Basically, you have to go into a big city. If you live in a place with a population of 50,000, you need to go where there’s 1 million or more. Because then it’s more competitive.
You’re going to get a better deal. Then, shop around and find out what you want. Let the dealers out-bid each other for the lowest price to get your business. A few of them won’t even run your credit.
They’ll say, “we want a utility bill” or “we want a driver’ license.” That’s just so they know you really live at your address. They may also want to know how long you’ve been at your job.
A car is probably one of the easiest things to finance. Your credit can be totally shot. The key is to go where there are lot and lot of dealerships, big population…a million or more! If you’re looking for a used car, get different people to bid for your business, and take the lowest offer. It’s very competitive. A few don’t even run credit. If you have a relationship with a credit
union, that can be one of the best ways to go for the financing of your vehicle.
This method is another one we've never released to the public - until now! It's essentially a two step method commonly used (and guarded) by the rich and wealthy to borrow large sums of capital for short or long-term investments. The good news is now the average consumer can benefit from it despite their economic status!
STEP 1 - BUILDING YOUR CREDIT SCORE TO 700 (OR ABOVE)
The first key to doing this is by building a solid payment history. This means you never, ever want to pay your credit card bills off in full every month! 99% of the time you should carry a balance on your accounts and maintain a debt to credit ratio of 10% to 30%. This means if your card has a limit of $500, you'll always want to carry a balance of $50 to $150.
Here are two reasons why: Banks make money off interest. If you don't carry any balance, they don't collect any interest. Your debt to credit ratio would be zero. This means you AREN'T USING ENOUGH credit. Second, by carrying a balance you establish a "payment history" and paying on time every month shows you can manage your credit responsibly. Likewise, if your debt to credit ratio goes beyond 30%, this can show you may be using credit IRRESPONSIBLY!
Building a solid payment history and maintaining the right debt to credit ratio are two very important score building keys; another is your "high credit limit". Let's say you started with one $500 credit card. And after a few months you also get approved for a $1,000 credit card. You now have a total high credit limit of $1,500:
The higher that figure gets, your "high credit limit"... we believe the more credit worthy you appear and the scoring system reflects that.
Once you get your credit score built up to approximately 700 (or above), and while still maintaining that 10% to 30% debt to credit ratio - it's now time for...
STEP 2: THE "PRE-SCREEN PAYMENT METHOD"!
In this example, let's say you now have a total of 3 credit cards, each with limits of $1,000, and you have one credit card with a limit of $2,500. Even though you've been showing a payment history on all your accounts for 12 to 24 months, now it's time to switch things up...
Pay off all your lower limit accounts inJull! In the example we're using, that would be your 3 credit cards with a $1,000 limit. Let's say you owed 10% on each account, so you'd pay $100 on each card bringing their balance down to zero.
WHAT HAPPENS NOW AND HOW THIS REALLY WORKS!
The paying off of those accounts will cause a dramatic shift in your credit report. In this scenario two things will happen within 30-45 days. 1) You will begin receiving attractive "balance transfer" offers from other companies, and 2) You will begin receiv ing balance transfer "checks" from the lower limit credit cards you paid off competing to get your business back! It is not uncommon for these transfer and checks to be "pre-approved" (no credit check and no co-signer) and 100% interest free for 6 to 9 months!
PAYMENT, PRE-SCREEN AND FLOAT!
By simply floating these balance transfers from one to the other you can borrow money at 0% for as long as you want! 6 months... 6 years... or more! We have numer ous clients who had absolutely no credit, after 18 months have built over $18,000 in unsecured credit using this method. They routinely leverage their credit this way to invest in business opportunities, real estate and investments.
Your Business Credit Building Checklist
1. Business Name: Must use full legal name including DBAs and it must match the name exactly as listed on the corporation records.
2. Business Licenses: You must have proper licensing as required for your industry and your state
3. Federal EIN: Your Employer Identification Number filing must match your state filing exactly
4. Physical Address: The business needs its own physical address, do not use a home address, P.O. box, or UPS box
5. Separate Business Phone: Your business must have its own phone number that is a real business or VOIP
number not a mobile or home phone
6. 411 Directory: Business phone number must be listed with 411 under the exact business name you are using
on your application
7. Business Fax: You must have a business fax number and use that on the application when applying
8. Business Website: You will need a professional business website that properly reflects your brand
9. Professional Email: You must have a professional business email address not an AOL, or Gmail type email
Make sure you follow these steps to obtain your business credit reports:
Get your DUNS Number from Dun & Bradstreet (D&B). DUNS number on the application, so getting this setup is the first and most important step… and it’s FREE to do. D&B is the biggest of the three major business reporting agencies, so you should get setup with them above all others.
Get set up with NAV. This site will keep track of your business credit score. https://app.nav.com/registration/
Get access to your Experian business credit reports. Experian is the second most popular reporting agency, it’s not essential to get your monitoring setup with them but considering many creditors do report to them, it’s a good idea. https://www.smartbusinessreports.com/main.aspx
Get access to your Equifax business credit reports. Very few credit issuers use Equifax, and even fewer creditors report to them. You can get your Equifax reports, but it for sure isn’t essential. https://www.equifax.com/business/
𝐂𝐫𝐞𝐝𝐢𝐭 𝐂𝐚𝐫𝐝 𝐋𝐢𝐬𝐭:
1) TD BANK
2) Navy Federal Credit Union - $2k after 6-7 months
3) Discover IT Secured Card
4) US Bank Secured Card
5) Bank of America Secured
6) TCF Bank Secured
7) Harley Davidson Secured Card (US Bank)
Apple Federal Credit Union Secured Card
9) Scheel Visa Secured Card - $300 deposit real card after 11 months
10) Armed Forces Savings Bank Credit Builder Card -
11) American Savings Bank Secured Card - in Hawaii real credit card after 11 months
12) Golden 1 Secured Card - $2k real card after 1 yr
13) Bank of the West Secured Card - $300 deposit real card after ? months
14) New York Community Bank Secured Card - $300 deposit real card after 7 months
15) Bank of Oklahoma Secured Card
16) Summit CU (north carolina) Secured Card credit builder - you pay towards your limit but don't have access to the funds $2k - basically you paying for credit