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Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

By Joe

Credit Strong Review

If you’re here, your credit profile might leave something to be desired. So, you’re presumably looking for a way to boost your score. Maybe you want to buy a house or obtain financing for another major purchase in the near future. Or, maybe you own a company, and you need to build out your credit profile to obtain business credit. 

Either way, Credit Strong’s name is floating around in your world, and you’re kicking the tires because you want to know if their offer is legit and helpful (or if it’s just another new gimmick). Here, you’ll find out about both their personal and business credit builder offers.  

This is everything I know about Credit Strong’s big-picture offer — which includes more than typical credit builder loans — so that you can find out if signing up is in your best interest. 

Here’s what we’ll look at: 

  • What is a Credit Strong Account?
    • How Does Credit Strong Work?
  • Credit Strong Terms & Fees
    • Personal Terms & Fees
    • Business Terms & Fees
  • Credit Strong Account Requirements
    • Personal Requirements
    • Business Requirements
  • Frequently Asked Questions
  • Credit Strong Company Overview
  • Credit Strong Competitors
  • More Answers to Related Questions
  • Conclusion: Is Credit Strong Legitimate?

Now, let’s get the show on the road. 

What is a Credit Strong Account? 

According to the company website a Credit Strong account is “the first fusion” of savings at an FDIC-insured bank and credit building. In my opinion, this isn’t a super clear value proposition. And, after reading user reviews, I think some account holders who have unsuccessfully tried to leverage the offer would agree. So, what does the company mean when they say “first fusion?”  

Credit Strong reviews

Some users say that the offer appeared in search results when seeking out a loan — it’s crucial to understand that Credit Strong’s credit builder offer is not a traditional loan. So, the generally-expected financing terms don’t apply. 

In a nutshell, Credit Strong provides a way to simultaneously build credit and fund a savings account with four secured-type financial product options:

  1. Revolv. – Add $500 to $1K revolving credit line to your credit profile without a credit card. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $99 per year, plus monthly account payments

  1. Instal. – Add a $1K or $2.5K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $15 or $30 per month, plus monthly account payments.  

  1. Magnum – Add a $5K or $10K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. This plan can be leveraged by small business owners, with no EIN, who want to establish a larger credit line.

Cost: $55 or $110 per month, plus account payments

  1. Business – Build $2.5K, $5K, or $10K of commercial credit. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. You’ll need an EIN to open a business account.

Cost: $149 to $749 account setup fee, and $100 to $440 per month

Note: The business offer is not easily found on Credit Strong’s website main navigation — You can find more information here. 

How Does Credit Strong Work? 

Credit strong accounts establish a credit line on your consumer credit profile without a loan or credit card. When you make monthly payments on time, they are reported as “pays as agreed,” to the credit bureaus. In the meantime, those payments go into an escrow account that you may withdraw from later — this offer gives you a chance to save money while building your credit. 

Credit Strong reviews MyFico

Funds saved in a Credit Strong account may be withdrawn if you choose to cancel your account. But, if you withdraw before the end of the amortization period (10 years on standard personal installment accounts), you will still have to pay the interest owed. 

This is standard with most credit builder financial offers and Credit Strong is transparent about amortization schedules. 

Credit Strong Terms & Fees

Here’s a breakdown of the fee structure for Credit Strong’s personal and business accounts. 

Personal Terms & Fees

Credit Strong’s personal account cost structure seems to be unpopular with many users who have canceled their accounts. 

Credit Strong reviews BBB

These unsatisfied users tend to expect traditional loans or traditional savings offers. But, what they’re actually getting is something different: a distinctive “credit-builder” offer with an escrow account. Many credit builder loans and secured credit cards come with high fees, as with most products and services designed for individuals with poor credit. 

Here’s a breakdown of terms & fees for personal Credit Strong accounts: 

Credit Strong Account Terms & Fees

If you have a difficult time saving money on your own and need to diversify the type of accounts on your credit profile to boost your score, a credit builder option like this can help. Expectedly, you will be charged for the service. 

After looking at the offer from a bird’s eye view, an Instal. account doesn’t seem like a good idea to me, simply because the standard loan term is 10 years, and payments toward savings are amortized. So, if you open an installment loan with Credit Strong, it could take a decade to save $1K to $2.5K — And, in the end, you will pay quite a bit to make it happen. With that said, you can always make additional payments to fulfill the terms early and save on interest (plus, Credit Strong does not charge prepayment penalties). 

Business Terms & Fees

There are two fee options with Credit Strong’s business offer: (1) with interest or (2) without interest. 

Of course, the interest accounts end up costing more than the no-interest accounts, but the initial account setup fees are lower than the latter. So, if you have the cash to pay the fees upfront, it’s best to go with the interest-free option. 

Here’s an overview of Credit Strong’s business terms & fees:

Credit Strong Business Terms & Fees

By the end of two years and one month, if you pay as agreed, you could have up to $10K in savings with a Credit Strong™ business account.  

Note that with the interest business accounts, payments are split between interest and “principal,” which means you’ll probably pay more toward the interest you owe during the first ¼ of your loan term. Toward the end of the terms, more of your payments will be applied toward principal — this is called amortization and is how most installment loans work.  

Credit Strong Account Requirements

To apply for a Credit Strong account, you should meet specific minimum requirements: 

Personal Requirements

To qualify for a personal Credit Strong account, you must meet the following requirements: 

  • US resident with a physical US address (other than Vermont & Wisconsin)
  • Valid SSN or ITIN (individual taxpayer ID)
  • Good-standing checking account, debit card, or prepaid card 
  • Working mobile phone number or Google Voice account
  • Valid email address

Credit Strong will not use a credit pull or consider your income to determine eligibility for an account — basically, they only need to properly identify who you are and where you live. 

Business Requirements

To qualify for a business Credit Strong account, you and your company need to meet certain requirements. 

Individual requirements are as follows: 

  • At least 18 years of age and a permanent US resident
  • US resident with a physical US address
  • At least 25% ownership in the company
  • No other co-owners that individually own 25% or more of the company
  • Valid SSN or ITIN
  • Valid, state-issued identification 

And, here are the company requirements: 

  • Registered EIN
  • At least 3 months since the business was legally established
  • LLC., Partnership, or Corporation
  • Located in the US with a valid, physical business address

Additionally, you must not take part in any prohibited business activities. 

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Credit Strong’s offer gets mixed reviews. Depending on why a credit score is low, on-time payments on a Credit Score account may improve account holders’ credit scores by reporting on-time payments to credit bureaus. However, unpaid accounts can be reported as delinquent. So, it is only one piece of the credit-building puzzle. 

Does Credit Strong do a hard pull?

Credit Strong vs Self vs Kikoff

No, Credit Strong does not do a hard pull to the applicants’ credit to approve accounts. So, if you apply for an account (so long as you make responsible payments) your credit score is safe. 

Is Credit Strong a tradeline?

If you open a Credit Strong Business account, you can establish a financial tradeline in the form of a secured (pre-paid) installment loan. However, the company doesn’t yet report to business credit bureaus but does claim that they plan to in the future.  

Does Credit Strong report to Dun & Bradstreet?

As of September 2022, Credit Strong does not report to Dun & Bradstreet (D&B) or any other business credit bureaus. The company reports to consumer credit bureaus Equifax and Paynet and claims that they do plan to eventually include Experian, D&B, and SBFE. So, the only way that Credit Strong might help build business credit currently is through helping to improve a business owner’s personal credit score and fund their savings account up to $10K. 

It takes a bit of work, and specific qualifications for lenders to report to business credit bureaus. So, I choose to be optimistic and assume Credit Strong is working on building its user base to meet these requirements,  and that they will start reporting to the business bureaus soon. 

How many points does Credit Strong give you?

How many points do you get from Credit Strong?

The number of points your credit score will increase with Credit Strong’s offer depends on the account holder’s current credit profile and their ability to make on-time payments on their account. There are several factors that influence credit scores: 

  • Payment history
  • Amounts owed & utilization
  • Length of credit history
  • New credit applications (inquiries/hard pulls)
  • Types of credit used

So, Credit Strong is merely a tool that can be used to build credit, but must be part of a comprehensive strategy — I recommend Credit Secrets for credit-building advice. 

What happens if you stop paying Credit Strong?

If you stop paying Credit Strong as agreed, they can report negative information to credit bureaus. However, you may terminate your account at any time with no fees or prepayment penalties.

If you stop paying because your account terms are fulfilled, you can either leave your money in the savings account to accrue interest or transfer the funds to your bank account — getting your money from Credit Strong can take about a week. 

Credit Strong Company Overview

Credit Strong was launched in 2019, so the offer is pretty new. However, the parent company, Austin Capital Bank, has been around for a decade and a half, since 2006. Austin Capital Bank is a trusted community bank in Austin, Texas. 

Who owns Credit Strong?

The bank’s founder and CEO, Erik Beguin, was previously a member of the Federal Reserve Board in Washington DC and served as a Chairman for the Federal Reserve Bank of Dallas before that, so he definitely knows finance. 

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

Here’s a quick view of how Credit Strong, Self, and Kikoff compare, side-by-side, as accounts that build credit.

Credit Strong vs Self vs Kikoff

Credit Strong, Self, and Kikoff have credit builder offers that report payments to consumer credit bureaus with no hard pull to the applicant’s credit report. And, each of them offers an escrow/savings account. 

None of the above companies report payments to any business credit bureaus, but Credit Strong promises that they will in the future. 

Credit Strong is the only company, from the list above, that has an offer for businesses, and their account options are quite a bit more robust than the other two. Furthermore, they have more options for larger accounts. Nevertheless, the offers from Self and Kikoff might be better for individuals that would prefer a simple setup. 

Credit Strong reviews Reddit

While these competitors seem to get the most interest in the credit builder and savings space, they are not your only options for credit builder loans or savings offers. Before you sign up for a Credit Strong account, I recommend you research offers from local community banks, such as a shared-secured loan, secured credit cards, and Individual Development Accounts (IDAs or “matched savings”) before you commit to anything new and shiny. 

Recommended: 3 Best Credit Unions for Small Business Banking 

More Answers to Related Questions

For those considering an individual credit builder offer, I feel like I should answer some general and more fundamental questions before I wrap up. But, if you’re a company owner exploring Credit Strong’s business offer, you might want to skip to the end. 

What is considered a good credit score?

A FICO score between 670 to 739 is considered “good.” 

What is an excellent credit score?

A FICO score of 800 and up is considered “excellent.”

How long does it take to build credit to 700?

The duration that it takes to increase a credit score to 700 depends on the individual’s existing credit profile and the tactics used. It can take from 60 days to several years to boost a score into this range.  

How can you raise your credit score by 200 points in 30 days?

If you paid your credit down to utilization in the 30% range or lower, optimized your debt-to-income ratio, and had always made on-time payments to diverse accounts, it’s possible you could raise your credit score by 200 points in 30 days. But, this answer is highly broad — it could take some people many years to grow their score by 200 points, and others might be able to do it by removing discrepancies from their credit report (which can be done in 30 days).  

How long does it take to build credit from 500?

Many people build credit from 500 within a few months. Again, this answer varies from credit profile to credit profile. 

How fast can you build credit?

You can build credit in as little as 30 days, which is how long it takes most reporters to notify credit bureaus of changes to a credit profile (including payments made). 

How fast can you rebuild credit?

If you have a smart strategy and funds, and your profile isn’t too messy, you can rebuild your credit in a month, but it often takes longer. 

How can you raise your credit score in 90 days?

The best way to raise your credit score is to make on-time payments to all lenders, keep your utilization below 30%, and include a diverse array of accounts (revolving, installment, etc.). You should also monitor your credit report to watch for discrepancies and mistakes, and report them when they arise. 

How long does it take to build credit to buy a house?

To buy a house, the credit score needed varies from lender to lender. It could take a few months or a few years to build a credit score high enough to qualify for a mortgage. 

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

Conclusion: Is Credit Strong Legitimate? 

From my research, I gather that Credit Strong is absolutely a legitimate company with an honest offer, which is intended to simultaneously build credit and savings. Secured loans and lines of credit are often used to build credit while savings are difficult for some people to manage on their own, so it’s natural that an offer like this would exist. 

While there is a wave of poor Credit Strong reviews flooding the web, these seem to primarily come from account holders who did not understand the offer when they applied. 

This tells me that the company might be better off if they clarify the details upfront, for those who might not understand what they’re signing up for. While I found Credit Strong to be pretty transparent, I can see how someone without a lot of credit-building knowledge would have a contrary opinion. 

With that said, since they don’t yet report on-time payments to business credit bureaus, I don’t consider Credit Strong to be a particularly powerful offer to build business credit, but I look forward to watching that side of their offer evolve.

Now, if you’ve made it this far into this review, you should understand everything you need to decide whether the offer is right for your situation. Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

By Joe

Business Credit With Just EIN

Lately, I’ve found quite a bit of online content that pertains to getting business credit with just your EIN, and I’ve seen some pretty good information. But, I haven’t found a thorough answer to the core question, which is, “How can you get business credit using your EIN and not your SSN?”

First of all, if you’re not up-to-date with the lingo, what you’re essentially looking for here is business credit without a “personal guarantee.” Luckily, there are lenders that do not require a personal guarantee for business financing, but most of the good options are not common nor easy to find. So, let’s explore everything you need to know. 

Here’s what’s in store: 

  • In Business Credit, What is a Personal Guarantee?
  • What if You Aren’t Eligible for an SSN?
  • What if You Have Bad Personal Credit?
  • How Can You Use Your EIN Instead of Your SSN to Get Business Credit and Loans?
  • Lenders That Offer Financing With No Personal Guarantee
    • Business Credit Cards
    • Corporate Credit Cards
    • Business Loans
    • Alternative Financing [Proceed With Caution]
  • Final Thoughts

In Business Credit, What is a Personal Guarantee? 

When a business takes out an unsecured loan or line of credit, most lenders want assurance that the funds will be paid back. A personal guarantee is a promise that, should the business fail to repay, the individual will be responsible for the debt. This responsibility typically falls on a company executive or business owner.  

With a business loan or line of credit for which you are the personal guarantor, the lender has a legal right to your individual assets if your business does not repay the debt as agreed. In order to legally collect the funds in this case, the lender needs your social security number (SSN). 

Your SSN often serves a second purpose, which is to see if you have shown responsible credit behavior with your personal finances. Really, lenders just want to make sure you are responsible even when your business is obviously financially healthy.   

You might also like: Business Car Leasing 101: How to Lease a Vehicle With Your EIN

💡 Does Your EIN Have a Credit Score? 
Your business does have it’s own public credit score, separate from your private personal FICO scores. To learn more about the oldest and most-used business credit bureau, see Everything You Need to Know About a DUNS Number & Why Should You Care. 

What if You Aren’t Eligible for an SSN? 

If the reason you want a business credit card is that you don’t have a social security number — maybe you’re a nonresident of the United States doing business here — you can take another route to bypass the SSN section of a credit card or loan application. In this case, you need to file for an Individual Taxpayer Identification Number (ITIN) through the IRS. 

Several credit lenders allow you to apply for funding using an ITIN instead of an SSN. I recently did a write-up on one of them and you can find more about it (and competitors) here: Chase Ink Business Preferred Credit Card: A Deep Dive. 

To apply for an ITIN, use IRS form W-7. Consult with a CPA licensed in the state where you do business to find out more as it applies to your situation. 

Apply for an ITIN

What if You Have Bad Personal Credit? 

Another reason you might want to apply for business credit using your EIN and not your SSN is that you have a low FICO score. If you’re in this boat, there are steps you can take to remedy the predicament. These steps will vary based on your situation. 

In all cases, the first step will be to learn about the common errors often reported by consumer credit bureaus and leverage them to your advantage. For example, you might learn how to best deal with vehicle repossessions and defaulted loans or what can be disputed in a credit file and how to do so.  

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

How Can You Use Your EIN Instead of Your SSN to Get Business Credit and Loans?

If you want to get a line of credit for your EIN and withhold your SSN, as you probably guessed, you need to find a lender that does not require a personal guarantee. Then, you will need to meet the credit and income requirements of that lender. Finally, you’ll need to apply. 

Lenders That Offer Financing With No Personal Guarantee

As I’ve already said, lenders that do not require a personal guarantee are uncommon. But, they’re not impossible to find. Here’s a list of a some lenders who may not require an SSN or an ITIN to apply for a line of credit or a loan. 

Business Credit Cards 

These business credit cards are fairly easy for companies of all sizes, including freelancers and individual contractors, to qualify for and require no personal guarantee. 

  1. Sam’s Club Business Credit Card
  2. Office Depot OfficeMax Business Credit Account
  3. Shell Small Business Gas Card
  4. SuperAmerica Fleet Credit Card 

Recommended: How to Use Business Gas Cards to Build Your Business Credit

Corporate Credit Cards 

Rather than base your credit limit on your FICO score, you may be able to meet revenue requirements for one of these corporate cards with no personal guarantee. You may need an actual S or C corporation to qualify (in some cases, an LLC might suffice). 

  1. Brex Rewards Card 
  2. Stripe Corporate Card – see our full write-up here. 
  3. ScaleFactor Visa Charge Card
  4. Bremer Bank Business Card
  5. American Express Corporate Cards
  6. Capital One Corporate Cards
  7. Citibank Corporate Cards
  8. JP Morgan Chase Corporate Cards
  9. Wells Fargo Corporate Cards

Business Loans

While you may be required to share your SSN during the initial application process to ensure that you meet minimum credit requirements, these lenders have funding options that require no personal guarantee. 

  1. Kabbage
  2. Fundbox
  3. StreetShares – requires no personal guarantee for government contractors and subcontractors to Fortune 500 companies. 

Alternative Financing [Proceed With Caution]

First, when you don’t qualify for a business loan or line of credit, you can try for a personal loan or credit card instead. In fact, many companies are funded with personal capital. But, personal credit is typically more limited as far as funding amount and rewards than business credit. 

Next, if you have a friend or family member willing to extend a loan to your business, you may be able to request a private contract without using your SSN and with no personal guarantee. Most people avoid this to protect perfectly healthy relationships rather than muddy them with potentially disastrous business affairs. 

Then, depending on your type of and stage in business, you may also find VC or Angel investors willing to extend funding, which typically requires formal pitching and a detailed plan that outlines how you will use the money to increase company profits. In nearly all cases, investors also require a certain level of control over business management and a share of the revenue. So, if you want to maintain your operations as is (and keep your profits for yourself), this isn’t a great option.  

Finally — and I hesitate here — it may be worth mentioning that other options include working capital financing or merchant cash advances. In rudimentary terms, you can take out an equity loan on accounts payable.  However, I do not recommend these channels. Repayment on these types of loans is overly-expensive akin to personal payday loans. 

Final Thoughts

Business lenders that provide practical funding solutions you can apply for using only an EIN are unicorns in the financial universe. But, if you’ve made it here, you should know everything you need to find one. If you’ve tried, but still can’t seem to qualify for financing, there’s plenty you can do to transform your situation. 

And, if you know of other lenders who require no personal guarantee, I’d love to hear about them. For now, I recommend you learn how to build business credit so that you can access high-limit loans and credit cards with the best possible rates. If you want to learn how to obtain $100K in business credit in 30 days, I invite you to join Business Credit Workshop today. 

This is How to Leverage Business Credit to Transform Your Life

By Joe

You’re going to come across a lot of advice about why you should or shouldn’t acquire debt financing for your business. Without getting into that debate, yes, “bad debt” can have negative results in your personal and professional life. But, when you know how to leverage it properly, business credit can completely transform your company and your lifestyle in tremendous ways. It can also bring additional revenue and cash flow.

Do you want coaching to obtain Business Credit and Grow your Cashflow?
Do you want coaching to obtain Business Credit and Grow your Cashflow?

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Lasso Brag

So, if you have a good business credit score (or you’re ready to learn how to get there), you know how to turn $1 invested in your business into $2, and now you want to learn how to take your business to the next level, this guide is for you. 

Here, you’ll find the following: 

  • My Experience With Business Credit
    • Where I Was Before I Discovered Business Credit
    • The Headline That Changed My Beliefs
    • How This New Discovery Shaped My World
  • Solving the Mysteries of Business Credit
    • Why You Need Working Capital to Scale Your Business
    • Business Lines of Credit vs Angel Investing or VC
    • The Basics of Business Credit for Absolute Beginners
    • The Greatest Business Credit Obstacles You’ll Face
    • The Key to Unlock Your Business Credit Potential
  • Final Summary

My Experience With Business Credit  

Before you dive into the nitty-gritty details, I want to share my story. Learn where I was before discovering business credit. Then, find out what caused the shift in my beliefs and understanding of business finance. After that, learn how business credit can completely transform your life. 

Where I Was Before I Discovered the Power of Business Credit

Before I discovered the immense value of business credit and how to leverage it to fuel a successful real estate investment company, I was working as a technical recruiter. My job was to place high-level IT professionals and contractors that made $100 to $300 per hour with big companies like Johnson & Johnson and Merck. 

My job came with a salary, a nice office, plenty of windows, and an overall pleasant environment. Plus, I was able to earn a commission when I placed someone at a position. It took a lot of work and a few dead-end jobs to get to this point but actually, I liked my job at the time. 

At that stage in my career, I had the potential to earn more than just a base salary, which was important to me, and I liked my co-workers. I knew that if I worked harder I could make more money and I found comfort in that. 

But, one Wednesday morning around 8:30 am, I was driving to work when I looked to the side of the road and noticed a couple of guys playing golf. And, I realized that I wanted the freedom to play golf in the middle of the day. It was at this moment, I first questioned the 9 to 5 lifestyle and I started to feel like a caged bird. 

Suddenly, I didn’t want to work from 9:00 to 5:00 every day and limit myself to two weeks of paid vacation each year for the rest of my life. Instead, I wanted to spend time with my family and have the freedom to travel whenever I wanted. I was in my 20’s. And, before that moment, I didn’t believe I could have that kind of life for another 40 years when I was ready to retire. 

But, at that moment, there was a shift in my beliefs. While I didn’t yet know I could attain the dream, I decided to try anyway. I made the leap and launched a real estate investment business while working a full-time job. 

At this time, I had to use personal capital — my own personal credit cards and cash to fund my business. Personal credit cards were helpful because they allowed me to operate as if I were a larger business. And, my goal was to get the results a larger company would get, use the revenue to pay off debt, then repeat the process. So, it was working. 

However, the more personal credit you use, the worse your score ends up because your utilization is too high. So, launching the business ended up messing up my personal credit. I was still hopeful, but there were some obvious problems.

The Headline That Changed My Beliefs

During the early stages of business, I was a sponge. I was trying to learn everything I could. So, I signed up for every email list that I thought might help me create the success I wanted, even if I would only get scraps from each of them.

One day, I got an email with a hook that said something like, “26-Year-Old-Kid Gets $100K in Funding in 100 Days.” While I didn’t believe it could be true, I was still intrigued. So, I clicked the link, watched the webinar, and I paid for the course. 

After that, I bought every course and book I could find about business credit. From these sources, I pulled out all of the best parts, let go of the useless or outdated information, and used my newfound knowledge to come up with a plan for my own business.

Then, the magic happened in 2007 when I decided to launch a direct mail marketing campaign. I wanted to send letters to homeowners that might have distressed properties because I was looking to invest in real estate. And, I thought this would be a great way to get off the ground. So, I applied for a business credit card to fund the campaign. 

When I got approved for a $25K business credit card with no reporting to my personal credit profile, I was amazed. At that time, the highest limit I had on my personal credit was $15K. I used the credit card to execute a successful campaign, got my company off the ground. 

So, I got a few more business credit cards, cleared $100K, and I invested heavily in my marketing. When I saw that the model worked, I went in and doubled down. Before this, I never would have been able to afford radio ads. But, once I had credit, I was able to leverage advertising channels that delivered substantial results. As a result, I started to see a very positive return on my investment. 

How This New Discovery Shaped My World

Soon after obtaining business credit, I was able to leave my job as a technical recruiter because I was making more money in real estate. And, it didn’t matter if I had high credit utilization on my business credit cards because nobody could really see it on my personal credit report. 

Now, I am able to see success a lot quicker because I have extra funding behind me. I have opportunities that didn’t exist before. I can do more marketing which opens up more revenue. I was able to get an office, hire employees, and founded a real company within 90 days of getting business credit.

Years later as a result, I have a real estate portfolio and I can play golf whenever the heck I want. My wife and I have been able to go to the places and see the things we want — we’ve been to 16 Caribbean islands and I’ve been to some really awesome places like Japan and Thailand. So, we did cross over to the lifestyle we had dreamed about. It really was possible.

There is one more, completely accidental transformation that has happened as a result of what I learned that is even more exciting. Shortly after realizing that business credit was the key to obtaining the capital I needed, I attended a seminar. And, while I was there, someone overheard me talking about my experience and stopped me.

The stranger asked me to repeat what I had just said. And, when I had told him that we can get all this funding for our business beyond personal credit, he asked a question that would change my life forever. 

We were on a lunch break and he suggested that I come up with five tips to secure business credit to share with the audience. Then, at the end of my presentation, ask, “Does anyone want to learn more?” If they did, we would ask them to walk to the back of the room and sign up for a workshop to learn how to implement these five tips to obtain new business funding over the next 30 days. 

At the time, I despised public speaking. I had said that standing up in front of a crowd to tell my story was something I would never do. But, I had a choice and I said, “yes.”

But, I didn’t have a course to sell. 

So, I grabbed an index card, came up with five bullet points, and presented them to the crowd, my heart pounding the entire time. And, at the end of my 15-minute speech, one-third of the group stood up and walked to the back of the room to sign up for my course where we were going to delve deeper into those five bullet points. I was like a happy puppy with all of the energy and excitement around this new discovery I had to share with these people. 

I thought back to all my recent training and reading materials. Then, I took what I liked from the best parts of all of it and left out the rest. And, when I launched my business credit coaching business in the back of the room at the seminar that day, I only hoped I could bring something more valuable to the marketplace. 

7 Secrets to Obtaining Business Credit Revealed PDF

The reason Business Credit Workshop’s name is so simple is that I only had a few minutes to come up with it. Now, I’ve coached over 1,800 individuals to obtain the credit they need to take their businesses to the next level. And, this doesn’t include all of our members who have taken advantage of the backend training we offer. 

Today, I have a database of bankers. And, I talk about the trade secrets that the “gurus” didn’t want to tell people. I talk about the top 50 lenders I like to use. I share the nitty-gritty details. 

My five bullet points are now a fully-sharpened, seven-step system for obtaining business credit. Because of what I learned, my business and personal life have improved tremendously, and I’ve been able to help thousands of other business owners make life-altering transformations within their companies. 

Solving the Mysteries of Business Credit  

Now, I want to tell you how you can take what I know and apply it to get funding for your business. Get ready to learn the fundamentals and the secrets of getting the working capital you need to grow your company and increase your revenue. 

Why You Need Working Capital to Scale Your Business

I really love the way one of my past coaching clients, Brendan Purnell put it when interviewed for a case study: “Personal credit is limited and cash flow is a gamble. Make sure you have adequate capital because, in the blink of an eye, you can go belly-up if you are under-capitalized.” 

40% Businesses Struggle to Pay Operating Expenses

According to the Federal Reserve, 40% of businesses struggle with their operating expenses, which is the top financial challenge business owners face. And, if you can’t get the capital you need to operate, you can’t keep your doors open, let alone grow and thrive. 

I recently spoke with someone who had a hair salon in Oregon back in 2009. She saw an opportunity to offer a professional-quality, organic haircare line and nobody in the US was doing it yet. In the beginning, she made the hair products available exclusively to her salon clients. When the product line was a hit, she decided to put the shampoos and conditioners online to see if there was enough interest to go national. 

And, within less than a month, she got an inquiry for a $20K order. But, she didn’t have the capital to fulfill it. So, after a lot of head-scratching, she decided to refer the customer to her supplier (the only other seller she knew of). Ultimately, she liquidated the business because she felt in over her head. 

Now, when you know about business credit, you can have an entirely different outcome. Here’s an example of a similar problem with a happier ending: 

One of my original coaching clients, that I met at the first speaking event, is a man named Greg Dashkin. Greg lives in New Jersey where I live and was running a marketing business when we met. He sold t-shirts, pens, and other swag to small and large companies. And, he was making money at his business. 

But, when he would get a $20K order, he couldn’t fulfill it due to lack of capital and he would have to refer sales to his competitors. He was missing out on a lot of potential revenue and was constantly stuck. Many times, this exact problem causes potentially profitable businesses to shut down. 

So, after hearing Greg’s problem, the event host told him to talk to me. He told him that I had something that could change his business. Greg and I  started working together and he got $100K in credit pretty quickly, which solved his problem. 

And, he was one of the most appreciative entrepreneurs I’ve ever worked with. To this day, we still talk, we still work together, and he still encourages me to keep spreading the message. 

Furthermore, you don’t have to be stuck to leverage business credit for growth. Some entrepreneurs just want to scale faster. 

For example, I work with an Amazon seller named Scott. When he first came to me for coaching, he was pretty successful, earning about $30K per month. In eCommerce, the margins are about 20%. And, once you know how to sell a 10-cent hat for $5, it’s easy to scale. 

But, if you rely on cash flow to invest back into your business, growth is slow. But, after Scott realized how to obtain credit for his business, his sales jumped from $30K to $130K. When you have the capital to invest in more products, you can cross the six-figure income threshold.

Business Lines of Credit vs Angel Investing or Venture Capital

In full disclosure, I’ve never worked with Angel Investors or Venture Capitalists to fund my business. But, I did work in a business incubator office. So, I networked and had friendships with local venture capitalists (VCs) in New Jersey. And, I really like their system. 

If you’ve ever watched Shark Tank, you’ve seen how innovative entrepreneurs try to pitch their ideas to highly successful business investors. That’s precisely how VC works. There’s nothing wrong with this system (plus, who wouldn’t want to work with Mark Cuban?). When you work with a VC, you have a mentor who builds you up and gives you funding. 

But, there’s a catch — you also have to give up equity in your business when you work with a VC or angel investor. Ultimately, an investor wants a portion of your profits. Plus, most of the time, they push you to sell in the end. And, that’s not what I have ever wanted. 

So, instead of giving up equity in your company, I like the idea of learning to obtain the same amount of funding and maintaining full control over your operations. 

And, there’s a myth that you can’t use credit everywhere. It’s actually extremely easy to convert credit cards into cash or a check. So, In place of Angel Investing or VC, I prefer business credit cards or business lines of credit. When I first started obtaining credit, I leveraged big banks like Chase and Bank of America. 

Then, I realized that I preferred to work with local community banks and credit unions. I elect for smaller banks because the underwriting for national banks is extremely strict. And, if you don’t fit inside a set box, it can be more difficult to obtain credit. 

On the other hand, when you work with a portfolio lender (which means the institution lends its own money) or a credit union, the underwriting is done in-house. So, the requirements are more flexible and, if you have someone at a bank who can vouch for you, people are more willing to work with you. 

Recommended Reading: 

  • Should You Open a Navy Federal Credit Union Business Account? 
  • PNC Bank Business Credit Card Review & Comparison

The Basics of Business Credit for Absolute Beginners

When I speak to business owners and I start talking to them about business credit, one of the first things I tell them is that they need to have a good business credit score. And, many of them don’t know that exists. Furthermore, some of them have existing business credit scores that they are unaware of. 

So, before you can implement any of the advice you read here, you need to understand your business credit profile. There are three bureaus that monitor business credit: 

  1. Experian Business 
  2. Equifax Business
  3. Dun and Bradstreet (D&B) 

So, as with your personal credit score, your business will have varying scores from different bureaus. The DUNS number from D&B is a little different from the scores Experian and Equifax Business use to classify business credit. And, one of the first action steps to take is to register for a business credit monitoring account. 

Nav Business Credit Monitoring

Nav is a business credit monitoring platform that packs a punch. There are three reasons you need to register for an account. 

  1. You can scan your report for inaccuracies and clean up anything negative. 
  2. The platform will give you feedback about the areas you need to improve to boost your score. You can use this feedback to stay informed as you build your credit profile. 
  3. For a monthly fee, you can upgrade your account and enroll in “Loan Builder,” where the company reports to credit bureaus that you are paying on-time each month. So, you get a better credit tracking service with helpful tools and simultaneously increase your business credit score. 

Having a good credit score is not the entire process, but it is a fundamental part of the system. Without this, the rest of what you learn here is useless. 

So, if you don’t already have one, go sign up for a Nav account right now. Then, read on to dive deeper. 

The Greatest Business Credit Obstacles You’ll Face

When you start at the bottom of the mountain learning about business credit, you can’t see every obstacle you’ll face before you’re able to stand at the peak and look down. But, if you’re told what to expect, you can better prepare yourself.

There are a couple of hurdles that arise at financial institutions every few months or once per quarter. 

  1. Financial programs change
  2. Bank employees leave 

First, for example, if you’ve been in business for a couple of years and you’re profitable, a bank might extend a “no-doc” business line of credit one quarter. With a no-doc, no financial statements are required. And, you may be able to get a no doc for up to $100K. But, if things change within the lending industry or the bank’s own financials, that program might not be offered later. 

So, this is not a ‘set it and forget it’ system. It’s a living, breathing organism. If you place a tent in the woods, you can’t just waltz back to the forest months later and expect it to be there — it could easily be taken or destroyed by weather or wildlife. Business lending is the same.  

Second, your contacts at the bank might leave. Sometimes they will tell you and sometimes they won’t. In some cases, these people move to other banks, and in others, you won’t know. So, once you have a rapport with someone, if you don’t keep their LinkedIn profile or personal cell phone number, you may end up needing to start a brand new relationship. 

So, keep your finger on the pulse to monitor the mood of the banks and maintain close relationships within them. That’s why our account managers are always networking with banks to find new programs and stay up-to-date with changing environments with hundreds of contacts. And, this is why some of our long-time clients come back every few years for more coaching. 

While these ever-changing ecosystems involve quite a bit of effort, take it from me, the view from the summit is glorious. 

The Key to Unlock Your Business Credit Potential 

Trade Secrets Financial Gurus Don't Want to Explain

When you want to overcome the challenges above, you need to have the right mindset. So, if you only ever listen to one piece of advice about business credit, let it be this: build rapport with the right people. 

While this sounds simple in theory, this tip needs to be taken seriously. Rapport and relationships are the trade secret that most financial gurus don’t want to explain to you.  This is probably because they always want to be the best. But, I don’t feel like I’m doing my job unless my clients and students can master the concepts I share. 

For example, after learning our approach to obtaining business credit, one of our coaching clients drove from New Jersey to upstate New York to Key Bank, which used to be called First Niagara (now KeyBank). In just one day, he came home with a line of credit for each of his two businesses. He got $50K for each, totaling $100K. 

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So, without my help, understanding the processes and techniques he had learned from Business Credit Workshop, and how to network and build rapport, he went out on his own and had successful results. He then shared his new contact with me. After that, we were able to help many future coaching clients obtain substantial lines of credit from Key Bank because we then had someone within the institution who knows us, likes us, and trusts us. 

Still, I have to do my job of filtering out businesses and placing them with the most well-matched banks and lenders. And, I help entrepreneurs become qualified before introducing them to our contacts. But, Greg’s situation was satisfying because I felt like he made it out of the workshop with mastery over the principles we teach.

And, anyone can do the same thing once they understand rapport in professional relationships. But, like in Greg’s case, some of them come back anyway because they know we have account managers dedicated to networking with banks to keep our database up-to-date — and they don’t always want to do the work on their own. 

To build rapport, one actionable takeaway is to call the bank or email even when you don’t need anything from them. You want to check-in from time to time to time and treat bankers like friends. Because when bankers or brokers know you, like you, and trust you, they will work with you and with underwriters to make things happen. 

An advanced hack (that I learned from my wife) is to keep track of what’s going on in peoples’ lives. Take notes. With modern technology, you can use a CRM or helpdesk platform to record information about people. But, as an individual or small business owner, you can simply write things down in your day planner. 

For example, if you know somebody is having a baby, write that down. Then, when you call back, you can ask them how the baby is doing. Of course, people love it when you listen to them and pay attention to what’s going on in their lives. And, while you may not have considered this important in the realm of credit, it most certainly is. 

Business Credit is a Lifelong Journey with a Bank or a Person

When I started my real estate investment business, I went to my local real estate investment club and made friends with the owner because he was successful. And, six months after I met him, I started asking questions to pick his brain. Try to think of the business credit journey as a lifelong professional relationship with a bank or a person. After that, other pieces of the puzzle fall into place. 

So, make friends with the person who gets the approvals at the bank. And, here’s how you can do that. 

  1. Network with the banks
  2. Build rapport with decision-makers 
  3. Ask what goes into an approval
  4. Listen to the answer  
  5. Implement your friend’s advice 

To get credit cards, your best friends don’t have to be bankers, but it will help if you get out to some Chamber of Commerce meetings and make meaningful connections. Yes, the meetings can be kinda boring, but everyone is there to network and build their own professional networks. Invite someone to dinner or a drink and try to establish a new friendship. 

Another great channel for networking, especially today with social distancing in place across the globe, is LinkedIn. Start learning how to leverage the platform to your advantage and see if there’s anything you can do to help someone that would be a beneficial professional connection to have, namely credit union or bank employees. 

This knowledge will come in handy especially in times like right now when we’re experiencing major economic change. Because of COVID-19 and the PPP program, business owners are scrambling to get their low-interest, forgivable loans to stay afloat. So, banks are working unprecedented hours to service their customers. 

Traditionally, bankers work from 9:00 to 5:00 Monday through Friday. Presently, they’re in the office after hours, weekends, and even on Easter to process 30K applications. Still, I’m getting personal emails and texts from bankers along the lines of, “Hey, Joe. PPP money may run out soon, so let’s get you taken care of.” It’s a small effort that brings a big result, in this case someone at the bank looking out for me. 

Final Summary

Now, if you are ready to take the next step to revamp your business and lifestyle, I have some homework for you to start today: 

  1. Sign up for an account with NAV.
  2. Check out your business credit score and create a plan to clean up anything that makes your business high risk for lenders.
  3. Join at least one new group where bankers hang out. 
  4. Introduce yourself to someone who works at a community bank or credit union in your area. 

And, if you want to keep learning and improving your situation, make sure you check out our recent client case study here.

Here’s How to Check Your Business Credit Score, Step-by-Step

By Joe Lawrence

If you don’t know what’s been reported about your company’s financial history, you have no way to stay on top of your business credit. And, you need a clear understanding of where you stand to reach your goals. One of the first steps on the path to better funding options for your company is to check your business credit score and report. 

Check Credit Score
Stay on top of your business credit score as well as your personal credit score!

So, with personal credit, you probably know that you can access your full report once a year for free. And, you can use tools like Credit Karma to monitor your standing. But, where business credit is concerned, the details are a little fuzzy. So, learn how to how to run a credit check on a business. 

First, Which Bureaus Monitor Business Credit? 

There are three major business credit bureaus with which you can check and monitor business credit scores and profiles. 

  • Dun and Bradstreet (D&B)
  • Equifax Business
  • Experian Business 

Each bureau will usually contain slightly different information, based on the information that is reported by the companies who’ve extended lines of credit to your business. 

How to Check Business Credit with D&B

Access your D&B credit score, report, and monitor changes for free. 

  1. Visit the Credit Signal® product page on the D&B website. 
  2. Enter your business name, country, and state in the search bar. 
  3. Select your company from the search results. 
  4. Sign up for free to monitor credit for one company or select an appropriate paid option for your needs.

With Credit Signal®, you can monitor changes to your scores and ratings with up-to-date business credit information on your company.

Through D&B, paid credit reports are available for multiple companies and to upload multiple trade references to your account. 

Dun and Bradstreet iUpdate

  • For a second method to check your business credit with Dun and Bradstreet, go to the iUpdate website at: https://iupdate.dnb.com.
  • Click Start Now.
  • Type in your company name and address and search.

If your company is listed, register to use iUpdate to view/make changes to your business credit profile for free.

How to Check Business Credit with Equifax 

Check your business credit report

Access your Equifax business credit report for $99. The website is currently undergoing maintenance, but you should be able to access a business credit report for small businesses once the Member Center site is updated. 

During the interim, you can call Equifax Business Solutions at 1-800-685-5000 for more information on business credit monitoring product availability. 

You will only be able to access your Equifax Business credit report when you sign up for a membership or pay for a report. 

How to Check Business Credit with Experian 

Get your Experian Business credit score and/ or monitor your report.  

  1. Visit the business credit report page on Experian’s website. 
  2. Enter your business information and click “Get Your Report Now.”
  3. Select the Business Credit Advantage plan or the BizVerify Report and click “Buy Now.” 

The Business Credit Advantage plan will give you unlimited access to your full report and score for one year for $179. On the other hand, the BizVerify Report will cost $10 for a one-time view of your basic company listing without a score. 

If you need to see and monitor your Experian credit score, you will want to sign up for an annual plan. 

Next, How to Check & Monitor Your Business Credit for Free

If you’re interested in free access to all three business credit bureau reports and monitoring, you’ll want to see Nav’s business credit tools. 

First, create an account on Nav.com to get started. As long as you’ve registered your business in your state, you should be able to find it in their directory. Run a search and make sure the correct information is connected to your account. 

When signing up, Nav will ask about your business and personal income and your ownership percentage. Based on the information you submit, they will provide you with relevant, business credit boosting funding offers from their partners. 

Once you’ve registered, you will have access to all three of your free business credit scores, your Business Risk Grade, and alerts to changes on your business and personal credit profiles. This is the best way to access your company’s financial history at no cost. 

Of course, paid upgrades are available for deeper insights into your business and personal credit profiles. 

Bonus: Increase Your Business Credit IQ

Whether you’re more interested in building business credit or accessing new tradelines on your company’s behalf, here are some frequently asked questions that you should be able to answer. Increase your business credit IQ. 

Q: Does Credit Karma check business credit?

A: No, Credit Karma does not monitor business credit. Credit Karma is a personal credit monitoring platform. For business credit monitoring from all three business credit bureaus, check out Nav. 

Q: Does your LLC have a credit score?

A: If you have established lines of credit from companies that report to the business credit bureaus, yes, your LLC will have a credit score attached to your employer identification number (EIN) and DUNS™ number.

Q: Can your LLC finances affect your personal credit? 

A: Yes, if any of your LLC’s lines of credit or loans are personally guaranteed, they could affect your personal credit. If your LLC goes under, you could be personally liable for the debt incurred.  

Q: How do you find out your business credit score? 

A: You can find your business credit score by requesting access from one of the business credit bureaus or by signing up with an account with Nav. 

Q: What is a good business credit score? 

A: Business credit scores range from 0-100. If your score is 80 or higher, lenders will consider this “good” and are more likely to finance you at lower interest rates. 

Q: Can you use your EIN to apply for credit? 

A: Yes, you can use your EIN to apply for credit. Especially when you file online applications, you will want to apply for lines of credit that are intended for business use rather than personal. 

Q: Can you buy a car with your EIN number? 

A: Yes, you can buy a car with your EIN number. Be sure to request a business credit application instead of a personal credit application from the dealer or lender. 

Q: Is business credit based on personal credit? 

A: In the beginning, business lenders will usually look at your personal credit to determine whether or not to extend a tradeline to you. 

Q: How do you get your first business credit card? 

A: First, make sure your personal credit profile is credit-worthy. Then, make sure your business is officially registered. Then, use your EIN to apply for a business line of credit. 

Hint: Net 30 vendors that report payment activity to business credit bureaus are often easier to establish early business credit with than traditional revolving accounts and they will help boost your business credit score. 

additional-notes

3 Advanced Tips for Business Credit Mastery

Are you interested in higher-level advice to boost your business credit score and access more beneficial credit lines? The following content is exclusive to members of BCW online… 

Final Thoughts

Now that you know how to check your business credit score, would you like to know how to get a very good business credit score fast? The technique we use is to build a handful of small business trade lines with companies that report payment history to the business credit bureaus, you can learn more here.


Need some personal help?

Joe Lawrence Bio Pic

If you need additional help getting business credit, please give us a call at (888) 218-6354 for a free business credit consultation. We will work with you personally, with local lenders in your area to meet your business needs. (We have many references available).

Business Credit Blog

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