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  • Bussines Credit

    Anyone considered trying get Business Credit for your company? I can give you few Ideals that may help you. Try to get Credit cards that do not have your personal Credit attached to them. Per say Office depot They do n ot have personal credit attached to there Commercial Accounts.I know cause I got a Credit Card from them in my Business name alone. Under PNP LAWN CARE. This will start building Company Credit. I will look for more Credit Cards with no Annual Fee like the Office Depo card I have. Let me know what you guys think about this....


    Rodman

  • #2
    Rodman,

    Did it matter at all to them how you registered the business? For instance would they only offer a card to a business that was incorporated?
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    • #3
      Yes you have to be Corp, and have Federal Tax Id number. They will call you have you fax that information to them. BUT if you can obtain few these cards and use them just little each month pay them off you will build your company credit up.



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      • #4
        An LLC or Corp. does seperate yourself from your business, but every application I've seen out there it asks for Personal responsibility, which requires my personal credit to obtain their financing or credit. Do you know how to get around this? Otherwise, who are they really lending to, your business isn't a person of responsibility, which is why I think they require a person attached to the credit. Do you know the process and costs to becoming a LLC?

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        • #5
          Quote[/b] (ABurlison @ Feb. 04 2008,11:07)]An LLC or Corp. does seperate yourself from your business, but every application I've seen out there it asks for Personal responsibility, which requires my personal credit to obtain their financing or credit. Do you know how to get around this? Otherwise, who are they really lending to, your business isn't a person of responsibility, which is why I think they require a person attached to the credit. Do you know the process and costs to becoming a LLC?
          Like I said! Office Depot does not ask for personal credit . That is a start. I will be looking for others and will advise on this soon as I find them.

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          • #6
            Quote[/b] (ABurlison @ Feb. 04 2008,11:07)]An LLC or Corp. does seperate yourself from your business, but every application I've seen out there it asks for Personal responsibility, which requires my personal credit to obtain their financing or credit. Do you know how to get around this? Otherwise, who are they really lending to, your business isn't a person of responsibility, which is why I think they require a person attached to the credit. Do you know the process and costs to becoming a LLC?
            Yes but its different from each state. Here in florida I pay tax Account 300 to do mine. Sunbiz.org

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            • #7
              Yeah, I know every state is different, just curious the process, or maybe there isn't a process, you just file, designate the people in your organization and their title and pay the fees and your done. *$300, was that a one time fee or monthly?



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              • #8
                Quote[/b] (ABurlison @ Feb. 04 2008,11:47)]Yeah, I know every state is different, just curious the process, or maybe there isn't a process, you just file, designate the people in your organization and their title and pay the fees and your done. $300, was that a one time fee or monthly?
                one time fee, I have pay 150.00 year to file a Profit Annual Report (& Supplemental Fee)

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                • #9
                  I wonder if Home Depot or Lowes offers corporate credit cards as well. I am guessing stores that deal with businesses will be more likely to offer this.



                  Can you tell us how building credit for your business ultimately helps you? I am sure a lot of people don't know the advantage to this.
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                  • #10
                    I went right on the Office Depot website, and clicked on their Business Credit card and on the application it asks for my SS#, not an EIN #, so is there a different card or something you applied for?

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                    • #11
                      Quote[/b] (ABurlison @ Feb. 06 2008,12:16)]I went right on the Office Depot website, and clicked on their Business Credit card and on the application it asks for my SS#, not an EIN #, so is there a different card or something you applied for?
                      Its this one! Let me know if you get it.


                      https://www.accountonline.com/ACQ....pot.com

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                      • #12
                        From the link Rodman provided here is a screen cap of the section he was pointing out.

                        Rodman,

                        Can you tell us how building credit for your business ultimately helps you? I am sure a lot of people don't know the advantage to this.
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                        Download your Free trial of Gopher Lawn Care Software.

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                        • #13
                          Oh cool, thanks Rodman, I'll check it out after I submit my LLC paperwork and SS-4. I went right to my states website and the irs.gov website and they provide all the paperwork for free to file LLC and corps for the do it yourselfer like myself.

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                          • #14
                            Andy,

                            That is great! Keep us posted on your experience of going through and becoming a corporation.
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                            • #15
                              Rodman, what did they give like a $300 credit line, since your business didn't have any established credit?

                              Yes, I submitted my LLC paperwork this week, so I should have my EIN by next week, so I can start establishing business credit, might need it someday you never know.

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