Interview

In this interview, Ty shares his personal story, insights into the importance of business credit, and advice for entrepreneurs looking to grow their businesses.

Q: Ty, it’s great to have you here with us today. To start, could you share a bit about your journey and how you got into the business world? 

Ty Crandall: The first company I ever owned was a mortgage company. I poured my heart into it, working long nights to make it successful. But when the mortgage crisis hit, I saw firsthand what it was like to watch a thriving business fall apart. The niche I had in the mortgage industry vanished practically overnight. Despite my best efforts to keep the business afloat, I had to shut it down. Since I guaranteed a lot of the business’s debt, I wasn’t aware of business credit, and that lack of knowledge nearly led me to bankruptcy. However, I eventually recovered and transitioned into the credit industry to help others avoid what I went through

Q: That must have been a tough time. Was this during the 2008 financial crisis?

Ty Crandall: Yes, it was the 2008 financial crisis that set everything in motion. As I was recovering from the damage, I realized there was a way to help others avoid my mistakes. That’s when I discovered business credit. If I had known about it and separated my business and personal finances, I could have avoided the personal fallout when my business failed.

“Business credit is an incredibly powerful tool, and when used correctly, it can make all the difference.”

Q: It sounds like a major learning experience. Do you think a lot of entrepreneurs assume they need a large company before they can use business credit, or should they be thinking about it as soon as they register their LLC? 

Ty Crandall: That’s a great question. The statistics show that about 90% of business owners don’t understand business credit. But just having business credit makes you about 50% more likely to secure financing. Many think it’s something only big companies with CFOs use, but the truth is, it’s accessible to startups as well if they know how to build it. Business credit limits are often 10 to 100 times higher than personal credit limits, and personal credit cards are not designed to fund a business that needs much larger amounts of capital.

Q: What about interest rates for business credit? Are they comparable to personal credit?

Ty Crandall: Interest rates can vary, but they are often similar between personal and business credit, though they can sometimes be a bit higher or lower depending on the situation. The big difference is that business credit comes with much higher credit limits. For example, a business credit card can have a limit between $20,000 and $50,000 or more, while personal cards typically don’t reach those amounts.

Q: You mentioned that the 2008 crisis almost pushed you into bankruptcy, but you managed to recover. How did you go from such a low point to eventually building a successful business?

Ty Crandall: My credit was in shambles after the business failure. The debts showed up on my credit report, which severely hurt my credit score. But business credit was a game-changer. Unlike personal credit, business credit isn’t tied to your consumer credit score, revenue, or collateral. I was able to start a new business, fund it using business credit, and grow it into a seven-figure operation. I eventually sold that business and now run an eight-figure company thanks to business credit.

Q: That’s inspiring! How long did it take to go from rock bottom to a stable position?

Ty Crandall: With business credit, it took less than six months. Because it isn’t tied to personal credit, I was able to secure high-limit accounts right away once I understood the process. Many entrepreneurs hurt their personal credit and struggle to get loans, but business credit bypasses all of that.

Q: What are the key factors involved in building business credit?

Ty Crandall: First, you need to establish credit to create a business credit profile. Lenders will review this profile to make approval decisions. Once your business has a solid credit profile, you can stand on your own, separate from your personal credit. Big companies already have strong business credit profiles, and lenders check those first. For example, if I wanted a $20,000 credit line with a company like Apple, they would review my business credit profile. If a small business doesn’t have one, lenders will check the personal credit, which can lead to denials if it’s not strong

Q: Does your company assist entrepreneurs in establishing their initial business credit profile?

Ty Crandall: We begin by identifying the reasons someone might have been denied credit and then help align their business to meet lenders’ criteria. A major reason for denials is fraud concerns. Banks are extremely cautious about fraud, so small mistakes like mismatched business information across records can trigger fraud alerts. We help clients ensure all their business details—like address, phone number, and website—are consistent across all platforms.

Q: Thanks for sharing that, Ty. Your journey and insights into building business credit are truly valuable for any entrepreneur looking to scale their business.

Ty Crandall: It’s my pleasure! I hope others can learn from my experiences and avoid the pitfalls I faced. Business credit is an incredibly powerful tool, and when used correctly, it can make all the difference..