Updated: Dec 6, 2022
In order to be an expert in business credit, you need to know about business credit.
Becoming an expert in business credit is your step in the right direction to have success as an entrepreneur. It's how I did it and it's how thousands of members in my Credit Stacking mentorship have been able to do it as well.
It took me a little over a year to understand business credit, once I got through the awkward learning stage, I was able to get approved for $50,000 in 0% interest business credit.
I learned the things the banks don't want us to know, I knew I needed to teach them to other people.
So let me share some more wisdom with you about business credit.
Why is business credit important?
Being able to tap into business credit is a "secret sauce" to building and scaling your business.
As I mentioned above, business credit does not report against your FICO score. If you need money to scale your business - say you need to buy some software or expensive piece of equipment - rather than waiting for your next paycheck, you can charge it on your business credit card.
Even if you max out the spending limit (or utilization) of the card - which would normally be bad for your FICO score if it was a personal credit card - it will not hurt you if you max out a business credit card.
Plus, you get insane points for using a business credit card. Once you max out a card, you could use those points to take a trip to an exotic location.
Take advantage of business credit to scale your business and travel the world.
Who reports business credit?
Unlike personal credit, business credit does not report to your personal credit score.
When you apply for a business credit card, the bank will check your score to see if you qualify. After that, your business credit will not be reported against your FICO score.
Having business credit cards will only bump up your score because the more lines of credit you have, the higher your score can be. This is symbolic of the bank trusting you with the money they lend you and your ability to pay off debts.
So, if your credit score is lower than what you desire, consider becoming an "authorized user" on a friend or family member's business credit account.
Becoming an authorized user will allow you to receive the benefits of a business credit card without having to worry about the personal responsibility of a business credit account.
How do you get business credit with an LLC?
Simple, you just apply for it.
You start by applying for a business checking account with a bank. If you're trying to use business credit for a start-up or scale your business, I'd suggest you start at Chase bank.
They have the best cards for getting started and will set you up for success when you go to open business cards at other banks.
How can Credit Stacking help me?
I teach all types of tips, tricks and hacks in my Credit Stacking mentorship. Along with learning great skills to scale your business at 0% interest, you can join a supportive community and get access to my relationships with the banks.
If you want the smoothest path to scaling your business with the best results, join my mentorship.
Accessing my personal relationship managers will set you up to get approved for high spending limits credit cards with 0% interest. That way you can scale your business faster without drowning in debt and high-interest rates.
Plus, you can be part of a community of thousands of entrepreneurs who are ready to learn from and teach one another. I've seen some great business partnerships from people within the Credit Stacking community.
It's just a great way for you to achieve financial freedom.