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Building corporate credit [how]

Discussion in 'Business & Tax Advice' started by Bostoncab, Aug 3, 2011.

  1. Bostoncab

    Bostoncab Elite Member

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    There was at one time a killer thread on bhw about how to build corporate credit.

    I started to read it.. got busy with other shit..bookmarked it.

    When I came back to it..POOOFFF GOOONE!

    I was wondering if we could restart the discussion? I just incorporated!

    Mike
     
  2. naturalbornthriller

    naturalbornthriller BANNED BANNED

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    It's easiest to start with credit cards at stores like Home Depot, Staples, and places like that. Once you get some of them and are paying, then you will boost your credit and be able to get a business loan, or something to that effect. Hope that helps.
     
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  3. bluecrab

    bluecrab Junior Member

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    Congrats on your new corp.

    I hope it's a C corp because LLC's and S corp etc. wont get you the corporate credit your looking for.

    Easiest way to start is to open up a few accounts online and place an order with them and of course pay them lol.

    ask them to give you terms like 30 days.

    Pay the bill before your due.

    Make sure the company is reporting to the CRA's under the business name and not just for defaults but monthly.

    Don't give any personal guarantee's for any credit unless it is for a credit card that has a possibility to be released in the future.


    Some good cards to apply for first would be gas card.

    Lowes home improvements is another.

    Home Depot is a little tougher.

    There are a lot of little tricks to do and implement just remember it is a corporation never personally guarantee anything and never bring the pain home.
     
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  4. referraldude

    referraldude Registered Member

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    There's actually a book by Entrepreneur Magazine called how to start your own Information Marketing Business, it's like $8 on Amazon. A plethora of info, including Structure, Business Credit, Product Development, etc.

    NON-AFFILIATE LINK

    hxxp://www.amaz0n.c0m/Start-Information-Marketing-Business-Step-/dp/1599181746/ref=sr_1_1?s=books&ie=UTF8&qid=1312413715&sr=1-1

    Check it out, it's helped me a bit
     
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  5. Bostoncab

    Bostoncab Elite Member

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    Thank you for the great tips.. will give thanks and rep!

    Im out of rep for today though..
     
  6. Graemyx

    Graemyx Junior Member

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    I'm actually happy that someone started a thread on this, subscribed. I've been looking into incorporating too. For the same reason, to build up some credit to get more things going on.

    Congrats on the incorporation!
     
  7. Roparadise

    Roparadise BANNED BANNED

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    Is capital one easy to get for a company? I know they are easy to get for personal credit.
     
  8. amcfad2

    amcfad2 Regular Member

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    Usually you're going to need to be established for 2 years to get credit...
     
  9. SEORocks

    SEORocks Junior Member

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    I did some of the things mentioned ... Lowes, Home Depot, got real small loans in the business name from the bank and paid on time and after a eight month time frame I paid it off, also did Mobile telephone (which reports) got a Dun and Bradstreet number (which to me was worthless) but did help me secure a loan later.

    I also changed my election to a S corporation after I set everything up. You have, don't quote me, I think six months to do that. FYI, they do all still report and my credit has gotten stronger as an S Corporation.

    Whatever you do, walk away if you need to personally guarantee the account....NOT because you don't want to pay if the business fails, the reason is that they will tell you they will report to the Tax ID / EIN but they don't (always) if they have a social security number on file.

    Now all this aside, I have a few businesses and I went a completely different route with one of them. I did not care to build credit because I had instant deep pockets, I found someone that believed in what I was doing and they stroked a check for more than $400,000.00 without any guarantee.... and yes, those type of people are still around. No guarantee for payback but if the company was profitable, there was a repayment plan with profit tied to it.

    I wish you well with your new business!
     
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  10. SEORocks

    SEORocks Junior Member

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    I have a business and I offer Capital One through my business to others.

    I can get money from them for my business and I can help others by offering credit to them through Capital One.

    I had to have over a million in sales a year to qualify. Not to hard of a challenge to meet with a business.
     
  11. Roparadise

    Roparadise BANNED BANNED

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    If I get a S corporation and then the EIN and good credit for it,can I use it to get things if my own credit is too low?
     
  12. SEORocks

    SEORocks Junior Member

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    Yes...BUT and that is a big but. Sometimes they will look at the credit worthiness of the signor on a business account. If you always just walk away if they want your personal information, which sometimes will slow the process, you will always be relying on the strength of the business credit.

    I will tell you something that may surprise you. Most people can get their really crappy personal credit (BK, Foreclosure and Charge-offs) to a point where they can borrow again at very good rates in the time it takes to build a good business line of credit.

    A strong personal line will allow you to do both, business and personal where a strong business line will only help you with the business.

    Hope this helps.
     
  13. Gallitin

    Gallitin Junior Member

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    Initially do you have to use your credit to build the companies credit? Or are all of these ways to do so without your own on there?
     
  14. boone

    boone Newbie

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    Is this a federal law perhaps, a regulation implemented by the banking industry or simply a "common practice" that's followed more out of tradition than anything else?
     
  15. boone

    boone Newbie

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    I'd like to know everyone's thoughts about this issue too. Very interesting topic.
     
  16. Roparadise

    Roparadise BANNED BANNED

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    Is running alot of money though secured credit cards a great life hack to rebuild personal credit fast?
     
  17. corpcredit

    corpcredit Newbie

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    So this is in NO way a solicitation for business.. But I own a business credit building company. Actually have for 12 years and we are the largest in the country. I would LOVE to help anyone here for real, why because I need real SEO help.

    You know when you search online for a question and you get Yahoo answers and it's absolute nonsense and cut and paste of other newbs general nonsense answers.... Well please let me help anyone. As an example I had a supposed reputable SEO company saying they were better than Bruce Clay come in and give me a bid of $9k for SEO work. After looking deeper I realized they were clueless. I had one of our reps come in the next day and say "I got it I know everything about SEO now because I watched some utubes and asked Google" Now is this guy clueless? Yes....

    I can build anyones business credit and its WAY more complex than getting a few gas cards... so if anyone wnats to ask me a question and is incorporated PLEASE let me know. I will anwser any and all questions for real to help you guys... in return I just want someone to help me get a real SEO company or action without BS fluff for my keyword "business credit" Anyone that can tell me even if it takes a year how to get to the top fo rthis keyword without risking my long term rankings I would be more than happy to add large trades to their corp, give them exactly all the no PG cards they can get based on their business credit, help them build a proper DNB and Experian Business profile.

    I can tell you one thing in my business it is 9000 pages of bull about how to do it like SEO or peronsonal credit, the fact is I am a true expert and will help anyone if anyone can help me get some ranking without spending $10k on BS. I already spend $8k a month on PPC.

    If anyone has a question about Business Credit please ask and I will prove that I know technically and exactly what I am talking about for free, then maybe someone legit that is an SEO expert can help me for real? If this is against the rules sorry, would love to help

    TO start to build proper business credit you need a corp, second dont do anything you have read online if you want to do it, its all total BS.... ask me.
     
  18. corpcredit

    corpcredit Newbie

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    I had a few PM's but can't reply till I have 15 posts. I really don't have the time to make posts so if anyone wants my help in exchange for real SEO help let me know somehow. I can add trades, pull EXP and DNB reports, have every known current no PG card's criteria etc. I am the best at what I do and am looking to find anyone that can get me to top 3 SEO and can help them with anything business credit related. In my industry there are thousands of wanna-bes and jokers so someone please help me weed thru the BS and get some serious SEO done and I will do the same for you. No idea though how to be reached as I am assuming if I leave my contact info here it will get flamed or whatever. I'm TrueBuild and any of my staff if you tell them blackhat will get you to me.