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Building credit for my new LLC


General Business Discussions

A place to talk about general business discussions.
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  #1  
Old 11-28-2010, 02:00 PM
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Default Building credit for my new LLC

Have any body done use this place to get started.

http://smallbusiness.dnb.com/

It looks like it is $229 to get started and it helps you build credit for your LLC Any opinions?
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  #2  
Old 11-29-2010, 09:36 AM
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Have they told you what they would be doing to help you?

I just can't imagine they are going to be able to do something that you aren't able to do on your own.

But I'd like to hear why you are thinking about this service.
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Old 11-29-2010, 11:26 PM
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Quote:
Originally Posted by Steve View Post
Have they told you what they would be doing to help you?

I just can't imagine they are going to be able to do something that you aren't able to do on your own.

But I'd like to hear why you are thinking about this service.
Well i agree with you, but when I you do a search on google asking how to build credit for my LLC this company is all over the net? So I thought I would throw it out there and ask you guys if anybody has done it. Seems expensive and I am not sure what for.
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Old 11-30-2010, 05:08 AM
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Quote:
Originally Posted by Steve View Post
Have they told you what they would be doing to help you?

I just can't imagine they are going to be able to do something that you aren't able to do on your own.

But I'd like to hear why you are thinking about this service.
It's actually very easy to start with no credit and build it, the fastest way I know of is to get a secured Visa or MasterCard, basically you put a $500 and up deposit at your bank which is held in trust, you are issued a credit card for the same amount, use the credit card but keep it paid off each month or during the month, this activity is reported to the credit reporting agency's, after 6 months you should be able to get credit assuming you make all payments on time and generally speaking do not use more than 60% of the available credit.

Cell phones and utilities are easy to get credit wise, put these in your company name and keep them paid as it is also reported.

Vehicles would be the next step as a line of credit will be the hardest to get unless you are a sole proprietor, then you would be required to generally co-sign at which time they will look at your credit and the company assets.
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Old 11-30-2010, 09:31 PM
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Cell phones by ANY provider do NOT apply a positive for any reason.

They only apply a negative if you do not pay and close your account with out payment.

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Old 11-30-2010, 09:59 PM
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It's actually very easy to start with no credit and build it, the fastest way I know of is to get a secured Visa or MasterCard, basically you put a $500 and up deposit at your bank which is held in trust, you are issued a credit card for the same amount, use the credit card but keep it paid off each month or during the month, this activity is reported to the credit reporting agency's, after 6 months you should be able to get credit assuming you make all payments on time and generally speaking do not use more than 60% of the available credit.

Cell phones and utilities are easy to get credit wise, put these in your company name and keep them paid as it is also reported.

Vehicles would be the next step as a line of credit will be the hardest to get unless you are a sole proprietor, then you would be required to generally co-sign at which time they will look at your credit and the company assets.
Great advice thanks!!!
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Old 12-01-2010, 06:11 AM
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Here is also a good read, reporting by Utilities/cell phone probably vary from company to company and the rules within the state, here in Canada it is the law that it is reported.

http://www.creditcards.com/credit-ca...eport-1282.php
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Old 12-01-2010, 11:37 AM
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What about financing equipment? Would that be a good intermediate step to build credit before purchasing a vehicle?

We had some discussion on here in the past about financing equipment.

I think it was Andy who said to put 25% down and finance the rest, or maybe I am wrong on that.

But how would that help and what % should be put down? Does that effect the building of credit?
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Old 12-01-2010, 12:57 PM
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Quote:
Originally Posted by Steve View Post
What about financing equipment? Would that be a good intermediate step to build credit before purchasing a vehicle?

We had some discussion on here in the past about financing equipment.

I think it was Andy who said to put 25% down and finance the rest, or maybe I am wrong on that.

But how would that help and what % should be put down? Does that effect the building of credit?
I know with Deere it's 0% down and no payments for 365 days for commercial gear, I have used it twice but I still put 10 to 25% down, put the profit from the piece in a seperate account, when there is enough in the account, generally 6 to 9 months, I pay it off.

But yes, it will build your credit also.
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Old 12-02-2010, 04:10 PM
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Andy,

Are there any benefits to taking longer to pay off equipment? Possibly tax benefits? Or no?
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