you can get credit without a personal guarantee. 

Although, there are tighter regulations in place for financial institutions, that does not mean they will not lend you money for your business.  You, the business owner, just have to show that your business credit file is strong enough to convince the financial institutions your business is capable of funding without a personal guarantee.  I’m going to walk you through the step by step process all the way to the bank.

A Strong Business Credit File Beats a Personal Guarantee Any Day

First step:  Financial Institutions love a strong SIC (Standard Industrial Classification) Code OR NAICS (North American Industry Classification System Codes).  The top lendable code are the following industries, agriculture, retail, wholesale, and manufacturing, so if your business falls under one of these categories your in pretty good shape.  That does not mean that other business cannot get funding,  but these are the financial institutions favorites.  If you don’t know your SIC or NAICS Codes then go to Google and type the type of industry you’re in and Google will help you find it.  Now that your SIC Code let’s move on to step two.

Second step:  Your EIN/Tax ID NUMBER should be order over the phone instead of online.  The reason behind this is because your business goes into a more viable data base.  These is a very crucial step for your business, but if you already have an EIN/TAX ID NUMBER that does not mean you out of the game.

Moving Forward.

Third step:  Financial Institutions are very favorable to C-Corporations, especially when it comes to seeing if the business is lendable.  Many people have this notion that they can acquire business credit with a LLC, you can, and however, you the business owner would still be held liable.  The C-Corporation is its own separate entity and that’s how the financial institutions look at it.

Moving Forward.

Fourth step:  When acquiring your Dun and Bradstreet Number (DandB#), use their CCR Government Registration forms to get your number FREE and within 48hrs.  If you already have a Dun and Bradstreet Number that’s great, you ahead of many other business owners.

Moving Forward.

Fifth Step:  Once you have secured your Dun and Bradstreet number, you need to submit your business Quarterly Projected Financials to Dun and Bradstreet.  This is another vital step in building a strong business credit file.  By submitting your projected financials, this allows Dun and Bradstreet to help create a credit rating for your business.

Moving Forward.

Sixth Step:  You’re on your way to securing business credit cards without a personal guarantee.  Many people miss out on this step without realizing this is how financial institutions look at you as a business. Filing a Ucc-1(Uniform Commercial Code) financing statement in other words a lien on you business.  The purpose of this is to show that the business was lent money, equipment, furniture and a vehicle to get the business running and when the business started showing profits it paid back its lenders.  You should do this every time you start a business.

Moving Forward.

Seventh Step:  Now you’ve completed the majority of the business credit file, you can start requesting credit from your Net Vendors ( net15’s, net20’s, and net30’s) such as http://vipelectronicscenter.com/,  http://www.tradesmartproducts.com/index.html, http://sharedaluv.com, http://www.azsnacks.net/, . http://ucc-1credit.com/, https://www.stntsol.com/,   You’ll need at least 6 to 9 net vendors on your business credit file in order for it to be strong.  Three to five of these vendors help create a Paydex score for your business; although it does not mean as much as a business credit rating, you still want it to be above 80.  These trade vendors will show up on your Dun and Bradstreet Business file, as well as on your Equifax and Experian credit file.

Once you have completed these steps you can start applying for business credit cards as well as gas credit cards without a personal guarantee.  If you looking to find a website that gives you the criteria of what you need for each credit card, you should check out the Free Business Credit Forum at http://www.businesscreditamerica.com/index.html