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Paydex Score with www.gboogie.net

There is a serious myth floating around the internet concerning the dun and bradstreet paydex score, and business credit. For some reason there are websites helping to perpetuate this myth. I get asked questions everyday about what to do once you get a paydex score. The paydex score is mostly for the public. Its a false sense of security when it comes to business credit. A paydex score simplymeans that you have successfully made 3 business transactions that were recorded and placed on your report. Even if these were 3 cash purchases you would still get a paydex score. It does not speak for your company’s lendability at all. When wondering whether or not your company is ready to move past the net account phase you must consider other variables. You must pull your credit report and look at the suggested credit limit that the bureau has asessed for you. You must look at the other scores that make up your report other than the paydex. There is a score based on what industry you are in. its calculated based on other businesses in the same field as well as their success rate. There are scores based on your financials,assets,and employees. inquiries are also calculated in. In short there are many other variables to consider and the paydex score isnt one of them. See more at gboogie.net

How to get Corporate Credit with Courtesy of www.gboogie.net

BUSINESS BANK LOANS                                          step by step.                                                                                                                  When it comes to business bank loans or lines of credit, a good paper trail always wins out. This page is here just to reiterate, and dig deeper into the subject. A lot of info will repeated from the business basics page.Back to the lesson! After depositing the $600 into a competing bank account, we will need to purchase a 90 day CD from that bank in the amount of $500. Leaving $100 in cash. Some banks offer 30 day CDs, if you can find one that does that would be much better. The reason behind this is because after the CD matures the money will end up reunited with the cash in the first bank anyway. So with 30 day CDs we will have time to let at least two of them mature(one after the other) giving us extra equifax references. I don’t know if any of you remember the old school credit repair trick. Where you open a bank account, apply for a loan secured by that bank account, and then repeat the process two more times. Well, this is actually still true with corporate bank loans. Most business owners want to know how to go about qualifying for unsecured bank loans. I can tell you that it will not happen overnight. It takes time, planning, and a budget of some sort to start with.   For our example, lets say our time table is a strong 90 days. Our budget is $3000.00, and our goal is a modest $50,000 in unsecured lines of credit. Let us assume the business is incorporated, already has a land line phone, and a checking account with $3000 in it. The first thing we would need to do is open a savings account for the corporation as well. Making sure that no matter how small, regular deposits are made to the savings account over the next 90 days. The reason for this is, there must always be positive activity on a savings account to show that the business is at least saving something.   We would then make sure that our business plan was so good, and well thought out that the bank might give us the money without any collateral. It must be detailed, and explain every step of the way how you plan to make the company successful. A lot of new corporations overlook this step. It cannot be a generic business plan template that was download off the internet. It must be a plan that you believe in and understand. This enables you to sell the bank on the idea.   Next we will withdraw $1,500 from our corporate checking account leaving $1,500 remaining. Special note: make sure your bank gives short term secured loans before opening an account with them. some banks do not.   It is also important to complete all the steps outlined on the business credit basics page. This will only increase, and strengthen your position.   Now again, keep in mind this illustration is done with the understanding that all previous steps have already been taken. At this stage you should already have a decent d&b  file, as well as experian business. This will definitely be needed as your plan B. Keep all your receipts from net 30’s you have paid.  Keep all utility bills for your business in a separate file. Make sure you have all of your revolving account info in a separate file. Paperwork, and overkill are our key words to focus on here.   With the remaining $1,500 left in the corporate checking account, we will purchase a 9 month CD(certificate of deposit) for the amount of $500.00. Leaving $1,000 remaining in the account. With the $1,500 we withdrew, we will open a second corporate account at a competing bank. The choice of the bank is very important. It must offer secured loans to business starting at $500.00. Some banks start at $1,000 as their minimum, so this is a key piece of information you must have. Once we locate an appropriate financial institution, we will deposit $600.00 into  a corporate checking account. That would leave us with $900.00 in hand. Special note: Always remember that you can pretty much borrow 80% more than what you have, any day of the week from the bank. But we want to get it up to 90%. Meaning: If Your corporation has very little bills, and $3,000 in cash. Your business will easily qualify for a $15,000 loan. But we want $30,000. How? Simple. It’s very similar to obtaining a mortgage. The general practice is, as long as you have 20% in cash, you are approved(this is just a general statement) . Whether it be in cash or assets. preferably cash or CDs. The difference here is there is no down payment, So our corporation must have at least $3,000 in the checking account for at least three months with deposits made regularly to that account. This shows that not only does the company have this money in the bank, but it is also steadily adding to it. Meaning we can repay our loan without having to touch that money. Even if we may actually have to.   CDs Are needed for a couple of reasons(bonds are just as good). For one thing, they give us a financial track record. A large percentage of start-ups have no banking references on companies. Corporate checking accounts,saving accounts,insurance,401k’s,retirement account for corporations, auto leases. All of these leave a financial paper trail. Secondly CDs give us a little leveraging power. Our cash is now worth more than it was instantly. Not by a whole lot but still, every little bit counts.   Ok! with the $500 CD in bank #2, we will apply for  a secured credit card backed by the CD four to five days later. We will leave the $100 alone for a little while.  I haven’t mentioned the corporate savings accounts for a reason. You can deposit whatever you can afford into them as long as you make regular deposits over the next two months.  Recap: $3,000, two corporate checking accounts,two corporate savings account,Two CDs,and a secured credit card. G boogie