Have You Ever Wanted…
To get enough cash to cover start up business expenses?
To purchase a foreclosure property or acquire a mortgage?
To invest in real estate WITHOUT a personal guarantee?
To operate your business with open lines of cash credit?
With Corporate Credit, You CAN!!!
Imagine the new business opportunities that will
present themselves after you build Corporate Credit!
What would you do if your business had excellent credit?
Have you been looking for a way to establish corporate credit without using your personal credit?
The University of Corporate Building has the solution for you! We are a leading financial consulting firm dedicated to instituting and organizing business credit for new and established businesses. Using our unique method, we can separate your business and personal credit and establish the solid business credit foundation you need to succeed!
Grow Your Business on Your Terms!
By separating your personal credit from your business credit, you’ll get the following benefits:
$50,000 in lines of business credit and credit cards with additional programs of up to $5 million
Automobile leases without a personal guarantee or personal credit check
Once you’ve established Corporate Credit, you can use it to obtain:
Real estate
Auto Leases
Credit cards
Business vendor credit
Equipment leases
Because this isn’t a typical business loan, you don’t have to prepare a plan detailing how you intend to use the funds once you get your unsecured business line of credit!
These are just some of the reasons why you should join this community.
Our group members are here for the same reason and love to help one another excel more quickly based on there previous experiences and knowledge.
Don't reinvent the wheel, use our membership area to gain the real knowledge you need.
Friday, November 28, 2008
How to Establish Biz Credit
How I Learned How to Establish Credit In My Business Name
The Story
Establishing business credit is tough, especially for a new business. But remember: It CAN be done, and it's easier than you think. Follow these steps, and you'll be on your way to an excellent credit profile.
For most you of you have completed steps one and two, if you have not please done so.
1. Set up a C or S corporate business. These are smart to protect yourself, and these corporation structures are the only type of business structure that allows you to keep your business credit and personal credit separate. Limited Liability Corporations (LLC's) and Sole Proprietors are okay for contract work or property investment, but you still should get a C or S-Corp to manage them.
2. Get your EIN through registration with the IRS. It is free and can be completed online. You will also receive your EIN the same day. http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
3. Set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world, but if you don't have a choice it's not a real problem) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.
4. Get your Dunn & Bradstreet number. If you want to establish credit sooner pay for the Dunn and Bradstreet Credit Builder basic plan. This a service that assigns a D-U-N-S Number to your company, builds a full credit profile, and assigns a basic set of D&B scores and ratings that potential business partners can view. This well worth the $329.00 At this point will immediately be able to get small lines of credit. (http://www.irs.gov/businesses/small/article/0,,id=98350,00.html). After you have at least 5 business trade lines or business accounts reporting, you receive a paydex rating (Paydex is similar to FICO as for personal credit).
5 After receiving your first phone bill, go to http://www.staples.com/ and fax in copy of application along with copy of phone bill to apply for business credit. Use professional letterhead for coversheet. You should receive the standard $750 credit line with no personal guarantee (herein referred to as "PG").
*REMEMBER - a paydex score will only take into account your payment history. Unlike personal credit, this is counted in days. For example, if you pay your invoices 14 days late, it will be reported as such. If you pay your account off before the statement or invoice comes, it will be reported as such. The bottom line: Pay your invoices on time, and you will get a better paydex score.
6. Set up the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:
a) UPS -* http://www.ups.com/
b) FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1
c) Barnes & Noble CONTACT Purchase Order Department 1-212-414-6000
d) Quill Corporation, CONTACT Credit Department 1-800-634-3090
e) Viking CONTACT Credit Department 1-888-454-5457
f) Rapid CONTACT Billing Department 1-800-257-5287
g) Nebs -* http://www.nebs.com/
h) 11. Office Depot* http://www.officedepot.com/* apply online
7. Need a cell phone? Once you have an EIN and D&B# apply for a business account. Usually T-Mobile is the easiest to get credit with. Yet with all the cellular company competing for business market, I've heard that Sprint, Cingular, and Verizon are easy to get as well. Nextel? Good phone, but you have to jump through a lot of hoops, and you usually have to put down a deposit. It will take at least 30-45 of use and the following companies will automatically report to D&B creating your business file:
8. Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG.
The Story
Establishing business credit is tough, especially for a new business. But remember: It CAN be done, and it's easier than you think. Follow these steps, and you'll be on your way to an excellent credit profile.
For most you of you have completed steps one and two, if you have not please done so.
1. Set up a C or S corporate business. These are smart to protect yourself, and these corporation structures are the only type of business structure that allows you to keep your business credit and personal credit separate. Limited Liability Corporations (LLC's) and Sole Proprietors are okay for contract work or property investment, but you still should get a C or S-Corp to manage them.
2. Get your EIN through registration with the IRS. It is free and can be completed online. You will also receive your EIN the same day. http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
3. Set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world, but if you don't have a choice it's not a real problem) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.
4. Get your Dunn & Bradstreet number. If you want to establish credit sooner pay for the Dunn and Bradstreet Credit Builder basic plan. This a service that assigns a D-U-N-S Number to your company, builds a full credit profile, and assigns a basic set of D&B scores and ratings that potential business partners can view. This well worth the $329.00 At this point will immediately be able to get small lines of credit. (http://www.irs.gov/businesses/small/article/0,,id=98350,00.html). After you have at least 5 business trade lines or business accounts reporting, you receive a paydex rating (Paydex is similar to FICO as for personal credit).
5 After receiving your first phone bill, go to http://www.staples.com/ and fax in copy of application along with copy of phone bill to apply for business credit. Use professional letterhead for coversheet. You should receive the standard $750 credit line with no personal guarantee (herein referred to as "PG").
*REMEMBER - a paydex score will only take into account your payment history. Unlike personal credit, this is counted in days. For example, if you pay your invoices 14 days late, it will be reported as such. If you pay your account off before the statement or invoice comes, it will be reported as such. The bottom line: Pay your invoices on time, and you will get a better paydex score.
6. Set up the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:
a) UPS -* http://www.ups.com/
b) FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1
c) Barnes & Noble CONTACT Purchase Order Department 1-212-414-6000
d) Quill Corporation, CONTACT Credit Department 1-800-634-3090
e) Viking CONTACT Credit Department 1-888-454-5457
f) Rapid CONTACT Billing Department 1-800-257-5287
g) Nebs -* http://www.nebs.com/
h) 11. Office Depot* http://www.officedepot.com/* apply online
7. Need a cell phone? Once you have an EIN and D&B# apply for a business account. Usually T-Mobile is the easiest to get credit with. Yet with all the cellular company competing for business market, I've heard that Sprint, Cingular, and Verizon are easy to get as well. Nextel? Good phone, but you have to jump through a lot of hoops, and you usually have to put down a deposit. It will take at least 30-45 of use and the following companies will automatically report to D&B creating your business file:
8. Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG.
Tips for a better Retirement
Having a million-dollar portfolio is a retirement dream for many people. Making that dream come true requires some serious effort. While success is never a sure thing, the 10 steps outlined below will go a long way toward helping you achieve your objective.
1. Set the Goal
Nobody plans to fail, but plenty of people fail to plan. It's a cliché, but it's true. "Plan" is the leading self-help advice from athletes, business moguls and everyday people who have achieved extraordinary goals.
2. Start Saving
• In Pictures: 10 Retirement-Wrecking Moves
• In Pictures: 10 Ways to Your First Million
• In Pictures: Top 8 Estate Planning Mistakes
If you don't save, you'll never reach your goal. As obvious as this might seems, far too many people never even start to save. If your employer offers a 401(k) plan, enrolling in the plan is a great way to put your savings on autopilot. Simply sign up for the plan and contributions will be automatically taken out of your paycheck, increasing your savings and decreasing your immediate tax liability.
If your employer offers to match your contributions up to a certain percentage, be sure to contribute enough to get the full match. It's like getting a guaranteed return on your investment. Finding the cash to stash may be a challenge, particularly when you're young, but don't let that stop you from pursuing future riches.
3. Get Aggressive
Studies have shown that the majority of the returns generated by an investment are dictated by the asset-allocation decision. If you are looking to grow your wealth over time, fixed-income investments aren't likely to get the job done, and inflation can take a big chunk out of your savings.
Investing in equities entails more risk, but is also statistically likely to lead to greater returns. For many of us, it's a risk we have to take if want to see our wealth grow. Asset-allocation strategies can help you learn how to make picking the right mix of securities the core of your investing strategy.
4. Prepare for Rainy Days
Part of long-term planning involves accepting the idea that setbacks will occur. If you are not prepared, these setbacks can put a stop to your savings efforts. While you can't avoid all of the bumps in the road, you can prepare in advance to mitigate the damage they can do.
5. Save More
Your income should rise as time passes. You'll get raises, you'll change jobs, and maybe you'll get married and become a two-income family. Every time more cash comes in to your pocket, you should increase the amount that you save. The key to reaching your goal as quickly as possible is to save as much as you can.
6. Watch Your Spending
Vacations, car, kids and all of life's other expenses take a big chunk out of your paycheck. To maximize your savings, you need to minimize your spending. Buying a home you can afford and living a lifestyle that is below your means and not funded by credit cards are all necessities if you want to boost your savings.
7. Monitor Your Portfolio
There's no need to obsess over every movement of the Dow. Instead, check your portfolio once a year. Rebalance your asset allocation to keep on track with your plan.
8. Max Out Your Options
Take advantage of every savings opportunity that comes your way. Make the maximum contribution to tax-deferred savings plans and then open up a taxable account too. Don't let any chance to save get away.
9. Catch-Up Contributions
When you reach age50, you are eligible to increase contributions to tax-deferred savings plans. Take advantage of this opportunity!
10. Have Patience
"Get-rich-quick" schemes are usually just that - schemes. The power of compounding takes time, so invest early, invest often and accept that the road to riches is often long and slow. With that in mind, the sooner you get started, the better your odds of achieving your goals.
The Reality Of Retirement
Retirement might seem far away, but it when it arrives nobody ever complains about having too much money. Some people even question whether a million dollars is enough.
That said, with lots of planning and discipline, you can reach your retirement goals and live a comfortable life after work.
1. Set the Goal
Nobody plans to fail, but plenty of people fail to plan. It's a cliché, but it's true. "Plan" is the leading self-help advice from athletes, business moguls and everyday people who have achieved extraordinary goals.
2. Start Saving
• In Pictures: 10 Retirement-Wrecking Moves
• In Pictures: 10 Ways to Your First Million
• In Pictures: Top 8 Estate Planning Mistakes
If you don't save, you'll never reach your goal. As obvious as this might seems, far too many people never even start to save. If your employer offers a 401(k) plan, enrolling in the plan is a great way to put your savings on autopilot. Simply sign up for the plan and contributions will be automatically taken out of your paycheck, increasing your savings and decreasing your immediate tax liability.
If your employer offers to match your contributions up to a certain percentage, be sure to contribute enough to get the full match. It's like getting a guaranteed return on your investment. Finding the cash to stash may be a challenge, particularly when you're young, but don't let that stop you from pursuing future riches.
3. Get Aggressive
Studies have shown that the majority of the returns generated by an investment are dictated by the asset-allocation decision. If you are looking to grow your wealth over time, fixed-income investments aren't likely to get the job done, and inflation can take a big chunk out of your savings.
Investing in equities entails more risk, but is also statistically likely to lead to greater returns. For many of us, it's a risk we have to take if want to see our wealth grow. Asset-allocation strategies can help you learn how to make picking the right mix of securities the core of your investing strategy.
4. Prepare for Rainy Days
Part of long-term planning involves accepting the idea that setbacks will occur. If you are not prepared, these setbacks can put a stop to your savings efforts. While you can't avoid all of the bumps in the road, you can prepare in advance to mitigate the damage they can do.
5. Save More
Your income should rise as time passes. You'll get raises, you'll change jobs, and maybe you'll get married and become a two-income family. Every time more cash comes in to your pocket, you should increase the amount that you save. The key to reaching your goal as quickly as possible is to save as much as you can.
6. Watch Your Spending
Vacations, car, kids and all of life's other expenses take a big chunk out of your paycheck. To maximize your savings, you need to minimize your spending. Buying a home you can afford and living a lifestyle that is below your means and not funded by credit cards are all necessities if you want to boost your savings.
7. Monitor Your Portfolio
There's no need to obsess over every movement of the Dow. Instead, check your portfolio once a year. Rebalance your asset allocation to keep on track with your plan.
8. Max Out Your Options
Take advantage of every savings opportunity that comes your way. Make the maximum contribution to tax-deferred savings plans and then open up a taxable account too. Don't let any chance to save get away.
9. Catch-Up Contributions
When you reach age50, you are eligible to increase contributions to tax-deferred savings plans. Take advantage of this opportunity!
10. Have Patience
"Get-rich-quick" schemes are usually just that - schemes. The power of compounding takes time, so invest early, invest often and accept that the road to riches is often long and slow. With that in mind, the sooner you get started, the better your odds of achieving your goals.
The Reality Of Retirement
Retirement might seem far away, but it when it arrives nobody ever complains about having too much money. Some people even question whether a million dollars is enough.
That said, with lots of planning and discipline, you can reach your retirement goals and live a comfortable life after work.
Subscribe to:
Posts (Atom)
