@steelers1 wrote:A little background. I've been self employed for 28 years. My business is set up as a sole proprietorship, however I do have an EIN #. I have never really thought about building business credit since I am personally responsible for all business debt. I do like the idea of business debt not being listed on my personal report. I would sometimes find myself explaining that this payment was for business and this is for personal. It became quite frustrating trying to explain to an underwriter that my work van payment was a business debt, paid for by the business, therefore shouldn't be counted as DTI since it was already accounted for through my business expenses.
I have decided to try to build up some business credit to hopefully in a few years it will not show on my personal report. The only piece of business credit that I have is the Cap One Spark card with a $6,500 cl that I have had for the last 3+ years. With the Spark card, it defeats my purpose, since it does report to personal. I do not have a Paydex score or even a Duns number however I just applied for one. My personal scores are all above 710 across all 3. My utli is around 15%. I applied and was approved for the following:
Amex Simply Cash - $2,000 CL
(I just got in before they closed the door on this one)
Home Depot Commercial Revolving - $2,500
Amazon Corp. Revolving - $1,500
Sheetz Business Edge (Wex Bank) - $7,500
Hopefully none of them report to personal.
Nice. Now you've got business credit.
