Madison Heights, MI (PressExposure) February 25, 2009 -- Susan Carter met with Mark Maupin, an experienced real estate investor and college instructor in Detroit, Michigan, to explain how she earned the money for her business projects by understanding how personal credit affects a person's ability to obtain commercial loans.
Many people have good ideas, but cannot get their business operations funded due to a combination of bad credit and no capital. With proper knowledge, Susan explained how the two problems can be solved.
"My profession for over 25 years has been as an accountant. I am very familiar with business credit and how to avoid the pitfalls of using personal credit to obtain funding for your business. I learned the hard way that using my own credit could be devastating."
"When I started my first businesses, I didnât understand how to use a tax identification number â an EIN assigned by the IRS - to fund my business instead of using my social security number. This lack of information pushed my FICOâs down below an acceptable level because credit card balances caused by the expenses of my business showed in my credit report. My debt to income ratio was in the double digits because I did not know how to get business lines credit and credit provided under the name of my company. I thought that only "large" companies can get credit. I paid a heavy price for this mistake."
"For many years these low FICO scores cost me with high interest rates on my personal car insurance and on my credit card. The stress was so great that sometimes I just wanted to renounce my dream of having a successful business that I could call my own. Finally, I learned from reading books, attending seminars and purchasing programs on credit repair to find out exactly what I was doing wrong."
"I now have a separate legal entity for each of my businesses and each has its own EIN from the IRS. I have a business credit card (VISA) that doesnât appear on my personal credit report. Iâve opened business checking accounts that are separate for all my business.
"I worked really hard cleaning up mistakes on my credit report so that when I start a new business - if I have to give a personal guarantee - I knew my higher FICO scores would greatly improve my odds of getting a business line or credit card."
"All knowledge is derived from an education process which is tedious and time consuming. However, I realized that many other people are trying to achieve the dream of business from the ground up and I knew that all important information is not readily available in one place, so I decided to help this situation. "
"I have written a book that gives step-by-step instructions on how to choose your company name, how to register it with your state and how to make your business appear "established" so that when a leasing company or lender looks at your business they will find everything they need to approve your request. Iâve compiled all the information I have collected over the years and put it in a concise format that anyone may follow. There is still work to be done by you, but I provide the tools to start out on the right path to success - without risking your personal credit."
"The name of my e-Book is Basics of Business Credit. You can find more about it - and the bonuses I'm giving out free - on my website: http://www.susansbooks.com.
Contact: Start with the Basics, LLC Phone & Fax: 248-399-7808 Email: Susan@SusansBooks.com
This press release was submitted by the Right Now Marketing Group, LLC