Low Interest Credit Cards

My friends over at the Kensington group emailed me today, bringing to my attention that the B2Bcredit website is out of commission. In my early days in learning about business credit, I used them and I wrote a review about them. They were not that big of scammers as they did build business credit for you, but they were a bit misleading as to how much credit you will get and what type of credit you will get. This is typical with these business credit building companies. They also claimed that they were getting you credit with vendors due to the fact that they had a long standing relationship with the vendors, which were simply not true.

Have any of you readers used them recently? The fact that they seemed to have closed shop has me looking out for a new player. This is usually what happens. When one of these companies fold, a new one opens up(ie. the same corp under a different name).

Marc

A couple weeks ago it was brought to my attention that there is a new ebook out called “Shelf Corp Secrets Revealed” which is being sold at defeatdnb.com. Do not mistake this for my last book Shelf Corp Secrets.

I visited the website to see what this was all about. The guy who wrote it claims to be an ex-dnb employee and an MBA. I do not have anything to say about this being true or not, but I do question it’s truth. Anyway, when I first saw the book and website I was almost flattered that my work is that well known that it is being copied.LOL… The book sells for a mere $20 to a figured I will buy it. I got side tracked and forgot about buying it at the moment but another avid reader of my blog bought it and shared it with me.

This ebook is a 21 page joke to say the least. I merely touches the surface of what is needed to be done to build business credit as well as acquire shelf corporations at a discounted price. I read one or two things that I did not know before but the information was not that good. One thin

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I was just talking to a client and he asked me how I got into Business Credit and the sale of shelf corporations and then I realized that I have not shared this on the blog yet.

It all started a little over 5 years ago when I graduated from college and I wanted to start my own business. I had an ok job that I hated and I had a couple credit cards with a few thousand dollars available. I decided that I wanted to export electronics to the Caribbean; where I was born; and business credit was going to help me start the business. I contacted a company to purchase a shelf corp that was suppose to have credit already available upon purchase. In my mind at that time, I was excited about the fact that my dream was about to become a reality. What I did not know, is that at the end of that transaction, I would be out of $15,000 in personal credit and no business credit.

When going through the process, I was told that there would be no credit available as soon as I purchased it because the accounts cannot be transferred, but it will take 7-10 business days in order to have $200K of business credit with no pg. R

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If you read the title and you do not know that PG means Personal Guarantee, and you are not certain what it means, you need to start with the business credit basics.

A PG is where you apply for a business credit card but you accept personal liability for the account in the event that the corporation cannot pay the debt. A couple years ago, there was the notion of removing the pg from the account after 6 months. This notion was being promoted over and over by many of the business credit gurus out there. This is only partially true.

Business credit cards with a PG come with two major differences. There are some that report to your personal credit report weather you default or not, and there are some that only report when you default. This makes a huge difference when you want to keep your debt ratios down. These two aspects of cards may both have the option to remove the personal guarantor from the account, but you must understand that in today financial climate, no back is going to remove a PG is as little as 6 months and many of the banks simply do not plan to ever remove the pg. I

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I know that answering this question “What is a shelf corporation” at this stage of the game is late but I get new readers all the time, and I have yet to define a Shelf Corporation on my blog and touch on what is expected in these new times.

A shelf corporation is a corporation that has been put on the “shelf” to age. Typically, this corporation has not done any business previously and simply is there gaining age. In these more sophisticated times, myself and other shelf corp brokers, not all sell shelf corporations, but we also sell aged corporations. Aged corporations are not necessarily just on the shelf sitting there but they may be actually in business. This type of corporation is valuable once all previous debt has been paid off on time. This happens in a case where someone started a business and it did not work out but they paid their bills on time but could not generate revenue. Getting y

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