The Scenario

I am currently working with a client out of Austin Texas who has a music studio and does a lot of visual and audio editing. When working with clients(as some of you may know) I try to get an idea of what business you are in so that we will know what vendor accounts will be more beneficial to obtain than others so we generally try to go for the appropriate accounts first rather than to just keep adding account to your file. He had a brand new corporation so we went ahead and acquired a 4 year old corporation for him for $150(which was part of our $199 per month service). Once we acquired the company, we built it up over a two month period where we get starter accounts, some gas cards and it currently has 11 tradelines with a high trade of $4200. So I was talking to the client about what he needs and he express his need for some new audio equipment and some Apple computers. (In a future post I will be writing about the various option we have for leasing all kinds of equipment, but this post will focus on my client’s need for Apple computers). So I felt that the company was definitely strong enough to get him financing with Apple.

The Approval Process

I have gotten approved for Apple financing on many occasions. Previously all Apple business financing was done through Bill Me Later Business. BML no longer does the financing for Apple. When getting financing for Apple I cureently use two options.

Option 1

Go directly to apply and apply for their business lease.

If you go to Apple’s page for commercial financing you will see that they have three options for leasing equipment. All three options have a minimum leasing value of $2500 for new leases and a term from 12 to 60 months. The three options that they give you simply give you various options of buying the equipment after, trading it in for new equipment and various monthly payment options which will help with your business cash flow. All three options offered by Apple are backed by Direct Capital and they will usually get back to you within 48 hours of the application via email to let you know if you were approved. The application does not require a pg or an SSN if your corporation is more than 2 years old. They do require a number of references. The application can be viewed on the website provided. With my client’s application, we requested a $7000 limit and was approved with a 36 month term with a $1 purchase option lease. The client was happy and this was a pretty straight forward application. I usually use the second option if a client needs more equipment leased from the same company. You must know though that Direct Capital has some negative review by various clients who have had issues with them but I have not had any issues personally. I also feel that if Apple trusts them then I can.

Option 2

Northern Star Leason Company

Northen Star is a leasing company that leases a wide range of equipment for businesses and does much of its leasing with No Pg. I usually use them an a second option for leasing Apple equipment as well as other leasing needs that myself or my clients may have. They are pretty easy to deal with and usually get back to clients within 4 hours of their application(which is amazing). The seem to have a good reputation with clients and are very flexible on their financing terms.

In an upcoming post I will be writing about a number of leasing companies that do equipment leases without a PG and this company will be one of them. I hope that you too will have success in building business credit.

Marc

About a week ago an administrator at Inter-tech emailed me clearing things up on what they have to offer. This company offers IT services but they also offer Net 30 account from $5k -$30k and they report the size of the account to DNB. You do not need a paydex but you do need a DUNS number and you need to be registered with DnB. This is a really good occasion to get a fairly big tradeline which is certainly needed in the modern business credit climate.

I checked their website today and it is currently going through maintenance but the Operations Manager assured me that they are good to go. I have tried them out with one of my clients and it worked out pretty well. After you are approved you have to make an initial purchase and then they will report it to you business credit file.

There website is http://www.itc123.com/

This is a NECESSITY if you are in the process of building business credit.

If any of you guys out there has gotten approved for Dell business credit with no PG recently, please share the profile of the company that was used.

The last corp that I have had approved for a client was about 2 weeks ago. This was a 5 year old corp, with 11 trades and a high trade of $5000 and the client was approved for $25000. $15,000 in business credit and $10,000 for the quick lease.

Here is the email i got.

“Gotta love this business credit stuff. I have learnt way too may things i did not now, i have done a lot of progress in just 3 weeks. Also I just made 3 net 30 purchases so that I can get my paydex score. I just ordered from Tech Depot and got a call from customer service saying that I was approved for a $500 account. My question is this, I know the net 30 will show on my report but will the $500 account show on my report as well or would I need to use the account first before it actually post on my credit report? Thanks”

Congrats on the approval!

In order for Tech Depot to report a $500 TL on D&B, you would have to purchase $500 worth of merchandise (and pay of course). They do not report the limit, only the amount utilized.

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Marc

Marc

In my many years into Business Credit ( and business credit coach ) this is a great idea for a number of reasons which i will explain.

If you made some bad mistakes with your so “handy” personal credit and isn’t as good as it could be, using your business credit as secondary can really give you a much better high chance of being approved for a loan, or even better, being approved for a loan for a much higher amount, also building and establishing a great corporate credit history in this manner will definitely help your business in the long-run. However, if you try to use your business credit to apply for a loan and cannot repay it, it will reflect upon your business credit, leaving your personal credit clean and unharmed. So with that said, it’s a good idea to use Business Credit, rather than Personal Credit weather your personal credit history report is good, neutral, or bad – either to protect your good -sensible- personal credit, or to actually improve your chances of being approved for a much higher loan even if your personal loan is bad.

Not only is it good to use your business for personal credit protection and to help build up your business credit history even more, it is also helpful in maximizing the amount you’ll be approved for in a business loan. With good personal credit, you may not be able to get as much out of a loan as you would with good business credit.
You can be a business credit Guru and start building business credit by taking a look at Business Credit Bible. Build Business Credit Fast.

Good Luck!

- mike

Website pros does real boiler plate designs but they charge $80 dollars per month, don’t report to any credit bureau and never helped me with any real organic marketing.

So if it’s a bigger ‘bang’ for the ‘buck’ I think bitwave is the clear winner.

If someone knows a  better service that does all this then please share with the group and we can use that service instead.

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