5 BANKS Approval NEW LLC NO INCOME!
Summary
TLDRAndrew Cartwright explains the process of establishing business credit, highlighting its advantages over personal credit. He shares methods for setting up business credit without proof of income and lists banks offering credit lines up to $50,000 or more, like Chase, Bank of America, and PNC. Cartwright emphasizes the importance of separating personal and business credit to protect personal finances and leverage business opportunities. He also encourages viewers to take action and explore opportunities to acquire business credit lines for growing their ventures.
Takeaways
- đŒ Business credit is separate from personal credit, and itâs easier to build and maintain without harming personal credit scores.
- đŠ You can apply for business credit without proof of income at certain banks. The banks make decisions based on the business's potential rather than individual income.
- đ A real-life example: Someone with six cars bought in their personal name ruined their personal credit. Using business credit instead could have prevented that issue.
- đł Business credit allows you to make significant purchases, like multiple cars, without affecting personal credit. It's all based on the businessâs earnings, not personal earnings.
- đ Andrew Cartright stresses the importance of understanding and leveraging business credit to avoid financial mistakes made by many entrepreneurs.
- đ§âđŒ Creating an LLC and getting an EIN (Employer Identification Number) is like giving birth to a separate entity, which builds its own credit and pays its own taxes.
- đŠ Banks like Chase, Bank of America, PNC Bank, Truist, and US Bank offer business credit, some of them lending up to $100,000 without requiring proof of income.
- đ Persistence and working with the right bankers can increase your chances of getting approved for business credit, even with large institutions.
- đ° Business credit lines allow you to access large amounts of funding, sometimes totaling up to $300,000 across multiple banks, without touching your personal credit.
- đ Entrepreneurs can maintain an 850 credit score while holding millions in business debt, which doesnât show up on personal credit reports.
Q & A
What is the main difference between business credit and personal credit?
-Business credit is separate from personal credit and is built under the businessâs name using its EIN. This means it doesnât affect the personal credit score, and business credit can be used to access funds and credit lines that donât show up on personal credit reports.
Why is it important to separate business credit from personal credit?
-Separating business credit from personal credit protects the personal credit score from being negatively impacted by business debt. It also allows the business to access larger credit lines that are based on the businessâs income and potential, rather than personal financials.
What are some benefits of using business credit over personal credit for business expenses?
-Using business credit helps preserve personal credit, allows for higher credit limits, and provides flexibility. Additionally, business credit is often more forgiving, and defaulting on business loans does not directly impact personal credit scores.
How can a business owner build business credit?
-A business owner can build business credit by first forming an LLC and obtaining an EIN number. Then, they can open business bank accounts, apply for business credit cards, and responsibly manage these accounts to build a strong credit profile for the business.
Can businesses get credit without providing proof of income?
-Yes, several banks offer business credit without requiring proof of income. These banks evaluate the businessâs potential income and creditworthiness rather than current revenue. Business owners can get credit based on their projected income.
What should a business owner do if they donât have an LLC?
-A business owner can easily form an LLC by visiting their stateâs Secretary of State website, doing a name search, and following the steps to register the business. Alternatively, they can use online services like LegalZoom or Rocket Lawyer for assistance.
Which banks offer business credit without proof of income, and how much can they lend?
-Banks like Chase, Bank of America, PNC Bank, Truist, and US Bank offer business credit without proof of income. Chase and Bank of America can offer up to $50,000, PNC Bank up to $100,000, Truist up to $225,000, and US Bank up to $50,000.
What should someone do if they are denied business credit at one bank?
-If denied business credit at one bank, it is recommended to try another bank or speak to a different banker at the same bank. Persistence and speaking to someone more optimistic can sometimes result in approval. Banks have varying policies and approaches.
What are the risks of relying solely on personal credit for business purposes?
-Relying solely on personal credit for business can damage the personal credit score, limit access to personal loans, and create a financial burden if the business struggles. Using personal credit also limits the available credit lines compared to business credit.
Why is it better to apply for business credit before a business needs it?
-Itâs better to apply for business credit before itâs needed because banks are more willing to lend when the business is in a stable position. When a business is struggling or in need of immediate cash flow, it becomes more difficult to secure credit.
Outlines
đ How to Establish Business Credit and Avoid Personal Credit Pitfalls
In this section, the speaker introduces the concept of business credit and emphasizes its advantages over personal credit. They promise to explain how to set up business credit and provide recommendations for banks offering business credit without requiring proof of income. The speaker shares a cautionary tale about a person who ruined their personal credit by using it to buy cars for their rental business. The advice highlights the ease of obtaining vehicles with business credit and preserving personal credit, underscoring the importance of keeping business and personal finances separate.
đł Setting Up Business Credit Without Proof of Income
This paragraph dives into the steps for setting up business credit and lists several banks that offer credit without requiring proof of income. The speaker shares their personal experience of living off business credit cards for four years while maintaining a perfect personal credit score. They explain that banks lend to new LLCs based on projected income rather than requiring tax returns or bank statements, and offer advice on how to create an LLC using tools like ChatGPT or legal services such as LegalZoom. Persistence in approaching banks and using business credit responsibly is emphasized.
đŠ The Best Banks for Business Credit
Here, the speaker provides a detailed guide to several banks where small businesses can apply for credit lines. Chase Bank is suggested as a great option for opening a business checking account and obtaining credit. Bank of America is also recommended for offering up to $50,000 in credit. The speaker explains that these banks prioritize helping businesses grow by lending money and that it is easier to get business credit with them compared to smaller banks. Entrepreneurs are encouraged to be persistent and patient in their efforts.
đ Unlocking Business Credit Lines from Different Banks
The speaker introduces other banks, including PNC and Truist, that offer higher credit limits for businesses, with PNC offering up to $100,000 for businesses that have been in operation for at least two years. Truist Bank is highlighted for offering up to $225,000 in a line of credit. The importance of leveraging multiple lines of credit from different banks to secure significant financial resources for business growth is emphasized. The speaker shares that these banks do not require tax documents or proof of income, making it easier for new businesses to qualify.
đ° Why Business Debt is a Valuable Tool
In this final section, the speaker stresses the advantages of using business debt rather than personal debt. They explain that business credit does not impact personal credit scores, allowing entrepreneurs to take on significant debt for business purposes while preserving their personal finances. The speaker also shares their experience of receiving multiple offers for business credit and explains that itâs better to have credit available before it's needed. They encourage viewers to explore local banks as well, and to take steps to establish business credit early on to support future business endeavors.
Mindmap
Keywords
đĄBusiness Credit
đĄPersonal Credit
đĄProof of Income
đĄLLC (Limited Liability Company)
đĄCredit Score
đĄChase Bank
đĄProjected Income
đĄToro Business
đĄLine of Credit
đĄBank of America
Highlights
How to establish business credit, which is distinct from personal credit.
Banks that offer business credit without requiring proof of income.
Mistakes people make by using personal credit for business, damaging their personal credit.
Using business credit for car purchases, avoiding personal liability.
Importance of separating personal and business credit to maintain good personal credit.
Chase Bank offers up to $50,000 in business credit just by opening a business checking account.
Bank of America offers business credit of up to $50,000 with no proof of income.
PNC Bank offers up to $100,000 in business credit if your LLC is over 2 years old.
Truist offers up to $225,000 in a business line of credit without tax documents or proof of income.
US Bank sometimes offers business credit automatically after setting up an LLC.
Accumulating business credit from multiple banks allows for $300,000 in available credit without affecting personal credit.
Personal credit is preserved by using business credit for large debt loads.
The importance of setting up an LLC to establish business credit and create a legal separation between business and personal finances.
Legal Zoom, BizFilings, and Rocket Lawyer are useful tools for setting up an LLC easily.
Business credit allows for accessing substantial amounts of capital without risking personal credit, making it a key tool for entrepreneurs.
Transcripts
first off I'm going to teach you how to
establish business credit which is so
much better than your personal credit
then I'm going to show you a few banks
that you can go to that you can apply
for business credit without having any
proof of income I'm not kidding no proof
of income so once again first I'm going
to show you how to set up business
credit it's different than personal
credit there are other things that you
have to do to establish your business
credit and then I'm going to show you
the magical lovely banks that would
welcome your business and give you
business credit without having any proof
of income this is mindboggling you might
be sitting there no way but I'm dead
serious and I don't want you to make the
mistake that those five out of six
people make let me give you a story I
knew someone that was running a Toro
business that's like buying a car and
then renting it out putting it online so
that you can basically Rent Out Cars and
make money and how many cars do you
think they should have now me personally
I've had 275 cars that were on business
credit not in my name they got six cars
in their their personal name in fact
they were stuck they were buying three
cars at the exact same time so that they
could get approved for all three cars at
the same time and then their personal
credit was completely destroyed they had
pulled all the strings and they were
doing acrobats to order up to six cars
which was not what they were doing and
when they ran into me because they're a
tenant in one of my properties I'm like
what are you doing with business credit
you can buy these six cars and a lot
more you could buy as many as you want a
lot easier all you have to do is buy
more than six and preserve your personal
credit you'll have no cars in your
personal name and hundreds of cars
because how do they look at it they look
at okay how much does this car cost how
much does the car make they don't care
about what you make it's the business
makes money and you can buy as many cars
as you want so if you're in Toro and you
want to own 100 cars you can under
business credit later he would come to
me and ask how do I dig myself out of
this credit hole that I've now fallen
into all I could tell him was you should
have watched my channel But to answer
for real he's going to have to wait till
his credit rebounds or sell those cars
and get them to show paid off on his
personal credit which is probably going
to take him 3 to 4 months to be able to
get it healed now since you guys are
smarter than that this guy didn't watch
my videos you should maybe think about
subscribing to the channel like the
video for the YouTube algorithm it is
super important I promise you'll get
tactical action
plans that you can use that are
practical that anyone can use on this
channel that's the idea not to just hype
you up but to give you tools that you
can use my name is Andrew cartright I'm
here to help you accomplish your goals
to get money leverage it and invest it I
can relate to where you are and you
might not think so but I've been broke
and homeless to multi-millionaire to
decamillionaire four different times and
finally locked in that lifelong success
at least I hope not onone glass you
never know I founded 32 companies in 17
Industries bought 17 and exited five
times and I you know for me it's a good
place to be cuz right now all I want to
do is work with people that want to buy
companies successful companies I found
at Epic 99 so we could do that together
you own 81% I own 19 I put up the
capital we go into business together the
link is in the description so make sure
you check that out and don't miss out on
your free stock down there with Mumu
it's absolutely free stock you just open
up an account you can fund it with
little little money the more you do the
more stock you get but they're public
traded it's an incredible company so
don't miss out on that I personally have
hundreds of thousands of dollars there
in a progr account so I use them you
might want to think about using them too
cuz the free stock if nothing else okay
now you guys have asked for this how to
get business credit and then where to go
to actually get money so we're going to
cover that in this video there is an
unlimited amount of capital when it
comes to debt but what does it mean to
have unlimited money as I've told you
before I had an 850 credit score while I
had $112 million in debt business debt
not personal debt I learned my lesson
the first time I went broke if you go
broke on your personal credit you're in
pretty deep trouble but if you go on
your business credit and you go down the
tubes you can still rely on your
personal credit the main thing to
remember here is that you have two legs
right you have a personal credit leg and
you have a business credit leg those
things are super important when you're
going into business it lets you I mean
think about it how hard it is to like
walk with one leg for people that only
have one leg I feel for you getting
business credit is like giving birth to
a whole new person a lot of people like
don't think about that but when you
create an LLC and get an EIN number
you're giving birth to like a whole new
person over here separate from yourself
it pays its own taxes it builds its own
credit and it doesn't hurt your personal
credit because you're separating it as
I've shown you before I have 32 credit
cards I lived on credit cards for 4
years business credit cards and never
had to touch any of the personal ones
and my credit score was 850 with no
personal debt I want the same for you
that's why I talk about this stuff you
could have millions in debt in business
debt good debt and have absolutely
perfect credit and I talked to so many
entrepreneurs that tell me painful
stories I'm talking about literally five
out of six people so if you've done this
don't feel bad this is normal because
nobody pulls them aside and they don't
watch my videos so they miss out on that
but first I'm going to show you how to
set up business credit how do you set it
up and then I'm going to show you a few
Banks a number of banks that you can
apply for business credit without having
any proof of incomes now Banks lend to
new llc's getting into the subject
matter on stated income stated income is
usually just stating what your income is
but with your business it can be
projected income and this is okay they
accept it the banks won't ask you for
business tax returns or proof of income
or even bank statement as long as you
have some of the math figured out and
even just a little plan on how to make
your money the bank will lend to you
with no problem why because they make
money off of lending you money think
about it that's how they make the money
right join the bank what you're planning
to do with the money is why they'll lend
it to you and they make a decision based
on that a lot easier in business credit
than you may think let's say you don't
have an LLC a limited liability company
then how do you get one how hard is it
or easy if you guys have been watching
my channel lately the next step is going
to be very familiar to you you can
simply go to chat GPT and just simply
say how do I start an LLC AI will tell
you to go to the State website and the
Secretary of State website and find
information on how to start your LLC
you'll typically do a name search to see
if it's available and your State website
will probably be the best place that you
can go and exactly what I recommend your
State website is probably the best place
to start so you know the exact
requirements of where you live so you
don't have to over prepare please don't
overthink it most people do it isn't the
usually the end of the world now this is
not legal advice but there's not that
many choices when you're just setting up
your simple LLC and let's say all this
is too much effort well there's a
website that makes it even easier than
that companies like Legal Zoom have a
plan that helps you with basic and even
have tools like the name Checker that
can help you find a unique name for your
LLC because the one you have might
already be taken and the best part is
they offer all this for the very low
price of free there's also busy.com B
i.com and Rocket lawyer.com also have
great tools for you to utilize when
starting and even running your LLC now
once you've got the LLC you can start
going to these banks that I'm going to
give you and get your business credit
one of the first choices and you may not
think about it you're like this is crazy
but it is Chase yep chase the one
probably on your corner just down the
street is a great place to get business
credit it's as simple as opening a
business checking account for them as
well which you can often just try and
get a business credit card or a business
line credit usually a lot of times with
Chase and even Wells Fargo they
typically have a auto generator that
offers it to you now they may not give
it to you right away that's okay it's
really depends on your Banker that you
speak to you could end up going to
another day and speaking to a different
banker and getting accepted in the spot
the key is being persistent and also
getting in front of somebody that is you
know optimistic maybe somebody who
watches my channel has hope in their
life right like we have hope and once
approved at Chase Bank they'll give you
up to $50,000 on a credit line $50,000
and that's just one bank then if you can
go to another one when I was $12 million
in debt living on business credit I had
a whole lot more than just one line of
credit I had tons of them literally 32
different credit cards and up I think it
was a little over $8 million in credit
lines all in business and I was able to
use them even though you know my life
was a wreck so now that you know that
you have that many lines of credit is
possible with a business not personally
and it's available to you or to your
business that much money that you could
literally put in your pocket let's get
to the second bank that you can go to
this one will surprise you shocker Bank
of America they'll give you up to
$50,000 in a credit line a lot like
Chase many of them have similar policies
similar let's get money out the door
because these guys are too big to fail
so and there's no time soon when we're
going to lose one of these guys you'll
want to open a business checking account
with them and establish yourself with
them and then ask them to Simply open a
credit line a business credit line give
them your projections tell them what you
plan to be making or plan to do and
that's how you get that and just like
that you can have up to $100,000 at your
disposal to make your business dreams a
reality and then here's the next Bank
you're able to double the amount of
money the first two banks are pretty
huge banks that are ready to serve you
but because they're so big big it
becomes a little harder for small
business owners to stand out so the next
Bank you'll want to go to is PNC Bank is
just a tier below Bank of America and
also Chase in size but will give you up
to $100,000 in business credit as well
the only requirement to get the $100,000
Mark is that your LLC needs to be about
2 years old so you might need to be a
little patient if you got one that's a
year old but even if you're able to get
a portion of the amount you still got
thousands of dollars that you're
disposal and still all three of these
Banks aren't asking for bank statements
tax returns or any sort of proof of
income just like PNC Bank truce
trist is a slightly smaller bank that
will be more than likely to be easier
for you to open up a line of credit or
business credit now truce will give you
up to $50,000 with a business card and
up to $225,000 in a line of credit now a
line of credit doesn't mean that you
just pull $225,000 that you're going to
pay interest on that you can use it as
you go as you need it and you only pay
interest on what you use and the banks I
like to mention before the other ones
and this one there's no tax documents
and no proof of income in order to
qualify and the last bank I'll show you
is US Bank the best part of US Bank
sometimes you won't even have to apply
for business credit with them because
the moment you set up your LLC they
sometimes send you an offer with a brand
new business I have tons of offers
sitting on the desk here if you had to
guess how much they're willing to lend
you how much you say well could be
$50,000 quite a bit of money right and
all these banks will lend $50,000 each
or in the case of PNC up to $100,000 and
that's before you even need the money
it's better to have the money before you
need it and then to need the money and
not have it because it's crazy when you
really need the money that's when Banks
get a little nervous they're worried
when your credit starts to slide and
you're like literally looking like you
may not pay it that's when they're
worried with five banks lending giving
you credit you now could put up to
$300,000 in your pocket not to mention
that you'll get all this money while
protecting your personal credit that
won't show up on your personal credit
report all this money is on a business
credit report not on your personal
there's no personal credit card debt on
my but I have a lot of business debt
because I love business debt business
debt I'm I just love it if I could get a
billion doll in business debt I would so
if anybody's out there willing to uh
lend me business debt I'm talking about
you guys on Wall Street I would
certainly love a billion dollars worth
of business debt I'm good for it these
are I'm I'm being serious actually but
and I do have an unlimited Warehouse
line on Wall Street currently so I could
access a billion dollars in all
sincerity but these are aren't the only
banks out there in fact there are so
many banks plenty of local banks that
can help you when you've opened up that
LLC and you start to embark on your
journey to open business credit which is
so essential I wouldn't live without it
I it's like I gave birth to 32 little
babies I have 32 businesses that all
have their own credit and if you want to
know more Banks you can get business
credit with let me know in the comments
I'd love to know what your thoughts are
if you'd like more content even like
this about more strategic ways to do it
I'd love to help you and if you want to
become more successful and make smarter
decisions start with hitting the like
button and it helps out with the YouTube
algorithm to push this share this with
people subscribe to the channel for more
information to save you time and
hopefully so you don't make a decision
on your business that you regret later
take care I'm Andrew cartright love you
Voir Plus de Vidéos Connexes
5.0 / 5 (0 votes)