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Greg OBrien, CPA, CTS
July 12, 2023

Business Credit 101: Community Insights from the Credit Brothers

Accessing capital and building a strong credit profile are vital for the success of any business. In our recent client exclusive webinar featuring Josh and Chris Steil, known as the Credit Brothers, renowned entrepreneurs and credit industry consultants valuable insights were shared on how to optimize business credit. This article provides a concise summary of the webinar, highlighting key points and strategies for entrepreneurs to leverage credit to its fullest potential while maximizing Tax Saving and achieving Tax Free Wealth.

Building a Fundable Credit Profile:

To begin, the Credit Brothers emphasized the importance of a strong personal credit profile when applying for business funding. Banks and lenders often consider the creditworthiness of the business owner, making it crucial to maintain a positive personal credit history. The Credit Brothers highlight how a robust credit profile plays a significant role in achieving these financial goals. By following their guidance and establishing a fundable credit profile with 10+ positive accounts, no late payments, a mix of credit types, and adequate credit limits, entrepreneurs can position themselves for favorable credit opportunities.

Optimizing Business Credit Cards with the Credit Brothers:

One of the key strategies discussed by the Credit Brothers was leveraging business credit cards to access capital. Business credit cards offer flexibility and can be a useful tool for financing business activities. Unlike personal credit cards, they do not impact personal credit utilization ratios, allowing individuals to maintain a strong personal credit profile. The Credit Brothers recommend exploring business credit cards with 0% APR periods, as they provide an opportunity to access significant funds without interest expenses.

Benefits of Balance Transfers for Business Owners:

The Credit Brothers, leveraging their expertise also highlighted the potential of balance transfers to manage interest rates effectively. Although balance transfers are more common on personal credit cards, they can still be used effectively on business credit cards. By taking advantage of 0% interest periods, business owners can open new cards and transfer balances, enabling continued access to interest-free funds. This strategic approach helps with optimizing credit.

Diversifying Banking Relationships for Maximum Credit Potential:

To optimize credit opportunities, the Credit Brothers advise diversifying banking relationships. As seasoned credit consultants , they understand the importance of establishing relationships with big banks, such as Chase and Bank of America, for high-limit business credit cards. Regional and local banks, on the other hand, may be more suitable for lines of credit. By strategically selecting banking partners, entrepreneurs can enhance their credit options while implementing effective Tax Saving strategies. The Credit Brothers emphasize the significance of staying below certain credit limits to avoid complications arising from UCC filings, safeguarding entrepreneurs' credit potential.

Credit Optimization Strategies for Entrepreneurs: 

To further optimize credit profiles, the Credit Brothers recommend opening new credit cards to increase overall credit limits. They understand the significance of utilizing credit to its fullest potential. Additionally, adding authorized user accounts with trusted individuals or family members can boost credit profiles. It was also emphasized that reducing personal credit card balances and transitioning business expenses to dedicated business credit cards helps maintain low utilization rates, positively impacting credit scores. These strategies align with the Tax Strategists' approach to help entrepreneurs achieve Tax Free Wealth through prudent financial planning.

Conclusion and Further Assistance from the Credit Brothers:

In conclusion, the webinar featuring the Credit Brothers, renowned entrepreneurs and credit industry consultants provided valuable insights for entrepreneurs seeking to access funding and optimize business credit. By building a fundable credit profile, leveraging business credit cards with 0% APR periods, exploring balance transfers, diversifying banking relationships, and implementing credit optimization strategies, business owners can unlock the power of credit for their ventures while aligning with Tax Saving and Tax Free Wealth goals.

For those seeking further assistance, the Credit Brothers offer a comprehensive solution to optimize personal credit and facilitate funding applications. They have a comprehensive understanding of the financial landscape and can provide personalized guidance in building a strong credit profile. 

Remember, strategic planning and attention to detail are crucial when building and utilizing business credit. By implementing the strategies shared by the Credit Brothers, entrepreneurs can position themselves for success, unlock the doors to financial opportunities, and pave the way towards Tax Free Wealth.

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