Business Credit Blog

Dec 13, Business Credit Success e-book

Tue, 13 Dec 2011 19:16:23 GMT

Our business credit success e-book will help you learn how to build business credit successfully!

Aug 26, Aged Corporations

Fri, 26 Aug 2011 15:58:40 GMT

Do you sell aged corporations? Can you help me to get cash lines of credit for the above aged corporation

Mar 13, New IRS Policy Makes Tax Liens Less Taxing

Sun, 13 Mar 2011 21:39:57 GMT

Last year I wrote about how the IRS policy on filing tax liens unfairly hurts taxpayers and small business owners. Tax liens are truly a double whammy. Not only do you owe the IRS (which is bad enough) but you may also find your credit destroyed for years by a tax lien on your credit reports. This time, I have good news: the IRS is implementing new policies that ease up on tax liens. This can make a tremendous difference for millions of Americans.

Feb 28, Trade Payments

Mon, 28 Feb 2011 21:07:25 GMT

How many trade payments do I have to make to get a loan

Feb 23, Hidden Program Can Help Even 'Greedy Speculators' Refinance Investment Properties and Second Homes

Wed, 23 Feb 2011 22:05:48 GMT

Over the past couple of years I’ve heard from countless real estate investors who are stuck between a rock and a hard place. They bought real estate as an investment a few years ago, but the value of the property has declined, and there just isn’t enough income coming in to keep up with the payments. They don’t want to default, but if they can’t figure out a way to improve their cash flow they will. There is a program that may help some of them, but it’s so inexplicably well-hidden that most investors won’t even get try to take advantage of it. They should.

Feb 15, Turning (Debt) Problems into Business Opportunities

Tue, 15 Feb 2011 22:24:54 GMT

I was recently invited to take a tour of a new online tool for getting out of debt, ReadyForZero. The service aggregates information about a consumer's credit card debt and creates a rapid repayment plan. As cofounder Rod Ebrahimi walked me through the demo, he told me how he’s using the service himself to pay off his credit card debt. He went on to describe how he and other cofounders created the service in part to solve their own problem - to make it easier to create a flexible effective debt repayment plan they can stick with.

Feb 14, As a foreign investor, can I apply for financing through an LLC?

Mon, 14 Feb 2011 14:06:03 GMT

I currently live overseas and am going to be investing in some NYC apartments later this year, and will be using Sutton Law to protect me through a Wyoming

Feb 9, Owner of a small home based business

Wed, 09 Feb 2011 17:51:43 GMT

I am having a difficult time to get loans or credit due to personal credit issues. However I have a home that i am renting out. I would like to borrow

Feb 9, Bank cut our credit line, lowered our credit scores

Wed, 09 Feb 2011 17:48:57 GMT

My husband and I got a HELOC through Bank of America on March 2008 which affected negatively his credit score. Although we did not take the full amount

Jan 13, Bank of America Pledges to Add 1,000 Small Business Bankers

Thu, 13 Jan 2011 21:28:17 GMT

Bank of America has announced it will hire over 1,000 small business bankers by early 2012. This is good news not only for the employees that will be hired, but also for the firms that will secure financing through this initiative.

Jan 10, Using Credit Checks for Job Applicants? Be Careful

Mon, 10 Jan 2011 21:22:01 GMT

Credit checks are one of the tools small business owners can use to screen prospective job applicants. But there are legal and ethical questions surrounding the use of credit reports for employment purposes that business owners should take into consideration.

Jan 6, When It Comes to Commercial Credit Scores, There Are Plenty of Choices

Thu, 06 Jan 2011 21:25:46 GMT

If you find the process of building strong FICO scores confusing, then just wait until you try grapple with the world of business credit scores. Credit Today’s October 2010 Credit Scoring Usage Survey produced a list of 32 different credit scoring models used by credit executives. In the survey, 55% of respondents said they use credit scores. Of the 45% who don’t use scores, only 14% reported they would be likely to use them in the coming year.

Jan 3, Yes, You Can Raise Money In An Economy That Sucks

Mon, 03 Jan 2011 21:51:55 GMT

Talk about coincidences. Recently, I downloaded Expensify’s expense report app to my Blackberry. Recovering from some frustrating bookkeeping - the worst part of which was my expense reports - I hoped the service would live up to its promise to create “expense reports that don’t suck.” Within hours, I received a personal email from one of their developers, Michelle, welcoming me to Expensify and offering to answer any questions. This was not one of canned “we value you as a customer” emails.

Dec 16, How Much Does It Cost To Review Your Business Credit Reports?

Thu, 16 Dec 2010 21:05:38 GMT

Do you remember the old days, when we had to buy our credit reports unless we were turned down for credit? In case you don’t, it wasn't that long ago that the FACT Act went into effect giving consumers one free copy of their credit reports each year from each national consumer reporting agency.

Dec 13, Looking for Online Business Financing? Watch Out for Scams

Mon, 13 Dec 2010 21:36:20 GMT

Recently I wrote about how aged corporations can be a tool for building business credit. Unfortunately some companies are using them to promote high-priced “lending” services that are nothing more than a small business version of the classic advance fee loan scams.

Dec 9, Been Stiffed By A Client? Credit Circles May Head Off Payment Problems

Thu, 09 Dec 2010 21:05:21 GMT

I’ve been stiffed by clients twice - once for a substantial sum, and another time for a smaller amount. In both cases, I tried to do my homework on the clients before taking the gigs, but they were both small, privately held businesses and it was tough to gather information on how and whether they paid their bills on time. Checks with traditional business credit agencies didn’t turn up details.

Dec 6, Building Business Credit Using Shelf Corporations

Mon, 06 Dec 2010 19:59:35 GMT

I received this question recently: I have found your website over the internet and I might have understood that you could help me out. I have a few questions regarding aged shelf corporations and credit building process. I am a non-US based resident and I would like to purchase a shelf corp from the USA of two or three years old and then build credit for it. Would you be so kind and explain to me how does that work and if I am a non-US based resident, could my corporation receive unsecured loans and credit lines? Do I need SSN in order to receive unsecured loans and credit lines? How does the credit building process work and up to how much period does it take to be done properly? Can I reach a Paydex score of 80 or Fico score of 700-800?

Dec 3, Credit Card Act Doesn't Protect Small Businesses

Fri, 03 Dec 2010 00:01:06 GMT

In February 22, 2010, the main provisions of the Credit Card Accountability Responsibility and Disclosure Act – the Credit CARD Act – went into effect. As you’ve no doubt heard by now, the law provides some new protections for credit cardholders. In particular, it will prevent issuers from retroactively jacking interest rates on cardholders who pay their bills on time, and it will be easier to get your payment in on time because traps like floating due dates or payment cut-off times in the middle of the day, are prohibited.

Dec 1, Business Credit: What's in A Name?

Wed, 01 Dec 2010 00:47:04 GMT

A reader sent me this question about using her name in business: I have a fairly common name that is often confused with another well-known person with the same name. I have added my married name to my website in hopes of differentiating myself. However, my married name is not my legal name and so I will have to obtain credit in my legal name. I am wondering what kinds of problems this may cause?

Nov 25, A Tax Lien Can Destroy Business Owner's Credit - Are They Fair?

Thu, 25 Nov 2010 20:55:53 GMT

A few years ago, a colleague confided in me about his tax lien problem. When his computer business failed, he found himself owing the IRS around $15,000. He promptly set up a payment plan and began faithfully making payments. He was shocked, then, when the IRS filed a tax lien on his property. The tax lien showed up on his credit reports, and his credit scores plummeted, making it virtually impossible to borrow, much less get a new business off the ground. “I am making payments as agreed,” he protested. “Why do they need to file a lien?”

Nov 23, Days Beyond Terms (DBT): An Important Business Credit Term

Tue, 23 Nov 2010 08:53:46 GMT

Days Beyond Terms (DBT) is an important business credit term that describes how long it takes a business to pay its bills, past the due date. According to Experian's November 2009 monthly Business Benchmark Report, the national average DBT was 5.16 days. This number has increased by 4 percent, indicating that overall payment behavior is continuing to slow. The health services industry has the best average DBT at 4.02, while (not surprisingly) construction has shown the worst payment performance, coming in at an average of 9.09 DBT.

Nov 18, Self Employed? Getting Credit Cards May Become More Difficult in 2010

Thu, 18 Nov 2010 20:31:43 GMT

It will be even tougher to get new credit cards after February 22, 2010. That’s because provisions of the Credit CARD Act will require lenders to consider a borrower’s ability to repay debt before opening a new credit card - or before bumping up the borrower's current credit limit. (I do hope those issuers who slashed credit limits for good customers are regretting it now.)

Nov 15, Women Business Owners: Are You Afraid to Ask for Credit?

Mon, 15 Nov 2010 23:26:06 GMT

Women-owned small businesses are less likely to be "credit constrained" than small businesses owned by men, according to research by the New York Federal Reserve Bank. The research reveals a few important lessons for female entrepreneurs.

Nov 11, Credit Card Limit Cuts Catch Business Owners By Surprise

Thu, 11 Nov 2010 20:12:03 GMT

Bill Hazelton had what seems like almost an obscene credit limit on his business credit card: $100,000. As managing partner of CreditCardAssist.com since 2004, he also happens to know a lot about how credit cards work, and what issuers are doing. But even he was thrown for a loop when his card company pulled the rug out from under him. Read more...

Nov 8, What Business Credit Agencies Know About Business

Mon, 08 Nov 2010 21:33:39 GMT

Business credit reporting agencies have unique access to information about the health of small businesses in America. They can monitor who’s borrowing, how much, and whether bills are being paid on time. And of course, they can track trends in this information. Some of this data is available to everyone, for free.

Oct 25, Can P2P Lending Help Your Business Get Off The Ground or Grow?

Mon, 25 Oct 2010 14:01:56 GMT

P2P (peer-to-peer) lending websites (also known as 'social lending' sites) have been at various times touted as the hot new thing in consumer lending. While the number of loans they make is tiny compared to the banks and credit card companies, the credit crunch has helped some of them grow their lending volume. Small business owners are turning to P2P lenders when banks say no. Read more...

Sep 20, Florida LLCs May Lose Key Asset Protection

Mon, 20 Sep 2010 17:38:55 GMT

A recent Florida Supreme Court decision may jeopardize asset protection strategies for Florida LLCs. Small business attorney and author Garrett Sutton explains how Florida business owners can protect themselves.

Sep 1, Free Build Business Credit Webinar

Wed, 01 Sep 2010 19:32:31 GMT

Join Certified Cash Flow Consultant and business credit expert Erik Salmon for a free webinar: Introduction to building a strong business credit profile in order to obtain the funding your business needs. Date: Thursday, September 16, 2010 Time: 6:00 - 7:00 PDT, 9:00 - 10:00 EDT Space is limited. Reserve your seat using the link below. After registering you will receive a confirmation email containing instructions to join the webinar.

Jul 6, Experian Offers Free Business Credit Report

Tue, 06 Jul 2010 13:28:41 GMT

Experian’s Business Information Services is celebrating the independence of small business owners across the nation and offering offering all business owners the opportunity to view their company’s business credit report for FREE at www.SmartBusinessReports.com/freereport. This offer expires July 7, 2010. The company is trying to educate business owners on the importance of reviewing their credit and raising their awareness of good credit practices. By providing a free copy of their report, they believe they will empower business owners to take control of the factors that make up their credit profile. This is a free copy of Experian's most comprehensive report. No credit card information is required.

Jun 25, Free Business Credit Information

Fri, 25 Jun 2010 17:26:52 GMT

A free replay is available of a recent teleseminar where Marcia Brixey of Money Wise Women interviewed Gerri Detweiler on the topic of Business Credit: How to Build Solid Business and Personal Credit Ratings and to Jumpstart Your Financing. Gerri explained the various business structures considered for business credit; the importance of establishing relationships with companies, buying on term and lots of other tips and resources. The teleseminar is available online for immediate download at the link below.

Jun 16, Small Business Loan

Wed, 16 Jun 2010 18:35:48 GMT

Small business loan approval rates decline. Learn how to maximize the chances of being approved for small business loans.

Jun 16, Business Credit Success

Wed, 16 Jun 2010 18:16:36 GMT

Need Business Credit? You Can Build a Strong Corporate Credit Rating!

Apr 21, Experian Study Shows Commercial Credit Scores Improving

Wed, 21 Apr 2010 17:43:41 GMT

Experian's monthly Business Benchmark Report shows the national average commercial risk score is up 2.4 percent and overall delinquencies have declined since the beginning of the year. The national average percentage of dollars delinquent has improved by 5.9 percent, and the percentage of dollars 91-plus days delinquent has improved by 1.9 percent. Additionally, businesses in states with large metropolitan areas, such as California and Texas, had among the lowest rates of severe delinquency, coming in at 14.8 percent and 28.8 percent below the national average. Other key findings from this month’s Business Benchmark Report include the following: · The national average commercial risk score was 58.60* in March. This is the third consecutive month of improvement (2.4 percent increase in 2010), highlighting the continuing improvement seen in the business sector overall. · All business sizes, with the exception of nonemployer firms, have shown significant improvement in their payment behavior over last month. The largest changes came from midsize to large businesses, or those with 100 to 999 employees showing as much as a 5.8 percent improvement. · Overall, delinquencies are declining. The national average percentage of dollars delinquent has improved by 5.9 percent since the beginning of the year, and the percentage of dollars 91-plus days delinquent has improved by 1.9 percent.

Apr 19, New Small Business Contest

Mon, 19 Apr 2010 13:36:34 GMT

Small business success stories are inspiring and powerful. That's why I am excited to serve as a judge for Cortera's new contest: The Comeback 2010. Cortera is are offering over $5,000 in prizes for the best story (video or text) about their experiences as a small business owner, split into four categories: · The Comeback: Tell us an inspiring story about a time when you went "all-in" for your business against big odds - perhaps a tough economy, or a fierce competitor. · Cough It Up: Ever had trouble getting reimbursed by a business partner/vendor? We want to hear the story of how you got paid, and recovered the money you needed to grow your business. · Hanging Out the Shingle: Tell us the story of when you broke from the pack, and started living your small business dream. · Hometown Success: Share the story of how your company is making a real difference in your local community this year. Check out the details and spread the word! Good luck!

Apr 13, Credit Unions Ready to Lend to Small Businesses!

Tue, 13 Apr 2010 18:27:35 GMT

Credit unions say they are ready and able to lend to small businesses. But to really jumpstart their lending activities, they need Congress to lift the 1998 limit on small business loans.

Mar 18, New Credit CARD Law Leaves Out Business Cards

Thu, 18 Mar 2010 18:34:46 GMT

The Credit CARD Act of 2009, which took effect Feb. 22, 2010, won't help owners of small-business credit cards. The new law applies only to consumer credit cards. As many as 59 percent of small businesses in a spring 2009 survey reported that they used credit cards to finance their firms during the previous year, according to the National Small Business Association, or NSBA.

Mar 18, Business Credit Can Be Confusing

Thu, 18 Mar 2010 18:25:37 GMT

I was interviewed for a story that appeared in today's Wall Street Journal. The topic was the often confusing world of business credit. The writer, Emily Maltby, did a good and thorough job explaining some of the issues surrounding business credit. I'll also add, though, that even if your bank is not terribly interested in your business credit rating (some are, some aren't), there are still plenty of vendors and non-bank lenders who may be.