Every business at some point will need to leverage debt to grow. But as you’ll discover in this episode, there is more than one type of credit to use and if you don’t know how to get funding, you could end up destroying your personal credit!
On Amplify Your Success episode 354, Merrill Chandler, a personal and business credit pioneer, uncovers the secrets to getting funded and debunks common myths surrounding creditworthiness.
We focus on the concept of fundability, which are key factors that make banks willing to lend you money, even if your credit score isn't perfect. Merrill explains that a fundable profile goes beyond the credit score and involves factors such as identity profile, financial profile, banking profile, and credit profile.
The episode also delves into the difference between personal and business credit profiles, warning listeners about the pitfalls of business credit cards appearing on personal credit profiles. Tune in to hear this eye-opening episode as Merrill provides practical strategies to improve fundability and access funding sources for your business.
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:06:10 Fundability is the principle of getting approved for a loan based on various factors including banking relationships and credit score.
09:11 Why credit repair isn't the best strategy and entrepreneurs should focus on fundability.
12:24 The importance of understanding personal versus business credit cards, and how to know which one will actually provide the right funding without eroding your personal credit.
14:00 Why you should avoid co-mingling business and personal credit debt.
18:43 When to use credit cards versus get a business loan.
21:55 Merrill discusses the ins and outs of bank loans and lines of credit.
30:02 Why your fundability score is important for business credit approval.
34:11 How strategic debt leverages capital for higher returns.
Get Merrill’s Free Get Fundable checklist: https://www.getfundablechecklist.com/free-checklist1
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