Joseph asks…
Business Credit?
How do I seperate my business credit from my personal credit? How do I build my business credit?
admin answers:
The two will always be tied together. The only way to build is separately is to use only your EIN when applying for credit.
Steven asks…
Business credit?
when you have a corporation, and apply for business credit, do they look at ur credit personally or the business credit
admin answers:
If you are the principal account holder on the business account. Your credit report is what they look at
Donald asks…
How is a credit score for a small business established?
I started a small business 6 months ago that has been very successful. I have a business bank account, but have not done anything else to establish credit for the business.
I would like to lease a vehicle in the name of my small business and am curious if my business credit score would be too low?
Does anyone know a general guideline on how quickly a line of credit is established for a small business?
admin answers:
Dun and Bradstreet has a service that monitors small businesses. You can look into having them evaluate your business. However, in almost all cases, you will be using your personal credit to secure funding or credit for your small business. I’ve owned a small business for 15 years and every bank account, credit card, auto lease, etc. I have ever acquired I did using my personal information and credit score.
Ruth asks…
Is it possible to build business credit with a small home-based business?
I have a small e-business, and I would like to know if it’s possible to build a significantly high level business credit score?
Also, can you build a business using business credit?
admin answers:
You can absolutely business business credit with a home-based business. Www.thexbanker.com is a good source. I don’t understand your second question. Can you clarify?
John asks…
How can I establish business credit without my personal credit?
With a new start-up business (incorporated), how do you get serious business credit that doesn’t tie down your personal credit with personal guarantees?
admin answers:
The only way to do this is to borrow in the name of your business (corporation) only – without a personal guarantee (P.G.), then repay the loan.
For this to work you have to make sure the loan is reported to Experian Business Credit. Try also for Dun & Bradstreet, although they are not taken very seriously in banking circles anymore.
The best system is to borrow funds, hold them on deposit, make some monthly interest payments, then give the deposit back to the lender to pay off the loan.
There is a lender that does this with no credit check, if you agree to keep the money on deposit. If you ask, they will also let you open more than one at a time. They also have the ability to report to the credit bureaus under two different names. All of this can help you get multiple positive credit entries. See creditloader dot com for more.
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