5 BANKS Approval NEW LLC NO INCOME!

Summary

Andrew 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

• 💼 Business credit is separate from personal credit, and it’s easier to build and maintain without harming personal credit scores.
• 🏦 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.
• 🚗 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.
• 💳 Business credit allows you to make significant purchases, like multiple cars, without affecting personal credit. It's all based on the business’s earnings, not personal earnings.
• 📈 Andrew Cartright stresses the importance of understanding and leveraging business credit to avoid financial mistakes made by many entrepreneurs.
• 🧑‍💼 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.
• 🏦 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.
• 🔄 Persistence and working with the right bankers can increase your chances of getting approved for business credit, even with large institutions.
• 💰 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.
• 📈 Entrepreneurs can maintain an 850 credit score while holding millions in business debt, which doesn’t 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 business’s name using its EIN. This means it doesn’t affect the personal credit score, and business credit can be used to access funds and credit lines that don’t 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 business’s 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 business’s 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 don’t have an LLC?

A business owner can easily form an LLC by visiting their state’s 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?

It’s better to apply for business credit before it’s 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

00:00

🚀 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.

05:01

💳 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.

10:01

🏦 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.

🔑 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.

💰 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 it’s 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.

Keywords

💡Business Credit

Business credit refers to a financial system where a business entity can borrow funds or obtain lines of credit independent of the owner’s personal credit. In the video, Andrew Cartwright emphasizes the importance of separating personal and business credit to avoid personal financial liability, illustrating this with examples such as using business credit to buy cars for a rental business.

💡Personal Credit

Personal credit is the borrowing power of an individual based on their credit history, income, and financial responsibility. The video contrasts personal credit with business credit, explaining that relying too heavily on personal credit for business ventures can result in personal financial damage, as demonstrated by the individual who ruined their personal credit by purchasing multiple cars.

💡Proof of Income

Proof of income refers to documents or evidence that show how much an individual or business earns. In the video, Andrew Cartwright highlights the fact that certain banks will offer business credit without requiring proof of income, allowing entrepreneurs to access capital even without established financial records.

💡LLC (Limited Liability Company)

An LLC is a business structure in the U.S. that protects the personal assets of its owners, limiting their liability to the company's financial obligations. Cartwright explains the importance of forming an LLC to create a separate financial identity for business credit purposes, comparing it to ‘giving birth to a new person’.

💡Credit Score

A credit score is a numerical representation of a person's or business’s creditworthiness, with higher scores indicating a stronger ability to repay debts. Cartwright shares that he maintained an 850 credit score, even with millions of dollars in business debt, to demonstrate how business credit can protect personal credit.

💡Chase Bank

Chase Bank is a major financial institution mentioned in the video as one of the banks where entrepreneurs can secure business credit. Cartwright notes that it’s possible to get up to $50,000 in business credit from Chase simply by opening a business checking account and persisting with different bankers if necessary.

💡Projected Income

Projected income refers to estimated future earnings that a business expects to generate. In the video, Cartwright explains that banks can approve business credit based on projected income, rather than actual income, which is particularly beneficial for startups that are just beginning to generate revenue.

💡Toro Business

The Toro business model involves purchasing vehicles and renting them out for profit. Cartwright uses an example of someone in the Toro business who made the mistake of using personal credit to buy cars, damaging their personal credit, to illustrate the value of using business credit instead.

💡Line of Credit

A line of credit is a flexible loan from a bank or financial institution that allows a borrower to draw up to a certain limit as needed. Cartwright discusses the benefits of obtaining lines of credit for businesses, noting that you only pay interest on what you actually use, making it a powerful tool for managing cash flow.

💡Bank of America

Bank of America is another large financial institution mentioned as a source of business credit. Cartwright highlights that entrepreneurs can secure up to $50,000 in credit from Bank of America with similar terms to Chase Bank, emphasizing the ease of obtaining business credit without needing proof of income or bank statements.

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

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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

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hopefully so you don't make a decision

on your business that you regret later

take care I'm Andrew cartright love you