Corporate Credit

Money2spare

Money2spare

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Hey,

I was wondering does anyone have any good tips for building corporate credit and fast. Or perhaps even a guide somewhere would be great.

thank you,


Money2spare
 
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Also looking for this. Would like a nice corporate credit card to go along with the corporation.
 
I wish.. I just got a new visa for my corporate accounts so I am at the bottom rung. I had no previous credit on my corporation, but outstanding personal credit, so that probably helps. I don't think i'll be able to get a lease on a lambo anytime soon ;)
 
Dude I've done this. If your business is 2+ years old you can get credit with no personal guarantee at Home Depot, Lowes, Office Depot, Staples, Chevron, Shell, etc.
PM me, I setup a simple free e-book at http://www.explodebizcredit.com/
 
Clear some time on your schedule. Get something to drink. Then sit down and read thru the Business Credit section of Creditboards:
Code: 
http://creditboards.com/forums/index.php?showforum=27

They have business credit covered. And they stay up to date. Everything from how to get a business phone# 411 listed for almost free -- to how to get your D&B fast & for free -- to which applications to fill out (where to find the version which approves fast, what to fill out & what to leave blank, the exact order of what companies you should apply to). It's alot like BHW in that there is SO MUCH INFO that you need to compile a notebook (hint: Always notate the date -- what worked 6mos ago may not be true today). And just like with here, if you can follow directions, you WILL have success.
 
Yeah i have to second the motion "stillsmiling" i learn all about business credit from that forum alone..and it all works
 
When ever I have started a new business I always automatically start getting credit card offers in the mail. I always use a company credit card for all my business expenses to make it easier to track all my expenses and have never, ever missed a payment.

I get better deals with credit card companies and lower interest than with my bank so always use the credit cards if needed. I always get offers for 10% interest or less and usually get about a 25 - 30k credit limit. The they always send me offers for like 0 - 2.99% interest for any where from 6 months to a year. I have many with over a 25k limit and if I need money for a business venture I call them up and they put it directly into my bank account and then I pay it back in a few months and a lot of times it doesn't cost anything except the initial transfer fee because I just which ever card has the 0% promotion at the time.

I always tell them I make more than I do and have never been asked to verify anything.

Its separate from my personal accounts and I if I get a personal credit report, none of business accounts show up.

Although I think a lot banks are changing their guidelines. It use to be where they would only charge you a max of like $75 for the initial transfer fee but now I think most cc companies all charge a flat fee of around 3%.
 
Once you open a corporation you should start receiving pre-approved offers in the mail and as long as your personal credit score is ok you should easily get a $ 5,000 line. Of all the cards that I have for my corporation ALL of the card companies wanted my SS# and BD with home adddress ... in this day and age I can't imagine anybody issuing cards without a personal guarantee at least from the major players Visa/MC/Amex IF YOU ARE A NEW CORP.

:)
 
jonnyquest said:
Once you open a corporation you should start receiving pre-approved offers in the mail and as long as your personal credit score is ok you should easily get a $ 5,000 line. Of all the cards that I have for my corporation ALL of the card companies wanted my SS# and BD with home adddress ... in this day and age I can't imagine anybody issuing cards without a personal guarantee at least from the major players Visa/MC/Amex IF YOU ARE A NEW CORP.

:)
Click to expand...

Jonnyquest, I'm not going to argue with you. Lots of people get business credit w/o PG (personal guarantee). Plenty of people. I am one of those people. From incorporation to $5000 mc took 8mos. for me. And thats w/o a PG. Other people can do it quicker. There is a process to this. Much like ranking high in SERPs. Follow the steps and you WILL be successful. PERIOD.
Fuck around and you won't.

The whole purpose of business credit is to NOT have your personal info associated w/the account. Use my SSN and home address??? ALL HELL TO THE NO!! Your PG will be used against you should anyone attempt to pierce your corporate veil. I'm not willing to take that risk. Should all hell break loose and my back is against the wall, I don't have to have to worry about anybody jacking my personal credit score or coming after my personal assets. Unfortunately, You Do.

The forum I referred to is basically the BHW of business credit. They show you the shortcuts. I haven't had to do anything illegal to get what I want. Not here at BHW. And not there. It's simply a matter of learning what steps to take and taking them.
 
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And for the record, this was LAST YEAR -- 2008 -- in the middle of the banking crisis I was plugging away, building my history and filling out apps. And getting approvals. (Denials too, but thats just part of the process -- much like getting turned down by a CPA ;)).
 
I have also received the credit offers even if not a corp. If I start a new biz and register the trade name for the business which doesn't cost much I also get the credit offers.

I always had to provide a SSN but the biz stuff never shows on any credit reports. Also got sued by microsoft & thought they would go after my personal stuff but they never did.
 
Yeah the Credit board forums is the best adn its free - its like crack there is so much info there...i learned so much from there and it can change your life but again you have to apply it :)
 
I just started my corporation - should I wait 2 years before even attempting to get a non-secured card?
 
I would at least try. Just don't apply too many times if you get turned down. I would just stretch the truth a little :) When they ask how long you have been in business, say 2 or 3 years. Maybe you just incorporated but maybe you have had the company for 2 years, and maybe worked at it part time for another year before that? Make the business income sound good too but don't get too carried away. Never know they may approve you and you will just have a low credit limit if there is not much history yet.
 
agree with what you said ... that is why I put at the end of my response "for new corps"
 
if it is a small business you own, i wold try the different credit card company's for there terms and rates, company's like Citibank and amex. also try the banks where you do business with. as a good customer, you may get better terms and the process can be more streamlined



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jonnyquest said:
agree with what you said ... that is why I put at the end of my response "for new corps"
Click to expand...

Sorry for late response. I tend to not unsubscribe from everything because folks don't know how to use the Thanks button and my email gets hammered with thread updates :rolleyes:.

Anyways, Jonnyquest, it's all good :). I hope I didn't come off the wrong way -- rereading my post, it sounds like was yelling at you :o. That wasn't my intention at all. I just didn't want folks to be discouraged unnecesarily when it came to getting newly minted corp credit.

Peace, Bruh!
 
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