I’d like to clarify a few of the previous posts. I have purchased Tom Kish’s course and it did benefit me, but creditboards.com has helped a lot more and had I found it first, I would not have purchased Kish’s course.
That being said, it does have worthwhile information. He concentrates on business credit cards, NOT business lines of credit. His strategy is to get business credit cards from multiple banks and use cash advances/balance transfers to make all-cash offers on houses. Even with cash advance interest rates, this is still FAR less expensive than hard money lenders.
Tom never claims that people with bad personal credit can get busness credit cards. He does claim that people with bad credit can find credit partners with good scores and use these good scores to get business credit. Now, I don’t know about you, but I would never let somebody who had bad credit use my good credit to get business credit cards for which I’d ultimately be responsible. I found this part of the course to be absurd. But supposedly it happens.
The real answer to using business credit can be found on creditboards.com. There is an entire forum dedicated to Business Credit there. So my recommendation is to follow the business credit building plan outlined there while simultaneously use the personal credit repair strategies discussed in the Credit Forum to repair your personal credit. Once you get your personal score above 700, so many doors open up for you. I have about $450k in business credit cards/lines of credit, but my personal scores are all over 750. I don’t say this to brag, but to let you know what is possible…
This is Thomas Kish’s office manager. I enjoy reading these kind of threads and wanted to put my two cents in.
Have you ever heard of using a Dunn and Bradstreets number or an EIN to build business credit that is separate from your own?
Every lawyer will tell you that a corporation or LLC will separate your personal liability from your business activity. The same holds true with business funding.
I got a list of companies that offer credit cards to businesses (LLC, etc). His formula is apply for multiple business credit cards, take out cash advances and deposit the money in a business bank account and use the cash to fund deals. Only problem is most business credit cards are charging 20% interest and 3% fee for cash advance. I can get money cheaper from local hard money lenders (and I thought their rates were ridicules). I wouldn’t advise anyone to buy Kish’s system. If you want the list of companies he lists for business credit cards, try Google, it’s free.
Does anyone read the news? You guys don’t seriously believe this stuff, do you? Many banks are canceling performing lines of credit and credit cards without regard to verifiable income or FICO. Would any of you loan money to an unproven entity without a personal guarantee and the income and collateral to back it up? As stupid as they have been, the banks currently won’t either.
It’s unfortunate that as many new investors watch home prices drop to record lows, they are frustrated they don’t have the cash to “buy-in.” Scams and schemes abound to take advantage of these people.
My name is B.J. and I am a current student of Thomas Kish and his programs.
To all the supposed “Know-It-Alls”:
Have you ever heard of Dunn and Bradstreet?
Have you ever heard of a Paydex score for your business instead of using a personal
credit score?
I guess you have not heard of any of these things that have been used for years to build
business credit quickly without be dependent on having good personal credit.
What Tom teaches worked for me in my new business. I got business credit from him when
everyone else like you kept telling me no.
Stop talking about something you have no personal experience with!
I do not know about Thomas Kish, but lets set the records straight on building business credit:
You DO NOT need good personal credit to build a strong business credit. Establishing business credit means securing credit COMPLETELY seperate from your personal credit history, with NO PG, or personal guarantee. Ultimatecashsource is correct: if you do have an intimate knowledge of Paydex scores and DNB scores and the like, then you don’t know the first thing about building business credit, and unfortunately your opinion is just that, an opinion not backed by facts.
Guess what, within the last two weeks I established three biz tradelines with three different companies with NO personal guarantee. No, these were not huge LOC with banks, but as everyone should know, you cannot establish biz credit overnight, but there IS a process you can follow to work towards these large LOCs, which is what my company is currently doing.
Anyone who disputes this process needs to spend some time on creditboards.com Don’t take my word for it, go study and read about the THOUSANDS of other small biz owners who have taken the time to do their homework and have built their biz credit up from zero.
If you have a business or a coporation , it is a SBA loan or commercial loan depending on what you are going to do. Most bank like to see a year in business. A Dun and Bradstreet rating helps.
Correction-if you’re going to get ANY sort of LOC with a bank through your LLC or Corp, and your goal is to secure the line with a personal guarantee, you’re going to need at least two years (and probably more than that) and a DNB number is a NECESSITY.
If Mr Kish is ligit why does he direct you to so many web sites. each video i watch he directs you to a different site what does he have to hide. And each site has a different phone #. And if your personal credit is not a factor , why does state in his written material. and i quote; The largest cash lines of business credit available from this service will not report on your personal credit and will not need to be personaly guaranteed if our lending sources can verify a low personal debt ratio and good personal credit.
That is strait from Thomas Kish’s written material .