Needing some help on new LLC and getting credit

[Anonymous]

Hi Guys

I have been in business for little over 3 years now but just moved my business into an LLC about an month ago( no business credit). When I try to apply for business credit cards they are asking me my SSN which I have EIN number but when I give it to them they say that dont work. My Personal credit isnt good at all any ideas to get business credit without using PG for my business. Because I thought by going LLC it was post to seprate your business credit away from personal credit.

I applied for the free DUNS number but I dont know if that is going to work at all for me.

Any pointers?

[myjourney]

Welcome to the forum 

Any credit cards you apply for business will require you to personally guarantee them by way of your personal credit / SS# 

I invite you to visit our rebuilding forum to help with your personal credit to put you in a better position for business cards

[Anonymous]

Would net30 accounts help me build up my business credit or not?

[myjourney]

---

@Anonymous wrote:

Would net30 accounts help me build up my business credit or not?

---

Sure you can get some net 30 accounts to help build credit but it won't help you as far as credit cards unfortunately.

They will still require a PG using your personal credit.

Some easy net 30 accounts to get Grainger.....Fed Ex office...UPS.....WEX....This can all be obtained by way of your EIN and or DUN #

[Anonymous]

So I tried to get an net30 with tigerdirect and I was turned down so any other easy net30 businesses that I can get?

[myjourney]

---

@Anonymous wrote:

So I tried to get an net30 with tigerdirect and I was turned down so any other easy net30 businesses that I can get?

---

This is my view and just my view on how business credit has evolved over the course of the last 5 years

No longer do you need net 30 accounts to build business credit unless its a service your business will use anyways that reports.

No longer do you need say 4 accounts to establish a DUN tradeline score to get other credit based on your DUN file.

Now a days you can start directly with CC's if your personal credit is somewhat decent....say 600 score range and all business affairs in order. 

The easiest CC to get IMHO is a CAP1 sparks cash for business of course there's a downside ....it will cost you 3 HP's 

I started with a Grainger which I never used

Fed EX which I used maybe twice in 2 years

Wex Fuels which I used for the first 2 months

CAP1 card which I got the same month as all the above 3 accounts 

Waited a year and applied for an Amex card ....approved 

Only reason I don't have the INK card yet is i'm waiting on a monster bonus to come around and then I'm going for it but I get pre-approvals all the time in the mail from them

[Anonymous]

Well see my personal credit is around 550-560 and I didnt go out and spend 130 dollars for an LLC for noting. So its looking that I am going have file BK on personal side in order to get my business going which I have been reading that you dont want to mix personal credit with business credit.

[myjourney]

---

@Anonymous wrote:

Well see my personal credit is around 550-560 and I didnt go out and spend 130 dollars for an LLC for noting. So its looking that I am going have file BK on personal side in order to get my business going which I have been reading that you dont want to mix personal credit with business credit.

---

When they say mix they are referring to personal money and business money but now a days you'll have no choice but to mix personal info meaning SS# to get any CC's 

Sorry but thats just how the game has evolved since all the lenders where burned during the credit crunch/down fall...

It's just a way of life now.

FYI there's credit after BK you just have to establish it as soon as possible....Again I invite you to visit our rebuilding and BK forums 

Good luck I'll be pulling for you.

[CreditUnionFan]

---

@Anonymous wrote:

Hi Guys

I have been in business for little over 3 years now but just moved my business into an LLC about an month ago( no business credit). When I try to apply for business credit cards they are asking me my SSN which I have EIN number but when I give it to them they say that dont work. My Personal credit isnt good at all any ideas to get business credit without using PG for my business. Because I thought by going LLC it was post to seprate your business credit away from personal credit.

I applied for the free DUNS number but I dont know if that is going to work at all for me.

Any pointers?

---

They're asking for your SSN and you can also supply your EIN.

The busiiness will grow credit over time, based on the EIN, but to get things going you will likely need to offer your SSN as a PG.

CapitalOne posts credit information on your personal report even for the business account. Other major issuers will use your personal credit report initially for the application, but will post only to your business credit file unless the business becomes delinquent.

[Mm587]

Time is on your side....i went from a personal 550 with 300CL to 705 with about 17K in credit in less than two years....takes time and patience and a committment to turning the credit corner....i read the rebuilding forums daily for a year and worked it slowly... it works@