Building Business Credit: Got any tips? - GoFuckYourself.com

Rob · 10-09-2005, 05:10 PM

I have good personal credit but no business credit. I am familiar with Dunn and Bradstreet and how all of that works but I am looking to get financing for quite a large amount of money for business purposes and I can't use my personal credit for that. I have never worked terms with vendors and have not established D&B credit nor do I have a lick of business credit.

What are some tips to help out your business credit? Maybe buying small items on your business account and paying them off? Company car?

WarChild · 10-09-2005, 05:12 PM

Wouldn't rotating lines of credit (Credit Cards) in the business's name build credit in the same way they do for individuals?

NaughtyRob · 10-09-2005, 05:23 PM

Quote:

Originally Posted by WarChild

Wouldn't rotating lines of credit (Credit Cards) in the business's name build credit in the same way they do for individuals?

Yes, but they are hard to get when your biz has no credit yet.

WarChild · 10-09-2005, 05:24 PM

Quote:

Originally Posted by GetNaughty

Yes, but they are hard to get when your biz has no credit yet.

No they aren't, you just cash secure one with a small limit. No problem.

frankfortuna · 10-09-2005, 05:27 PM

Quote:

Originally Posted by Rob

I have good personal credit but no business credit. I am familiar with Dunn and Bradstreet and how all of that works but I am looking to get financing for quite a large amount of money for business purposes and I can't use my personal credit for that. I have never worked terms with vendors and have not established D&B credit nor do I have a lick of business credit.

What are some tips to help out your business credit? Maybe buying small items on your business account and paying them off? Company car?

In my experience, the banks are going to want a personal guarantee on the loan.

Doctor Dre · 10-09-2005, 05:33 PM

Quote:

Originally Posted by GetNaughty

Yes, but they are hard to get when your biz has no credit yet.

Not at all ... very easy to get medium and small ammount ones ... work it out and get them upgraded after a while ;)

WarChild · 10-09-2005, 05:53 PM

Quote:

Originally Posted by frankfortuna

In my experience, the banks are going to want a personal guarantee on the loan.

My experience too, pretty much. The Bank wants someone or something with assets they can go after if you default on a loan. It's quite common they'd ask directors to personally secure a loan.

NoWhErE · 10-09-2005, 05:53 PM

Give up now,

I hear McDonalds is hiring

lol when it comes to credit, start small and grow

$5 submissions · 10-09-2005, 05:56 PM

How about BOOTSTRAPPING, bro? I've started several of my businesses just by plowing back all revenues/profits into operations.

I try to shy away from credit unless its almost a sure shot that I can repay it QUICKLY. However, not all credit is bad. See: http://www.webmasterlabor.com/articles/credit.html

slapass · 10-09-2005, 05:59 PM

If you have a revenue stream from this enterprise you can borrow money. Acounts recievable or inventory. Talk to a real banker and you can get set up.

elitetec · 10-09-2005, 06:01 PM

damn thought they were the same

detoxed · 10-09-2005, 06:01 PM

I found a great forum for that once... try search for business credit forums.. this place had an outline that showed how to end up with $20k in biz credit cards at home depot, lowes, sams club, wal mart, etc in 6 months for your company

edit: and that is starting from scratch

KRL · 10-09-2005, 07:43 PM

First talk to the banker that has all your business accounts. They'll usually provide you with a line of credit depending on the business and your personal credit.

Be careful with extending your business on too much credit. I'm a big believer in paying cash for everything so you don't have a big debt load on your back.

moneymotivates · 10-10-2005, 06:37 AM

this is an excellent site to assist with credit issues, a wealth of informaiton

http://creditboards.com

10-09-2005, 05:10 PM	#1
Rob I'm a great bowler. Industry Role: Join Date: Nov 2003 Location: Right Outside of Normal. Posts: 13,309	Building Business Credit: Got any tips? I have good personal credit but no business credit. I am familiar with Dunn and Bradstreet and how all of that works but I am looking to get financing for quite a large amount of money for business purposes and I can't use my personal credit for that. I have never worked terms with vendors and have not established D&B credit nor do I have a lick of business credit. What are some tips to help out your business credit? Maybe buying small items on your business account and paying them off? Company car? __________________

10-09-2005, 05:12 PM	#2
WarChild Let slip the dogs of war. Industry Role: Join Date: Jan 2003 Location: Bermuda Posts: 17,263	Wouldn't rotating lines of credit (Credit Cards) in the business's name build credit in the same way they do for individuals? __________________ .

10-09-2005, 05:53 PM	#8
NoWhErE Too lazy to set a custom title Industry Role: Join Date: Sep 2005 Location: Canada Posts: 10,436	Give up now, I hear McDonalds is hiring lol when it comes to credit, start small and grow __________________ skype: lordofthecameltoe

10-09-2005, 05:56 PM	#9
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	How about BOOTSTRAPPING, bro? I've started several of my businesses just by plowing back all revenues/profits into operations. I try to shy away from credit unless its almost a sure shot that I can repay it QUICKLY. However, not all credit is bad. See: http://www.webmasterlabor.com/articles/credit.html __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

10-09-2005, 06:01 PM	#11
elitetec Too lazy to set a custom title Join Date: Sep 2005 Location: New York Posts: 4,944	damn thought they were the same __________________ Add Your Site To My PR4 Blog Selling Sig ICQ-200636146

10-09-2005, 05:59 PM	#10
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	If you have a revenue stream from this enterprise you can borrow money. Acounts recievable or inventory. Talk to a real banker and you can get set up.

10-09-2005, 06:01 PM	#12
detoxed vip member Join Date: Jan 2003 Posts: 17,798	I found a great forum for that once... try search for business credit forums.. this place had an outline that showed how to end up with $20k in biz credit cards at home depot, lowes, sams club, wal mart, etc in 6 months for your company edit: and that is starting from scratch

10-09-2005, 07:43 PM	#13
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	First talk to the banker that has all your business accounts. They'll usually provide you with a line of credit depending on the business and your personal credit. Be careful with extending your business on too much credit. I'm a big believer in paying cash for everything so you don't have a big debt load on your back. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

10-10-2005, 06:37 AM	#14
moneymotivates Confirmed User Join Date: Apr 2005 Posts: 511	this is an excellent site to assist with credit issues, a wealth of informaiton http://creditboards.com