topic Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME in General Credit Topics

NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Fri, 22 Jun 2007 21:18:44 GMT

Does anyone have suggestion on which card i should apply for my new small business. I have a bk that was discharged in 03 and EQ 751 TU 704 EX 718. I am not sure as to which way i should start to build credit for the business.

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Tuscani — Fri, 22 Jun 2007 21:20:17 GMT

Business credit is a whole other animal. If you build your business credit right you shouldn't have to personal guarantee anything. PM me your e-mail address and I will send you some info.

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Zeryl — Fri, 22 Jun 2007 22:19:01 GMT

Would you be able to forward this info on to me as well? A partner and I are currently entertaining opening a business, which has proved successful in the past, so loans "shouldn't" be too difficult to obtain.

Thanks!

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

MM1234 — Fri, 22 Jun 2007 23:27:16 GMT

I posted a reply to a similar question. I wish I knew how to find that post. Maybe click on my User ID to see what I replied to?

Im Co-owner of a biz and have been for like 6 yrs. Its HARD!! For years we have had Biz Credit Cards in the Biz name that were NOT tied to our personal CR but WERE tied to our personal names as a gurrantor. But recently we finally got REAL Credit in the biz name only. Its nice to have incase we need it. Just use it and pay it off the same month. This helps you look good.

But - I was told by the bank person that for biz credit the Banks like you to keep a small Balance so you can help them make a little $$$ but when its time that you want more they should show you some love !!

Make sure you are a CORP or S-CORP. Otherwise i think its impossible. Check your D&B Paydex too so you see how your biz stacks up.

Message Edited by MM1234 on 06-22-2007 04:27 PM

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Sat, 01 Dec 2007 06:05:43 GMT

I have been trying to find some info about establishing credit in my new biz's name...can someone please send me the info mentioned in this thread?

Thanks!

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

rudy — Sat, 01 Dec 2007 13:06:47 GMT

Someone asked about this a while back. There is a excellent thread on this subject. I believe I got the information. You will need to do a search. I found it back in june or july. I need to chk my computer to see if I still have that info. If you find it or if I find it (the info) i will post here. Please do the same

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Sun, 02 Dec 2007 23:22:14 GMT

Wow! I'm SO glad my friend told me about this forum! You guys have been so incredibly helpful!

I've applied for the usual cards w/ no PG (Home Depot, Wal-Mart, Staples, Shell, Office Depot); and they've all asked me to call...I'm assuming for further verification. But I haven't been able to find a major credit card w/ no PG yet. Is there such a thing?

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Sun, 02 Dec 2007 23:27:23 GMT

Here's quite a long thread on firt cards and subsequent cards for starting biz credit.

http://fico.lithium.com/fico/board/message?board.id=creditcard&thread.id=18987

What you are limited to isbased on your biz structure and the number of years in business. I find Staples, OD and Shell Fleet revolving, the easiest to get wihtout a PG for starter cards. Make sure you have a DNB and FEIN

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Sun, 02 Dec 2007 23:28:39 GMT

dede206 wrote:

Wow! I'm SO glad my friend told me about this forum! You guys have been so incredibly helpful!

I've applied for the usual cards w/ no PG (Home Depot, Wal-Mart, Staples, Shell, Office Depot); and they've all asked me to call...I'm assuming for further verification. But I haven't been able to find a major credit card w/ no PG yet. Is there such a thing?

Majors that don't require a PG require a thick file and an incorporation. You'llprobably need to PG your first few an then fly without wings. It is possible to get the HD without PG but that would need a thick file.

Re: NEED TO ESTABLISH CREDIT IN NEW BUSINESS NAME

Anonymous — Sun, 02 Dec 2007 23:41:43 GMT

Thanks, Brammy! My biz (corp.) is a newborn; so I think I'm just going to have to be a little more patient...