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new inc formed...How to establish credit??

Discussion in 'Business Fundamentals' started by 2003ctd, Mar 4, 2008.

  1. 2003ctd

    2003ctd Senior Member
    Messages: 165

    I just recently Incorporated my company. And Im looking for ways to build credit. Every credit card I go to apply for, wants my information (social Security number).. I want the company to have its own credit file, without my information on it. Any Ideas??
     
  2. theguynextdoor

    theguynextdoor Senior Member
    Messages: 307

    Good question. I was wondering the same thing.
     
  3. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I was in the same boat when I started. Had to buy my truck in my name. Now that's it's paid for I transfered it into the company. With CC same thing with my and the company name on it. There's no magic bullet just takes some time. If you haven't been INC for 5 years they don't like to touch it without personal guarantee.
     
  4. Gicon

    Gicon Senior Member
    from MA
    Messages: 989

    Thats your first mistake bro. Your going to trash your credit score right off the bat. You need to deal with Lenders that specifically deal with business. You will need the appropriate capital and credit issued by a reputable lender. Forget the small guys if you are talking business. Credit Counseling Classes are held Wednesdays and Thursdays from 8:00-10:00
     
  5. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    Gicon, this is the second post today I was going to say what you had already said.

    Go to your bank and ask them what to do. Ask them if there is a commercial line of credit you can apply for that would only be in the Inc's name. It only has to be a couple of hundered dollars if that is all they will give you with out your SSN. Use it to buy small stuff, pay it off each month. What ever you do, don't over extend yourself.

    Also, go to the local suppliers and get credit from them. You haven't said if plowing is your business or lawn care or something else. I do landscapeing and I have revolving credit with every landscape supply, bulk material supply, equipment rental place in town. Not sure if they report it to any angency, but when you need bigger credit from somewhere you can use them as references.

    :dizzy: By the way if you give me your SSN, home address, and full name, I could do some checking around for you. payup