Alpha Business Credit LLC

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What should I do first?
You should get a copy of your credit report for review. Order your credit report using the methods
discussed in Chapter 1. Once you have the credit report, review it for accounts that do not belong to
you. If it’s not clean, then use the dispute methods in Chapter 2 on how to repair your credit report. If
there is no incorrect information on your report, it’s time to build or rebuild credit. Remember,
building or rebuilding your credit takes time and discipline. So, don’t get upset if things don’t happen
overnight. Carefully review all of the credit repair building techniques listed below and pick the one
that best fits your situation. Once you select the rebuilding method, take action and stick with it until
you feel that it’s time to move on to a second technique.

Can you tell me the various ways to build or rebuild my credit?
Yes. There are ways to establish or restore your credit.
-Dispute and remove negative items.
-Use a student credit card.
-A secured credit card.
-Retail store cards.
-The credit unions rebuild your credit loan.
-Secured bank loan.
-Merchandise card.
-Cosigner method.
-PRBC strategy.
-MasterCard and Visa cards.
-Authorized user technique.
-Adding accounts to your credit report route.

How long does it take to rebuild credit?
It can take one to two years to build good credit if you follow the strategies presented to you in
this chapter. You need to display at least one year of on-time payments before major bank cards
like American Express and Visa take you seriously.

It’s time to rebuild your credit!
Applying for multiple credit cards at one time is not the way to build credit when starting fresh. In doing this, you rack up multiple hard inquires on your credit report, which sends red flags to all potential lenders. As a result, you are denied and those inquires will stay on your credit report for two years. Whether you are trying to build or rebuild credit, you must select one credit building method and pay your bills on time for a year before applying for additional credit. This will show the bank that you have demonstrated your credit worthiness.

Visit our website www.Alphabusinesscredit.com to download your FREE 4-step guide on building business credit!

How can I add new accounts to my credit reports?
The first step you can take in strengthening your credit situation is to write to the credit agencies and request that they add your good accounts if they do not appear on your credit report. Since
the main purpose behind adding accounts to your credit report is to strengthen your report, you only want to add accounts that are deemed to have a perfect paying history. Normally, utility companies and cell phone companies do not report your payment history to the credit bureaus, but if you write them a letter requesting that they add your good payment history
to your credit report, they might grant your request. If, for some reason, they do not add your account, get copies of your payment history and submit them to the credit bureaus yourself.
Credit bureaus don’t have to add this information, but they may place it on your report for a fee.

What is an authorized user?
Have a friend or family member with good credit call up their credit card company and have them add you to their account as an authorized user. The credit card company will issue a card in
your name. Once the card arrives at your friend’s house, he or she will cut the card up. Wait a month later and check your credit report to see if your friend’s entire credit history for that card
is on your credit report. This is a fast way to build credit within 30 days. Now, the downfall to this method is that if your friend makes a late payment or refuses to pay, your credit report will
show the same negative activity, therefore damaging your good credit rating. Do consider the potential consequences carefully, before moving in this direction.

When should I apply for a major Visa or MasterCard?
This method is good after you have established at least two years of solid credit history. Your credit report should have one small credit card and one installment loan. With your mixture of credit trade lines and two years of a solid payment history, it’s time to go for the big bank credit cards like Visa and MasterCard. The FICO scoring model really likes to see consumers with credit cards from major banks. Go to a major bank, like Bank of America, and ask them what type of credit score you would need to qualify for their MasterCard. Then apply to create excellent credit.

What about using a cosigner?
This method is good when you are trying to build or establish credit. Talk with a family member or a friend to have them cosign for you since you don’t have any credit. In addition, let them
know that you are trying to build it. Cosigning means that due to your lack of credit or poor credit, the bank would like someone with good credit to back you up in case you default on the
loan. Now, if you stop paying on the loan, the bank will go after your cosigner for the balance of the loan. Start with a small loan at the bank and make your payments on time for a year, paying
off the balance so that you can release your cosigner.

Can I use a merchandise card to build credit?
This method is used when you are rebuilding and building credit for the first time. Using a merchandise card could help you establish a high credit limit fast. Here is how it works: you
apply for the merchandise card by buying $150 worth of e-books and music through the company listed on my site. Once you have made your purchase, the organization will issue you a
$3,500 line of credit to purchase more items. The best thing about this card is that they report to Equifax. You also establish an instant credit trade line, which looks good on your credit report. In addition, there is no credit check, so you avoid having an inquiry on your report. Visit
SelfCreditRepairLearningCenter.com and click on line of credit.

Can I use a secured bank loan?
This method is good if you are rebuilding or building credit for the first time. Save $500 to $1,000 and then visit various banks with your credit report in hand, asking them whether they do
secure passbook loans based on your savings. Once they agree, ask the loan officer if there is a prepayment penalty, what the interest rate is, and what credit bureaus they report to. Apply for a 12-month passbook loan, then, with the loan from the first bank, go to another bank and open a second passbook loan with a 12-month pay period. Then, wait three weeks and go to a third bank and repeat the process with the loan from the second bank. Now you have three loans at three different banks for a 12-month payment plan. Now, start making payments with the loan you
received from the last bank. After six months of on-time payments, check your credit report to make sure the loans are being reported correctly. Congratulations, you have just established superior credit with three bank installment loans.

How about the credit builder loan - credit union?
This method is good if you are building or rebuilding your credit files. You know how important it is to have excellent credit. A credit builder loan is your key to establishing, or reestablishing,
your credit. Here’s how it works: the credit union loans you money that is deposited into a certificate of deposit (CD). You make regular payments that are reported to the credit-reporting
agencies. Once the loan is paid off, you get the certificate of deposit and have a better credit score. The benefits of this program are that you don’t have to give any money up front, the credit union reports to all three credit bureaus, and you establish a small saving at the end of the 12-month installment period.

What about retail store cards?
This method is good if you are building credit for the first time. Retail cards like those at Macy’s and JCPenney are easier to get than a major credit card. The reason the retail cards are easier to
get is because they grant lower limits and the card is tied to merchandise in their store only. Apply for a card and then make your payments on time for six months. Pull your credit report
and check your payment history.

What about using a secured credit card?
This method is good if you are trying to rebuild or start a new credit file. Getting a secured credit card and using it responsibly is an excellent way to build creditors’ trust in your ability to use
new credit so that eventually, you can get an unsecured card. With a secured credit card, the companies require cardholders to secure their credit purchases by depositing a certain amount of
money as collateral. That way, if you don’t pay your secured credit card, the bank can get repaid by withdrawing the money you owe from the deposit you provided.
These cards can be used the same way as an unsecured card, except that your money secures
them. The good thing about secured cards is that no one knows that the card is secured. The
downfall to these cards is that they usually come with high interest rates, over-the-limit-fees, late fees, annual fees, start-up fees, cash advance fees, and maintenance fees. This is the credit card company’s way of encouraging you to pay in order to build your credit. Once you have reviewed your credit report, you are ready to sign up for a secured card. However, you should ask the
following questions before you sign a contract or send any money.
-Does your company report to all three credit bureaus?
-When will I qualify for an unsecured line of credit?
-What are your credit card fees?

What should I do first?
You should get a copy of your credit report for review. Order your credit report using the methods discussed in Chapter 1. Once you have the credit report, review it for accounts that do not belong to you. If it’s not clean, then use the dispute methods in Chapter 2 on how to repair your credit report. If there is no incorrect information on your report, it’s time to build or rebuild credit. Remember, building or rebuilding your credit takes time and discipline. So, don’t get upset if things don’t happen
overnight. Carefully review all of the credit repair building techniques listed below and pick the one that best fits your situation. Once you select the rebuilding method, take action and stick with it until you feel that it’s time to move on to a second technique.

Can you tell me the various ways to build or rebuild my credit?
Yes. There are ways to establish or restore your credit.
1. Dispute and remove negative items.
2. Use a student credit card.
3. A secured credit card.
4. Retail store cards.
5. The credit unions rebuild your credit loan.
6. Secured bank loan.
7. Merchandise card.
8. Cosigner method.
9. PRBC strategy.
10.MasterCard and Visa cards.
11. Authorized user technique.
12. Adding accounts to your credit report route.

Alpha Business Credit LLC updated their business hours.

Contact us at Alphabusinesscredit.com or give us a call today 800-327-7379

How long does it take to rebuild credit?
It can take one to two years to build good credit if you follow the strategies presented to you in this chapter. You need to display at least one year of on-time payments before major bank cards
like American Express and Visa take you seriously.

It’s time to rebuild your credit
Applying for multiple credit cards at one time is not the way to build credit when starting fresh. In doing this, you rack up multiple hard inquires on your credit report, which sends red flags to all potential lenders. As a result, you are denied and those inquires will stay on your credit report for two years. Whether you are trying to build or rebuild credit, you must select one credit building method and pay your bills on time for a year before applying for additional credit. This will show the bank that you have demonstrated your credit worthiness.

How do I prevent my personal credit from being used to evaluate my business credit profile?
Keeping your business and personal funds separate is perhaps the best way to reduce the chances of your personal credit being used. However, it’s not a guarantee, and creditors will use methods they feel will help determine the riskiness of your business. If your personal credit doesn’t measure up, it can affect your business credit. At that point, work on improving your personal credit, which should then improve your business credit as a result.

Private money financing includes Equity Investors, Private Financing and Crowdfunding.
Contribute money in exchange for a percentage of equity, or ownership, in your
company. Think Shark Tank, percentage of ownership based on risk, typically 20-60%
is a viable option for startups as no tax returns are typically required, the “idea” might
be enough to attract an investor. Investors will want to see value, such as a product
with patents. In many cases they would prefer to see a tested and proven concept
over just an idea.
Private money often serves as SBA fall-out financing for loans that are close, but can’t
qualify for SBA. Collateral is required, although often only 10-30%. Tax returns are
required for two years, so no startups. An Executive Summary is required. Lenders
are looking for average credit of 650 +. Loans can be in the millions, even billions
of dollars. Loan times take 30-90 days to close and receive funds. Interest rates are
usually 7%+ depending on risk.

Entrepreneurs NOW IS THE RIGHT TIME TO START YOUR OWN BUSINESS AND GET THE FUNDING YOU NEED....