Building Business Credit

[Anonymous]

ah32,

I disagree I have business credit that is not personally guaranteed.  I would recomend applying for a gas card first...Pay for 6-7 mos before its due.(always before its due) this will get you a paydex score of 80+. Then you can go on to a Staples or a Office depot. You have to always pay before the due date not ever past. Good luck! And you don't have to do anything DandB they will find your info they sell everything just like regular CRA's Unless you are a large or growing company that needs capital to expand don't waste your time and money...in time you can do that. For now you need to take it slow.

[ah32]

Again, I ask what their goals are.  Most of the businesses I work with are looking to grow beyond their garage.  A staples card will not cut it.  I wasn't implying that you needed a personal guarantee (assets) to get business credit.  I did say that business credit is usually obtained through having a solid personal credit history.  With a solid personal credit history, you can obtain business credit.  If business credit wasn't personally guaranteed, everyone would do it when they messed up their personal credit.  Just my opinion.  Thanks for reading.

[Anonymous]

No worries...its all good! 

 I would like to say in defense of TUSCANI our moderator. First I really don't care what his score was, is or will be.  He has, and continues to give his time and energy to help others here. And I don't always agree with all he says and I'm sure he feels the same. But the great thing is he puts it out there and its all open for debate, sharing or what ever....And for that I'm thankful! Thank Tuscani for all your hard effort here.

[Tuscani]

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ah32 wrote:

OK, I have to chime in here.  We are all here to build up our credit scores to the next level.  I'm concerned.  Everyone always asks Tuscani for advice, but as I've read in previous posts, his scores are in the 400's.  Why should one take advice from someone when their scores are in the 400's? Even when I was having major credit issues, my scores were in the 500's.  I'm not trying to piss you off Tuscani, but what makes you an expert? Especially when it comes to business credit? Let's keep it on the message boards, so we can get other people's opinions.  Credit is like surgery, one needs to make deliberate decisions, not educated guesses.  I'm not saying you haven't given a lot of great advice, but let's keep it that... advice. 

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First off, the 400 post was a joke. And even if it wasn't, how does that make me any less credible (no pun intended)? Sharing what I know doesn't have any impact on what my particular situation might be. Credit is 100% YMMV.  

I am no expert, nor have I ever claimed to be. I simply share my experiences and advice. Along with working at Fair Isaac, I own an IT consulting company. So my knowledge with business credit is quite vast. Its no secret that if you are educated enough and "play the game" you should NEVER have to personally guarantee your business accounts. Mixing your personal and business credit is just bad voo doo anyway.

So, I do not take offense to your post, but I think it is fair to say that there are several respected members on this forum. I would like to think I am one of them. Given the amount of postive feedback and success stories, I believe it is fair to say that we are trusted in the advice we give.

[Anonymous]

my dream is to own a business one day.

[Anonymous]

SoConfused,

When you applied for the gas card for business, did you use your FEIN #? 

[Anonymous]

Yes!

[Anonymous]

Thank you.  I have a FEIN# and I think I'll try to do that and see what flies...

[Anonymous]

My company is a Real Estate Brokerage firm. It's set-up as an S-Corp. I have a DUNs credit file (just nothing in it!). My comapny has been in business for only 6 months. I'm trying to establish my business credit now, so that in 1 yr or so I can purchase mulit-unit investment properties through my company, instead of using my personal credit. Business is great right now, and I would like to build my business credit while I re-build my personal credit, so that when I go to get business loans I'll look good on all fronts. I'll try the gas card though. I also see that Wells Fargo has a secured card for businessess, but you need $1000 to open it......yikes

[Anonymous]

I have never tried the Wells secured card before. That sounds like a great deal if you don't have to personally guarantee.  What I have done in the past with my bank is borrow against funds I have on deposit in my business accounts. Have also put money into a CD named the business as benefiary and borrowed up to 105% of the CD amount great way to use your money and pay very little interest. Net I was paying 0.9% for the loan.