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normally building credit requires borrowing money and paying it back .
ALWAYS pay on time ( or even early)
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After the first year in business I took out an SBA loan for $20k, I didn't need it but wanted to build the business's credit. It was an 30 year loan and I paid it off within 18 months. I then got a credit card in the company name. It only had a $5k limit but within a couple of years of using that card and making consistent payments the limit got up to $25k.
That's how I built up my companies credit.
Hope that helps.
Atticus Finch
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Pay secured asset creditors first - and early (house, car, anything with a UCC filing)
Pay unsecured creditors second - those without asset collaterlization - credit cards.
pay yourself LAST (no money goes to you untill the above two are paid as agreed, early and perhaps a bit more. If you don't have fun money - or even money for necessities
simple
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just sent you a text
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AF...that's it exactly
maybe try and get an American Express business credit card(should be easy)...buy your necessary equipment - medical table with stirrups, computer equipment, phones.
maybe start off with phone and massage table, pay it off over few months whether you have the cash or not...suffer the interest for few months for your greater goal of increased limits
American Express could grow into 25k credit limit...easy to work with.
business bank loans will require some interaction, some financial statements, and what the business is? interest rate will be better of course
you get to write off the business interest for things you bought for the business...so that will be a little helpful
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I went to a jewelry store, Daniel's to be exact, and they helped me out. I bought a cheap ring, about $350 and had me make payments even though I had the money to pay it off. Everything was reported to the credit bureau and a few weeks after I paid the final payment my credit jumped from unacceptable to good. Ever since I have been taking care of it. That was the easiest way to do it.
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I knew I could get some great direction here on HX. Its better than Nerd Wallet
Establishing my D and B now, buying office supplies. Lol I have that Uline account and 2 others.
Got biz CC but used my own personal info. Ugh! Amateur fail!
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What’s substantial ?
So you want an aged Corp for loan reasons or? Everyone buys into the hype of buying an aged Corp to get cars under the company name.
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Keep in mind Mila that even with an LLC many lenders will require a personal guarantee. I don't have an LLC as they don't do me any good as a CPA, no liability protection there and no need for it otherwise. I have good insurance for the biz and for the Caribeean condo, along with a good umbrella policy to provide all the protection I need. In the end, I have plenty of credit, cash and other stuff.
Keep up the good work.
TA
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Where is Ray Reynolds when you need him?
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| There are 10 comments on this blog. |
