Master Business Credit: 5 Steps to Financial Freedom with Sue Schuster

Dylan Silver (00:00.91)
Hey folks, welcome back to the show. I’m your host, Dylan Silver. And today on the show, I have a corporate credit coach as well as just released an application, which is really pretty incredible. We’re gonna talk about that here today. Out of Montana, by way of Pennsylvania, Sue Schuster. Sue, welcome to the show.

Sue Schuster (00:23.704)
Thank you so much, Dylan.

Dylan Silver (00:25.42)
It’s a pleasure to have you on the show here. We were chatting before hopping on about really a super niche and to me very new idea, which is you have an application that you launched to help folks build their corporate business credit.

Sue Schuster (00:42.392)
Yeah, it’s amazing. The app is not very old at all. We’re really excited about it and helping people grow their corporate credit.

Dylan Silver (00:50.084)
You know, for me, I got an LLC, don’t know how many, it might be a year ago at this point, but it felt like just yesterday. And one of the things that they give you is an EIN number. And I know from my time when I was in car sales, I did car sales before getting into real estate, that we’d all the time have people who would try to buy vehicles to get their business credit going. And it was a whole rigmarole. Like almost no one could actually do it.

The people that did do it had to be so savvy and like experts on this and they even some of the finance people who worked for the dealership didn’t weren’t familiar with the process. So sometimes what we would often see is they would have to I forget the exact terminology but effectively they’d have to co-sign or be the guarantor for the note and then they might have to do that twice before their business credit would be established enough where they could do it on their own. And so.

you know we were talking beforehand that some people think you know it’s too good to be true how do I get my business credit going through an application so where did the idea for an application you know come about

Sue Schuster (01:59.436)
Well, mean, funny you bring up the trucks and getting cars, because our founder and one of the CEOs actually did just that. So he had a trucking industry and he knew about corporate credit. He was savvy enough to go ahead and establish the corporate credit on his own, learned everything, and then went and bought two vehicles on a company that

He had just established and they went to the dealership and says, I want to buy these on the EIN number. And the dealership’s like, okay, yeah. And he’s like, no, no, trust me, just go put it through these banks and do that. And they came back astonished and were like, wait a minute, this actually worked. So he’s done that a few times now, gotten, different vehicles on his EIN number. So it is possible. You do need to know what you’re doing. And now we made a very easy way to do it with the app.

Dylan Silver (02:49.082)
hospital.

Dylan Silver (02:54.136)
Now, I’ve also heard this term, and I don’t know if this is a similar thing or something completely different. This is just my ignorance to the subject. Is it dubs and Bradstreet? Is that involved with EIN? Is that something completely different? Are you familiar with this?

Sue Schuster (03:07.52)
Of course. So there’s three reporting agencies. There’s Dun & Bradstreet, there’s Experian Business, and there’s Equifax Business, all separate from personal. And the problem is actually a reporting problem. They say they report on your EIN number, especially like when you do an SBA loan or other bank loan, but then you also put your social security number. Often that gets reported to your own social security or it gets reported to nowhere. Very, very rarely does it get reported to any of the three.

Dylan Silver (03:37.37)
Yeah.

Sue Schuster (03:37.376)
and that’s what we kind of specialize in is making sure it gets reported, how it’s getting reported, and then utilizing it.

Dylan Silver (03:45.156)
So without a lot of education, it does seem like a lot of people will just continue to use kind of their own personal credit and not really build any business credit. And there’s so much information that I’ve seen. I’m sure you’ve heard a lot of these things like, you know, establishing, I forget what the term is, but like trade lines at some of the like for fix and flippers at Home Depot or some of these places. And there’s so much information out there. Is that a lot of what you you dive into when you’re

in your application and when coaching people through this process.

Sue Schuster (04:17.516)
We do, like many cards, there’s two cards. There’s two Home Depot cards, one for regular people and then one for the corporations. How do you get that corporation card? You have to already have corporate credit. Capital One does it too, Amex does it too. So there are cards out there that you can utilize just on your EIN number. The problem is getting to them. So yeah, that’s what we’re teaching to do.

Dylan Silver (04:42.978)
And so for folks who are looking at establishing that business credit, what do you recommend is kind of like the baseline? Like this is what you should have prepared. Do you need to have outstanding personal credit already? Like if you’re not close to, know, high 700s, is that something that you should be working on? Is there, you know, should you say, well, I should have a nest egg established before I go into this? What’s kind of the mindset as well, that foundational when you’re looking for business credit?

Sue Schuster (05:11.256)
For the business credit foundation, actually you just have to have your business set up correctly. So are you an LLC? Are you a sole proprietor? Is that done correctly? Are you filing your taxes under it? What’s your address? What’s your phone number? Because the lenders do not like a Gmail account and they don’t like to call your cell phone. They don’t wanna Google it.

the property and say, nope, that looks like a house. So we teach them actually how to set up their companies correctly and then how to make sure that what they’re doing is getting established to the three credit bureaus and to sign up kind of like a FICO score to make sure that that’s right. And then we will go start utilizing cards and loans and everything else that do report.

Dylan Silver (06:00.248)
Now for… I mean, selfishly I’m thinking about this and thinking about, well, now I know somebody who’s in this space because I was looking at this myself. But how did you get into this space? I mean, it does seem like it’s difficult to become an expert in this.

Sue Schuster (06:14.772)
It is. I fell into it through business coaching. So I used to be a small business owner for 20 years. And then I went into the financial industry and I didn’t like that so much. So then I found the opportunity to put my coaching experience that I’ve had for a long, time and building a business and finance together. And I found this awesome company that has a fantastic culture and I just feel completely at home. And they taught me all this stuff because I definitely didn’t know. And part of the mission

is, hey, I didn’t know, what else don’t I know, and what else doesn’t everybody else know? They should know too.

Dylan Silver (06:49.838)
Yeah, very, very, very little. mean, I’m thinking about the possibilities now. I mean, I’m assuming and correct me if I’m wrong. And I don’t know how much work you do specifically with people who are involved in flips. But are people able? Are people, you know, are they able to qualify for, traditional mortgages and like hard money loans based off of their, you know,

Sue Schuster (06:53.312)
You

Sue Schuster (07:04.942)
Oh my goodness, this is amazing. This is like…

Dylan Silver (07:16.356)
business credit itself rather than having to use their personal credit? Is that something that lenders are, and do they, do lenders even care? Cause when they put it in, if it’s good credit, it’s good credit.

Sue Schuster (07:26.67)
There’s a couple ways to do it. So let me back up again. This is like tailor-made for flippers or rental owners or key hold. It is absolutely amazing for it. So there’s three ways to establish corporate credit. First is through the app. Of course, that’s the cheapest. And then we can, if you’re not savvy or can’t be accountable to yourself to do the things on the app, then we have a coaching that can walk you through the process.

And then there’s a shortcut. Everybody loves a shortcut. Of course, we’ll get a little more expenses as we go up. But the shortcut can get you funding on your EIN number to use any way you want to in 90 days.

Dylan Silver (08:12.292)
Wow.

Sue Schuster (08:13.262)
So if you’re a flipper and you’re looking for quick sales or share of sales, something like that, and you need money kind of quick, I mean, maybe that’s not quick enough for a share of sale, but you can get it established. It’s on lines of credit. It’s on short-term or long-term loans. It can be on credit cards. You can use the money for whatever. It’s not called a mortgage. It’s on your EIN number. And we have different ways to do that as well.

Dylan Silver (08:40.708)
So I do want to get a little granular here, Sue, and you don’t have to give away all the gold, but maybe some of it. For folks, I’m thinking about myself. I’ve done probably 20 or so wholesale transactions where I’m effectively selling the contract to an end buyer. So I’ll get a property under contract and I’ll sell to an end buyer. I’m now a licensed real estate agent, newly licensed in Dallas. so thinking about these spaces,

I’m thinking about myself and other people who are looking at doing flips. But it does seem I’m now even like, well, who can build the business credit? Do I need to have, you know, lots of available cash and, you know, an extensive credit history and super stellar credit in order to get the business credit going? Or is it like you mentioned, really just having a solid business foundation?

Sue Schuster (09:35.894)
If you’re starting with the app or with coaching, it’s a longer process. It can take up to a year. So what you’re doing is you’re utilizing your cards, you’re spending money on them, and then you’re paying them off. That’s what the business credit people want to see. They want to see that you can charge and pay off and charge and pay off. And then they’re looking at you like, hey, this person charges a lot and then pays off a lot. They’re going to pay me too. So that can take six months to a year because you have to go through a bunch of credit cycles. So it takes a while.

So you should have a business about two years old. If you don’t, and you would like to kind of take the shortcut version, we can do all that for you. You do need some capital to start it up, but when you have capital, I don’t know, 10,000, 25,000, you can get funding for 400, $800,000 on that. So you can use your start.

Dylan Silver (10:34.82)
gosh.

Sue Schuster (10:35.598)
Snap, huh? You can use your startup money and not like all of it so that you can get big funding at the end. And then it comes from a real bank and it’s real money and we don’t get paid until you guys get paid.

Dylan Silver (10:51.098)
I’m actually not, this is my own personal ignorance on this. I’m not sure how most fix-and-flippers, I actually think if I’m just guessing, if I’m a betting man, that most fix-and-flippers are using their personal credit for all of these things. And if they’re using their business name, it’s still going off of their personal credit. Have you seen that most mom and pop?

Fix and flippers and people who may have a couple of multi-family deals. Are they even aware that they can be doing this? They’re not aware.

Sue Schuster (11:22.924)
No, no, that’s, mean, they’re not aware. This isn’t something that they’re looking up on Google or anything else, because they don’t know to look it up. So this is kind of just out there and we’re just bringing it to the masses. So Wall Street, could you imagine Wall Street that they’ve got to want to make a new factory for Toyota and their CEO is personally guaranteeing this? He’s not doing that. Why are we as mom and pop and why are we?

Dylan Silver (11:30.65)
Yeah.

Dylan Silver (11:45.368)
Right.

Sue Schuster (11:49.27)
We don’t have to either. We just have to know somebody and now you know somebody.

Dylan Silver (11:53.592)
So, you know, I do want to, again, get a little granular when it comes to this process for you as a whole. I mean, you, on a personal note, you were able to get in with a company that specializes in this. Was this something that you were utilizing as well in your business to establish, you know, business credit for yourself as well?

Sue Schuster (12:18.476)
No, I had no idea. So when I got into our group here at the Tri-Turing, they taught me about this. I’m like, wait, what? Why didn’t I know this? Being a business owner for 20 years, I think my story might have been different if I had known. So that’s part of the mission is just to get everybody the funding they need on their EIN and not on their house or their future earnings or their kids’ college education.

Dylan Silver (12:27.033)
Yeah.

Sue Schuster (12:47.246)
to remove all that.

Dylan Silver (12:49.316)
You’re gonna have me going down the EIN rabbit hole here now. When we get off here, I’m gonna be asking chat GPT all about this because I think there’s been, you know, times where I don’t know if I’ve seen through who knows social media or just scrolling my feed. I may have seen something about this, but again, I am falling into the category of one of the skeptics. I was like, well, that’s not real. How does anyone do that?

Sue Schuster (12:56.674)
Yes, please do.

Dylan Silver (13:15.47)
But now being able to have a point of contact, mean, selfishly, I’m gonna ask you, you know, how to get started with this. And so when you’re, you know, talking with folks who are really ideal for business credit, whether they’re fixin’ flippers, or I think another thing is, I don’t know if you’re familiar with Turo, people who have like a bunch of Turo cars out, and so if you’ve got like five or six Turo cars, these are rental vehicles, that you, it’s like Airbnb for cars, and so if you’ve got,

Sue Schuster (13:39.67)
okay.

Dylan Silver (13:43.31)
five or six turtle cars out and they’re all in your name and you’re just signing off on these cars. You know what I mean?

Sue Schuster (13:47.68)
Yeah, yeah, your credit probably is trash because it gets hit every time you try to make a loan. Yeah.

Dylan Silver (13:52.492)
have so many. Yeah, I have have buddies, two buddies, one who actually is in the car business in San Antonio, bunch of Turo cars out and I think he’s paying for all of them in cash. I don’t know if he’s aware that he can he has this other option or he he may be but it’s one of these deals where it’s complicated. How am I going to do that? Like what what time do I have to do this? So I think what you you know,

Sue Schuster (14:16.568)
Well, yeah, you use somebody else’s money. And then the interest rates we’re getting, so the corporate interest rates you get is about two, three points over prime or one, two points over prime. And it’s more money you can get for less of an interest rate. So he’s just using cash and that’s really expensive and hopefully doesn’t, yeah, doesn’t want to, it doesn’t drain him too, too much.

Dylan Silver (14:28.761)
Yeah.

Dylan Silver (14:38.125)
cash is expensive.

Dylan Silver (14:42.82)
For these cashflow heavy businesses too, we talk about rental cars, right? Airbnb, right? So the premiums that your monthly payments are being paid for by someone else’s money, but by your cashflow coming in. And so it really is a perfect fit for people who are looking at sources of funding versus you having to bootstrap it and do everything yourself. Actually on that topic of bootstrapping, I’ve kind of become…

Sue Schuster (14:54.83)
Mm.

Dylan Silver (15:11.648)
aware on some level that there’s a lot of ways for people to get started when they’re entrepreneurs. Most of the time people are bootstrapping. Some of the time they’re, you know, a middleman. That’s what you know, wholesalers are and effectively finding and buyers and finding deals. And some of the time they’re raising capital from other people. And that can seem difficult. I’ve had people on the show tell me that I should start raising capital and I have. But now I’m aware. Well, they can also use

another tool, which is business credit. And, you know, like to your point, you said earlier, it could take, you know, a year to get this established. There’s other quicker ways to do it. There’s no reason in my mind and correct me if I’m wrong. If I’m starting an LLC today, I might as well start getting the business credit established today.

Sue Schuster (15:43.182)
Mm-hmm.

Sue Schuster (15:59.886)
Correct, yeah. So I mean, you want your business credit to be good before you need it, because once you need it, it’s pretty much too late and then you have to go the expensive way. So yes, soon as the app will walk you right through how to build your business from the business name to what type of entity you want to be, to do you need foreign filing, what is foreign filing, it walks you through all that with AI generated and we have a bot in there too.

And then once you’ve established, you’ve filed, and then we go with making sure that you’re filing with Experian, Equifax, Dun & Bradstreet. And then we walk you through what cards and what avenues actually report. And we make sure they are reporting, because if they’re on our site, they report. Otherwise, they wouldn’t be on our site. Not only that, our site has things like Hey Jen and QuickBooks that you, it’s like the discount store in there too.

Not only that, it has a ton of templates in there that you can download for yourself. Maybe you need an HR template, maybe you need a deeds template, maybe you need a rental agreement template that you can put all in there. I mean, not only is it the course that takes you through everything with corporate credit, but it has all these other things and it’s it’s growing daily. So I can’t even tell you what’s on the horizon.

Dylan Silver (17:06.223)
Yeah.

Dylan Silver (17:23.086)
I think a lot of people are going to be interested in this. Are you seeing maybe one vertical or one area industry where this is the best use case for it? mean, of course you mentioned vehicles, but also fix and flipping. Is there one area where you’re seeing just a ton of interest from people in this?

Sue Schuster (17:43.758)
Flippers are definitely way up there. Another one is contractors, people who want to do big business later. Like I will get a large paycheck, but I need a bridge loan to get me there. So I can’t get the bigger business because I have to take the smaller jobs because I have to pay my guys. But if I could have a cashflow or a line of credit that I can pay my guys so that I can get the bigger jobs and get the bigger payday a little later, works super well there as well.

Dylan Silver (18:12.334)
Yeah, for pain.

Sue Schuster (18:12.458)
or somebody just looking to do a new line item, or maybe they really want to go to the next level and they need to pay a couple more employees to grow. So it’s like a catch-22. They need money to make money. And if they don’t have the wherewithal, the knowledge to get the money, whether it be personal or EIN, then they’re kind of stuck where they are, they can’t grow. So this is a means to grow.

Dylan Silver (18:38.25)
man, I feel like I’m up opening Pandora’s box here. What a what an incredible thing that you’re doing. Are you seeing that there’s that many other people that are in this space? I mean, I don’t know anybody personally other than you that I’ve ever met who does this.

Sue Schuster (18:57.132)
There are some people in this space and this is not a new thing. But we have contracted, aligned, partnered, however you want to call it, with some very strategic partners. The people who made the algorithm for the banks work with us. So we know exactly what we need to populate their EIN so that we can get them funding.

Dylan Silver (19:11.994)
Mm-hmm.

Dylan Silver (19:21.272)
Wow.

Sue Schuster (19:22.552)
So we found the right people. Our CEOs are just dynamite and fantastic people. they, we have all been burned. So we didn’t know about corporate credit and then something happened and then we lost our house. That happened to one of them. Somebody else got in a major accident and their partners pretty much stole the business from under him. And then.

Dylan Silver (19:35.705)
Yeah.

Sue Schuster (19:50.518)
Somebody else was in the trucking business and he’s like, there’s a better way to do this. So this is not new, but it is new with the app and it is new to really try to get out there into the masses. That’s what’s new.

Dylan Silver (20:01.714)
I mean, it almost feels like, and I’m not a… I don’t want to say, you know… Well, I’m not going to say that, but it almost feels like there’s concerted effort to not…

let people know about it to the point where like I’m in the space. I sold cars for four or five years and it was very, very rare, extremely rare where I would ever come across anybody who was even familiar with this. And I do think that, you know, more people, more everyday people, you know, you don’t need to have and correct me if I’m wrong here. So you don’t need to have a massive real estate portfolio in order for this to make sense on your second deal. This could make on your first deal. This could make sense if you’ve got the credit there.

Sue Schuster (20:42.702)
Well, think of it like this. So you have, you start with one rental property, that’s in its own LLC, you start building corporate credit on that. That one, gets to be stage two, tier two or tier four. Now you can get another rental company and then you, LLC on that, of course you don’t want.

Dylan Silver (21:05.498)
Sure. Yeah.

Dylan Silver (21:14.503)
my gosh.

Dylan Silver (21:22.66)
So you’re talking about four lines of business credits.

Dylan Silver (21:30.306)
Incredible. my gosh. Well, I’m almost flustered, which is a rare thing for me to be because I’m thinking about the possibilities here. I mean, just to give you an example of how real estate investors are just completely unaware of this opportunity. I’ll talk to people and you know, they’ll be talking about utilizing, which nothing against this. I think it’s a great thing, but they’ll be talking about utilizing credit stacking. I don’t know if you’re familiar with this.

where they will basically have multiple credit cards, 0 % interest, and then stack it up over time to where they may have hundreds of thousands in credit and then reapply to kind of extend the 0 % period. But if they’re doing all that effort into something like that, I mean, that’s a lot of effort. They could do equally as much effort into something like this and get just as much, if not much better returns. I mean, you’re talking for every property. You could be having a business line.

Dylan Silver (22:50.042)
Yeah.

Dylan Silver (23:08.096)
It is a risk. There’s definitely a risk there. Sue, are coming up on time. Really enjoyed learning about this. I’m super excited to go down my own chat GPT rabbit hole with this and we’ll definitely talk after the show here. But where can folks go to learn more about the business, to take a look at the application and maybe to reach out to you if they want to learn more.

Dylan Silver (23:51.746)
Yeah. Sue, thank you. Thank you so much for coming on the show here today. I’m actually personally grateful that you reached out to us and, and booked the time to get on the podcast here. Cause there’s so many people that do need this and you know, including me, I need to look into this. So thank you so much for coming on the show here today. And I think we’re going to see a lot more of you in the business here in the future. So let’s stay connected.