My Business Credit Journey to 1,000,000

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

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

This is a contribution from an avid reader of the blog.

Consumer credit counseling often works as a way out to your financial problems when you’re knee deep in debt. It is a really helpful option to lower and handle your debt burden and you don’t have to file bankruptcy to escape creditors and collection agencies.

How does consumer credit counseling work?

Consumer credit counseling helps you rebuild and reinstate your credit by designing a debt management plan that you can afford. Obviously, it’s not an instant solution and you wouldn’t be able to achieve ideal credit immediately. However, it can be sufficient for repairing your credit and giving you financial independence.

Consumer credit counseling agencies normally work in the following ways:

Initially, they would evaluate your current financial situation to find out how bad your debt condition is. Not all conditions can gain from consumer credit counseling.
If your condition is suitable for consumer credit counseling, the agency would help set up a reorganization and repayment of your bills with your creditors.
The credit counselor would also educate you on credit. This might be most essential for you since knowing about finances and credit would help you remain debt free for the rest of your life.
How can a consumer credit counseling agency help you?

Consumer credit counselors can help people who are experiencing problems paying their bills learn how to handle their finances and lower debt. Nevertheless, if you’re very deep into debt, then counseling mightn’t help you make sufficient progress to become debt free. In this kind of a situation, bankruptcy might be the only option left for you.

Helping You Build up Credit (http://www.businesscreditbible.net)

You’re a good candidate for credit counseling if you:

Can’t make the minimum monthly payments on your credit cards
Are being constantly called by creditors and collection agencies
Always make delayed payments on at least one of your bills
Have already attempted to figure out a repayment plan with your creditors but have been declined
If you select a consumer debt counseling agency, they would first assist you by evaluating your finances. Skilled counselors would help you make a plan after considering your income, debt and expenses. They would also train you on how to pay off your bills and cut down on your expenses and give you tips on money management skills.

The second step is debt reorganizing and repayment. The agency would talk to your creditors and negotiate a new repayment plan that you can manage. The creditors might willingly lower your interest rates and monthly payments since they know that if you file for bankruptcy, they’d receive nothing. As soon as the repayment plan is decided on by the creditors and counselors, you just have to make a single payment each month to the agency. They would distribute this among your creditors and the disturbing calls would cease. If you follow the repayment plan sincerely, you can achieve debt freedom within 2 to 4 years.

Finally, you would get credit education from the agency. It might be enticing to hop this step since you’re no more chased by creditors, but you should stick with it. Financial knowledge is the key to remain debt free. You would learn how to handle your income and expenses. The counselors would make you familiar with budgeting and debt management and you would know how to use credit prudently.

Paying off your bills with the help of consumer debt counseling can help you boost your credit score.

The way I saw this was strange. First of all, shelfcorpking.com is a domain name i wanted to acquire late last year but I missed it by a few days.

Today I was looking at my traffic and where some readers came from and so on and I saw that someone kept search for “shelf corp for $2500? or something to that effect. I went to google with the same search to see what page I was on in google for that search term as well as who else was showing up in google for the business credit kind of searches.

In looking at google I saw these guys, shelfcorpking.com. The claims are REDICULOUS to say the least… They start of relatively normal, talking about selling shelf corporations with 6 tradelines and paydex and what not. Then this is where things get fishy. They claim that all corporations will have a $250,000 to $6000000 line of credit to use. Not $1,000,000, that most self respecting scammers will claim. These guys have gone way out there with there claims.

So after they talk about a lot of mombo jombo and their wonderful companies and bla bla bla, then they go into a song and dance about the fact that everything is done in house. This can mean many things, but as I read further through the website, the about US claims that they have investors waiting to invest and thats why they fill the gab that banks can’t fill with respect to lending..

So basically you buy a corp with the bells and whistles, then “investors” connected to them will left you 250K – 6M with an 80 paydex? LOL..who the hell are these guys trying to fool…I am going to call them when I get a chance and ask them for a corp upfront and tell them that I will pay their fees out of the line of credit…let’s see how that gos….

Marc

All You readers know that one of my goals with this blog is to expand the focus outside of simply business credit and add more information on personal credit and making money with credit. I have explored the option of forex trading and spoke temporarily about creating a forex fund or offering managed accounts so that you guys will have access to these alternative investments.

A few years ago, I was considering starting a real estate syndicate. Basically this is where a group of people will invest money in order to invest in real estate. I was talking to one of my mentors today and telling him that I think now is a great time to do so. I have been giving advice to a client of mine on which real estate markets are relatively stable and accessible when I realized that this is a great time to think again starting the real estate syndicate. Although it is very possible to purchase real estate with business credit, forming a syndicate will allow for a smaller initial investment by each individual which will spread the risk among the individuals. In speaking, we were considering a minimum investment of $1000. We have seen a number of homes in the south miami area and houston area which seem to give a pretty good return on your money, when it comes to renting and with the bottoming of real estate prices, the potential for an increase in value is very likely.
I will like to get some feedback from you guys if you think this is a good idea and if you think it is something that will interest you.

Marc

Hey Guys,

Dell business credit has been increasingly hard to get. And seeing that they are usually the highest vendor line of credit that you can get before going for cash credit(the largest tradeline) this is an important account. There has been some changes in the business credit world since the closing for CIT and the huge loses that some of these banks were getting. HSBC has completely left us but now we see WebBank.. Yes, you read correctly, WebBank is backing dell business credit now and they have a few small changes.

I have been reading about the changes and noticing that it has been harder to get, so today I called dell to find out whats the real deal. The underwriter I spoke to admitted that yes, it is a little harder to get than before, when backed by CIT and Citi, and she could not go into detail as to the specific tradelines and so on. She did mention though, that the older the company, the easier it is to be approved. One HUGE difference that was mentioned is that if you do not have a DnB rating, you will simply be denied. This is a a deal breaker and something that we have to keep in mind. In many situations, we try to get around paying DnB for their credit builder, and that usually results in the lack of a rating. When you get the first DnB credit builder, that gives you a rating, and I outlined how to get it for free on this blog. I have done this in the passed and still had no luck with getting a rating, so it may be beneficial now to actually for DnB the $150, if you tried the free method and did not get a rating.

All in all, the business credit world is still looking good. The fact that WebBank has come on board is a good thing as we can hope that they back some other accounts. I also heard of some other potential cards to come out this year with no PG but we will see how that goes. I hope that you keep on building business credit as it

Marc.

PD: Sorry for the downtime, the web server needed to be upgraded. We are back 100%

If you would like to get a car loan, house loan, etc you are going to have to have just about perfect credit nowadays. It was a not too many years back that you could get a mortgage with credit scores in the low 600’s and even upper 500’s but now its even hard to get a personal loan unless you have excellent credit.

What we need to do now is start working on our credit so we can get rid of some of the bumps and bruises we have gone through. If you had a credit card or two that you couldn’t afford to pay and they got charged off or maybe a personal loan that you had a couple late payments on. In these situations there is still hope, you could easily within days get this negative information removed from your report… The problem is so many companies suggest credit repair and just take your money and leave. However if you are facing credit problems there is still hope.

There is also other ways to recover or improve your score such as paying on time, don’t allow your balances to be over 35-45% for example if you have a $1000 credit card do not let it get over $350 or else it will look like you cannot use your credit wisely. Stay tuned for many more tips coming soon.

We spoke earlier in relation to building business credit and the fact that the main business credit bureau in the nation is full of tricks. This in itself is no encouragement to build business credit; but the real truth is that business credit is normally not regulated by the government, so there are a lot of things they can get away with legally(although they may not be ethical). But I now have a solid example and a client of mine said is ok to post it on the blog so I decided to share it with you visitors.

This customer bought the business credit bible. He also did not read throughout my entire blog so when he was applying for his eupdate password, he used the older method of doing it online instead of the new method of calling to get it immediately at no cost, FREE!. He went through the usual method of applying for his eupdate password and they responded with their old tricks of saying that his file was not complete. View the mail below. I have copied his email to me as well as the email that Dun and Bradstreet sent to him:

Thank you Marc.

I have a question already.

I’m following the steps in your book, and I just retrieved my DUNS number, and just received it by email. I didn’t even know that I already had that number lol…

My business is called XXXXXXXXX, LLC, and it is a real company. I have 6 employees and 22 contractors; and I pay insurance, works comp, federal taxes, etc…

It was incorporated on July 2007…

Now when I followed your advice in setting up a eupdate password, I received this email from them:

“Dear marc’s client,

We have received your request for a D&B eUpdate password, but are unable to process it without additional information.

Please have a principal of the business contact our Customer Resource Center at 1-888-814-1435 Monday-Friday 8:00 AM – 6:00 PM Local Time to request a D&B eUpdate password or obtain further assistance if needed.

Thank You,

D&B eUpdate Team”

Please note that this is a trick. They have assumed that since the client is now trying to fix his file he does not know much about business credit. They will claim that the file is not complete because he does not have a rating, and they will make many other claims. If you get this email please do not call the number they provided. That is their sales line. They will try to sell you one of the credit builders, and if any of you have been reading my blog thoroughly, you will know that you can get the first business credit builder for free by calling in. This is just to show you guys how sneaky these are still are.

Marc