Building business credit line using the business EIN
A shortcut to building business credit beyond B2B vendors. This helps you access over $100,000 in business credit at 0% up to 18 months. Some terms also may include an interest-free period for the first 18 months. You do not need any financial statements, collateral, or cash flow to access this business credit line.
Aim for eight multiple business card approvals that report to business credit bureaus. Start-ups are welcome. Also, you can make use of credit partners if you have a bad credit business loan history. How is this done? Find someone with good credit and make that person the Director, President, Vice President, Treasurer or Secretary of the company. Add them to the public record on the Secretary of State record and the business license records.
It takes a business day to get pre-approved. They do a soft inquiry, which no one gets to see on your personal credit report. The funding source gives two pre-approvals.
- Max funding: is a combination of both corporate credit cards and personal credit cards. You can take cash out all at a zero percent interest rate. Some report to the Consumer Reporting Agencies while others to the business credit bureaus.
- Business credit funding only grants access to business or standard credit report accounts. You can take cash out all at a zero percent interest rate. They report to the business credit bureaus.
When applying for business credit, it is possible to roll the funding fee into certain loans. They are a great way to jumpstart building business credit if you have a good credit report or a 680 or more-credit score. You can use a guarantor if your FICO is less than 680.
A good credit score, business credit profile and vendor credit are a great combination in building business credit. A good credit score accelerates accessing a corporate credit card. Corporate credit cards have higher credit limits compared to personal credit cards.
How much you get, and the number of credit lines is based on utilization, your highest credit limit account, and how many increases you have on your personal credit card.
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COMPANY FORMATION, INC.
109 EAST 17TH STREET
CHEYENNE WY 82001