Starting Business with Personal Credit. Help!!!

[Anonymous]

Over the years I have did the EIN number and D&B still to end up with denials. My current Fico is 724 but my credit history is only 16 months old. I have 9 credit accounts roughly around 16000 total and a Car loan for about 20000. Any advice how I can structure my personal credit to help obtain a business??

[Anonymous]

Not really sure what you're asking. Starting a business doesn't require credit unless you're planning to borrow the money to do it. Is that what you're asking? If so, I would strongly recommend that you do NOT fund business activities with personal credit. It is a dangerous road that I traveled and it cost me dearly. It took me seven long years to recover from that mistake.

[Anonymous]

Yes I am planning on borrowing the money to start. Looking at a few low cost laundromats in my area. I tried to start a few businesses without using my credit but was always denied the capital needed. For the sake of knowing how could I fund my business with my personal credit.

[takeshi74]

If you have to personally guarantee your business credit then you need to get your personal credit in shape.  All of the usual stuff applies.  Keep in mind that if your credit profile doesn't support extending more credit to you then you won't get approved.  With only 16 months and 9 accounts you probably still have a relatively thin profile and may have difficulty getting more credit extended to you.

[Anonymous]

Thanks Takeshi for your insight. Now what about Business tradelines? I have a registered Ein but of course nothings on it. Any suggestions? ?