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Learn how to build business credit without a personal guarantee? We also show you how to build corporate credit and what’s the difference between corporate and business credit? If you’re currently unemployed you may want to learn how to start a small business at home or how to start a small business without money you need to learn these skills.
Many business owners buy business trade line to help build
their business credit. However, when
purchasing these business trade lines, you may continue to face several
challenges when trying to get funding for your business. One of those challenges is once you add the business
trade lines, you may still need to have bank statements and tax documents in
order to get qualified for funding.
Another issue you may have with adding business trade lines
knowing if and when they’re going to show up on your business credit file. This is a big gamble because you cannot
predict when the credit bureaus are going to report. This is why I try to encourage small business
owner and entrepreneurs to focus on repairing there personal credit and pairing
it with their company then apply for funding.
When you have good credit and a new business banks will
start you out with business credit cards and business lines of credit. The reason for this is that you do not have a
business relationship with the banks.
You may also want to stay away from the business loans because they want
your business to have been in existence for at least 2 years and you would have
to provide bank statements and taxes.
So, if you’re trying to get funding for your business, I
would encourage you to repair your credit and then apply for the funding under
your business.
How to buy a used car with bad credit to drive for Uber or Lyft?
If you’re struggling with employment, bad credit, or
transportation, you may want to consider ridesharing. Although, you need a car you have several options
to get that transportation like the following:
1. Buying a car
Buying a car is a big challenge for a person
with bad credit. However, you still have
options to own a car and build a business through ridesharing. If you’re employed but have bad credit you can
buy a car from a buy here pay here car company.
They do not look at your personal credit which is perfect if you have
bad credit. You may also have the option to borrow a car from a love one that
has multiple cars and making payments to them.
Understanding buying a car is no small purchase, however, having the opportunity
to up $16 an hour ridesharing it may just be worth the investment.
2. Express Drive
Lyft has partnered with General Motors to
provide rental cars via the Express Drive Program, with weekly rates between $135 and $250. Drivers are eligible
for $0 weekly rates when they hit 75 rides a week.
You’ll need to drive most of the week to bank
that many rides, so it’s best for people who are looking to test the full-time
driver lifestyle but don’t want to commit to buying a car.
3. Hertz and
Enterprise
Hertz has partnered with Lyft and Uber to
provide rideshare rentals. Lyft's deal starts
at $165 for weekly rentals of compact sedans. After a certain number of rides
per week, which varies regionally, drivers can earn a Power
Driver Bonus to cover the rental cost.
Uber’s deal with Hertz is similar to Lyft
Express Drive, but the two programs are offered in different cities. The Uber
program has a $180-per-week base rate, which drops to zero after 75 rides a
week.
Enterprise’s rentals, specifically for Uber, are a pricier $215 a week.
Renting is typically more expensive than
buying a car and making monthly payments, but if you're a high-volume driver it
basically can become free. Plus, if you don’t like rideshare driving, you can
quit after a short trial period.
4. Uber Xchange
Uber Xchange offers
short-term car leases from partnering car dealerships. Drivers pay a $250
deposit to start and make weekly payments over three years. Xchange leases to
people with poor credit, but monthly totals and interest rates are much higher
than with conventional financing.
For example, a 2013 Toyota Camry L Base leased
through Uber Xchange may cost 156 weekly payments of $130, or $520 monthly. Comparatively, leasing a 2017 Camry through a
Toyota dealer is only $199 a month — though you need a good credit
score.
Xchange saves drivers money by including
maintenance and insurance, but this means full-time drivers are dependent on
Uber servicing their cars quickly.
“My car was in a shop over a month while a
claim was investigated, and the people in the Xchange office had no willingness
to work with me on payments since I was generating no income,” says James
Taylor, an Uber driver from Los Angeles.
However, Xchange offers unlimited mileage,
whereas traditional leases typically start charging extra after 12,000 miles.
It also allows members to return the car and back out after 30 days – minus the
$250 deposit.
Consider Xchange only if you’re driving
40-plus hours per week, want a car for personal use and can’t get other
financing because of your credit. Remember, some lenders may be able to help
you buy a used car at a better price.
5. Hyrecar
Hyrecar is a peer-to-peer rental service
specifically for ridesharing. Uber and Lyft drivers connect with car owners to
use their vehicles at varying daily, weekly and monthly rates. There are no
contracts or sign-up fees, and daily rates are as low as $35. Weekly rates
float around $200 to $300.
There are many perks to being a business owner, like being
you own boss, making your own schedule, putting a higher dollar value on your
time, and pride of ownership. Another great reason, you want to own a business
because you can qualify for higher credit card limits and these credit cards do
not affect your personal credit once you’re approved and if you’re set up as a
C-corporation.
However, one the biggest most benefits are the business tax
write-offs. Business ownership does have
a price, especially when you’re using the banks money to help fund the business. The good news is that business bank fees can
be tax deductible and we give you a few examples here:
Annual Fees
Annual fees on a business card are tax deductible. This may
be a great way to justify getting that card with the steep annual fee that also
has amazing rewards. Yes, you can write it off, but keep in mind that the
primary use of the card needs to be for business purposes and not for personal
use.
Late Fees
Hopefully you’re not incurring late fees on your credit
cards, but mistakes happen and you sometimes forget to make a payment. Those
fees can be written off for your business taxes. Of course, it’s always best to
call the company and explain you simply forgot and ask if they can waive the
fee this time; saving $35 is almost always going to be better than claiming a
$35 tax deduction.
Interest Charges
Again, in an ideal world you won’t be paying interest on any
of your purchases. But there are times when you need equipment, and there just
isn’t enough cash in the bank to pay for it right away. Those interest charges
are all tax deductible.
Swipe Fees (point of sales fees)
As a business owner, you pay the credit card company every
time someone uses their card to pay you. These are always business-related
expenses and fully tax deductible.
Miscellaneous Fees
There are sometimes other fees associated with using a
credit card. For instance, your cash advance fees are deductible.
How do I get business credit cards and business loans with a
80 Paydex score?
Many people have come across misleading information of
getting business credit cards with a 80 Paydex score. First, you must understand a paydex score is
a three digit number that given to a business from Dun and Bradstreet. This number is generated once a business has
four or more business tradelines or vendors reporting to them.
Once you’ve generate this number trade vendors use this
number to make a decision on whether they are willing to offer your business
credit. The higher the paydex score the better
your chances are to being approved for credit.
If you have a paydex score below 80 points this lets the creditor know
you are not paying your other vendors on time.
Now, if you’re trying to build your paydex score to get
business credit cards or business lines of credit, there are other factors that
are used to determine,if you’re going to get approved for business credit. When you apply for business credit cards or
business lines of credit, most lenders will want to look at your personal
credit, your business bank statements, or your business financials.
The paydex score is irrelevant at this point when trying to
get cash and credit for your business.
This is the reason we suggest people to stop wasting money on Net30
accounts and just fixed their personal credit and put the money into a business
bank account.
Should I Co-sign A loan, credit card, or Apartment for a
Family member?
If you’re a parent then I suggest to add your kids on your
credit accounts as authorize user. This
will build up their credit, so you as the parent will not need to co-sign for
their student loans, cars, and apartments.
Now, if you have a family member or love one that having
credit issues and they ask if you would sign for them a car, credit card, or apartment,
then I would suggest you not to do it.
The reason is that it could ruin the relationship. For example, if a family needs to move into a
new apartment and they ask you to co-sign and you decide to do it. If that person loses his or her job, then you’ll
be stuck with making the payments or ruining your personal credit and the
relationship.
I always suggest if a person is having credit issues offer
to help them repair their personal credit, if they refuse, then you know that
person is not the one to be offering help too.
Some may argue that you should look at how financially responsible the
person is in order to determine if it’s worth you putting your good personal
credit on the line. However, you must
factor in that things could happen to the person or their employment and that
may leave you on the hook for extra bills.
So, in conclusion, I would suggest find other ways to help
them, rather reserve the relationship then jeopardize personal credit if the
person is not will to fix their own credit.
How to get a business loan for people with bad credit?
The easiest way to get a business loan for people with bad
credit is to take out a loan thru your 401k plan it’s called a ROB (ROLL OVER
BUSINESS LOAN). If you don’t have a 401k
or Roth, you may want to consider putting up some assets for a collateral
loan. It’s a lot of lenders that will
ignore your personal credit if you have an asset to borrow against. Those assets make be a piece of land, a car,
or a family heirloom.
However, if you don’t have any assets to use as collateral,
you make want to borrow the money from a family member of a friend or ask them
if they would be willing go into business with you. You make want to also start putting a small
portion of your paycheck aside to help you move toward you goal of saving up to
start your business.
Now depending on what type of business you’re going into,
you make be able to pick up a few clients and see if they will give you an
advance toward future business.
Most don’t realize it really does not cost a lot to start a
business the issue for most is finding the right customer for your product or
service.
Learn how to setup a corporation for a one owner, could have
great advantages like protection from personal liability, a greater ability to
raise funds, and lower tax liability.
Many small business owners chose a LLC because they want to avoid being
double taxed. However, if they chose a
C- corporation they have the option to be taxed only once if they choose not to
take a salary and left the profits in the company.
When it’s only one person on the corporation, there are
three positions that need to be filled by that person. Which is the president, secretary and
treasurer. The owner will also be the
registered agent unless the corporation is set up out of state, then they need
to hire a registered agent.
Now, before you set up the corporation there are steps you
need to follow:
__1. Decide on a Business Name
Keep in mind that your state may require that your
corporation's name include an identifying word such as
"incorporated," "limited," "corporation," or an
abbreviation of such a term
__2. Search Name Availability
In addition to searching for references to your
corporation's chosen business name, you also should look for similarity to
existing names. If your name is too similar to an existing name, to the point
that it causes confusion, you may not be able to register it
__3. Register Your Corporation's Name
In addition to your legal business name, you also want to
register any fictitious business name under which you conduct business.
__4. Pick a Place in Which to Incorporate
Even if your company's main operations are in one state, you
may incorporate in another if it provides advantages. For instance, a
significant number of businesses are incorporated in Delaware despite being
founded or operated elsewhere.
__5. Choose Directorsfor Your Corporation
The board of directors is responsible for overseeing the
operation and protecting the interests of the investors and shareholders.
Directors may be officers of the corporation, investors, or individuals with no
other stake in the company.
__6. Create and Sign Your Articles of Incorporation
The articles of incorporation are filed with your Secretary
of State's office and serve as the official charter for your corporation.
__7. Write Your Corporation's By-Laws
The by-laws outline the responsibilities of the
corporation's officers, directors, and shareholders; the overall purpose of the
corporation; and who manages which aspects of the business.
__8. Create a Shareholder Agreement
It's not always necessary to create a shareholder agreement,
or stockholder agreement, but it typically addresses the rights and
responsibilities of shareholders, including share ownership terms and
valuation.
__9. File Your Articles of Incorporation
File the articles of incorporation with your state's Secretary
of State office, and pay related filing fees.
__11. Open a Separate Bank Account
The corporation is its own entity, so you want to make sure
you open a bank account in the name of the corporation as opposed to an
individual.
__12. Start a Minute Book for Your Meetings
Keeping meticulous records will help your business
meet its goals and hold officers and board members accountable. The minute book
is a record of all discussions and actions taken at board meetings.
__13. Hold Your First Board of Directors' Meeting
Since it will be the first meeting, you will lay out the structure,
vision, and goals of the corporation and establish the tone for future
meetings.
__14. Issue Certificates to Your Initial Stockholders (if
applicable)
__15. Obtain Business licenses and Permits
Federal
Government
State
Government
Your
Local Government
__16. Follow All Legal Requirements for Running a
Corporation
Corporations are more heavily regulated than other types of
businesses, so make sure you're in compliance of all local, state, and federal
requirements.
