@Anonymous wrote:Hi everyone, I am trying to apply for business line of credit but don't want my credit ran? Is there a way this can be done and if there is, how? Thanks!
If you mean you don't want your personal credit run, yes, you need to apply for a business credit line that doesn't require a personal guarantee.
The ones I know of are
Quill
Office Depot
NewEgg30
NewEgg55
Amazon55
CleanItSupply
If you go through other posts in the "Business Credit" section you'll find others.
I know Staples has that type of credit, and Sams Club Business, and BP I believe.
Add the following
BJs (fax in only)
Sam's Club (in store only)
JcPenny (fax in only)
Staples (fax in only)
Home Depot (in store only)
Lowes
The in store and fax only ones are to avoid personal guarantees. If you try online, they will request it.
Gardening since 12/15/2019. Goal 12/15/2021
Stevie,
Most business lenders will require your PG unless you can demonstrate your company is profitable AND has net worth (i.e., a decent retained earnings account for the level of sales and profit you have).
Some lenders out there will extend you a small $10,000 to $25,000 business loan without a personal guaranty. Even for something that small, you will still likely need to show them your personal credit to confirm you aren't hiding bad personal credit (just make sure they don't have you PG on the loan docs). Once you get your first "corp only" borrowing experience, this will be reported to Paynet (your business credit report) as "0 guarantors" giving evidence to any other commercial lender that pulls your Paynet that your loan had no individual guarantors.
After you start that "corp only" borrowing track, you can start borrowing higher and higher limits without a PG as long as your company financials remain solid.
Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)