CFD 166 – Ty Crandall Tells Us How to Build Our Credit in Cool New Ways
An authority in business credit, Ty Crandall is an author and CEO of Credit Suite, so he might just know a few strategies to help us build our credit in ways we might not have heard of before. As most successful entrepreneurs, Ty’s path to becoming who he is today and what he does to solve problems for other people was not a straight line. He had to experience a few unexpected twists and turns, bumps and really big dips. Ty started out in the military, but when he got out he knew he wanted to go into business for himself. The first company he owned was a mortgage company and it was doing really well… until the housing market crash. Then Ty got to experience the down side of business ownership, which included losing his business, which had a trickle-down effect in his personal life. He had to build back up. When he learned about business credit and how building it could help him repair his life he wanted to help others do the same. He couldn’t find an advocate for building business credit, so he became one, which lets him help a great number of entrepreneurs. Ty tells us that by using business credit vs. personal credit, we have a lot more flexibility and options as we grow our business. This credit is linked to your business EIN number, which means the business can get lines of credit and make purchases without you having to personally guarantee the debt. The business becomes liable and can achieve high credit limits that can be used in real estate transactions and other investments. However, it’s not an overnight event. It can take one or two years. You can start by getting vendor credit for your business quickly and build your credit from there. Next comes store credit cards under the business name, and then actual credit cards and lines of credit. Ty suggests opening an office supplies account first for all the office supplies you need for your business. In this energetic episode of Cash Flow Diary, you are going to learn some great and little-known tips and longer-term strategies in building your business credit. This can help you become a bigger, badder, better real estate investor and business owner! Learn more.