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Do you know about business or corporate credit? Do you know you can obtain credit without personally guaranteeing it?
Today’s guest, Ty Crandall, shares the five steps to take to improve your business credit. He’ll be discussing how it is slightly different than your personal credit, and the difference it makes to separate the two.
Ty Crandall is an internationally known speaker, author, pod show host, and business credit expert. With over 16 years of financial experience, Ty is recognized as an authority in business credit building, business credit scoring, and business credit repair. He is the author of two books on credit; Perfect Credit and Business Credit Decoded. He currently serves as the CEO at Credit Suite where he has helped create and grow one of the largest and most credible business coaching operations in the United States.
When the market crashed in 2008, Ty experiences first-hand what it’s like to build a successful business and see it disappear. His revenue dropped 90%, and he struggled to serve his clients. He had no idea that business credit even existed at the time, much less know how to keep both his personal and business credit separate.
Ty had signed everything to his personal credit. When business was down, he was forced to default on payments. Creditors were now able to take assets directly out of the company. Once they couldn’t get any more money out of the company, they went directly for Ty’s personal assets. He lost everything.
Ty turned things around for himself. He now helps people fix their credit and repair the damage the economy had caused on them. He didn’t want anybody to go through what he went through, that’s why Ty is in the line of work that he is in today.
On today’s episode, Ty walks through the five steps that will improve your business credit:
- Set up your business correctly!
- Do a free check with all the reporting agencies.
- Start building vendor credit.
- Start building store credit.
- Start building fleet/vehicle credit.
By taking these five steps, you build enough trust with the banks where you can qualify for loans and credit lines for your business. Step 1 is often the hardest part, but once completed, building business credit is quite easy!
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail.My name is Bill Gallagher, host of the Scaling Up Business podcast and a leading business coach with a Gazelles. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).