The other day I sent you an email about my recent Bank of America experience with a personal vs. business credit card.
 
And I think I proved that you'll always get more -- much more -- when it comes to business credit, even if you have a fairly new business.
 
Here's an example of the power of taking a conscious effort in building business credit for your company:
 
Because of all the promotional materials, ad space, trade show booths, equipment, raw materials, and printing I have to do for my newest company (which is only 2 years old), I've been using my business credit cards a lot.
 
On the other hand, Global Success is over 5 years old but I've used my business credit for that particular business minimally due to wanting to stay as solvent as possible.
 
Britney at US Bank talked me into a business credit card for my newer company and for Global Success.  Since I was doing other banking business there I said, "Sure, why the hell not?"
 
Both companies were instantly approved for business credit cards except...Global Success got approved for much less!  What?!
 
Let me reiterate:  The older company with more "seasoning" that has made millions every year (as per our annual tax returns) is approved for...less?  Much, muchless??  WTH??
 
Then I put 2 & 2 together in almost an instant.
 
Because I've been consciously building credit for the new company (because I know what the hell I'm doing due to plenty of practice), the new company has kick-ass credit while the other one never had the need for credit and therefore didn't build it up well enough.
 
The newer company is only 2 years old.  Two years and 3 months, to be exact.  There is only one good tax return (for 2012) that actually showed that the company did decent (but still not as well as Global Success).  The year before was at a lossdue to its first year being in business. 
 
I didn't start actively building business credit for this new company until I got anAmerican Express card for it last summer.  Then I got a 2nd American Express card for the company about 6 months later.
 
I used those credit cards to death and all of the activity was immediately reported to my Experian Business credit report (through the company's EIN).
 
Last month I applied for a Chase Ink business credit card for the new business.  It was instantly approved for an unsecured credit line of $18,000.  (In the meantime, I can't get approved for a personal unsecured credit card for over $5,000 if my life depended on it!)
 
And I just mentioned that Bank of America just approved the company for an unsecured credit card with a credit line of $30,000.
 
Meanwhile, Britney at US Bank is shoving a $250,000 unsecured loan down my throat that I really don't need but I think I'm going to take it today.  I can use the money to build up more credit simply by borrowing it and then paying it off within 6 months...or less, and never really using the money at all for anything.
 
Between this new loan and a small handful of business credit cards, I'm at $313,000 of unsecured credit not including the one American Express that has no pre-set spending limit.
 
And I pulled this off in less than a year without busting my ass or anything like that.  All I did was get a couple of business credit cards, use the hell out of them, and...that's basically it!  That's all I did!!
 
Okay, so there are a few other steps that I didn't quite mention.  But it's all simple stuff that you have to work on regularly and religiously.
 
In the next entry, I'm going to break it down to you so you know exactly what you need to do to gain access to this type of credit and then, after that, I'll tell you how to access the credit for things like down payments on apartment buildings.  (My strategy for accessing this credit, especially unsecured credit cards, will probably surprise you.)
 
See you at the top!
 
Your mentor,
 
Monica Main
www.MonicaMain.com