Page 174 - Winning The Credit Game Bundle (CK Patrick)

obtaining bank loans and investors, the hope is that you would
be planning to pay off 100% of your business purchases made on
credit.
The idea here is not to accumulate too many hard inquiries
early on or use credit to buy things you don’t already have
money for: the idea is to use credit to show that you can estab-
lish leverage and responsibly pay off loans so that you can be
eligible for much more credit in the future.
So if you are completely sure that you will spend no more
than you can easily pay back on a trade line, giving a personal
guarantee may be fine. But if you feel any uncertainty about
whether your business will be able to continue paying all its
bills, or whether someone else in your business might use this
tradeline irresponsibly, stick to credit tradelines that do not
require a personal guarantee. You don’t want to put your
personal credit score or assets at risk if you feel any uncertainty
about your business’s ability to pay all its bills in the next year
or so.
When applying for Tier 2 business credit, you will likely be
asked for some or all of the following information to allow the
vendors to research and verify your business:

Documentation showing that your business is an
entity in legal good standing with your Secretary of
State.
Your Employer Identification Number
Your business address. This must match on all
documents, so if you have more than one address,
such as a mailing address and a physical address,
choose one to use for your credit applications and stick
with it!
Your D-U-N-S number (this is why we had you apply
for this a few months ago.)
Proof of any licenses your business is required to have
in your city and state.

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