16 Real Answers to Your Business Credit Questions Ilya Bodner Initial Underwriting

By Biz Card Survey Staff on Friday, June 25th, 2010 | No Comments

16 Real Answers to Your Business Credit Questions Ilya Bodner Initial Underwriting

Ilya Bodner is a successful entrepreneur and owner of Initial Underwiting Group, an organization that underwrites business loans for owners that are ready to start up or expand a small business. In a recent interview, Mr. Bodner answered some of the most frequently asked questions that are on the minds of business owners when they need financing and commercial loans.

How did you get involved in business credit?

I needed to raise money for my first business venture; being young and just out of college my personal credit could not support 0,000 loan. I found out about Dun & Bradstreet and spent 3 years carefully learning its methods and lenders that use that information.

Why did you decide to help small businesses obtain loans?

I got 0k for my own business through the use of business credit, realized that a lot of business owners don’t know about business credit and decided to cater to the demand.

What is the worst mistake you see small business owners make?

Being undercapitalized – Worst mistake is not to plan for unpredicted expenses, loose projections, and shift in demand; which all contributes to increased spending and lowered sales.

Do you think it is fine for new business owners to borrow money from people they know?

No, I don’t think it is fine to borrow from people you know – If you undercapitalize, you tend to go to friends and family for immediate money. Otherwise, borrowing with caution and enough reserves to pay back in case of total loss, is the only acceptable method of borrowing from your loved ones.

Do you see a trend in why small business owners get rejected for loans?

High Risk – the lenders see a small business owner as a renegade who may or may not pay back the loan + interest. 3 out of 4 businesses don’t survive; and the small percentage of small businesses that do survive end up defaulting at some point.

Is there a way to apply for a business loan without revealing your personal credit history?

Yes, some banks offer business credit based programs.

In your experience do you see business owners without business credit, get lines of credit and business credit cards?

Yes, they take the steps to establish a strong business credit profile and go to the right lenders.

Can a business owner apply for a business loan if they declared bankruptcy sometime in the past?

Yes, only if a strong business credit profile already exists. Apply with a lender that offers business credit-based financing.

How should one establish business credit when just starting out?

Establish a legal entity with an EIN number first. Then, apply for a Dun & Bradstreet number and an Experian report – both are free. Lastly, sway 6 vendors to report payment history (this part is tricky if you don’t have the leisure of time).

Do your business credit habits automatically get submitted to the business credit reporting agencies?

No – Reporting can be done by all; however, automatic reporting is done by only a few vendors and lenders.

Is it easy to get financing once you have a business credit profile?

Nothing is easy in the current state of our credit-crunched lending sector. By having business credit a business is open to more lending options.

Is the SBA the only resource for small business loans?

Not anymore – more and more banks offer business credit based financing.

Will the current situation in the banking industry and the economy affect a new business owner’s ability to get a loan?

Yes, for those that don’t have business credit.

Will a business owner be expected to pay high fees when they apply for business-credit based financing?

No, these are the same banks and the same lending guidelines – pulling business credit reports, not personal credit scores.

Can a business owner, without business credit, get lines of credit and business credit cards?

Yes, take the steps to establish a strong business credit profile and go to the right lenders.

Any tips for all of us who are looking for loans to expand, start, or restructure our business?

Just like you take the time to go to an accountant for tax advice and preparation (regardless if it is your first year of operation or tenth year), spend some time with a business professional to prepare and take advice on strong business credit.

Over the course of the last 5 years as an entrepreneur I have successfully launched, managed, and sold off several businesses. Each organization started has added some value to my understanding of the business world today. My philosophy has been that 9 things out of 10 that I try will fail, but that golden one is always worth the battle. In my experience that has proven to be the case and my successful businesses still operate today under the management of those whom I have sold off to. The latest project is Initial Underwriting Group, a corporation comprised of two concepts: 1) business credit building and 2) business loan underwriting.

Get 0000 to 0000 in cash and UNSECURED new business lines of credit by following a 4-step system. Dear Entrepreneur I want to introduce you to an amazing credit system that taught me where to get huge unsecured lines of credit. This guide shows you where to get 0000 to 0000 in cash and UNSECURED new business lines of credit by following a 4-step system. An unsecured business line of credit is the easiest short cut to getting money that you will ever find. You will learn how to get money in the name of a business using any registered business entity, and stop using your personal name and social security number to apply for business credit. The secret to successfully getting large amounts of business credit is to use stated income applications to qualify for money from many different lenders. This system will show you exactly how to properly complete the stated income application process at each of the national lenders on my lenders list. Business lines of credit come in the form of multi-year loans, convenient checks and business credit cards that offer cash advances that can be used anywhere. Get the complete guide with workbook, lenders list, CD set and everything you need to get the money at: businesscapitaltoday.com This system has helped me tremendously, that’s why I want to share what I’ve learned with you.
Video Rating: 3 / 5

Dun & Bradstreet vs. Corporate Experian

By Biz Card Survey Staff on Sunday, April 11th, 2010 | 1 Comment

Check out this Video

How To Get Unsecured Lines of Business Credit ecourse at… www.kingofunsecuredloans.com

Start Business Credit: Business Start Up Credit

By Biz Card Survey Staff on Tuesday, February 16th, 2010 | No Comments

Business Start up Credit

On the previous post I mentioned how you can start building business credit right away by having your everyday expenses like web hosting, phone services and printing reported on your profile. If the companies you’re doing business with are not reporting your payment history you can use a business credit builder product at DNB that will get the job done.

You can also start corporate credit accounts with companies like Verizon, Quill, Accurate Office Supply, Best Buy, Fed Ex and many others. You will need to provide your EIN number when you open an account and some companies will request your Dun & Bradstreet number. Remember, not all companies that you start business credit with will report your payment history.

Also, each company has its own credit approval guidelines and minimum requirements for business start up credit. For example, Accurate Office Supply offers a net 30 account with no personal guarantee but requires your business to have a minimum of three trade references and one bank reference.

So if your goal is building a strong business credit file then you will either need to select companies that report to the business credit bureaus or use the dun & bradstreet credit builder product to have your trade references added yourself.

You can also take advantage of companies that provide you a business credit supplier directory like the Business Credit Insiders Circle.

Business Credit Blog » Business Credit » Start Business Credit – start up credit for small business

Start up Business Credit Cards

While trade credit with companies like Quill and Fed Ex can help your business fund its short term needs cash credit is much more preferable. The mistake that most business owners make is applying for a business credit card that requires a personal credit check as well as a personal guarantee.

These types of cards are a glorified version of a personal credit card because the charges and debt your business incurs all report on your personal credit reports. Furthermore if you default on any outstanding debt incurred on the card then you are personally liable for that debt.

So you’re probably wondering how a start up company like yours can obtain a business credit card with no personal credit check or personal guarantee. For starters I suggest a secured business credit card for establishing business credit. After several months of solid payment history you can request an unsecured credit line increase.

In addition you may want to consider a business debit card from the bank that services your business checking account. Even though this doesn’t start corporate credit for your company it does help establish bank credit.

You should always take advantage of these types of products offered at your bank. Some banks like Comerica, Key Bank and Associated Bank have its business credit card issued through Élan Financial Services. Élan’s underwriting guidelines for business credit cards require a personal credit check for approval but your company’s revolving debt and payment experience do not report to your personal credit reports. A big plus for your personal debt to credit limit ratios!

As you can see even start ups can start building business credit with everyday expenses, corporate credit accounts, a secured business credit card, a business debit card and business credit cards.

To your business credit success!

Business Credit Resources

» Business Credit Seminar

» Business Credit Insiders Circle

» Business Credit Blog

To access business credit insider secrets, premium vendors, leasing companies, business credit cards, and lenders that report to all the major business credit bureaus become a member of my Business Credit Insider’s Circle. Submit your name and email below for details and receive a free audio seminar ($597 value) =>

Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insider’s Circle. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

Building Business Credit: 20 Steps to No Personal Guarantee

By Biz Card Survey Staff on Tuesday, February 16th, 2010 | No Comments

Building Business Credit

While obtaining business credit cards, small business loans and a business line of credit is the common objective for many small business owners there is a growing demand for learning how to qualify without having to use personal credit or a personal guarantee.

I’m happy to see that more and more business owners are embracing the idea of completely separating your personal credit from business credit. Many of our new members were never aware of the danger that co mingling the use of credit profiles for personal and business can jeopardize the protection of the corporate veil plus limit the amount of funding their business can obtain.

Here are twenty steps to building corporate credit without using a personal guarantee. Please note that I’ve used examples from my own business credit practice.

Incorporate your business and obtain a Federal Tax ID#- your Tax ID number will be the number that identifies your business and information. It’s just like how your social security number will identify who you are for personal credit.
Complete corporate conformity (411 listing, verifications, business license, etc.) –vendors, lenders and banks will do their due diligence prior to extending credit to your company. Don’t expect to receive credit by skipping these key fundamental steps.
Select the right business classification codes – avoid selecting codes that will trigger a red flag with the business credit bureaus and lenders. This can stop your business credit building efforts dead in its tracks.
Set up a complete profile with Dun & Bradstreet – Simply obtaining a DUNs number doesn’t cut it you will need to furnish additional information on your profile to give creditors a complete picture of your business. Remember there are companies like First Equity that offer no personal guarantee business credit cards but by invitation only. They purchase targeted lists from the business credit bureaus which you want your company to be on.
Add existing positive trade references – use business credit builder programs which can help you build business credit fast so if you have the references take advantage of it.
Apply for vendor lines of credit – getting business credit can be simple with companies that specialize in startup companies or businesses with no credit.
Pay invoices ahead of the due date – you can increase your paydex score to 90 or higher by simply paying your invoices 10-20 days ahead of the due date. A big plus on your files!
Build solid payment history – while account types and trade lines are a factor keep in mind that a payment track record is the final ingredient. Don’t think that one paid invoice will make your business capable of acquiring no personal guarantee credit lines or credit cards.
Monitor your business credit file – a no brainer and a good habit to adopt for your personal files as well.
Get listed with multiple business credit bureaus –target specific business credit bureaus that cater to your industry on top of the big three.
Set up a small business bank account –before selecting a financial institution for your banking make a list of the financial products you may need. Consider a credit union or community bank because they are much more flexible in today’s economic environment.
Establish a minimum ‘low 5’ bank rating – know what your banks are looking for in business credit lines.
Obtain secured business credit cards
Open a small business credit line
Establish a diversity of credit – build a strong business credit profile by obtaining different account types. This includes trade credit, revolving credit, loans and leases.
Keep proper financials
Establish a well written business plan – A business plan is your blueprint that outlines every necessary component for the success of your business. Enough said!
Maintain personal credit scores at 680+ – when applying for no personal guarantee credit a lender or creditor may still require a personal credit check.
Build large trade lines with multiple tiers of credit –you can request for a credit limit increase usually after six months of good payment history. Before applying for larger tiers of credit be sure to know what the requirements for approval are.

20. Stay informed! – join forums, social networks, read articles, subscribe to blogs and consider joining memberships like the business credit insiders circle.

Following these steps will provide your business opportunities to establish business credit in the name of your business while protecting your personal credit and personal liability.

To access business credit insider secrets, premium vendors, leasing companies, business credit cards, and lenders that report to all the major business credit bureaus become a member of my Business Credit Insider’s Circle. Submit your name and email below for details and receive a free audio seminar ($597 value) =>

Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insider’s Circle. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

Business Credit Builder: Dun & Bradstreet Product Review Part 2

By Biz Card Survey Staff on Tuesday, February 16th, 2010 | No Comments

Business Credit Builder

On the previous post I reviewed two business credit builder products at Dun & Bradstreet that were great for start-ups and companies that had a few trade experiences they wanted to add to their credit profile. In this post I’m going to cover two more advanced products that have received a makeover that’s definitely worth mentioning.

Now remember that obtaining a DUNs number does not cost anything to your company but receiving your number can take over 30 days if you choose the free route. However, you can obtain your DUNs number in less than 24 hours by either purchasing one of its business credit builder programs that I’ve reviewed or if you are a government contractor, government vendor, or grant recipient.

Let’s take a look at these business credit solutions and how they can help build company credit for your business.

DNBi Self Monitor Plus Inquiries

Price $799

This product is similar to the DNBi Self Monitor Basic except that it allows you to submit up to 24 references over a period of 3 months for a total of 12 payment experiences to be added. The basic version allows you only a total of 4 payment experiences to be added. They provide this extra cushion just in case they are unable to contact one of your references for payment experience verification.

In addition you have the ability to track the inquiries that others are making into your business credit file. This is a great way to make sure you are up to speed on the latest information that vendors, banks, suppliers and customers are seeing and an effective way to determine if your business is generating the positive interest it needs in the marketplace.

If you choose to purchase this product then most likely they will waive the DUNs File Creator fee so don’t hesitate to request it. This product is ideal for you if you already have existing trade references that you want to add plus closely monitor the activity and inquiries on your file.
Some other product features include:

• Key D&B scores & ratings including D&B Rating, Financial Stress Score, Commercial Credit Score and Supplier Evaluation Risk Rating.
• Comprehensive overview of payment history including D&B’s PAYDEX
• D&B’s Credit Limit Recommendation
• Financial performance including Key business ratios that measure financial strength.
• An overview of public filings including Suits, Liens, Judgments and UCC filings.
• Notification (alerts) when significant changes occur within your credit file.
• Easy-to-use web-based interface

* Tip – there are business credit builder companies like the Business Credit Insiders Circle that provide access to vendors, suppliers, and companies that report to DNB for building small business credit.
DNBi Self Monitor Premium

Price $1,399

This product is the grand daddy of DNBs business credit solutions. In my opinion it’s a big upgrade to DNBi Self Monitor Plus Inquiries product because it allows you to submit up to 200 references over a period of 6 months for a total of 100 payment experiences to be added. The ‘Plus Inquiries’ version allows a total of 12 payment experiences to be added. That’s 88 additional references you can add with this product and 6 months time frame to do it.
Some of my members who have been in business for years and have just now realized they needed to build a business credit history found this product to be a no brainer. Since they already had long standing relationships with many companies they quickly had the ability to add dozens of trade experiences to their files and create a paydex score of 80+ in a matter of weeks!

*Tip – there are credit builder companies like BCIC that report your payments to Dun & Bradstreet. Not only do they give you access to vendors, suppliers, and companies that report to DNB but they also help you build business credit history too!

If you decide to purchase one of these DNB products or need some guidance regarding the status of your DNB report then call Tara Simone at Dun & Bradstreet and she will take good care of you. Her contact number is 610-882-6367 or email simoneT@DNB.com.

I hope that you found these product reviews to be helpful to you in getting started in building small business credit for your company.

Business Credit Builder: Dun & Bradstreet Product Review Part 1

By Biz Card Survey Staff on Tuesday, February 16th, 2010 | No Comments

Business Credit Builder

After speaking with my contact at Dun & Bradstreet today about its business credit builder programs there have been recent changes made this year that you should be aware of. These changes are good news for small business owners and make the programs offered at DNB more streamlined and affordable to establish, improve, and protect your corporate credit.

Now keep in mind that obtaining a DUNs number does not cost anything to your company but receiving your number can take over 30 days if you choose the free route. However, you can obtain your DUNs number in less than 24 hours by either purchasing one of its business credit builder programs or if you are a government contractor, government vendor, or grant recipient.

Now let’s review each of its business credit solutions and how they can help build company credit for your small business much faster than the traditional route of waiting for your creditors to report.

DUNs File Creator

Price $149

This product is ideal for you if you need to have a DUNs number issued right away. As soon as you purchase this product they will issue your number in 24 hours and you can have a DNB business file in their system within 5 business days. You have the ability to add extensive information on your file like company background information, operational information and financial statements. One of the drawbacks is that it does not include the ability to add trade references to your file. You will have to wait for vendors, creditors or suppliers to report their payment experience with you to Dun & Bradstreet. So if you are trying to build business credit history fast then this would not be the best choice for you because you have to wait until your suppliers report your payments.

* Tip – when you become a Business Credit Insider member we give you access to vendors, suppliers, and companies that report to DNB on a monthly basis for building small business credit.

DNBi Self Monitor Basic

Price $449

If you choose to purchase this product then most likely they will waive the DUNs File Creator fee so don’t hesitate to request it. This particular product is ideal for you if you already have existing trade references that you want to add to your file. This service allows you to submit up to 8 references over a period of 3 months for a total of 4 payment experiences to be added. They allow this extra cushion just in case they are unable to contact one of your references for payment experience verification.

Now if the price on this is a bit of stretch for you then you may want to take advantage of their monthly payment option. It costs $39 per month and requires a 3 month minimum term. Keep in mind that if you select this option you are only allowed to add 1 trade reference per quarter with the option to add more if you continue the service.

*Tip – when you become a Business Credit Insider member we report your monthly membership payment to Dun & Bradstreet. Not only do we give you access to vendors, suppliers, and companies that report to DNB but we also help you build business credit history too!

If you decide to enroll in one of these programs or need some guidance regarding the status of your DNB report then call Tara Simone at Dun & Bradstreet. Let her know that Marco referred you and she will take good care of you. Her contact number is 610-882-6367 or email simoneT@DNB.com.

Stay tuned for Business Credit Builder Part 2…

Marco Carbajo

Steps to establish a solid business credit profile – Good luck on your journey of building business credit. Remember that business credit in no way replaces personal credit and its beneficial for you to have an excellent personal credit file too. Erin Pondo – Small business consultant and …
Build Credit Before Your Business Needs It | Grow Smart Business … – Tags: building business credit, business loans, credit, credit history, thursdaybram. This entry was posted on Tuesday, January 12th, 2010 at 8:00 am and is filed under Raising Capital. You can follow any responses to this entry through …
Start Building Business Credit No Personal Credit and No Guarantee – You can start building business credit rather quickly with companies that are willing to extend credit to your business with no personal credit check or guarantee Discover what you can do to get started today. Original post: …
How To Get Great Business Credit (80+ Paydex Score) – Getting an 80 paydex score (a perfect business credit rating) is getting harder and harder but this is actually the first key to building business credit. Clients have been emailing and calling me constantly to figure out how they can …
Dun and Bradstreet | Who are they? | businesscreditschool.com – Their products are ESSENTIAL to building business credit. Their products are used WORLD WIDE by banks, creditors and even by Fortune 500 Companies. They are the LARGEST business credit bureau in the World. Obtaining a DUNS#: …
Building Business Credit In 2009 – Business Opportunities Weblog – Blog entry about Building Business Credit In 2009.

Recent Posts

Last Said

On Our Site….

Posts of the Past

16 Real Answers to Your Business Credit Questions Ilya Bodner Initial Underwriting

Dun & Bradstreet vs. Corporate Experian

Start Business Credit: Business Start Up Credit

Business Start up Credit

Start up Business Credit Cards

Business Credit Resources

» Business Credit Seminar

» Business Credit Insiders Circle

» Business Credit Blog

Business Credit Builder: Dun & Bradstreet Product Review Part 2

Business Credit Builder

Business Credit Builder: Dun & Bradstreet Product Review Part 1

Business Credit Builder

Iberia Bank -Great Low Rate

Rebuild Your Credit -Start Now!

Know What’s On Your Credit Report?