How to Get Amazon, Dell ,and Walmart Business Credit Cards… Without

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How to Get Amazon, Dell ,and Walmart Business Credit Cards Without a Personal Guarantee

Business Credit Business credit is credit you get in your company name This credit is linked to your EIN, not your SSN Since there’s no link to your SSN, there’s no personal credit check to get approved You can also get most business credit without the business owner supplying a personal guarantee

Business Credit Benefits No link to consumer credit so no personal credit check is required and accounts don’t report to the consumer agencies No personal guarantee is needed in most cases Credit limits are 10-100 times higher than with consumer credit You can build business credit and get a good score FAST Having business credit increases the value of your company You won’t need financials or collateral for approval

Getting Started Choosing Your Name Credit issuers and lenders can deny you credit just based on your business name This is because some industries are restricted and credit issuers and banks won’t lend to them Your name alone can allude to you being in one of these industries So choose your name carefully, and try to make it as general as possible, something that might not reference your industry

Getting Started Choosing Your Name It is very important that you use your exact business legal name Your full business name should include any recorded DBA filing you will be using Insure your business name is exactly the same on your corporation papers, licenses, and bank statements

Getting Started Setting Up Your Entity The first step in building business credit is to insure you have a business entity setup Per Wikipedia “A business entity is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.”

Getting Started Setting Up Your Entity Setting up your entity is what allows you to do business legally with your state and the Federal government So it’s an absolute necessary first step Any entity can build business credit But to eliminate your personal liability, you’ll need to choose an entity such as a Corporation or LLC

Getting Your EIN Number After your entity is setup, next you’ll need to get your EIN number for the IRS An Employer Identification Number or EIN (also known as Federal Employer Identification Number or FEIN) is the corporate equivalent to a Social Security number, although it is issued to anyone, including individuals, who have to pay withholding taxes on employees In order to do business legally, you must have an EIN

Getting Your EIN Number Get your EIN number here /Apply-for-an-Employer-Identification-Number-% 28EIN%29-Online Or just Google “how to get an ein number”, and look for the link ONLY Do NOT use any other link other than Other links will try to charge you, but your EIN number IS FREE do don’t pay a company for it!!!

Setup Your Bank Account With an entity setup and your EIN number, now you can setup your bank account This is a very important next step as some credit issuers and lenders will look at your bank account setup date as the day your company truly got started So it’s important you get this done right away Most banks only require you deposit 50-100 to start the account, there usually aren’t other setup fees

Setup Your Bank Account There are a couple of important things to know regarding setting up your business bank account Even if you’ve had issues with bank accounts before personally and are listed in Chexsystems, you can still setup a BUSINESS bank account even with the same bank you had issues with If you owe the IRS money or others money, they can’t pursue your BUSINESS bank account to get money you personally owe

Setup Your Bank Account Eventually down the road when you go to get bank loans, they’ll look at your “bank rating” to make the decision on whether to lend you money or not This rating is an internal bank credit score they issue your business You should maintain a balance of 10,000 or more for the best bank rating Your balance will NOT affect your business credit building, but it will be important down the road as you apply for bank loans

Setup Your Address When applying for business credit insure you use a real physical address You can’t use a PO Box or UPS address If you don’t have a business address, do NOT use your home address Instead get setup with a Virtual Address at a place like Regus

Setup Your Address With a company like Regus you’re setting up an address that you get your mail at that is a real physical address So you get the benefits and perception of being in a big office building, without needing to incur the cost of this This is a great alternative to having a real physical address

Setup Your Phone You shouldn’t use a personal home phone or cell phone on your applications You must use a REAL business phone number a Voice Over IP or VOIP phone number is okay This means you can use a phone number from a place like Ring Central that’s a virtual number

Setup Your Phone Insure you also get setup with a toll-free number And insure you get a fax number Through Ring Central you can get all of these with one number, even for less than 10 monthly And use a service such as “List Yourself” to get your phone listed in 411 this is VERY important to get approved for initial, starter, business credit

Email and Website Setup Setup a professional website that looks good and describes your products and services And setup your professional email address, such as [email protected] You can get both through a service such as Go Daddy for 12 or so

Licensing and Listings Insure your business has the proper licenses required for your industry, county, state, and Federal government You won’t get money or credit if you’re not properly licensed Also insure your name is listed properly and exactly the same on all of your documents including bank statements, utility statements, and corporation papers

Get Your DUNS Number To start building your business credit you’ll need a DUNS number from Dun & Bradstreet D&B Credibility is NOT D&B, and they WILL try to sell you the DUNS number as part of a package But you do NOT need to buy this package the DUNS number is free Google “free duns number” and follow the link to get setup, http://

Grab Your Business Credit Reports Building business credit is all about trade lines, or what’s called “payment experiences” A payment experience is the reporting of an account to a business bureau So if an account reports to Dun & Bradstreet and Experian, it counts as 2 payments experiences But if an account only reports to Experian, it only counts as 1 payment experience

Grab Your Business Credit Reports To effectively build business credit you have to be able to monitor your business credit reports to see these payment experiences being added You’ll need to see this so you know when it’s time to apply for more credit to build your credit profile and score For example, you’ll need to have 5 payment experience before getting revolving store credit such as Dell, Best Buy, and Amazon So you’ll need to be monitoring your credit so you know when you have 5 reporting

Grab Your Business Credit Reports You should be monitoring your credit through Experian and D&B You can go to their sites directly to enroll for credit monitoring You can also use a service such as Creditera to get a snapshot of your reports, but if things don’t look right there you’d still need to get full reports from the bureaus

Make Sure You Get Vendor Accounts FIRST Once you know your business is setup credibly, it’s time to apply for new business credit When establishing business credit, there’s actually three types of credit you can get: Vendor credit, starter accounts that offer Net 30 terms Store credit, revolving credit cards available in retail stores Cash credit, revolving credit cards such as Visa and MasterCard that card issuers or banks approve you for

Get Vendor Accounts FIRST The biggest mistake entrepreneurs make when building business credit is that they try to apply for store or cash credit first, and skip vendor credit But stores and banks will NOT approve a business owner for credit until their EIN credit profile and score are established If you try to apply for store or cash credit without an established business credit profile and score, you’ll be denied 100% of the time

Get Vendor Accounts FIRST You must get approved with vendors first who offer Net 30 terms Then after you use those accounts and pay your bills the accounts will get reported to the business credit reporting agencies Then and only then will you have an established business credit profile and score Once your business credit’s established, you can start to get approved for store revolving credit next

Let’s Take a Look at Some TRUE Starter Vendors

STARTER Vendor Accounts You must start a business credit profile and score with starter vendors Starter vendors are ones who will give you initial credit even if you have no credit, no score, or no trade lines now Most stores like Staples will NOT give you initial starter credit, so DON’T even try applying

True STARTER Vendors Laughlin Associates Deal with corporate setup and compliance Report to Experian Only 411 listing and EIN required Reports in 30-60 days Net 30 Terms

True STARTER Vendors Quill Office Supplies Office, packaging, and cleaning supplies Report to D&B Must place initial order of 50 first unless your D&B score is established You may need to submit 2-3 orders before getting the net 30 account Worst case, they’ll put you on a 90 day prepayment schedule If you order items each month for 3 months, they typically approve you for a Net 30 Account

True STARTER Vendors Gempler’s Work supplies and products Report to D&B Place initial order over 50 and select “Invoice me” option They will pull your business credit, and if not established they’ll require you place some orders first If not approved, pre-pay for order and keep purchasing 50 or more and choosing “invoice me” option until approved for Net 30 account

True STARTER Vendors Reliable Office Supplies Office supplies and promotional products Report to D&B, Experian and Equifax Place initial order, then request your order be invoiced or billed to your company They will pull your business credit If not approved, keep ordering and requesting to be invoiced or billed The more orders you place of 50 the better your chance of approval for Net 30 terms

True STARTER Vendors Uline Shipping Supplies Shipping, packing, and industrial supplies Report to D&B You must have your DUNS number They will ask for 2 references and bank reference First few 50 orders might need to be pre-paid to initially get approved for Net 30 terms

Building Business Credit Remember, you’ll need a total of 5 vendor accounts to start getting store credit We just supplied you 10, double what you’ll need, so you have plenty to get started with Find the credit you want, apply without using your SSN, get approved, start using your credit and PAY YOUR BILLS EARLY Then watch your business credit building in real-time

Vendor Accounts Do NOT use your SSN when applying no matter what they tell you If you use your SSN they WILL pull personal credit and you will be providing a personal guarantee The ONLY way to insure this doesn’t happen is to leave the SSN field on the application blank

Vendor Accounts Here are the steps that are essential during this process Find the vendors you want to get approved for, the ones you’ll use the most or the ones that report the quickest Apply for those vendors, keep in mind you might need to place a few orders first to get approved if you have no business credit now a VERY small price to pay to get access to business credit You must then use your credit to make purchased, preferably of 50 or more

Vendor Accounts Once you use your accounts, pay your bill as soon as it’s available Your D&B Paydex score is completely based on when you pay, and your Experian Intelliscore is primarily based on this also So the earlier you pay the better your business credit scores will be So pay your bills as early as you can as this will make or break your initial score

Vendor Accounts Finally, monitor your business credit reports and watch the accounts get reported Allow for 30-90 days for them to report, and contact the vendor if for some reason they don’t report Once you have 5 payment experiences, then it’s time to move on to store business credit accounts

Get Revolving Store Accounts Once you have 5 payment experiences reporting, next you can start to secure revolving store credit cards for your EIN KEEP IN MIND, all applications will ask for your SSN but you do NOT need to provide your SSN on the application If you do supply your SSN, they WILL pull your personal credit and if it’s bad you’ll get denied When you leave the SSN field blank, they’ll pull your business credit And once they see that you have business credit established and at least 5 payment experiences reporting, then you’ll start to get approved for store credit

Get Revolving Store Accounts Most major retailers do offer business credit as well as consumer credit Staples, Office Depot, Home Depot, Lowes, Target, Walmart, Costco, Sam’s Club, Radio Shack, Best Buy, BP, Chevron, Amazon, Shell, and most other stores offer business credit Some sources like Staples and Home Depot might have more stringent approval requirements and want to see big revenue and 3 years in business for approval of no personal-guarantee credit But most sources don’t have these requirements, if you have business credit established

Dell Dell Computers and computer accessories Report to D&B Dell’s looking for a 75 Paydex or higher for approval An 80 Paydex score reflects you pay your bills on-time So to get approved you’ll need to have your vendor accounts reporting, have an established profile and score with Dun & Bradstreet, and have paid your bills on-time

Dell You should also be in business for 6 months to get approved, or they will typically then ask for your personal guarantee Since you spent 90 days building vendor accounts, even if you just started your business you won’t be forced to wait too long to get this account You really should have multiple accounts reporting to D&B with good scores, if not they’ll want to see your personal credit for approval This is why you building the vendor accounts is so important

Dell They will ask you for your company name, birth date, mother’s maiden name, and ID numbers including your Driver’s License # and EIN number To get approved you can call 800-999-3355 and ask for the Commercial Account department This is a revolving account, NOT a net 30 account Also keep in mind, they usually issue VERY high limit accounts, but they’ll also match your current limits So the higher vendor limits you have before applying the more credit you’ll get Online shopping including books, and much more Report to D&B, Experian, or Equifax To get approved with no personal guarantee you must have an EIN number and be in business for 3 years But you CAN get approved not being in business for 3 years depending on the quality of your business credit profile If you’re a new business and have little to no payment experiences, they’ll ask you for a PG But initially don’t give them your SSN as you can get approved without a PG if you have good business credit reporting, multiple payment experiences, and good scores with D&B and Experian If you were to give them your SSN, they would then also report your account to TransUnion Even if you have to go this route, this is still a great starter account that will really help you grow your business credit You could then always cancel the account and re-apply again using your EIN once your business credit is more established if you apply initially without having enough Credit limits are usually between 500-2,500 All new accounts will get called back by to verify authenticity The call will probably come from their underwriter which is GE Capital This is a true revolving account, not a net 30 account

Walmart Walmart Retail Mega Super Store Report to Experian, or Equifax To get approved you should have business credit established with both D&B and Equifax Your Paydex with D&B should be 75 or higher reflecting you pay your bills on time Apply without your SSN initially

Walmart If you have enough multiple paid-as-agreed business accounts reporting you should get approved without a personal guarantee If you don’t get approved due to lack of credit, they’ll then give you the option of re-applying with a personal guarantee To get approved you’ll need to apply in a store or through fax This is a revolving credit card, not a net 30 account

Get Revolving Cash Credit Accounts Once you have a total of 10 payment experiences reported to the business bureaus, then you can start to get cash credit cards Cash cards are those issued by Visa, MasterCard, even AMEX, and are cards you can use anywhere, not just cards you can only use in one store It’s recommended that at least one of your 10 payment experiences has a high limit of 10,000 or more before applying for cash credit

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