E35 – Ty Crandall from Credit Suite

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Ty Crandall is an internationally known speaker, author, and business credit and financing expert. He is the CEO at Credit Suite where he oversees the biggest business credit coaching operation in the United States.

With 16 years of financial experience, Ty is widely recognized as an authority in business credit building, business credit scoring, and business financing. He is the author of two popular books, Perfect Credit and Business Credit Decoded.

Welcome Ty!

[2:49]聽What exactly is business credit?
路聽聽聽聽聽 Similar to consumer credit
路聽聽聽聽聽 Instead of SSN businesses use EIN
路聽聽聽聽聽 Build up credit profile in a similar fashion

[3:43]聽Can any business get business credit?
路聽聽聽聽聽 Any business can apply for credit, even if not citizen.
路聽聽聽聽聽 Need to have an EIN number to start building credit
路聽聽聽聽聽 Get setup with reporting agencies, need to find some vendors who report to the agencies.

[5:21]聽How does a business start a business credit profile and score?
路聽聽聽聽聽 You should to start with vendor accounts
路聽聽聽聽聽 Once the profile is established you will be issued scores
路聽聽聽聽聽 You can then start with bigger vendors

[7:26]聽Can a business get credit without the owner taking on a personal guarantee?
路聽聽聽聽聽 Correct, even a startup can mirror what bigger public companies can do
路聽聽聽聽聽 The more trade lines you get the better, the higher the limits, the more accounts etc.

[9:1]聽What are the steps to build a business credit profile and score?
路聽聽聽聽聽 Understand the set of standards that people use
路聽聽聽聽聽 You want to give as much information as possible (knowing what they鈥檙e looking for)
路聽聽聽聽聽 High risk names can get you denied
路聽聽聽聽聽 Get a real business address, not a postal address
路聽聽聽聽聽 Don鈥檛 use a home phone or mobile phone
路聽聽聽聽聽 Every line item is a test and will be used

[13:6]聽How can a business owner obtain a loan to start a business?
路聽聽聽聽聽 Revolving Credit vs Loans & Credit cards
路聽聽聽聽聽 3 C鈥檚 鈥 Cash flow, Credit, Collateral
路聽聽聽聽聽 You need to provide at least 1 and determine where you will get it from.

[16:13]聽How can a business owner get a loan if they don鈥檛 qualify at their bank?
路聽聽聽聽聽 Banks only account for 2% of all funding that happens
路聽聽聽聽聽 98% are alternative investing

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[18:53]聽Books or podcast you recommend?
路聽聽聽聽聽 Podcast:聽The Business Credit Financing Show聽(hosted by Ty)
路聽聽聽聽聽 Books:聽Perfect Credit聽&聽Business Credit Decoded
路聽聽聽聽聽 Creditsuite.com

[20:25]聽Are there any more books in your future?
路聽聽聽聽聽 Not at this time, but down the road.

[22:39]聽Why do you think people fail?
路聽聽聽聽聽 Business credit- people don鈥檛 follow the right order. Follow the rules.
路聽聽聽聽聽 Generally- Mistakes are where you learn the most, should embrace them and learn.

[25:46]聽Do you have a favorite quote?
路聽聽聽聽聽 鈥淚t鈥檚 good to learn from your mistakes. It鈥檚 better to learn from other people鈥檚 mistakes.鈥 鈥 Warren Buffett

[26:49]聽Any last piece of advice?
路聽聽聽聽聽 Set yourself up to have money before you need it.
路聽聽聽聽聽 Creditsuite.com/ein

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