My Business Credit Journey to 1,000,000 » Rambling

I have been gone for a while to come back to a devastating email

mike — Thu, 15 Apr 2010 04:28:23 +0000

Hey Guys, I know I have been M.I.A., but this was due to a few family emergencies and previously scheduled appointments that required travelling. I know that a few of you have been emailing me on the 40K funding option as well as a couple clients I have to finish up with corporate funding, and I will be getting back to all of you today, including my friends in FL and TX. All that being said, there was one email that I just read that really stuck out. Basically it is a guy that was scammed by Shelf Corp King and willitfund.comand he shared his entire story with me. I will try to give you guys a summarized version just to help you out with what you need to look for. For the purposed of the story, let’s call this guy Joe(everything in the story is real). Joe is a 40 year old guy who lost in job a couple years back. He moved across the country to work with a friend of his in the mortgage business, opened a new office and then lost the funding from the parent company and had to close the doors. He then proceeded to look to business credit to acquire an existing business. The problem here is that Joe was under the impression that acquiring 500K in unsecured, no PG credit was possible with one corp. This was a result of the horrible lies that many of these guys use in there marketing. He first went to a company called WillItFund.com(who you can check out) to acquire this funding. After going back and forth about his personal credit, or lack there of, they suggested a shelf corp. Once he borrowed the money to pay for the shelf corporation, after a while, he found out that the funding was not coming through. He then went to Shelf Corp King, who took his $750 down payment, and again, never came through for him. Please beware that Shelf Corp King is now marketing his scam as Shelfcorporationsnow.com. The following is part of his email about shelfcorpking: I searched the Web for a NO PG program, and found a few. I settled on Shelf Corp King because that programs upfront cost were low and they were able to produce the dollar amounts that I needed in a short amount of time. I contacted Kenny Williams (info@ShelfCorpKing.com) by email with a few questions he answered them to my satisfaction and he sent back a contract agreement. I borrowed the upfront costs from my parents and deposited the funds and faxed the paperwork back to Mr. Williams, and waited. I was curious why I had not heard anything from the process, so I sent a couple of emails and got a very curt/short response back “I’ll contact you when the funding is ready”. Again, a few weeks passed, I emailed Mr. Williams and asked for the status of the funding program, and my emails went unanswered. I called the 800 number (888)736-5999, which is an automated service, press 1, 2, or 3, leave a message. I pressed 1, 2, 3, left messages at each of them, but working in the customer service world I know that if you pressed 0 (zero) on most auto-answer services you get to a person. Which I did, a Michael he gave me a direct number for Mr. Williams (312)772-7617. I am thinking that the person that spoke with was the aka. Mr. Williams. The next business day, I called the direct number left messages, no call back, by luck I called and Mr. Williams answered, he stated that my 45days would be up on April 5th, since the 2nd was Good Friday. He stated that the funding was @ 480K and that by Tuesday it would be ready. We agreed that he would call me on Tuesday the 6th at 10am his time, no return call. I have been calling every hour on the hour since 11am on the 6th. Sometimes you can leave messages and other times message that you get is “That this subscriber is not able to except messages”. I am stuck in the circle of leaving messages and hoping. After, searching the net for Shelf Corp King, I am finding that Mr. Williams has started using another company name, ShelfCorporationsNow.com 800-430-5410 (the same auto-answer system, same everything) This is just continuous confirmation that these guys are no good. He seems to be marketing very hard because I am getting more and more emails about this guy. My goal now is to work with Joe on getting him some funding through our programs. We cannot get him 500K in business credit but we can get him about 50K to start to get him on his feet. I will keep you updated as to the situation. Marc

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Shelf Corporations – the reason why i got into this business

mike — Tue, 09 Mar 2010 21:57:58 +0000

I was just talking to a client and he asked me how I got into Business Credit and the sale of shelf corporations and then I realized that I have not shared this on the blog yet.

It all started a little over 5 years ago when I graduated from college and I wanted to start my own business. I had an ok job that I hated and I had a couple credit cards with a few thousand dollars available. I decided that I wanted to export electronics to the Caribbean; where I was born; and business credit was going to help me start the business. I contacted a company to purchase a shelf corp that was suppose to have credit already available upon purchase. In my mind at that time, I was excited about the fact that my dream was about to become a reality. What I did not know, is that at the end of that transaction, I would be out of $15,000 in personal credit and no business credit.

When going through the process, I was told that there would be no credit available as soon as I purchased it because the accounts cannot be transferred, but it will take 7-10 business days in order to have $200K of business credit with no pg. Remember, at this time I knew nothing about business credit and there were soo many of these people selling such packages, I assumed that this must be legit. I got a corporate kit and all the works. Virtual office with a nice female voice answering my calls and forwarding people to voice mail. I 2 weeks and nothing. The company stopped answering my calls and kept giving me the run around.

At that point I was left with a shelf corporation with no Paydex, close to $15K in credit card debt and a lost dream. If I knew then half of what I knew now, I could have at least built up the corp, but I knew nothing back then. My credit card payments fell behind and my corp had no credit. I was pissed for about 3 months then I decided that if soooo many people are selling “business credit” there must be some truth to it. I decided that I will learn everything I can about business credit, and share the truth with the public while being an honest as I possibly can.

I bought every ebook I could find on the internet and went to a couple courses. I even spent money I could not afford to waste to go to california to a seminar by one of these “gurus”. Some of you may have bought is $2000 package. I realized that not only that the ebooks online were garbage, but most of the courses were out there to upsell you on something else. Many of the people in the industry were simply complete scammers, and a few of them who were being partially honest, were either not giving you all the information or charging loads of money for business credit information. This is how mybusinesscreditblog and my ebooks were born.

Marc

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DnB Rating and Updates

mike — Tue, 23 Feb 2010 03:03:25 +0000

A couple weeks ago I published a post about Dell Business Credit and the fact that you will automatically be denied once you do not have a DnB/Dun and Bradstreet rating. I got an email from a reader who mentioned that they used the free way that I suggested to get the DnB Credit Builder package 1 to update and create a file in Dun and Bradstreet Database, and although the financial estimate was provided, we did not get a rating. I myself then went ahead and called DnB about this, and as I expected, they claim that my business credit file was not complete and I needed to pay the $150 to complete. I just didn’t feel like it at the time, although in my mind I decided that in the future, I pay for it.

Today I logged onto DnB’s eupdate and see that I have a rating. Apparently the system is updated periodically. I called into DnB today to find out what changed. The confirmed that I had my financial projections in previously, but when a company reports, they tend to update all information. What actually happened, was that Office depot reported on that company, and DnB pulled info from SOS and other places, and updated my information. The bottom line is this. If you have a little patience, you can save a lot of money when building busiess credit.

Marc

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Shelf Corp Secrets!

mike — Mon, 22 Feb 2010 00:33:55 +0000

I am just writing this because what I thought was obvious to my readers apparently is not that obvious. I wrote a book called “Shelf Corp Secrets”, Basically what that is about is how to acquire shelf corporations for as little as $300. The ebook Has been Updated for the Year 2010 so you are guaranteed Updated Information!

Marc

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Equifax Business Credit Report

mike — Wed, 20 Jan 2010 21:17:44 +0000

One of the readers that contribute the most to the blog has sent me another email giving some valuable information. This is an excerpt from his email outlining the important information.

I remember when you had the quick segment about equifax business credit, well i recently gave them a call and told them i got denied business credit at bank of america i told them whatever came off the top of my head at the moment they asked me to verify some info to put it in their system and sent me a copy of my business credit report. Maybe this is some info you can share with everyone on your site. The number is 1888-489-8719 I don’t know exactly what the department was i just told the first rep i got on the phone with the situation.

This is something that you guys can use to get some insight on who is reporting to your equifax business credit report. I will have a few new business credit accounts that are from the new ebook in my next post. I hope you enjoy the blog and I encourage you to keep reading mybusinesscreditblog.com , we will be adding a guest blogger who will blog on personal credit soon. Marc

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2010 Business Credit Starts Here!

mike — Tue, 05 Jan 2010 18:00:40 +0000

2009 has been an interesting and challenging year for myself, the US market and for business credit. We saw the US stock market do a complete bounce back but we have not seen loosening of the belts with the banks and lending. 2010 should be an excellent year for lending and for business credit. The government is doing what it can to give confidence to the banks to lend, so I look forward to this coming year. The stock market should take a pull back in the coming year when the banks pull their money out of the market.

A lot of new information will be posted so stay alert!

Happy New Year!

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As Business Credit Stays tense, we need it even more.

mike — Tue, 22 Dec 2009 03:27:43 +0000

Did you know that when I first started this blog, I did a keyword search for the term “Business Credit” among other terms. When I at first did this, some time during the month of January 2008, the term Business Credit was search approximately 270,000 times per month. In February 2009 the term Business Credit was searched 400,000 times per month in Google search engine. In June 2009, the searches were up a little at 500,000 searches per month. Today I did a quick check in google adwords’ keyword tool, and the term business credit is now searched for over 1,000,000 times a month. Search engine trends can give us a good idea of what people are looking for and what their interests are at a specific time. This giant huge spike in interest in business credit is a frightening statistic if we come to think about it. Some of the possible causes of this spike in searches on the internet could be ; the need and lack of available credit, both business and personal; the ever-increasing understanding about business credit or the increase in online users. I for myself believe the increase was caused by a combination of a decrease in available credit and an increase in consciousness about business credit. I am seeing an increase in people finding mybusinesscreditblog.com on a daily basis with little work being done on SEO. I am looking forward to 2010 when there should be a considerable increase in lending. I can also say that we are once again One of the bests blogs out there, we are actually on first page on google for the search “Business Credit”.

Mike.

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Insider Secret – From a Banker

mike — Mon, 13 Jul 2009 17:05:23 +0000

I was speaking to a friend of mind over at US bank after I saw an article about credit card companies looking at your spending to get an idea if you are in financial difficulties. I was trying to get some sought of confirmation that this is taking place, and from what he is saying, it is. Some of us have had both business credit cards as well as personal credit cards either canceled or reduced drastically with no warning. In many cases your credit score would not have changed. This viewing of spending is one reason for these things happened.

Certain types of purchases can be red flags to credit-card companies watching for signs of consumers with questionable finances. Here are 10 compiled with the help of Robert Manning, author of “Credit Card Nation.”

TOP 10 PURCHASES THAT SHOULD NOT BE CHARGED ON CREDIT CARDS

1. Traffic tickets: You look reckless. And tickets can push up your insurance rates, which could put a strain on your finances, which could make it harder for you to pay your bills. A lot of people who have charged traffic tickets have defaulted on their cards.

2. Retreading your tires: You’d be surprised how many people do this. Why? Usually, because they can’t afford new tires. If you’ve bought new tires in the past, this can look like a desperate move. Credit card companies don’t like desperation.

3. Bargain binges: If you haven’t used your credit card at a 99-cent store or at Wal-Mart, don’t start now! Downshifting to lower-cost retailers — or shopping at places that attract financially pinched shoppers — makes it look like you’re worried about your finances or about your job. American Express has been accused of cutting people’s credit because they shopped at Wal-Mart.

4. Adult Playthings: No one’s judging you — just your purchases. Porn is seen as escapism by card companies. And guess what they’re thinking you’re trying to escape from? Financial worries. Ditto for strip clubs. Use cash. Swipe your card, get your credit cut.

5. Marriage Counseling and Therapy: Money is at the root of many psychological problems. And plenty of relationship problems, too. Relationship problems can lead to divorce. Divorce can destroy your finances. Needing therapy may also make it look like you’re unstable.

6. Lottery Tickets: Yes, hope springs eternal, but lottery tickets don’t count as a sound financial plan, and you don’t want your card company to think you’re irresponsible — or a gambler. Oh yeah, don’t take your Visa to Vegas.

7. Cash Advances: Credit-card companies used to love these products because they brought in loads in interest charges. But tapping your card for cash? Or using a credit-card check to pay other bills? Not a good look.

8. Personal pampering: If you don’t normally splurge at the spa, don’t put your facial or massage on your plastic. It may look like you’re trying to relax because you’re worried about — what else — money. Or, that you’re trying to reduce stress from a job loss, or pretty up for a job search.

9. Income Taxes: Whenever you rack up one bill (by using your credit card) to pay another bill (your taxes) it raises a red flag. Could be your debts and bills are overwhelming you.

10. Booze: Carry cash to the bar, especially if you were there last night, too. Springing for too many drinks may be a sign of job stress, financial stress, or relationship stress. And charging booze several times in a row will make it seem like your bar binge was not a fluke.

Hope this helps a bit.

Marc

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