Net 30 Accounts Explained

Hello, and welcome to this module, Net 30 accounts explained. So we are getting ready to hit the ground running. So before we do, I want you to understand what these are a little bit more detailed and exactly how we’re going to go about getting them. So here’s what we’re going to cover. So, number one, what I want to get into is net 30 accounts. I’m going to also break down the tier one net 30 accounts or the Pre-Paydex score accounts like I discussed before. So that way we can start using these to build the Paydex score. I’m gonna break down a number of net 30 accounts needed, and then also the timeframe in order to receive a Paydex score. So let’s go and hop right in, so you understand what net 30 accounts are in a little bit more detail and what steps you need to take to start taking immediate action.

Okay. So number one, like I was saying before, the first tier of credit applications are going to be our net 30 accounts, and these are really designed to get you a Paydex score. So our goal is to get you an 80 Paydex score initially over the next 60 to 90 days. So that way our credibility can show that we are paying our bills on time at the corporate level. All right. And the accounts that we’re going to recommend in this particular section are going to be designed to help you get that Paydex score. So some accounts, you may already be doing business with, or some places you already may be doing business with, and I’ll cover this later on, but they’re not reporting. It’s irrelevant. So what we want to do is get the accounts that are going to be reporting. And the ones that we’re going to outline in this blueprint are going to report to not only Dun and Bradstreet, Experian, and then also potentially Equifax as well.

So when we look at the term net, really what this means, you’re going to see accounts. It’s going to say, look, we’re going to offer net 10, 15 net, 30 net, 60 net 90. Our sweet spot is going to be the net 90. And essentially that’s how long you have to pay that bill. So they’re saying, Hey, look, we’ll allow you to use this product or service, but we’re going to give you an in between 10 to 90 days to pay us back. And that’s essentially what you have to do before you can pay the bill, bill, bill in full. Now, we’re only going to focus on accounts that are net 30, meaning the bill is due in 30 days, but we want to ensure that we pay that bill before that 30 day timeframe. Ideally, if we get a net 30 account, we’re paying a bill on day 25, day 15, because it’s going to, it’s going to report that data to the credit bureaus, which is going to help us get our score.

So the goal of this module is to help you acquire anywhere between three to five net 30 accounts in the next 90 days or less. And what this is going to do is create an 80 plus Paydex score, which is going to be phenomenal. And then also when you, once you have that Paydex score is also going to help you get those credit files established with Experian and Equifax as well. And in order to make that happen, we have to make sure we get those accounts before we, well these accounts first, before we even start applying for any type of credit. So, it’s very, very difficult to find the accounts that are going to report to all three bureaus without them denying you. So the good news is that the accounts do exist and we’ve done the research to be able to provide you with that list of information and also what we’re going to do in the next module.

But I just want you to understand where you’re going and the reason why we’re doing this. Now, when we look at those net 30 accounts, we want to make sure we go to the vendors and issuers that are going to basically report this information to the bureau. So every business is going to have needs for products and services, and it just is what it is, but there’s so many companies that offer credit, but they don’t report to the bureaus. So what we want to do is focus on the ones that are going to report into a bureau. So they’re going to come in many shapes, sizes, forms, you name it. There’s hundreds of thousands of vendors and suppliers that extend US businesses credit, but only about 1% of those companies report to the bureaus, case in point, I have a one vendor that I have a $250,000 line of credit with Facebook.

And they do not report this to the credit bureaus. You know, they just don’t. So this is, this is, this is a big reason why even when you’re building up your corporate credit. And even when I started getting into the weeds of building up corporate credit and business credit, even though I was doing business, I had a legitimate business. I had to be intentional about establishing myself. So that way I can get the credit score. So that’s why I can take so long for people to build up like an actual solid credit history. But through this system, we’re going to circumvent that long timeframe and really start you right out the gate. So the goal, when we’re looking at the tier one Pre-Paydex scores is to get three to five trade references and trade references just means accounts reporting, or trade lines reporting on Dun and Bradstreet and preferably all three.

And when I say all three, what I’m saying is Equifax and also Experian. And then also we want to make sure we’re going to get three trade references. So let me explain it this way. So trade experiences reporting means that we’re going to have those accounts reporting to the bureaus. Trade References, just basically saying that somebody can back you up professionally saying that, yeah, I vouch in this business. And initially if the net 30 accounts asked for a trade reference, you can use a friend or a family member. Also, what this is going to do is help you get the Paydex score. And then what we wanted to do was make three orders per vendor and pay early, no additional purchases required. So what am I saying? I’m saying you want to make three orders from these vendors over the next 90 days.

And then after you do that, you don’t have to make any more purchases, but we’re doing this just so we can show that history, that account mix, so to speak that we’re using the credibility. And then typically what they’re going to do is give you trade lines in between 750 to a $1k. So our goal is to secure at least a thousand dollars in trade lines on our particular credit profile. Okay. So when we’re looking at this, I’m going to outline the list, not in this module, but in the next module, I’m going to outline a list of all the seven net term accounts to apply for. And what we want to do is get at least three to five. And we want them to be reporting to at least Dun and Bradstreet, and then ideally all three, but sometimes all three may or may not happen.

And if that doesn’t, it’s not a big deal, but the whole goal is to get a vendor that’s going to report to all three credit bureaus, Dun and Bradstreet, number one, Equifax, and then Experian Intelliscore, okay, this is the, this is the three payment experiences in the more payment experiences you have, the more your company will be, get approved for funding. So hopefully five vendors would choose to report to all three credit bureaus, creating 15 payment experiences, which is what we want. Now, once you have at least three to five trade references, reporting Dun and Bradstreet, this is going to create that Paydex score like I was saying, and then it’s going to initiate the credit file creation with Experian and Equifax. So it’s very important that you apply with the right vendors, that’s going to report to the bureaus and they won’t deny you for not having prior business credits.

So fortunately vendors like this do exist. And what we’re going to do is outline those. So, now once you have, and I’m kind of presetting this here, right? Once you already have the Paydex score reporting, do not go to tier two. Okay, don’t go to tier two. You want to wait at least a couple of days before you go to tier two. Now, as I’ve already said, there’s hundreds of thousands, over $500,000, 500,000 vendors extending credit, but only about 6,000 are reported to the agencies. And there’s only about 500 businesses. There’s about 500 business credit cards in the United States, but less than 70 report solely to the business credit agency. So again, like I’m saying, this is the reason why it takes so long to build business credit, but lucky for you, we’ve outlined the specific ones that are going to help you do that.

All right. So no need to go through and ask any of those additional information, just follow the blueprint that we have. And I just want you to understand how this stuff works. So, one last thing as I wrap up, you are going to have to obviously spend money in order to get the products and services you are going to report to the bureaus and it may or may not be for things that you need. And you just have to understand that that’s the, that’s a part of the process. So you’re going to have to just get these accounts so that way they can build reports in your file. And then at that point, it’s going to have the score that you’re seeking. Okay. So this is how this works. I’ll see you in the next module.