Completing The Applications
About This Lesson
In this lesson, we’re going to cover the following:
Steps in completing tier 6 application
- Check your credit reports
- Ask previous vendors for credit limit increase
- Apply to tier 6 vendors
- Purchase goods and services & make payments on time
Full Video Transcript
What’s going on guys? Welcome to this module in, Tier 6, Completing the Applications. At this point, you’re practically a business credit expert. So you already know the drill. I just want to reiterate a couple of key points that I’ve already done in the past. And these key points. Number one is we want to make sure we check our credit reports because we want to make sure that we know exactly where we stand. We can do so using nav.com and making sure that everything is reporting good. Number two, we want to ask our previous vendors if we have it already for limit increases, right? Just like in tier 4, there are a few revolving accounts that you’ve had at least 90 days. And at this point, so you can request that limit increase right about that 90 day mark with no problem. Assuming you made your bills on time.
Number four, we want to apply for these tier 6 vendor accounts. So the first account you want to start applying for are going to be the remaining revolving business store credit cards listed under the tier 6. And I’ll provide that vendor list in that module. And also we want to start doing this before we start getting the cash credit in tier 7. Okay? We’ll make sure we’re making the goods and services, making sure we’re purchasing, making our payments on time. Typically, it is going to be about $250 a month and just services. If we’re using those debt accounts and then making sure we pay the accounts off in full. All right? Number four, we want to make sure we’re making at least every purchase, at least over $50. If we have a revolving line, we’re keeping a small balance, but we’re not using no more than 25% to 30% before on the actual revolving line. All right? But this is it. So take immediate action. You already kind of been down this road before. You’re practically business for the expert. I just want to reiterate these key points and I’ll see you in the account blueprint.