Completing The Applications

Welcome to this module on Completing the Applications for Tier 4 accounts. So just like the previous module, I just want to give you a couple of housekeeping things to ensure that you maximize your application process with tier 4 accounts. So here’s what we’re going to go and cover. So number one, completing the application and let me give you a few steps. So number one, what we want to do as always is check our credit reports and make sure we have the minimum account tradelines reporting on all of our applications. We can do this via Nav and we can check our Dun & Bradstreet, Experian and Equifax report there. And then we want to make sure we are updating our trade reference sheet that I provided you in a previous module, really back in tier 1 accounts to make sure that we’re paying our bills on time and everything is listed correctly.

And then we could be using the other trade references that we’ve already gotten with our tier 2 or tier 3 accounts. And then we want to also ask our previous vendors for them and increases, pay our bills on time, apply for higher limits, request for higher limits on the existing accounts, and then request better type of card on the tier 2 and tier 3 vendors. So, and see if we can get a revolving line. And then the other thing we want to do is build up our business financials. So this is totally optional, but again, like I was saying, the tools to track your cashflow, you really want to start looking at having a bookkeeper and tracking your process, and then also putting yourself in position to practice the profit first. And then you want to also focus on getting higher credit limits. And then if you are already at a place where you can start expecting income, you can also use estimated income.

In other words, if you expect or hope we’re projecting like a million dollars this is year. You can put that on your application as estimated income. And then if you have verifiable revenue to show, you know, show that to Dun & Bradstreet, once there’s enough to substantiate your previous estimated on the profiles, and this is going to approve your Dun & Bradstreet number, and you’re Dun & Bradstreet verification process and separates your Paydex score. And then if you have revenue and assets, not to show yet, don’t worry. You can use estimated revenue. But what I am saying is if you’re an existing business, you want to add, you want to add that information to your Dun & Bradstreet profile. And then the, also the goal with the tier 4 vendors is to select 5 to 6 vendors and then apply for those cards. Like Chevron is a great one for beginner business cards.

And then typically they issue net terms accounts instead of revolving account to new companies. But that’s okay, because we want to basically start bridging the gap between that net 30 account to revolving credit. And the only best way to do that is to essentially make the, you know, build a relationship. And again, if you’re already going to be driving a car, you’re going to have to use the gas anyways. So that’s another thing. Then some lenders are going to offer you the choice of net 30 or revolving terms. Make sure you check with them to see if your company qualifies for revolving terms before selecting that option. If it does qualify, get the revolving credit. Gas cards are particularly interesting in their ability to upgrade to new tiers of credit with the same lender. That’s why it’s so important to pay your bills on time and to continue to pay all your bills on time.

And then some companies are going to issue gas cards with net 30 terms, revolving gas for their own purchases, that their own gas cards that they can get a true master or visa card that can be used for purchase or cash advance anywhere else. So gas cards are really, really cool way to transition from net to revolving, to master visa card that you can use as cash credit. So once you’re approved for your first store card, you want to apply for another retail card. Even another fleet car could be good since there’s so many options that can fill up multiple gas station throughout the month. So Office Depot already covered this in that blueprint is another good one. And they can even allow you to potentially do it with no security deposit. And then Office Depot has two options immediately increase your limit from $250.00 Up to $50,000 if you provide a personal guarantee last, you know, to last two years of bank statements.

And then also, again, if your existing business provide the personal guarantee, if you already have good credit in those bank statements, because it’s going to help you out and then just make sure you search online for additional business cards, but we’ve really essentially outlined those cards to follow and use in our blueprint. Because what we’re looking to do is before we even get over to the tier 5 materials, six cards, when already have a beeped up credit file. So you’re not looking for business credit cards, do mention networks like a Visa, American Express and Visa, MasterCard, American Express yet because those are cash credit cards, but we want to get those in tier 5 and tier 6. For now, what we want to do is get revolving store business cards. And then the easiest tier 4 cards to get and acquire are in these three categories.

Number one, gas cards, number two, office supplies, and then low end retail stores. So we want to get all of these cards first, then apply for those higher ticket cards as well. And then what we’re going to do is continue to make our purchases, making sure that we’re paying all of our goods and services on time for at least three months. And then ideally, we want to keep all of our purchases so that we can afford to have things that we’re going to be buying. Like I was saying before with the Home Depot card, I got that car because I was already going to buy a washer, dryer and refrigerator. So you want to be using these cards and these vendors that you already know you’re going to be using in your lifestyle. So that way you’re not just spending money frivolously, you’re actually redirecting the money that you’re going to spend anyways, on things that you want to, that you’re going to purchase regardless, but you’re building up your credit in the process. All right? So this is completing application, keep these housekeeping things in order, take immediate action review the accounts that we recommend and get those bad boys.asap.