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Please contact me at [number deleted]
Eliott,
I’ve edited out your number, because this is a live comment area. However, I will have one of our people reach out to you concerning business tradelines.
You’re more than welcomed to contact us and we can discuss that (free of charge).
800-431-4741
info@superiortradelines.com
https://superiortradelines.com/start/
Thanks!
What’s your thoughts on personally guarantying a shelf corp?
Hey Jaleem! Those are typically two different things. In terms of business tradelines, a “personal guarantee” usually refers to a person placing their personal credit as collateral for a business loan. This is similar to co-signing for someone with no credit, but in this case, that “someone” is the business. On the other hand, shelf corporations typically refers to a pre-established business entity, which has not been used for a while (if ever), where the term “shelf” came from (it was put on the shelf). The supposed benefit of shelf corporations is that they are established, so (again, supposedly), you are more likely to get PADEX scores and funding from banks. This is simply untrue (or very, very often untrue).
We have a saying here at Superior Tradelines that “If you can obtain a business loan, you don’t need one.” After seeing so many people trying to obtain business tradelines and funding (with many creative efforts), it just seems to us that underwriting proceedures for business tradeliens and loans far exceeds the shelf corporation and personal guarantee techniques.
Most banks – depending on the funding goal – require many years of profit generating history, $5,000,000.00 in revenue, etc. So, the days of “PAYDEX = Loan” are over (if they ever existed in the first place).
I am kinda rambling here, but you did ask for my thoughts 🙂
Here’s my recommendation: Often times we look for solutions to goals and get yanked down the rabbit whole of options and lose sight of our goals. Smart people – like you – tend to be the victims of that because they overturn every rock (like personal guarantee and shelf corporations). You should “google earth” your situation (draw back with a larger view) and figure out what you need, specifically. It might not be funding at all (maybe, I don’t know). Superior Tradelines never borrowed a penny, for example. So, unless you have a unique situation (require expansion with trucks or paint supplies or machinery), focus first on income, make what you do make money… because, borrowing money is the opposite of making it.
Again, sorry for the rant, but those are my thoughts.
How much weight do business tradelines have? From what I understand it seems that banks and lenders look at many different factors. 1 being personal credit first. Then they have a checklist of qualifiers.