My Business Credit Journey to 1,000,000

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

Yes, you read it. The impossible is now here, 200K Business Line of Credit with no Personal Guarantee. Business Credit on steroids…….. Ok, for those of you who got thrilled and couldn’t linger to read on and call me? STOP. The sad thing, these type of ads are being published all over the internet on an every day basis, and clients are getting scammed on a regular basis. If you see anything slightly close to an ad like this, RUN. There isn’t that much magic in the world of Business Credit. In a time when you is difficult to get a solid mortgage that is collaterized by the home that is being purchase, why on God’s green earth will a bank give 200K in unsecured debt to a corporation. Please guys, sorry for those of you who were tricked, but this happens everyday, and customers are losing thousands of dollars to these absurd scammers. Marc

I know that answering this question “What is a shelf corporation” at this stage of the game is late but I get new readers all the time, and I have yet to define a Shelf Corporation on my blog and touch on what is expected in these new times.

A shelf corporation is a corporation that has been put on the “shelf” to age. Typically, this corporation has not done any business previously and simply is there gaining age. In these more sophisticated times, myself and other shelf corp brokers, not all sell shelf corporations, but we also sell aged corporations. Aged corporations are not necessarily just on the shelf sitting there but they may be actually in business. This type of corporation is valuable once all previous debt has been paid off on time. This happens in a case where someone started a business and it did not work out but they paid their bills on time but could not generate revenue. Getting your hands on a corp like this is great.

In 2010, there are many brokers out there still claiming that you can get 100K in Cash Credit with NO PG. This is not going to happen with one corp. Nowadays, you may be able to get about 50K with no PG once you know what you are doing and work hard at it. You can also hey 100K in total cash credit if you have a solid fico score to pg  the corp. Without these key elements, this is not going to happen. So if you see anything that is advertising anything otherwise, it is a scam. Shelf Corp King seems to be one of the most hard working scammers out there. They are marketing and advertising really strong but if you simply read their claims, it is impossible.

In this age, I do not suggest that you pay more than $5000 for a shelf corporation unless you have a specific need  for a specific corporation. Shelf Corp Secrets is my new ebook on shelf corporations and you can have a look at shelfcorpsecrets.com for more details.

If you read the title and you do not know that PG means Personal Guarantee, and you are not certain what it means, you need to start with the business credit basics.

A PG is where you apply for a business credit card but you accept personal liability for the account in the event that the corporation cannot pay the debt. A couple years ago, there was the notion of removing the pg from the account after 6 months. This notion was being promoted over and over by many of the business credit gurus out there. This is only partially true.

Business credit cards with a PG come with two major differences. There are some that report to your personal credit report weather you default or not, and there are some that only report when you default. This makes a huge difference when you want to keep your debt ratios down. These two aspects of cards may both have the option to remove the personal guarantor from the account, but you must understand that in today financial climate, no back is going to remove a PG is as little as 6 months and many of the banks simply do not plan to ever remove the pg. I have recently seen websites and business credit experts talking about this again, and this is why I am trying to bring this to light. You should go for business credit cards without a PG if you do not want to PG these cards at all.

Marc

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

A couple weeks ago it was brought to my attention that there is a new ebook out called “Shelf Corp Secrets Revealed” which is being sold at defeatdnb.com. Do not mistake this for my last book Shelf Corp Secrets.

I visited the website to see what this was all about. The guy who wrote it claims to be an ex-dnb employee and an MBA. I do not have anything to say about this being true or not, but I do question it’s truth. Anyway, when I first saw the book and website I was almost flattered that my work is that well known that it is being copied.LOL… The book sells for a mere $20 to a figured I will buy it. I got side tracked and forgot about buying it at the moment but another avid reader of my blog bought it and shared it with me.

This ebook is a 21 page joke to say the least. I merely touches the surface of what is needed to be done to build business credit as well as acquire shelf corporations at a discounted price. I read one or two things that I did not know before but the information was not that good. One thing that I did learn is how to commit fraud by filing fake tax returns and using that for funding, which is absurd to say the least. If the book was legitimate, all of you guys who know me knows that I would be straight forward and say so. But it isn’t. Feel free to purchase it as well and let me know what you think.

Marc

My friends over at the Kensington group emailed me today, bringing to my attention that the B2Bcredit website is out of commission. In my early days in learning about business credit, I used them and I wrote a review about them. They were not that big of scammers as they did build business credit for you, but they were a bit misleading as to how much credit you will get and what type of credit you will get. This is typical with these business credit building companies. They also claimed that they were getting you credit with vendors due to the fact that they had a long standing relationship with the vendors, which were simply not true.

Have any of you readers used them recently? The fact that they seemed to have closed shop has me looking out for a new player. This is usually what happens. When one of these companies fold, a new one opens up(ie. the same corp under a different name).

Marc

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