Answering your questions about business credit pt 2
What you don't know about business credit is hurting your success as an entrepreneur.
There are too many negative stigmas about credit because of that people are too afraid to learn and achieve their potential. I'm making it my mission to change that.
That's why I created my Credit Stacking mentorship. Once I learned I could get access to $50,000 in business credit with 0% interest, my mindset completely changed.
As you might have guessed, I get questions about business credit all the time. If you’re not yet part of the Credit Stacking mentorship and are on the fence because you feel like you don’t know enough about business credit, I’ve got you covered.
How much business credit can I get?
This depends on your relationship with the bank.
If you recently opened a bank account and then applied for a business card with them, you are more likely to get a lower utilization – or spending amount.
This is simply because the banks want to be sure they can trust you before giving you a large amount of their money to spend.
If you have had an account with a bank for a while and are doing things to foster your relationship with them, you're more likely to get higher utilization.
When you join the Credit Stacking mentorship, you can sign up to work with our relationship managers who will work with you and the bank to not only get you a higher spending limit but a card with 0% interest. You can submit a form to them for a request to work with the relationship managers and they’ll get you set up.
Members in the Credit Stacking community have serious wins when it comes to their utilization. Relationship managers are one of the many advantages of joining the Credit Stacking community. So many entrepreneurs have been able to scale their businesses much faster thanks to the high utilizations they've received through Credit Stacking.
Do you need good credit to get a business credit card?
To join the Credit Stacking mentorship, we recommend having a 650 credit score. That's usually the minimum score you'll need to apply for most of the cards we suggest you get in the course.
Another major benefit of Credit Stacking is the fact that it can improve your credit score. The more lines of credit you have the more your score can improve.
Another secret about business credit is, any debt you have on your business cards does not report against your FICO score.
With a regular credit card, if you max out the utilization it can hurt your credit score. However, business credit does not count against your credit.
This means you can max out your business cards to scale your business without it hurting your score. Having business credit cards can only improve your credit score. The 0% interest is an even greater bonus because you’re not having to pay interest for a certain period of time. That means you’re dealing with a dollar-to-dollar spending system for your card.
What can I use my business credit for?
You want a high utilization of your business credit cards because you can use them to scale your business.
Instead of taking out a loan from a bank or a friend or family member and dealing with interest, you can depend on a high-utilization card with 0% interest.
You can take the money you make from your business, put that money into paying off your card debt, and avoid the burden of interest.
You can also liquidate the utilization of the credit and invest that money into other investments you can't use with credit like real estate and crypto.
That's the beauty of Credit Stacking! There are so many unlimited opportunities when you're able to tap into a high utilization, 0% interest account.
You can fund your next big idea through the power of business credit. Fix your credit score and get a high-utilization card through the Credit Stacking mentorship today.