Posted over 6 years ago

Building Business Credit

Grow Your Business With Revolving Credit

With 16 years of financial experience, Ty Crandall is widely recognized as an authority in business credit building,business credit sourcing, and business financing. He is an internationally know speaker, author of two popular books (Perfect Credit and Business Credit Decoded), and the CEO at Credit Suite where he oversees the biggest business credit coaching operation in the United States.

Ty Crandall joins John Carney today in The Real Estate Locker Room to give corporate professionals actionable advice on getting, improving or repairing their credit. In the real estate industry, Ty and his company mainly work with real estate agents and real estate investors – from creating their own entity, forming their own business to better handling expenses, and getting the financing they need for their business. He got into this space by owning a mortgage company at the height of the mortgage industry, and experienced the whole thing collapse. From living through that, he wanted to be an advocate and educator to other business owners about business credit – what it is, how it works, and how to get it.

Tune into our conversation here iTunes - Stitcher - Google Play

Five Key Points:

Lenders and creditors have somewhat of a secret formula they’re looking for, and it has to do with credibility more than anything else. Before you try to get any kind of credit, get your business name set up, a company phone number (not your mobile number), a professional website, a custom email domain, and a business address.
After setting up your business credibility, start establishing some initial credit like through vendors, using your good credit to get more credit, or adding existing accounts you already have to your business credit reports.
We’ve been conditioned in the consumer world that debt is bad. However, in the business world, that’s not the case. For example, Apple is sitting on more cash than we’ve ever seen in the business world, but they also borrow more cash than anyone else in the business world.
90% of businesses fail. The two biggest reasons they fail is lack of access to capital and management mistakes. So, get revolving credit. Getting a credit card that has no fee involved unless you’re actually using the credit is a smart business move. You have the credit if you need it, and if you don’t, no harm done.
Success happens when preparation meets opportunity. Take action, and get access to capital before you actually need it – it can save your business or propel you forward.

Favorite Sports:

Baseball
Soccer
Tennis
Wrestling

Favorite Athlete:

Derek Jeter – Former Pro Baseball Player for New York Yankees

Favorite Books:

Pro tip:

If you’re going to function at a high level as an entrepreneur, you need to take care of your body. What you put into it is what you’ll get out of it – from nutrition and exercise to meditation and quality sleep.

Thank you Ty for taking the time to share your experience and enthusiasm about business credit with the audience.

Invest well,

John Carney