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Corporate Credit- How do I build it?

Dallas Bueller

Dallas Bueller

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I keep hearing about cats forming corporations and LLCs and using their corporate credit for purhases even though their personal credit is fucked up. Somebody was even telling me dudes are buying leasing luxury autos under their corporate credit like it's nothing. I have no interest in using corporate credit for shit like that cause I'm strictly business but I know it'd be useful for alot of shit needed for start up, like computers and fax machines and different services. Any info on building up corporate credit would be greatly appreciated.
 
You can do it. It will take some time though. A corporation is by definition a seperate "entity" so your idea in theory will work. When you form a corporation you will rec a EIN # from the IRS which is like a SS$ for an individual.

The thing is that creditors will normally want a corporate line of credit to be backed by the controlling interest (you) if it is a new corporation. Best thing to do is to first get some corporate credit cards and pay them on time to establish some credit.

It can work, but it work happen overnight.
 
Clever said:
You can do it. It will take some time though. A corporation is by definition a seperate "entity" so your idea in theory will work. When you form a corporation you will rec a EIN # from the IRS which is like a SS$ for an individual.

The thing is that creditors will normally want a corporate line of credit to be backed by the controlling interest (you) if it is a new corporation. Best thing to do is to first get some corporate credit cards and pay them on time to establish some credit.

It can work, but it work happen overnight.
Click to expand...

Yeah I heard about that aspect of it too. I've been told there are actually unsecured corporate credit cards too, where you deposit money into the account just like a regular unsecured card. Them shits are just hard to find.
 
Clever said:
You can do it. It will take some time though. A corporation is by definition a seperate "entity" so your idea in theory will work. When you form a corporation you will rec a EIN # from the IRS which is like a SS$ for an individual.

The thing is that creditors will normally want a corporate line of credit to be backed by the controlling interest (you) if it is a new corporation. Best thing to do is to first get some corporate credit cards and pay them on time to establish some credit.

It can work, but it work happen overnight.
Click to expand...

Yeah as far as I now there's no shortcut around this...
 
Dallas Bueller said:
I keep hearing about cats forming corporations and LLCs and using their corporate credit for purhases even though their personal credit is fucked up. Somebody was even telling me dudes are buying leasing luxury autos under their corporate credit like it's nothing. I have no interest in using corporate credit for shit like that cause I'm strictly business but I know it'd be useful for alot of shit needed for start up, like computers and fax machines and different services. Any info on building up corporate credit would be greatly appreciated.
Click to expand...
As Clever said a corporation is a separate entity so once formed you can apply for credit cards or make a purchase on credit in the name of the corporation with a "Co-Signer". Make your payments on time and continue this process until you are able to purchase solely with the Corporation. Just like with your own personal credit, if it is jacked up or non-existent you can apply for credit cards or purchase a car as long as you have a co-signer.
 
It is going to take time. But the patience is worth the wait.

Open up a business account with Dell, Home Depot or a supplies store where ya would do most of your purchases from.

Also contact your bank manager where your business checking account is open. Ask them how you can build your business credit worthy in order to get a loan for x amount of dollar to do a project for your business. You be surprised at the information your bank manager gives you and most of the time he or she will refer you to the bank's loan manager.

think baby steps first and then big trump money later...


I recalled helping a friend with this process. He ahve a bad personal credit history but he want to create a separte business credit history. Of course they are going to look at his personal history as well but he was able to show he was a trustworhty by paying on time and paying off his dell computer and staples account in a timely manner.

He also did what is call a passbook loan.. i could be wrong with the terminology and if I am please correct me.. but he told the bank he want to borrow $1000 using $500 as colleteral and paid it off in 3 months. He did this for 2 years until he was able to borrow $25,000 without collertal. You would have to keep flipping money into the business. But because they report this to the D&B and credit bureau he was able to get $100,000 credit card from Capital One for his business. Now his company is making 2.5 million dollar a year in sales, He got good credit now. Because I stressed to him paid off his old bad debts so that way ya can get 2 sets of Triple A Credit.

and he is only 25 years old and his business is primary dealing with commerical's interior design and landscaping and professional organizer and he based in 3 states.

Don't laugh.. it aint gay to be doing this shyt.. ya just gotta have good tastes. He charges anywhere from $500 to $250,000 per project.

It took him 3 years to become a millionare using the OPM's method. You just gotta be patient and have a goal and a vision and a business plan and doing something that you would like to do.

And the funny thing is, when you become a millionare you become more picky about the projects/jobs ya take on. I dont know if this an ego thing or just wanting to enjoy life to it fullest?
 
Another thing...mofo who use their company's credit to pay for a high end luxury vechiles are playing with fire...

I see this shyt all the time.. mofo think it easy but I ask the dealership who own the car outright.. and they said they do because they paid for it in full.

Matter of fact I was at my fav mercedes benz dealership ... just looking for a new ride... I test drove the G500 wagon but that shyt get lousy ass gas mileage.. and i saw a nice used range rover 2004 model with only 18000 miles on it but they want $70,000 for it i said shyt i can one new at that price.... but somebody else used a credit card and bought it and the dealer told me that i missed out.. and i said shyt how can be so.. he gotta credit card and he said that is the same as cash... he get the ride and the keys and the title right now.. and the loophole is the mofo credit card company does not have a lien on the car. So if the mofo missed a payment they cant respoess your car... So I know that done a lot ... but if ya are gonna be honest about it then just let the business pay for ya ride... make the money first and get the toys later is what i tell mofo all the time and i aint fucking with no car notes or credit card bills for a car?!?!

that is crazy and risky!!
 
Last edited:
dacrazydeafdawg said:
It is going to take time. But the patience is worth the wait.

Open up a business account with Dell, Home Depot or a supplies store where ya would do most of your purchases from.

Also contact your bank manager where your business checking account is open. Ask them how you can build your business credit worthy in order to get a loan for x amount of dollar to do a project for your business. You be surprised at the information your bank manager gives you and most of the time he or she will refer you to the bank's loan manager.

think baby steps first and then big trump money later...


I recalled helping a friend with this process. He ahve a bad personal credit history but he want to create a separte business credit history. Of course they are going to look at his personal history as well but he was able to show he was a trustworhty by paying on time and paying off his dell computer and staples account in a timely manner.

He also did what is call a passbook loan.. i could be wrong with the terminology and if I am please correct me.. but he told the bank he want to borrow $1000 using $500 as colleteral and paid it off in 3 months. He did this for 2 years until he was able to borrow $25,000 without collertal. You would have to keep flipping money into the business. But because they report this to the D&B and credit bureau he was able to get $100,000 credit card from Capital One for his business. Now his company is making 2.5 million dollar a year in sales, He got good credit now. Because I stressed to him paid off his old bad debts so that way ya can get 2 sets of Triple A Credit.

and he is only 25 years old and his business is primary dealing with commerical's interior design and landscaping and professional organizer and he based in 3 states.

Don't laugh.. it aint gay to be doing this shyt.. ya just gotta have good tastes. He charges anywhere from $500 to $250,000 per project.

It took him 3 years to become a millionare using the OPM's method. You just gotta be patient and have a goal and a vision and a business plan and doing something that you would like to do.

And the funny thing is, when you become a millionare you become more picky about the projects/jobs ya take on. I dont know if this an ego thing or just wanting to enjoy life to it fullest?
Click to expand...

Thanks for that info
 
If your credit line is large enough to buy a car you must have excellent credit ratings and be making serious income, if your credit is shaky but not beyond repair I would buy a house, make payments for 2-3 years, and get my business started with equity, plus credit.
 
dacrazydeafdawg said:
It is going to take time. But the patience is worth the wait.

Open up a business account with Dell, Home Depot or a supplies store where ya would do most of your purchases from.

Also contact your bank manager where your business checking account is open. Ask them how you can build your business credit worthy in order to get a loan for x amount of dollar to do a project for your business. You be surprised at the information your bank manager gives you and most of the time he or she will refer you to the bank's loan manager.

think baby steps first and then big trump money later...


I recalled helping a friend with this process. He ahve a bad personal credit history but he want to create a separte business credit history. Of course they are going to look at his personal history as well but he was able to show he was a trustworhty by paying on time and paying off his dell computer and staples account in a timely manner.

He also did what is call a passbook loan.. i could be wrong with the terminology and if I am please correct me.. but he told the bank he want to borrow $1000 using $500 as colleteral and paid it off in 3 months. He did this for 2 years until he was able to borrow $25,000 without collertal. You would have to keep flipping money into the business. But because they report this to the D&B and credit bureau he was able to get $100,000 credit card from Capital One for his business. Now his company is making 2.5 million dollar a year in sales, He got good credit now. Because I stressed to him paid off his old bad debts so that way ya can get 2 sets of Triple A Credit.

and he is only 25 years old and his business is primary dealing with commerical's interior design and landscaping and professional organizer and he based in 3 states.

Don't laugh.. it aint gay to be doing this shyt.. ya just gotta have good tastes. He charges anywhere from $500 to $250,000 per project.

It took him 3 years to become a millionare using the OPM's method. You just gotta be patient and have a goal and a vision and a business plan and doing something that you would like to do.

And the funny thing is, when you become a millionare you become more picky about the projects/jobs ya take on. I dont know if this an ego thing or just wanting to enjoy life to it fullest?
Click to expand...

nittie said:
If your credit line is large enough to buy a car you must have excellent credit ratings and be making serious income, if your credit is shaky but not beyond repair I would buy a house, make payments for 2-3 years, and get my business started with equity, plus credit.
Click to expand...

This is why Tax lien attracted me, I'm going to need and infulx of monies to do some of what I wish to do in '05. Both of U have given insightful advice to consider and research more. Thank you.
 
Buying a house is easier than buying a car, find a professional agent and let them guide you, your credit can be bad but not ruint, if you know what i mean. When you get a house the game change people take you seriously, so that is move no. 1. Tax leins are a good move remember it's a insider's type game and you'll never know about the big money deals, but get in it with the mindset you in it for the long haul, and eventually you get some of that info. Good luck.
 
dacrazydeafdawg said:
Another thing...mofo who use their company's credit to pay for a high end luxury vechiles are playing with fire...

I see this shyt all the time.. mofo think it easy but I ask the dealership who own the car outright.. and they said they do because they paid for it in full.

Matter of fact I was teh mercedes benz dealership ... looking for a new ride... I test drove the G500 wagon but that shyt get lousy ass gas mileage.. and i saw a nice used range rover 2004 model with only 18000 miles on it but they want $70,000 for it i said shyt i can one new at that price.... but somebody else used a credit card and bought it and the dealer told me that i missed out.. and i said shyt how can be so.. he gotta credit card and he said that is the same as cash... he get the ride and the keys and the title right now.. and the loophole is the mofo credit card company does not have a lien on the car. So if the mofo missed a payment they cant respoess your car... So I know that done a lot ... but if ya are gonna be honest about it then just let the business pay for ya ride... make the money first and get the toys later is what i tell mofo all the time and i aint fucking with no car notes or credit card bills for a car?!?!

that is crazy and risky!!
Click to expand...


Agreed 100% and your earlier post was on point. Dell, Home Depot, Officemax, Staples - that's the way to do it! Patience is a virtue.
 
dacrazydeafdawg said:
Another thing...mofo who use their company's credit to pay for a high end luxury vechiles are playing with fire...

I see this shyt all the time.. mofo think it easy but I ask the dealership who own the car outright.. and they said they do because they paid for it in full.

Matter of fact I was at my fav mercedes benz dealership ... just looking for a new ride... I test drove the G500 wagon but that shyt get lousy ass gas mileage.. and i saw a nice used range rover 2004 model with only 18000 miles on it but they want $70,000 for it i said shyt i can one new at that price.... but somebody else used a credit card and bought it and the dealer told me that i missed out.. and i said shyt how can be so.. he gotta credit card and he said that is the same as cash... he get the ride and the keys and the title right now.. and the loophole is the mofo credit card company does not have a lien on the car. So if the mofo missed a payment they cant respoess your car... So I know that done a lot ... but if ya are gonna be honest about it then just let the business pay for ya ride... make the money first and get the toys later is what i tell mofo all the time and i aint fucking with no car notes or credit card bills for a car?!?!

that is crazy and risky!!
Click to expand...


Crazy,

Think Again! When people go bankrupt, the creditors (credit card companys, mortgage companies,banks) can take back anything of value. They will take your furniture, your flat screen TV, may even auction off your wardrobe, and they will auction of your vehicle. They don't have a lein on your funiture or your TV, but they still can take it!
 
I could have sworn if you are a corporation then creditors cannot touch your personal assets unless you personally gauranteed a loan. I think it was on that site NOLO.com
 
Real1 said:
Crazy,

Think Again! When people go bankrupt, the creditors (credit card companys, mortgage companies,banks) can take back anything of value. They will take your furniture, your flat screen TV, may even auction off your wardrobe, and they will auction of your vehicle. They don't have a lein on your funiture or your TV, but they still can take it!
Click to expand...


Well personally i never declare bankruptcy.. I took the high road and settle for pennies on the dollars cuz I said if yall dont agree to my terms i gonna declare bankrupcty but when ya declare a chapter 13 i thought it give you a clean slate to start over and the mofo creditors cant touch ya and have to write their loss off as a write off.............

I was just saying that it crazy to abuse the system for the wrong reason.. why buy a damn high end car and you no profits or income to show for it?? I am trying to stress to use credit to make money/revunue/income....


make the money first and then get the toys outright..cuz last i check cash is still king..........


I will do some researching around and see what the facts are..... because i think QueEx said it best.. there is no corporate viel when it come to dealing with the company's credit.... a good case would be Enron... them mofo were trying to live the good life but didnt have shyt to show for it?!?! lol

the Feds went after Enron's ass cuz the SEC aint no joke!!
 
Lucient said:
I could have sworn if you are a corporation then creditors cannot touch your personal assets unless you personally gauranteed a loan. I think it was on that site NOLO.com
Click to expand...

As long as you follow all the guidelines as far as running a LLC or INC you will be fine. But if you mess up and they find out that you have not been having the meetings, or did not dot an I some where in your paperwork you are screwed!
 
By the end of the week i'm going to have a friend of mine post some info on this thread. He helps small business in increasing their credit rating. I've watched him do it. several times and it actually works
 
Man, this is an A-1 topic. However, I have some questions. How do you go about creating a corporation to start with? Secondly, with a goal and plan to get into the real estate business, I know I need to repair my jacked up credit. Any tips on doing this?
 
How can you get another Co. to CO-sign for you in order for you to build Corporate Credit? Is there anything specific that a Co like Home Depot, or Dell would look for in order to Co-sign for a start up busines?
 
some companies will give you a line of credit right up front no questions asked. Sam's Club, Staples, Office Max to name a few. I watched a friend of mine do one, he went to all of the companies i mentioned and some more, filled out credit apps, they were approved. he had the owner of the company drop 500-1000 on each one then pay each one off within 3 months. That right there gave your company a revolving credit line of 5000.00. then he would have them apply for more accounts, again spend about 500 one a time on them and pay them off within 3 months. The goal of doing that is increasing your revolving credit line avg. In addition, other companies would help each other, such as i let a few use me as a trade reference, and vice versa.
 
here is a good source...BUT RESEARCH AND IT IS AT YOUR OWN RISK...
DISCLAIMER: DACRAZYDEAFDAWG NOR BGOL HAS NOTHING TO DO WITH YOUR PURCHASE. THIS IS JUST FOR INFORMATIONAL PURPOSES ONLY. AS ALWAYS GET LEGAL ADVICE IF YOU ARE UNSURE.





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Da Don said:
some companies will give you a line of credit right up front no questions asked. Sam's Club, Staples, Office Max to name a few. I watched a friend of mine do one, he went to all of the companies i mentioned and some more, filled out credit apps, they were approved. he had the owner of the company drop 500-1000 on each one then pay each one off within 3 months. That right there gave your company a revolving credit line of 5000.00. then he would have them apply for more accounts, again spend about 500 one a time on them and pay them off within 3 months. The goal of doing that is increasing your revolving credit line avg. In addition, other companies would help each other, such as i let a few use me as a trade reference, and vice versa.
Click to expand...
is he getting the line of credit purely with his taxid and dunn&bradstreet rating or his personal credit rating?
 
Dolemite said:
is he getting the line of credit purely with his taxid and dunn&bradstreet rating or his personal credit rating?
Click to expand...
peace
dacrazydeafdawg
Same question in terms of what ya man did up until he was able to prove his credibility to the lending institution for the 25 w/out collateral.

peace
 
Bborn...

My Man Use His Ein.. Know As The Tax Id... He Really Have Bad Ass Credit But Not Anymore Since He Have Paid Off His Debt And Now He Has Two Sets Of Triple A Credit In His Name ..business And Personal......


It Really Depends On Ya Credit Score.. If Your Fico Score Is High Then Ya Should Use Ya Ssn But If It Is Bad Then Ya Should Use The Ein... But I Am Not Sure If Ya Want To Do That Because If Business Go Bad Then It Be On Ya Personal Credit Report But I Think It Easier If Ya Fico Score Is High But If Not Then Get An Ein..........hope That Help But Remember It Gonna Take At Least 4 Months To Get Establish... I Really Suggest Ya Check Out That Site That I Posted In This Thread Early.......


Also If A Company Promise Ya Instant Credit After 24 Hours Or 30 Days It A Scam... Run Like Hell........ Dont Even Bother Contacting Them.....
 
Dacrazydeafdawg-

So Dell. Home Depot etc will extend a limited line of credit to a LLC with a brand new EIN/Tax ID with no personal SS# info required?
 
yes but it wont be no big ass credit line but a decent line.. the key is to pay on time and make large payments..basically if ya personal ssn is fuck ya are like getting a 2nd chance using ya business ein.. it isnt advisable but it done all the time but i am like as long ya try to get ya personal ssn credit fix then do whatcha gotta do...but use CREDIT to make money.........

i even got two american express cards via the EIN method w/o giving up my SSN.. the blue card and the uhmm delta cards....both with $2k line of credit and now I got $10k of line of credit on both of them but i dont fuck with it unless i need it...the goal was to get at least 5k of credit line per each card with Amex... but i doubt they will be sending me the black card anytime soon lol..........
 
Much appreciation Dawg - I never knew that a place to build from was all I was looking for plus I didnt want any of my personal info involved.

One
 
dacrazydeafdawg said:
yo dolemite clean up your mailbox bro.. was trying to send ya a pm lol
Click to expand...

peace
lol
I should've mentioned that in my post
Been trying to send this kat a pm for a whole day

peace
 

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