topic Just started an LLC business by myself in Business Credit

Just started an LLC business by myself

Anonymous — Tue, 23 Jun 2020 15:01:38 GMT

I just started a pressure washing business, created an llc, and was wondering where to start on the business credit card end. Is there a large benefit to having a business credit card, does it have an effect on my personal credit, and with not having a business credit card before, is there a starter business credit card similar to personal cards?

Re: Just started an LLC business by myself

Red1Blue — Tue, 23 Jun 2020 15:07:28 GMT

Usually the business has to be operating for 3 years before you can apply for unsecured credit on business. Amex and some banks though you give personal security they will not report on your personal credit report unless you/company defaults on it. CapitalOne and other banks will report on your personal credit. Best thing is do some more research. Get your business a DUNS number and Register with Experian Business. Grainger and other companies offer 30 day accounts. Once you have DUNS number start applying for them and let the company start building its own credit. I have done that earlier for couple of my startups. it is pretty straight forward. Just do the home work first. Wish you and your new business all the best.

Re: Just started an LLC business by myself

GApeachy — Wed, 24 Jun 2020 13:51:26 GMT

You could check with your bank to see if they offer a secured biz card and/or if you could qualify for one of their cards...depending on your banking history. Check online for a secured card as well. It's a start. Good Luck!

Re: Just started an LLC business by myself

Mjhall85 — Wed, 24 Jun 2020 23:12:28 GMT

Good on you for starting your own business! I just started one myself. My bank said I can get a business card with my llc if I personally guarantee it. I would get a DUNS number and get on experian to help build credit. I have done both but only been open about a month so will take some time just like personal credit for it to get good. Best of luck to you!

Re: Just started an LLC business by myself

WayneSki — Thu, 25 Jun 2020 00:52:50 GMT

@Mjhall85 wrote:
Good on you for starting your own business! I just started one myself. My bank said I can get a business card with my llc if I personally guarantee it. I would get a DUNS number and get on experian to help build credit. I have done both but only been open about a month so will take some time just like personal credit for it to get good. Best of luck to you!

Congrats on your new business! Great example on how to use your personal credit to advance your business and build business credit . Skipping the "vendor credit" shenanigans.

Re: Just started an LLC business by myself

Anonymous — Sun, 28 Jun 2020 01:47:13 GMT

Congrats on starting your business.

I would agree to start with your bank.

With the LLC you want a business checking/savings kept separate from your personal

So it would be good to get friendly with them and see what they have to offer.

A personal guarantee more than likely will be required.

Good Luck!