Millionaire Mindcast The Benefits of Having Business Credit & How to build it from scratch | Ty Crandall
Access to cash or having enough capital is a common problem for any business owners and individual who wants to start up, grow, and generate more returns for their business. Expanding your business venture is hard if you have limited resources which is a big frustration for anybody. You know that there’s a lot of capital out there it’s just you don’t know how to get it.
What’s the best way in to get the cash you need to establish and keep your business going? Trying business loans and business credits is the best option. But how? Where to go? What're the requirements? How do you qualify? How does it work? What’s the process?
Stop worrying now, stay tuned, and all your questions will be answered!
In this episode of the Millionaire Mindcast, we’re joined by an incredible guest, Ty Crandall who imparts all the information and resources on how business owners attain the cash and capital they need for their business!
Ty Crandall is an internationally known speaker, an author, and the CEO of Credit Suite company that passionate about helping business owners get money and grow their businesses to sometimes unimaginable levels. Ty wrote the two Best-Selling books Perfect Credit and Business Credit Decoded and appears on hundreds of radio shows, podcasts, and TV news. During free time, Ty usually reading or enjoying his passion for flying or playing and having fun together with his family and dogs.
It’s delivering value that’s needed in the market through teaching and educating people how the credit financing system works and get the better chance of getting the money, leveraging it to generate more returns for their business. That’s what Ty wants to bring into the world.
In this interview, he gives so much information and take you to the whole process and everything to do with corporate credit financing, personal credits, business credits, understanding the credit lines, credit scoring and credit reporting, how it works to get loans, and why people can’t get loans they need.
Ty emphasized the importance of credibility which gives so much value of your business to the quality credit and your availability to get money are based on it. He gives tips on setting up your credibility, making sure every line item on the application should reflect that you’re a credible business. It’s where lenders scrubbing to see if you’re legitimate.
“It starts all in your business names.”
Some Questions I Ask:
- How you initially got into this space of becoming a credit expert? (01:32)
- Who’s your ideal customer and what services do you provide? (05:19)
- What’s the difference between personal credit and business credit? (06:16)
- How business credits become really important? (07:42)
- Which agencies that people should be applying to start with? (11:58)
- What are the pros and cons of revolving retail and credit? (17:15)
- What are some challenges and the things that people may aware of? (19:58)
- What are the best practices for leveraging your credit (business side) that helps to get more access to cash? (23:55)
- What are the things that must be aware of to avoid trouble from terms, hidden pays, etc. (34:37)
In This Episode, You Will Learn:
- Ty’s works and background. (00:34)
- What are the steps in business credit building? (07:58)
- The number 1 reason why lenders deny loans. (10:59)
- The easiest way to get reports to the reporting agencies. (12:58)
- The biggest mistakes that people are making. (26:27)
- Travel hacking with credit cards rewards. (29:30)
- The liquidation of credit cards. (31:21)
Quotes:
- “This whole system is set up perfectly for credit measures.”
- “The minute you start it accumulating a balance you start damaging your scores.”
- “Using credits will get you to the higher limits and the higher limits what really get you what you want down the road.”
- “Even if you’re not using us, start the process.”
- “Follow the steps… if you try to shortcut, you’re just going to fail,”
Resources Mentioned: