Here's a Success Secret: Apply for Credit Lines Simultaneously and Not Sequentially

At a January 2009 workshop I attended, Dan Kennedy, my marketing mentor and one of the world's highest paid copywriters, observed how his most successful clients act simultaneously not sequentially. He tells the case of a man who needed funds, so he applied to 10 sources at the same time. He got five acceptances, and actually surpassed his original goal. If he had approached his challenge conventionally, he may have taken action on only one channel, possibly got turned down, and perhaps given up.

The job of an entrepreneur is to raise capital and generate revenue. One of the best ways to raise capital is to get credit, so you have access to money at your fingertips whenever you need, without having to beg someone. Apply this to the process of getting and building business and personal credit lines.

In my business, I am applying for and processing at least a half dozen credit line programs at the same time. These may be a combination of personal, business, or both. Each are in different stages of development. For example, I have two seasoned corporations I have built credit with one provider. Also I am building credit for my corporation that has been in existence in 2001. Recently I was offered another preapproved $20K credit card, which I applied for immediately. But

Another provider claimed he could get me a $750K credit line, which I was supposedly "guaranteed". The guarantee was so solid that I have been refunded my original $7K upfront investment that I paid them. I have yet to receive this line.

Anyway, my point is that you cannot rely on any one particular source to come through, especially during chaotic, turbulent economic times. A "guaranteed approval" one day can turn into a decline the next as a result of policies that change almost daily, much to the frustration of borrowers and bankers alike.

There are risks in applying for credit lines simultaneously. If you have more than one business operating out of a single location, DNB may flag one or both companies and you lose all the credit rating you have built up. After getting flagged, I am told this is very difficult to restore.

Another risk is that if you have many applications floating around, if the applications overlap and end up at the same bank or provider, that could cause you to be rejected because it is apparent you are shopping for credit. To help prevent this, only apply for 2-3 credit lines at a time, and make sure with your sources that you are applying to different banks.

Also you could end up with too many inquiries on your personal or business credit bureaus, which could also get your credit request declined. There are special ways to delete and remove inquiries from your credit bureaus, fortunately.

To make the most of this strategy, write down your short-, medium-, and long- term goals. Getting access to the money to run your business is one of the most crucial and challenging endeavors, especially now at the time of this article.

Getting and building credit will help ensure you survive and prosper in these times. Follow these steps, and put into motion several of your credit strategies all at the same time, and your goals will come true.

How to Delete Inquiries On your Credit Report

Like it or not, having inquiries on your credit report can get you turned down for a loan approval or credit report. I've applied for credit for years for myself and my clients, and I can't tell you how many times a bank wrote a rejection letter that we were turned down for a credit card "because of excessive inquiries."

No matter what a creditor tries to convince you of otherwise, inquiries DO lower your credit score. Granted, some mortgage companies, for example, only consider your most recent inquiries for past 3-6 months. The more you have, and the more recent you have them, the more your score is lowered. And a lower score also means you will end up paying a higher interest rate on your credit, which could cost you thousands of dollars over time.

In fact, many business and personal credit line services who specialize in obtaining credit lines for their customers won't even touch you if you have more than 2-3 inquiries per bureau.

But how do you delete inquires? The bureaus may like to tell you the propaganda that inquiries cannot be deleted, they are permanent, and stay on for months, even years.

Nothing is farther from the truth. Based on years of trial and error, I've uncovered some of the best ways to remove inquiries.

1. Write the bureaus a letter. Especially if an inquiry is truly unauthorized, they will have to contact the creditor and ask for them to prove the existence of the inquiry. Most will not have the time, or documentation to prove it, and inquiries will just fall off.

NOTE: Beware of disputing inquiries pertaining to an open credit line. For example, I heard of a consumer whose car got repossessed by Bank of America because he disputed the inquiry associated with obtaining the car loan with that bank. This is an extreme case, but beware of the risks.

But if inquiries resulted from "shopping" for credit, these are fairly easy to fall off.

2. File a fraud alert and dispute inquiries as fraudulent. Be careful of this as well, as your file will then be very closely scrutinized by higher paid credit bureau staff, which can be to your disadvantage.

3. "Bump" your inquiries off with TransUnion. For example, subscribe to a credit monitoring service such as creditchecktotal.com that allows you to check your credit daily with updates. These updates are "soft pulls" on TransUnion bureau. So they don't count as inquiries that other people see that would affect your score, but they are added to the record. Enough of these soft inquiries maxes out the record, and eventually bumps off the inquiries seen by all. It takes approximately 60 soft pulls. But you can cut the time in half by subscribing to multiple services that allow you to check inquiries daily.

Note that deleting inquiries years ago was much faster and easier than now, as bureaus have tightened up in their practices. TransUnion appears to be the most difficult to work with at this point in time, and takes the longest to see results with by mailing letters. Whereas Equifax and Experian are pretty fast.

4. Hire an expert to delete inquiries. I have worked with 3 different providers that have all performed. I have paid as much as $150 or more per inquiry to an attorney for deletion because the money I had paid him would be quickly recouped by the credit lines I would get approved for after the inquiries were deleted. No provider can guarantee all inquiries will be deleted, rather, on a "Best efforts" basis.

The most recent expert I have worked with uses a proprietary online and offline tactics to get inquiries deleted quickly and professionally. His cost is one of the most reasonable I have seen and he is very responsive and professional.

This should give you a better overview and more hope for your credit report. Time and space does not permit me to share the specific letters I have written to delete inquiries successfully.

Or if you wish to have the provider's contact information I would be glad to share it with you. This is all contained in my step-by-step home study system that teaches you how to repair and build your personal and business credit so you can have all the money you need to tide you over during these times.

Although the bar has raised for credit, banks still have plenty of money to give you, and if you can tap this vault, you will have an advantage that will help you make a fortune because you can buy assets as such an incredible discount.

Please visit the Million Dollar Corporate credit system for complete information.