Reply
Established Member
Subsignal
Posts: 12
Registered: ‎09-15-2013

Establishing Virtual Business Location...

So I would like to establish a business location that is NOT my home because I suppose to build business credit, you cannot use your home as your address of business. SO, I suppose it's recommended to get a virtual office that is in your hometown. Mine is only 5 miles away from me and it's $100 per month but the question I had was is it okay if I get one that is 25-30 miles from me instead because it's only $49 per month? Does it matter that much if it's not EXACTLY in my home town?

 

Thank you.

Mega Contributor
Creditaddict
Posts: 18,911
Registered: ‎10-23-2007

Re: Establishing Virtual Business Location...


Subsignal wrote:

So I would like to establish a business location that is NOT my home because I suppose to build business credit, you cannot use your home as your address of business. SO, I suppose it's recommended to get a virtual office that is in your hometown. Mine is only 5 miles away from me and it's $100 per month but the question I had was is it okay if I get one that is 25-30 miles from me instead because it's only $49 per month? Does it matter that much if it's not EXACTLY in my home town?

 

Thank you.


1. It does not matter how far away it is especially when talking such a short "commute" if really going to office I don't think 30 miles is anything.

2. Why can't you establish business credit for a home address? granted it is easier and you look bigger by providing a business address that matches up to a commercial address but I have build many of business credit profiles from my home address.... what is important that matches for auto and quick looking manual reviews is that the address with the state for your LLC, EIN or what not matches that of the address you are using for credit and such.

Just get yourself an 800 # through Ring Central and unless going for big credit and without pg etc. you will probably not see any issues going through verification.

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Member
Subsignal
Posts: 12
Registered: ‎09-15-2013

Re: Establishing Virtual Business Location...

So I don't NEED to get a business address? My goal is to get a few business credit cards with limits of 10k or higher. So as long as my business papers and where I filed matches my home address, I should be good? Thank you.

Mega Contributor
Creditaddict
Posts: 18,911
Registered: ‎10-23-2007

Re: Establishing Virtual Business Location...


Subsignal wrote:

So I don't NEED to get a business address? My goal is to get a few business credit cards with limits of 10k or higher. So as long as my business papers and where I filed matches my home address, I should be good? Thank you.


yeah if your credit is good the banks are only concerned about your credit and your money... not weather you have a brick and mordar business.

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Member
Subsignal
Posts: 12
Registered: ‎09-15-2013

Re: Establishing Virtual Business Location...

Well I'm not really caring about a bank per se. Like I said, I wanted to be able to get a few nice credit cards with limits above 10K.

Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Establishing Virtual Business Location...


Subsignal wrote:

Well I'm not really caring about a bank per se. Like I said, I wanted to be able to get a few nice credit cards with limits above 10K.


I would advise you do some more research I have researched this a lot early during my business start up and what I found is banks will not lend to you if they determind you have a virtual office see attached example I have read articles from D&B as well as others that confirm this to be true YMMV

http://samnii.com/Business_Credit_Dos.html

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Established Member
Subsignal
Posts: 12
Registered: ‎09-15-2013

Re: Establishing Virtual Business Location...

Thank you, that really helped. Appreciate it. :smileyhappy:

Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Establishing Virtual Business Location...


Subsignal wrote:

Thank you, that really helped. Appreciate it. :smileyhappy:


Not a problem just didn't want you proceed w/o all the facts and then make a costly mistake that would hurt your efforts. Setting up a business can be a lot of pitfalls if not given the right info. 

I do have a question why can't you use your home address is it a zoning issue or local ordinance?

 

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Established Member
Subsignal
Posts: 12
Registered: ‎09-15-2013

Re: Establishing Virtual Business Location...

Im sure I can use my home address. I just read other articles saying not to so I was a bit scared. lol. 

 

If I open up the 5 trade lines, then go to the second tier, and then third tier, how long abouts will that take me? My goal is to eventually acquire 2 or 3 10K+ credit cards.

 

 

Thank you again. : ]

Mega Contributor
Creditaddict
Posts: 18,911
Registered: ‎10-23-2007

Re: Establishing Virtual Business Location...

What does your credit look like?
Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+