Completing The Applications
About This Lesson
In this lesson, we’re going to cover the following:
Steps in completing tier 7 application
- Check your credit reports
- Check your list of credit offers to see if you qualify
- Apply to tier 7 vendors
Resources
Full Video Transcript
What’s going on with fellow business credit expert. So at this point, I’m going to cover what I’ve covered the last six times on completing the application, just a few housekeeping things, and I’ve already kind of set the tone for tier seven. You really want to be doing this once you already have like an established business making some money. Okay. So I’m going to cover just a couple of housekeeping things that I’ve done before. So obviously you want to check your credit report like you have before using NAV to make sure your trades are reporting. You want to have, at least, at least at this point 12 to 15 accounts reporting on Dun and Bradstreet and at least 8 to 10 on Experian and potentially Equifax. Okay. So, the other thing is you want to check with your particular bank to see if you can apply with their particular credit card offers and then go to the other vendors because you may have already established some revolving lines in tier four, potentially tier five and some in tier six, and see if you can request a limit increase.
Alright. So really tier seven is going to be your cash credit. So when you’re applying for the tier seven vendors, I’m going to recommend you start out by applying with the remaining revolving store business credit card offers before, moving to the other ones. And I’m going to put that in the list, companies like Amazon, that you already have established relationship with, or Sam’s Club it’s better to seek credit lines out there first, because you’ve already been approved and you’ll be more likely to be approved again because you’ve already demonstrated a good track record with them. But really guys in tier seven, this is the cash credit. And this credit is a lot harder to get approved for. And you want to have financial, you want to have good account balances. You want to have bookkeeping. You want to really be making some money at this point or at least position yourself to make some money, or you may already be making money and you can apply, but that’s really it.
So keep it simple, make sure your personal credit is intact. It’s a strong chance. You’re going to have to personal guarantee on a lot of these accounts when it comes to getting cash, especially with like Chase and Bank of America, US Bank, they’re gonna want to see your personal credit for you to personal guarantee. And it’s totally fine to personal guarantee on your credit file on your corporate credit, because it’s not gonna report your personal credit and get the approval. Then once you get the approval, six months a year, remove yourself as a personal guarantee. Okay? But this is it. Congratulations on making it to this step makes you take these housekeeping rules into account and let’s get this money.