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So we got a lot of entrepreneurs that listen and obviously people have their personal credit and a lot of these entrepreneurs hubs apply for business credit. Can you talk to them about the importance and the impact that your personal credit can have on your business and how long it takes to establish a healthy business credit loan.
Yeah, And the great thing is the impact that it could have. Man is like you know, that's the main reason why got credit entered back into the world of business credit. You know, we did it back in the day. We didn't we didn't know that there was a need for it. But just like Ian sev four, you know, a lot of entrepreneurs were born. You know, a lot of people started businesses over these last couple of years, and there's going to be more. Now. Here's the thing.
If you have great credit. I wish I would have known this when I opened my business back in twenty ten. Instead of using your personal credit to start your business or to grow your business, you could do it with you know, you're going to get an inquiry anyway. And here's the thing. Everybody always says, Oh, I don't want to do business. I don't want to do a PG, which is a personal guarantee. Oh I don't want to
do a personal credit check for that credit card. Well, weren't you going to do the credit check for your personal anyway, Like, weren't you going to apply for that car on your personal credit anyway? So here's the thing.
Start.
Let if you're a new business or you have no business credit, but you have great business credit, you could use that to leverage business credit. You were already going to apply for a credit card.
Use your personal credit to leverage the business credit.
Right And that's the importance is that you can use it you were. So here's the thing. If you were going to get an American Express credit card and you've never had one before, but you were gonna get one on your personal credit, and you know you're going to open a business, don't get an American Express on your personal credit. Just open your LLC and get that American Express on the business side you were already going to
do with Inkory anyway. But now the great thing is that doesn't show you want to maintain and keep that seven fifty. And the thing is, you know, I wore the new balances to the kickball game, you know what I mean? And I do appreciate you guys being there.
It meant so much to have you guys there, and I wore the white new balances because you know, the thing is, you could you could have a three thousand dollars outfit on and get denied for a five hundred dollars credit card, you know, which we see a lot. And the thing is, it's like, you want to have a three thousand dollars outfit, that's great, but just make sure that you know that you can either put it on a credit card or get approved for a credit card with the same amount. And I wore the new
balances because that signifies good credit. You know, you see, you know, you see the older guys with those new balances like, oh my god, yeah, that guy got good credit. But the thing is is if you use your personal credit to leverage and to get more business credit, even in the first two years of business, think about it, You're never going to have bad credit because you're never
going to have debt on your personal credit. And I think that's the biggest thing where people don't realize that you might have to do a personal guarantee, you might have to get a personal credit check, you might have to run your credit the first couple of times. But guess what four years later down the road, you might not have to, you know what I mean. And I think that's the most powerful thing when it comes to personal and business credit.
What are like the two biggest mistakes you see entrepreneurs making when they're trying to establish their business credit.
I would say the probably the most the biggest one, and it's the simplest is using their home address for everything. It's the easiest change you could do. You know, get a virtual address. Go to Regis, go to Opus, you know, get an actual business address if you don't have a brick and mortar, so like, if you have a brick and mortar building, use that address. You know what I mean.
If you open your business with your home address and you end up getting a brick and mortar a year down the road, change the address, Change you with the irs, change you with the state, Change it with your bank account, change you with all your vendors, all your creditors right now, even now, if you don't have a home address when you started your business and you're starting a fresh get
the virtual address first. And the reason why I say this is the most common thing is because you know, with credit being such a risk factor, you know, if you're a pizzeria and you're using your home address for everything, like, it looks a little you know, it looks a little suspicious, like wait a minute, you're making the pieches in your living room or you're making them at the shop. You know, if you're a landscaper, if you're a plumber, you know,
using your home address is the biggest thing. And I say the second biggest thing that I would say that people make mistakes on is using too much of their personal credit when they have good credit instead of actually using business credit cards. So and I'll explain what that means. Is like, if you have a fifteen thousand dollars Capital One credit card, right or a Chase credit card or American Express credit card, you can get that in the
business name. And let's say, as an entrepreneur, you know in the beginning, when you first start your business, you have expenses, you have health insurance, you have payroll, you have you know, costs, you have computers, whatever case is. But if you put that all on a personal credit card when you first start your business, you know what happens, even if you have nothing negative, you just put fifteen
twenty thousand dollars on a credit card, your score goes down. Now, if you need to use your credit for something else down the road, you can't because your credit score just went down eighty to one hundred poin point. So now you're putting yourself in a disadvantage by not leveraging or using business credit. You know, if you put that fifteen twenty thousand dollars on your business credit cards that doesn't show up on your personal you can rack up thirty
forty fifty thousand dollars. Your score is never going to go down, you know what I mean? So not using a virtual address or a business address is the one, and then using their personal debt. Now here's the thing. What if you can't get a proof for business credit cards all right? Then no, you have to use your personal credit cards to start and then just know, come to the business side of the business credit cards later.
So don't be afraid. But if you have access to it, definitely use the business credit cards versus a personal.
So another column misconception, correct me if I'm wrong, is in order to get business credit, you.
Don't necessarily have to make money as a business. Right. You can get business credit without making a profit as a business.
Correct, Right, and there's a lot of you know, a lot of people tiptoe in the gray area of that because what they'll do is their business has zero revenue, but they'll put that they make one hundred and eighty thousand. Don't do that, you know what I mean, you could, you could put business.
Don't don't do that because there's been an uptick in unanthropized FBI agents.
Yeah, don't want to these days.
So yeah, don't don't do any fraudulent behavior, but explain, explain the correct way to do it.
And the thing is so like, let's say, if you know you have a business, right you're starting a business and you're applying for your first business credit card, whether it's American Express, Chase, doesn't matter what it is, right, and it says business revenue. It also acts for your personal revenue. So if your personal revenue on W two on provable income is eighty thousand, put eighty thousand. Don't put one hundred thousand if you know you're not going
to make an extra twenty thousand dollars that year. To back it up. Now, on the business side, right one, always concerned with your account and your attorney whenever you have any questions when it comes to like income. The thing is though, is like let's say if you know you are you have projects lined up, you have guaranteed contracts, right so, you haven't made any money right now, you
haven't made any money today. But if you know within the next twelve months you have a guaranteed contract coming in of like eighty thousand, one hundred thousand, or whatever the case is, you know that could be attacked that you can use. And like I said, get with your accountant, because now that's future receivables. You haven't actually received it yet. But if you don't have anything, put zero. And so what if you get a proof for a ten thousand
dollars credit card? At least you got to prove for a credit card. The people the reason why people put a higher limit is that way they can get I mean, the higher amount is so they can get a higher limit. Don't do it, you know what I mean, Because then it's like gray area. You know you're gonna start tell oh, yeah, put eighty thousand, putt ninety and you didn't really make it.
What happens when they say, hey, man, you know what, we want to see a copy of your p and L statement, your TAXI terms, which business, which business accounts can do, business credit cards can do. What happens when you don't even have a P and L statement, which is a profit and law statement for your business. What happens when you don't even have a bank account or need revenue you know what I mean? They can shut you down, flag you. So it's like never tiptoe in
the gray area. If you have to question it, don't do it. So if you don't make if you're starting your business and it's no revenue but zero, it's the best thing to do.
Like you said, Also, what people fail and realize is that most people that start businesses they have a job, like very rarely just go cold turkey and start a business that makes no revenue, and because then you'll be homeless. Right, So it's like they're going to use your personal information anyway. So you list your personal information as far as like how much you're actually making at your job or how
much you're making you know, salary or whatever. So like you said, if you're making one hundred and twenty thousand dollars a year, if you have an eight hundred, I'm just using it. If you have an eight hundred credit score. Your business might not be that profitable, but they still might link. They still might open up business credit for you based off of your personal profile.
Right, have one.
Hundred thousand dollars saved? Like these are things that you know. A ten thousand dollars line of credit is not going to pretty much be detrimental five thousand dollars and it might not be a lot.
But like you said, than nothing.
So it doesn't necessarily mean that just because you have no business income, that you have no income. Right, most, but a lot of people aren't entrepreneurs, so they always look at the most pestimistic thing.
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You need possible.
And then like, of course, if you have no business income, then how could you list income.
That's fraud.
Obviously, if you have no business income, you probably have some sort of other income.
Sometimes life you just have to use common sense, right, if you have to comment anymore. So, so just you know, just just think about it.
But like I said, start in a business that can be discouraging and doesn't necessarily mean that you're not going to be able to get a million dollars probably, but you might be able to get a couple of thousand, and then you use that and then that helps build your profile as well.
Right.
And the great thing is once you start making money, and if you ever want a credit limit increase, you know, for instance, like American Express, right, even if you have a charge card with no limit, but you have a preset spending limit of let's say fifty thousand dollars, sixty thousand dollars. Whenever you request a limit increase with American Express, a lot of the times they're going to request a bank statement, a profit and law statement. Financials write things
like that tax return. So let's say if you do start off with ten thousand dollars, twenty thousand dollars, just keep using it, keep using it, and then every six months just asks for limit increase and be like, hey, listen, when I started off, I didn't have any revenue, but guess what my business blew up. I made three hundred thousand dollars in the last six months because of leveraging your card. Is there any way you guys can give
me a limit increase? You can request the amount when you when you request and increase your precess spending limit with an American Express, you can put the amount and if your financials justify that limit, they'll give it to you. You know what I mean. That's the best thing is you don't got to lie in an application because it's better to start it off right and then work your
way up. Because what if I give you right now, if American Express gives you a three hundred thousand dollars credit card, you have no revenue, then you max it out, then what happens how you're going to pay it back?
That's the why I want to go to those because that's the other part.
Right, you might get that credit increase right you max it out, but then there becomes the negligence and so now when the payments are due, you can't payment pay it right.
And so when you do that on the personal side, your credit score goes down. But then the business side correct me if I'm wrong. But your Dune's number gets to effected, right, do you explain with that process?
Yeah, So typically the majority of your credit cards will actually report to Experience Business, and then your other net thirties and vehicles will typically report to done in Bradstreet, right, So good and bad thing is The bad thing is that typically American Express or like Visa Master cards won't report to dune in Bradstreet. I'm not saying all of them, but typically a lot of them won't, which is good. And that's your dun's number, and that's your paid explore. Right.
So you know you have Equifax Experience TransUnion in the personal side. On the business side, you have Equifax Business, Experience Business, and then you have done in Brasstreet. So that's why we like nab dot com because it does track everything, and Experience Business is typically going to have like your credit cards, right, they don't report to all three like how your regular American Express does. On your personal side. You know, it does report to different bureaus
and they all have different factors. Right, Your Experience Business only goes up to one hundred points, and so does your Paidex score. It only goes up to one hundred points. And typically you'll have anywhere between eighty two one hundred, as long as you pay your bills on time, you know. So if you pay your bills on time, typically it's net thirty. As long as you pay them between one in thirty days, you'll have typically an eighty paid X score,
you know. And the great thing is is that a lot of the times the balances won't always affect your PAIDEX or your Experience business score, you know. So that's a great thing. The thing is, though, if you have
everything maxed out, then it's going to hurt you. But if you have like one or two account it's not really going to hurt you as bad as let's say, you know, let's say if you have a target credit card and that's the only credit card max out on your credit report, your score is going to go down, even though your overall credit is okay. That one credit cards maxed out, it's gonna hurt you. The great thing is in the business side, it doesn't affect you like the same way.
What are the two or three credit cards entrepreneurs should apply for that gives them a good probability of getting a line of credit without having a you know, having a ton of revenue in their businesses.
Yet, so when you say line of credit, do you mean like a credit card like American Cars credit card. Okay, So even though this credit card reports to the personal side, the reason why I like it is because it reports to personal and business and if you have blemish credit, they still approve you. Which is the Capital One's Spark card.
The reason why I like the Capital One's Spark is because it's for beginners that have new credit, meaning you can get approved of like a five eighty six ONS credit score or even with like charge alls and collections. And it also reports to your business credit report as well, you know. So the reason why I like that one is even like I said, even though it reports to both,
which I would never really suggest it. It's just because it's a great starter card to get, and that's why you brought it up, Like which one are they gonna like to give it to you? Let's say, even if you get a thousand, two thousand dollars, four thousand dollars, whatever the case is, it's more than you have before, just be mindful that if you max it out, it is going to report to your your personal credit. The second one I would say for starters is gonna be
your American Express, right. I love American Express typically because even if you have a charge off or collection, American Express will still approve you for a business credit card. You know, I have zero personal cards. You know, I filed bankruptcy in twenty fourteen, I owed money. I included them in my bankruptcy a couple of years and a few years later, I paid them in twenty twenty and they unlocked me and I was able to get American
Express again. So they're very, very leaning it with people when it comes to either having blemish credit bankruptcy and you pay them, or if you're a new business, so you could literally open up your doors today and open up your business today and as long as you have a bank account and a tax ID, get approved for up to six American Express credit cards tomorrow, which is a great thing because now you have access to fifty
sixty eighty thousand dollars. And a lot of people come up to me like, yo, man, I watched your video on YouTube, on eyl on Instagram, whatever the case is, not even clients to mine, and they're like, I did exactly what you said. I applied for American Express and I got up to six credit cards, and that's what helped me start my business. So that's the why I like it, because it's something that's very feasible for a
new entrepreneur or seasoned one. And I would say the third one which might throw people for a loophole a little bit is gas cards. And the reason why I say gas cards is because if like, for instance, right, I have this gas card right here, right, I'm gonna cover the number right quick and just happen to have this gas card right here. It's called a fuelm in car right this all this fuel in card also has a master card logo. So now this gas card can
typically work as a master card. Now can I go to Macy's and buy something with this gas card?
No?
But the thing is is that you could be a new business. What a typically all businesses need to put in their car to get to and from to networking? Gas? What's expensive? Right now? Gas? What is crazy? What? What do people complain about? Gas? Right? The thing is, if you have a twenty five thousand dollars credit card that doesn't report to your personal credit is gas the problem anymore? No? You just got to find a way to pay it back.
You need, you need to get to invest, vest, and you don't have money, drive your car and pie costs you five hundred dolls in gas around trip. What else can you buy at the gas station? Food, you can buy, gift cards, you can buy you know. The thing is if you don't have any Like I use this a prime example. Right when I was starting my business and I was driving to Florida for the Credit boot camps,
I would use my gas card. I was allowed up to fifteen hundred dollars a day inside of the convenience store. So what I would do is buy fifteen hundred dollars worth of a one hundred dollar gift cards, and I would then use my gas card to buy Visa gift cards and use the Visa gift cards to do what I had to do. Like that's the life of an entrepreneur. A lot of people don't realize that sometimes you gotta
think outside the box. So I'd never not had gas, I'd never not have gift cards, and I could always use my gas card as well to purchase chips, soda, milk, eggs, bacon, cheese. And I'm telling you that's what I did back in like twenty fourteen, fifteen, I was using my gas card to buy one hundred dollar Visa gift cards and groceries inside of the convenience store. In the gas station always
had gas. Like where everybody's complaining about gas, I don't really complain about it because I haven't, you know what I mean. So Capitol one, Spark, any business American Express card, and any gas car that usually has a master card logo like a Fuelman, a BP, you know, an Exxon, a shell you know, wah wah, those type of gas cards.
Because you always need gas. So as a starting entrepreneur, okay, you might not have money, you're just starting out, but you not having a flight shouldn't be a reason why you can't go to eyl shit, sleep in your car if you have to, you know what I mean, Like it's the it's sometimes you gotta struggle and sometimes you got to go through certain things in order to obtain the things that you really want, you know what I mean?
If that makes sense. My graduates from my school being forced back drop b drop Mike drop back drop drop.
Weight loss solutions are not one size fits all. Hers makes it simpler to get started and stick with a weight loss plan backed by expert guided online care that puts your weight goals first. These include oral medication kits or compounded GLP one injections through Hers. Pricing for oral medication kits start at just sixty nine dollars a month for a ten month plan when paid in full up front. No hidden fees, no membership fees. You shouldn't have to
go out of your way to feel like yourself. Hers brings expert care straight to you with one hundred percent online access to personalized treatment plans that put your goals first. Reach your weight loss goals with help through Hers. Get started at for hers dot com slash for you to access affordable, doctor trusted weight loss plans. That's for hers dot com slash for you, f O r h ers dot com slash for you paid for by hymns and Hers Health. Weight Loss by Hers is not available everywhere.
Compounded products are not FDA approved or verified for safety, effectiveness, or quality. Prescription required restrictions at for hers dot com apply