AIPIS 102 - Ty Crandall - The Process of Building Business Credit

The last thing you want when building your business is to be personally liable for acquired debt in the event of a down market. Many investors may not be aware of the significant differences of building business credit using personal information such as a Social Security Number versus building business credit without using personal information. Our guest, Ty Crandall is the CEO of Credit Suite, a business which builds business credit for others. He has over 16 years of experience in the finance industry and is a renowned speaker on building business credit and credit scoring.

Key Takeaways:

[2:04] What is business credit used to purchase income properties?

[3:17] Consumer credit is not designed to build a business

[5:42] If you supply your social security to a credit agency you are personally liable

[7:51] The 3 types of credit - Personal, business and bank

[9:43] Using credit to get big by using business credit

[11:23] There are a few basic steps to getting business credit

[12:54] Rent a virtual physical business address

[14:03] Build credibility via websites, phone and address

[15:40] Secure business credit cards with this method

[17:04] Vendor accounts will give you tradelines, credit profile and credit scores

[18:15] Find trade vendors who report to business credit agencies

[19:12] It is  still necessary to build credit with a vendor account

[20:45] Every major retailer will give you business credit once you have tradelines established

[23:25] Ty owned a mortgage company during its heyday & the crisis

[25:54] The key to business credit is anonymity between personal and business accounts