Summary of "How to Get Business Credit for Your EIN That Is Not Linked To Your SSN"

This video is the first in a three-part series explaining how to build business credit under your EIN (Employer Identification Number) without linking it to your personal Social Security Number (SSN). The focus is on enabling startups and businesses with poor personal credit to access substantial business loans, credit lines, and high-limit credit cards without personal guarantees or credit checks.

Main Financial Strategies and Business Trends Presented

Separating Business Credit from Personal Credit:
- Business credit is established under the EIN, creating a credit profile independent of the owner's personal credit.
- No personal credit checks or personal guarantees are required when done correctly.
- This separation protects personal credit scores and limits personal liability.
Benefits of Building Business Credit:
- Access to high-limit credit cards (10x to 100x higher than consumer cards) at major retailers (Walmart, Amazon, Staples, Apple, Lowe’s, Ford, Best Buy).
- Improved ability to qualify for business loans and credit lines with better terms.
- Business credit reports are public and impact lenders, suppliers, customers, and potential investors' perception.
- Building business credit increases “lendability” and borrowing capacity.
- Business credit scores are primarily based on payment history, not just existence of credit.
Business Credit Reporting Agencies:
- Key agencies: Dun & Bradstreet, Experian, Equifax.
- Having credit only with Dun & Bradstreet is insufficient; Equifax and Experian profiles are crucial.
- Business credit scores range from 0 to 100; good payment history on even one account can significantly improve scores.
Common Pitfalls:
- Many business owners mistakenly use their SSN, resulting in personal guarantees and credit checks.
- Business credit building is a stepwise process; skipping or reordering steps often leads to failure.
- Using PO Boxes or UPS addresses leads to automatic denials.
- Inconsistent business information online and on official records causes loan denials.

Step-by-Step Guide to Building Business Credit

Step 1: Set Up Your Business Credibly

Form a corporation or LLC to separate personal and business liability.
Avoid high-risk industry names.
Obtain an EIN from the IRS (business credit is built on EIN, not D-U-N-S number).
Secure proper business licenses as required.
Ensure consistent business information across all online listings and official records.
Create a professional website and use a professional business email address (not Gmail/Yahoo).
Use a physical or virtual business address (avoid PO boxes or UPS addresses).
Get a business phone number listed with 411 (video 3 promises a method to do this for free).
Obtain a toll-free number and fax number if possible.

Step 2: Access and Review Your Business Credit Reports

Check for existing profiles with Dun & Bradstreet, Experian, and Equifax.
Obtain a D-U-N-S number (video 3 will cover how to do this without paying high fees).
Correct any inaccuracies or derogatory items on your reports before building credit.

Step 3: Establish Initial Business Credit Accounts

You need an initial credit profile with at least a few trade accounts reporting.
Three methods to establish initial credit:
1. Pay Dun & Bradstreet for a Credit Builder Package (costly, limited to D&B, excludes Equifax and Experian).
2. Use a program for businesses with good personal credit (FICO ~680+) to get unsecured, no-doc business credit cards with cash-out capability (requires personal guarantee).
3. Use Starter Vendors that extend net-30 terms and report to business credit bureaus, allowing approval without prior credit or SSN. (Hard to find reliable vendors; video 3 will provide a vendor database.)
Once you have 5 trade accounts reporting, you can qualify for store credit cards and fleet cards without personal guarantees.
After 10 accounts reporting, you can access high-limit Visa, MasterCard, and American Express cards and vehicle financing without personal guarantees.

Additional Insights

Business credit scores are mostly influenced by payment history.
Even one well-managed trade account can dramatically improve a business credit score.
Large companies like Apple, Microsoft, Walmart have hundreds of trade lines, enabling them to access massive credit.
Smaller or newer businesses can build business credit quickly by following these steps.
Business credit building enables access to capital even when traditional bank loans are denied.
The video series promises to reveal secret lender approval standards, alternative financing sources, and ways to avoid expensive fees related to credit monitoring and business credit setup.

Upcoming Videos in the Series

Video 2: Detailed strategies for obtaining business loans and credit lines, even with poor credit, no collateral, or as a startup; how to secure loans with very low interest rates.
Video 3: (Content incomplete in source text)