Page 102 - Winning The Credit Game Bundle (CK Patrick)

your personal wallet because you weren’t comfortable applying
for business credit or loans.
In either case, we will move from the assumption that you
have no business credit score to a position where you can realis-
tically apply for and receive tens or hundreds of thousands of
dollars in funding to grow your business at favorable interest
rates. This can all be done without risk to your personal credit or
assets using a system that worked for me as a first-time business
owner.
I will warn you: there will be a lot of paperwork and a little
bit of footwork. But as you complete every step in this strategy,
you will see how you are establishing your business as a
reputable legal entity with a solid financial track record that
makes you an appealing client for a bank loan, business grant,
and other sources of funding that can stretch well up into the six-
figure range.
Let’s take a moment to learn about some of the concerns you
as a business owner need to be aware of when considering
applying for financing. We’ll cover some of the risks and trade-
offs contained within different types of credit lines, and see why
some types of business credit can be riskier for business owners
than others.

Meet the Credit Bureaus

The arbiters of credit scores are a group of organizations called
credit bureaus. These are private companies, but their jobs are
considered so important that they are subject to regulations by
the federal government to ensure that they do their jobs thor-
oughly and fairly. What exactly is the job of credit bureaus? It’s
to keep track of the “credit scores” of businesses and individuals.
Credit scores are designed to predict the future cash flow of
businesses and individuals. This information is then used by
vendors, credit card companies, banks, and other entities to

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