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and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty five is a service mark of the PNC Financial Service Group, Inc. P and C Bank National Association Member FDIC. I'm thinking in my mind, right, we got a lot of people and it's like, as soon as you get to college, you know in the areensate they sent you those right before you went off in college, they giving you credit cards right off the rip.
Is this something that young entrepreneurs could actually take advantage of?
No, I would say, as soon as you're eighteen, if to let you know, I'm trying to change the way that people think of credit and start applying for credit. So if parents start adding their kids at sixteen, when they're eighteen, they already have a seven fifty eight hundred.
Yeah, talk about that. You know, I saw that on Instagram. You're just like sixteen. Yeah, can you explain that?
Yep? So, because it kind of goes in hand with your question. So it's like, if you have kids that are that are under eighteen and at least sixteen, you can add them to your credit card, just like how I think we say your grandmother, right, mom, your mom, Your mom added you to your card, you got all that history. But if she would have added you at sixteen, when you turned eighteen, now you have at least two years of an active credit report. Because this is the thing.
Your credit report doesn't exist until something happens on there your credit report. You're eight years old, you don't have a credit report, you know what I mean. So if you're sixteen and your parents add your mom and dad each add you to a credit card, that should be the birthday gift. Hey, let me add you to a credit card, give it to you, start learning how to use it, you know what I mean. Now, when you become eighteen, now you can get your own American Express,
your own thing. Now you don't need these and what else don't you need trade lines because what a lot of people the reason once again, I'm going to talk about tradelines a lot. You know what I mean, because people use trade lines because they want the history and the limits. So start at a younger age. So now when you're eighteen, you already know not only those trade lines. I already got my own credit cards. And now you're
just starting it to where when you're in college. Now your parents are going to open up an LLC for you, open up this do whatever, and now you can do use your own credit. You don't have to have a code signer for a car, for an apartment, for anything. And now we're changing the trajectory of when people apply, but how they apply and more importantly, why they apply.
Their parents be responsible, that's what I want to be responsible with your credit because, like you said, this could definitely help your children.
Yep. So let me ask you this, all right, So business credit, let's get into this. What are the steps? I know I wrote down some notes, so you you have to have a legit business obviously tax ID, so explain it. Can you explain it different between business credit personal credit? And then I guess there's a hybrid situation, like you said, amx is technically is not full business
credit because they still use your personal guarantee. So what is the difference between like the MX situation where you still got to have a personal guarantee and just full fledged business credit.
Yep, So you know your personal credit, you use your social right soci security number. When you start a business, you get you know, whether it's an LLC, a C, corp escort, whatever the case is. You start a business and you get your tax ID, now you're actually a business. And I want people to understand that because a lot of people think when they have a sober partnership but they have a business, they really don't because you're still using your social So you have to get a tax id.
And once you start building business credit, depending on what you're going for, you're gonna have to use your personal credit. Right. So there's a difference between co signing and personal guarantee,
which you guys spoke about before. You know, if you're personally guaranteeing something, you're using that to kind of like get approved for it, right, So with a personal guarantee and an American Express credit card, for instance, unless you're like a major corporation like Facebook, Walmart, whatever the case is, You're not getting American Express without using your social even though you have your tax ID too. Now you're using your personal credit as leverage to ultimately get that American
Express to Chase and everything else. So the reason why I say it's not true business credit, even though it does report to Experience business, is that you still got to use your personal credit for it, which is not bad. But in the event that you default, like you don't pay it and it gets charged off, now it gets reported to your personal credit. If the business card, it
goes back to Yeah. So if you have an American Express and you don't pay it first one amount of time and it gets charged off, now that business credit card is not going to show up as a late payment. It's gonna go straight to charge off status. And now you're going to go from having a seven hundred twenty credit score to now having a twenty thirty thousand dollars charge off American Express credit card from the business. And to get that off, you gotta you know, you gotta
pay it, you know what I mean. You don't want to evade that debt because now it's tied to your business. You know what I mean, to get a true business credit card or anything with business credit is by not having to use your social and just by using your tax id. And maybe you're done in Bradstreet, which I know, we're gon we're gonna cover you know what I mean.
So that's true business credit is not using your your Social Security number, your date of birth, your name, anything, and all you're using is got credit, your tax id, your EI in I mean, your your address, business you know, business email, business phone number, and that's it, you know what I mean. That's the true business credit. But when American Express would chase you know, those credit cards, you're still gonna have to use it even though it's still gonna to your business credit.
Gotcha?
Gotcha? So you spoke about DMB.
Can you explain what it is, why it's so important and why people especially in business to know their number?
Yep.
So Done in Bradstreet is another like I guess you can say social So notice for personal credit, all you have is one for business credit, there's like multiple things you got to do to establish business credit. It's not easy. So Done in Bradstreet is kind of like the biggest business credit reporting agency out there. And if you try to get like a car, if you're trying to get like net thirty accounts, if you're trying to get things like American Express, they all check done in Bradstreet and
they give you what's called the Dune's number. So if you want to just create a Dune's number, you just go to dun and Bradstree's website. It's free, doesn't cost you anything. You shouldn't be paying anybody to get you a done in Bradstreet number. It's free. So now what it is is people will report what you're doing to Done in Bradstreet because they have to house that information somewhere.
So that way, if you want to get a car, if you want to get something in the future and eventually not use a personal guarantee, that's what they're gonna check. You're done in Brasstreet credit report, you know what I mean. So they're logging the data, right, They're logging the data. So it's like, now your American Express is not being reported to done in Brasstreet though it is being reported
to Experience Business. So it's you know, there's Equifax Business, Experience Business and done in Bradstreet, just like how we do three. There's experience, TransUnion, and Equifax, So there's three with this one, and there's even more, but those are the main three, you know what I mean. So now with done in Brass Street, now you're also given a number that Now when you apply for something on a
business credit report, they're like, what she's done's number? And a lot of people don't know that, like what are you even talking about? So now they're going to Dune and brass use number. They got to buy one, and then they try to sell them this crazy software and it's crazy monitoring and they don't need that, you know
what I mean. So eventually, once you start building business credit, all you got to apply for is with your your business name, your tax id, and you're done in Brasstreet and it doesn't get reported anywhere I forbid your default on it. You're protecting your personal credit.
So if I want to get a business credit card without personally guarantee, where would I go to for that?
So it depends on what type of business credit card you're trying to get, because a lot of especially if you're in business under two years, you're not gonna get it because you haven't built history. So personal guarantee right there, might be some out you know, there's like you know, once you start building revenue and you start you can show tax returns and you can show why these like there's some local credit unieds that you can get a business credit card without it. And then there's also like
some other business like like a gas card. Right, So this is one of the things that we tell people is a gas card actually has a lot of value in it because you can get an American I mean a Visa or a MasterCard business credit card that you don't have to put your social on it. Yeah, you know what I mean. And those Visa MasterCard business credit cards are powerful because yeah, it's tied to a gas station,
but it's a Visa mass card. So now what you're doing is you're building your Visa mas car business credit so that way you could eventually get a credit card without it.
A wise woman spots to us about gas cards. Yeahtham is business.
Gas cards are the hidden secret of business credit. My graduates from my school being forced back drop drop drop backdrop.
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