Probably you have tracked down plenty of business credit applications, only to be disappointed to find that also required a personal guarantee.

Well we are going to start revealing some of the credit cards that are still available that are real credit cards not just store credit. These are ones that you can apply for if you have a corporation that has both and experian report and a DNB report and some decent Business Credit reporting to the Business Credit Bureaus.

Ok here is goes the drumroll……… Key Bank

Key Bank is underwritten by CitiGroup and has applications that you and print off their website and fax in.

If you have 5-10 Tradelines reporting to Experian Business and DNB then you should be ok to get approved. Make sure that you have followed some of the basic business credit instruction before you apply for the card. For example you should be in business for at least 5 to 10 years before you apply for any buseinss credit cards in this market. If you company is only a couple of years old then you might want to look at getting a aged corporation or what others call shelf corporations.

You can simply not fill in the information on the Personal Guarantee!

Building Business Credit is a long journey and you need to be well informed so check around and make sure you know what you doing before you get started!

Every body knows we are in a credit Crunch right now but it has really started affecting the process of building business creidit. The big news right now is that one of the easiest cards to get without a personal guarantee has been taken off the marketing, The Home Depot MasterCard.  I am sure this won’t be the last victim of the credit crunch, but lets all hope that one of the main banks behind credit with out personal guarantees, Citigroup, can get stabilized by the TARP funding and come back stronger than ever.

This site is now primarily a blog for delivering vital information on how to Build Business Credit and get aged corporations etc… so that you can grow your business in this economy with out risking or personal credit!

Keep on the watch because we will be giving away a lot of Secrets, just make sure to check out our advertisers.

Getting an aged corporation that has existing trade lines reporting to business credit bureaus will help you reach you building business credit goals much faster.

It’s a 2year Plus aged Colorado corp with trade lines for sale that has 4 trades on DNB:

• $2,500 payment reporting (for reporting only)

• $50 dollar payments reporting

• $50 dollar payment reporting

• $50 dollar payment reporting

3 Trade lines on Experian Business!  It has a Website and the phone number and address are reporting to 411, Duns #, Tax id # You will also get excel sheet for creating you income statement and balance sheet.

Its being sold for $3,000 and will shave months off your building business credit journey.  You can get assistance from us on continuing you the credit building

Affliates will be paid when their refferals sign up for RMS’s corporate credit builder and they will be paid as soon as the funds clear.  RMS will be paying up to $500 per each refferal; depending on the number of refferals each month.

Now is the best time to help your business associates or members of your network build business credit, when credit is so tight and hard to come by.  Recessions are the best time, if you have access to capital, to expand market share when competitors are shrinking or going out of business.

If you have interest in earning commisions from our affliate marketing program then go to our affliate web page and fill in the contact info.  Someone will contact you and assign you an account number and you will be ready to start sending refferals and recieving commision checks.

http://www.resourcemarketingsolutions.com/affiliate.html

RMS Inc stated that they have noticed a market trend towards a desire to start with an existing business that has everything needed to start  raising capital and begin marketing a viable service from the first day out of the box.

The big advantage to buying one of these existing businesses is that that you can save a lot of time trying build business credit by establishing your initial trade lines to get both a paydex and intelliscore.  You also save a considerable amount of time with an out of the box professional business plan and financials.  In additions these existing businesess come with aged bank accounts as well.

These existing business come in two main categories: existing corporations with a complete profile and a viable marketing plan ready to do business and those that are exiting corporations with a complete profile that don’t have a viable marketing plan ready for business.

RMS Inc has notified us that the first existing Business that they will be offering falls in the first category and has everything listed plus an exciting business model that’s ready to explode in the digital sign market!  Their first offering is a California S Corporation [name withheld] poised to explode in the digital sign market place.  It comes with everything you need; Aged Bank account, Website and multiple domains, 3 years old articles of incorporations, Professional Business Plan, Financials Statements, Paydex score with 5 trade lines reporting, fully compliant with CA laws and squekey clean no lawsuites, liens or judgements.

Their client had requested that this corporation be listed for $122,000.00 and has expressed a willingness to stay on as an officer if he is requested to aid in the tranistion.

The digital sign business has explosive growth potential as many cities have begun to approve them along side their highways and there are many other venues clamoring for them.  This business also has an exciting marketing plan making it easy to acquire locations to place your signs and even easier to line up advertising!

RMS helps firms establish business credit separate from their personal credit by selling aged corporations. Aged Shelf Corporations are merely articles of incorporations that have been filed with the Secretary of State but have never been used to conduct business. Hence they have been sitting on the ’shelf’ aging like fine wine.

Why are Aged Shelf Corporations in demand and helpful for building business credit? Primarily because they are not new businesses. Most Businesses go out of business within the first three years and therefore Banks prefer not to lend money to Businesses that have the odds stacked against them. An Aged Shelf corp allows an entrepreneur to get over that hump of being new by buy buying an existing business that has been aged and is sitting on the shelf waiting for action.

Traditionally an Aged Corporation that is at least 2 years old is sufficient to begin building credit since most Business Credit Applications require newer businesses to sign personal guarantees. Of course if you appear older than 2years then the perceived risk is lessened in the eyes of most lenders and therefore the older the corporation that you purchase the better you’re viewed by creditors.

There are some creditors that require that a corporation be older than 2 years to avoid signing personal guarantees. Also, the credit lines may be easier to get and come with higher credit limits sooner the older your corporation is. Of course the older your corporation is the better you will look in the eyes of your prospects who often evaluate your business much like a creditors would before agreeing to do business with you.

Therefore RMS has announced that it will begin selling 10year aged shelf corporations for a special price during August. During August you can get a 10 year aged shelf corp for only $5000.00 and you still get their FREE Business Credit Builder Service.

Please leave a comment if you find this information helpful or would like a blog on a more specific topic.

If you found this post intersting then you will probably enjoy the Press Release:

Entrepreneurs Ignore Building Business Credit to their own Detriment!
May 16, 2008
It’s normally assumed that Building Business Credit is something for entrepreneurs with Bad Credit in an effort to get around personal credit checks. However, entrepreneurs with excellent credit ignore credit to their own detriment!

Even an unpaid collection of $30 can hurt your credit score by 20 points or more. So the quickest way to repair your credit is to call up the collection agency that you owe the money to and ask the magic question, “Do you delete?” You are asking the agency to delete their collection from your credit report and instead report the account as “PAID” or “PAID AS AGREED.” Many times, the collection agency will say, “Yes” in return for paying off the debt. By Naomi M.

In our last, repairing your personal credit, post we discussed getting an accurate score or at least the one lenders will be looking at from www.myfico.com.  In this post we will be discussing the first thing you can do when you find negative information on your credit report.

As the quote above mentions even collections as little as $30 can drag you score down as much as a $300 collection.  So one of the easiest steps you can take to clean up your credit is to find the lowest collections on your credit report and identify the creditor’s contact info and your account number with the collection agency.

You can begin my calling the collection agency and having them locate your account.  Never admit that the debt is yours but you can say that it would be a hassle to dispute this and since it’s such a small amount your willing to pay it off if they will give you a letter of deletions.  Make sure you ask them to check with the client and often they will let you pay it off and send a deletion ‘tape’ to the three credit reporting agencies.

You can ask for a deletion letter and then send those off to the CRA on your own but I have found that when the Collections Agency say they will delete a negative account they usually do.

One thing you should NEVER do is pay off a collection that a creditor refuses to delete…. simply marking it as a paid collection will not improve you score and make it harder to dispute!

I wish you all much success in your efforts in repairing your personal credit files.  Please check back here for more helpful tips on repairing you credit reports and also check out our information on Building Business Credit with no social security number or no personal guarantees!

Today personal credit scores have a dramatic impact on everyone’s lives. If you have a high score you can get loans, buy a house or car that you want and get a great interest rate. if you have a bad score then you may be declined for all of the above, plus be unable to get a great job and/or end up paying onerous interest and large down payments to get the things you need in life.

Needless to say interest in Credit reports and scores has been skyrocketing. Now more than ever before consumers are aware of the impact their credit score can have on their life and are more concerned about knowing in advance what their scores are and if possible trying to improve them.

Credit repair has become a very popular term and we at RMS have been asked to provide some helpful tips to our clients on this subject and we have decided to make them available on our blog.

The first thing you need when considering credit repair is to know what your 3 credit reports contain and what you scores are. However, you need to be away that the 3 major credit reporting agencies (CRA), Experian, Equifax/CSC and Trans Union have changed their scoring methods. The problem is that the new scoring model has not been adopted by the market place so the scores you get from the three bureaus will not be the same one that determines your credit worthiness.

This report on NPR goes into more detail about the new model and is a very interesting listen. What you need to be aware of is that in order to get a accurate score you need to get your report and score from www.myfico.com. Once you have your score you need to make sure you have the accurate account numbers for all your accounts. Also, if you can’t afford a report from myfico.com you can get a free one each year or if you have been declined for credit buy one of the 3 major CRA; just don’t pay extra for their scores.

You’ll notice in the above credit application that you can’t avoid giving a personal guarantee without having a corporation that is at least 2 years old.  Many people are looking for shortcuts when they start down the path of building their business credit but if you are planning on establishing credit as a sole proprietor or with a new Corporation or LLC then you’re headed down a dead end road.

Most know why they should avoid signing a personal guarantee but I’ll briefly mention that if you sign a personal guarantee then you will have to divulge you Social Security number and the creditors will pull a hard inquiry, if you get approved a new credit account show up on your personal credit file.  Both the new inquiry and the new credit will drag your score down.  Also you won’t be able to use the full credit line without seriously hurting your credit use of you credit score and seriously harming your personal credit report.  Furthermore, if you are late paying your business card or worse if you ever default then you will destroy both your personal credit file along with your business.

There are many other reason why you should avoid a personal gurantee like the plague!  The least expensive short cut out there is to buy an aged corporation that will allow you to show creditors the longevity that they are looking for and enable you skip the Personal guarantee section on Business Credit Applications, like the one we have above.

We have compiled our Top 10 most common mistakes that businesses make when trying to establish their business credit or corporate credit.

1. Trying to cut costs by using your home address for
your business address.
2. Using a P.O. box or mail drop location for your business address.
3. Not having a separate business phone number from your home phone; also not having a fax number.
4. Not getting listed in 411 directories
5. Having incorrect info in your 411 business listing.
6. Not funding your bank account with at least $10k and waiting for it to season.
7. Setting up trade lines without knowing if they ‘really’ report to the business credit bureaus.
8. Trying to build business credit without a valid corporation.
9. Attempting to build business credit with a brand new corporation.
10. Paying D&B for their credit builder program.

These are just a few of the common mistakes we have seen businesses make when trying to build business credit.  There are plenty more; including not knowing where to apply and not knowing the underwriting guidelines in advance.  Of course, the most common mistake is trying to speed the process up.  Slow and steady always wins the race!

We wish you success in establishing your corporate credit.  Feel free to contact us for more helpful tips.