Corporate Credit- How do I build it?
- Thread starter Dallas Bueller
- Start date
Lucient said:
This is true. But when you first start your corporation ... you almost always have to personally guarantee the loan. After a few small to midsized loans, your corporation will build its own reputation and you'll be able to do whatever. If you know you gonna get the money coming in and your credit is decent ... use your corporation to lease a car. Of course if its a new company you'll have to guarantee the loan. However after the lease period is over (2-3 years). Your corp will have a life of its own and you won't ever have to personally guarantee shit. Of course also do what money said above. Home Depot and Office Max since you will probably need some of that shit anyway.
Great Post And Lots Of Great Info. I Just Have A Few Questions. I Read The Entire Post And There Was Little Info On What Type Of Businesses Do You Successful Brothas Own. I Want To Go Into Real Estate And Want To Operate Out Of An Office. My Credit Is In The Low 600's. So How Would I Establish Business Credit To Lease Or Purchase An Office Building To Operate Out Of?
And Also, How Much Money Do You Normally Start Out With? I Understand That It's Smart To Open A Dell And Home Depot Account For Starters But When You Begin To Use It, Do You Just Use Personal Money To Pay The Bills Or Do You Already Have An Established Income From Your Business Before You Use The Cards?
Can Anyone Elaborate On These Questions Please. Much Appreciated And Thanks In Advance.
P.s. It's Good To See Brothas Network And Help Each Other Come Up Instead Of Hate On Each Other.
And Also, How Much Money Do You Normally Start Out With? I Understand That It's Smart To Open A Dell And Home Depot Account For Starters But When You Begin To Use It, Do You Just Use Personal Money To Pay The Bills Or Do You Already Have An Established Income From Your Business Before You Use The Cards?
Can Anyone Elaborate On These Questions Please. Much Appreciated And Thanks In Advance.
P.s. It's Good To See Brothas Network And Help Each Other Come Up Instead Of Hate On Each Other.
C
CheebahBaby
Guest
Act Right said:
just pay ya bills on time boo and pay OFF as much as you can. any company promising to clean your clean for x amount of dollars is fluke...you might as well take that money and pay a bill. a slow process but the patience is worth it.
C
CheebahBaby
Guest
dacrazydeafdawg said:
mm mm mm, all this on the ass n titties site. but daaaaamn, carte blanche...diners club? talk about throwbax! before my time but i think carte blanche is nonexistent and if diners club is still around (or vice versa), the holders gotta have one foot in the grave. somewhere i've read that carte blanche was bought out by visa. of course i could be wrong, don't get me to lying. btw, what is PG anyway?
i am back... and i got something for my GA's peeps.....
Will try to answer the backlog of questions....
Will try to answer the backlog of questions....
I haven't posted here in a minute but I'm back.Starting a second business (yes, a restaurant) just incorporated Nov 06.Real easy now to incorporate in the sate of Georgia now since they have online service now.Increased my credit lines to most of my accounts to the first business (sole prop) so each has at least $5,000 credit lines.Working on my FICO's and cleaning credit reports to get better loans/loc from the banks.
Me being the cat who initially started this thread, I just wanted to give much props and thanks to the poster "revum green" for posting the link to creditboards.com. It's hard to believe that it's been over 2 years since I initially asked the question about corporate credit but that post and the many contributions from other posters in this thread have changed my life in more ways than y'all can imagine. This shows the true power of the internet as far as it being the great equalizer for spreading info.
And maybe I don't contribute a whole lot to this board when it comes to "posting pics and talking shit" but it feels good to know that many have benefited from the valuable knowledge that has been dropped from this one thread alone. Much luck and success to all who have started pursuing their entrepreneurial ventures in 2007
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And you are the perfect definition of someone who I would call a dumbassblackcapone said:
Update on business #2 : The restaurant turned into a jazz nightclub.The reason being the spot I got don't have a kitchen but I will be serving food.I'm going to contract out with a caterer to provide on initial the food at $6 a plate and resell at the spot for $12 a plate.On 02 Mar 07 signed lease at $3,000/mth and $1,000 sec. deposit with guaranteed renewal on 2 year lease at same price the first year renewal with a max of $3,500/mth or option to buy.Also, a ll equipment is mine after the 2 year lease eventhough the shit has all ready depreciated (lol).Turned in paperwork for liquor license on 03 Mar.Still got to have health department and fire department inspect before liqour license and business license can be issued (local) .Before I can sell liquor State liquor license has to be issued.Talking with local state special agent for alcohol and tobacco on Monday to start getting paperwork to push through once local license has been issued which will probably be on the 20th (local commissioners have to approve liquor license).Started building website with website tonight program @ godaddy.com.Just waiting on publishing it after I get the building together and put the pictures up.But, really no experience with building a website it took me a minute to get a good feel of it but after I did it was a pretty cool project.Also on Monday I'm getting my business account opened at Bank Of America.Thinking for payroll service either ADP or use the Bank Of America payroll service. But,I'm leaning towards ADP (the price qoute looks real good for 8 employees at$67/year ).Also ordered the corporate seal kit and stamp at Staples for $76 after taxes.Getting power and water cut on Monday.Then start prepping for the inspections.Oh and I need to call the phone company and get 2 lines put in.Get the cable later in the month closer to opening.
Starting to build the corporate credit with the net 30's.First up will be pens.com for advertisement with the pens.Maybe Viking's next since I heard Nebs is not reporting anymore to d&b.
That's it for now will update a lil later.
Starting to build the corporate credit with the net 30's.First up will be pens.com for advertisement with the pens.Maybe Viking's next since I heard Nebs is not reporting anymore to d&b.
That's it for now will update a lil later.
Update : Things have slowed down a bit.Waiting on the land lord to fix a few things.Of course Iam not paying any rent until he gets things squared up. Cool for me because it buys me a little bit more time to work some things out. I did go ahead and publish the website even though I haven't got the pictures of the building up but you can check it out here www.thejazzlounge.org .I went to the preliminary hearing with the city council on the 12th and I have to go back today @1230 for the final approval with the full council (mayor and some council members were not at the last meeting).
Man I just remembered How I started my LLC this Site was very helpful:
http://www.bizfilings.com/
Hope this helps someone
http://www.bizfilings.com/
Hope this helps someone
blackop said:
nice work blackop. how are you able to get all these lines of credit? through dnb, or your personal credit? i've had my business since oct. '05, registered with dnb a few months after, and dnb hasn't done much to help my build my business credit. the fact that my personal credit is not that great is making it hard for me to get lines of business credit.
i got one amex card with a credit limit of $10,000, a office depot card with a limit of $1,000, and a staples card with a limit of $2,000. I got all of that off the strength of my personal credit and not my business credit. how do i build my business credit, because each of these lines of credit that i obtained are attached to my personal credit, and I don't think they are improving my business credit at all.
thanks for the assistance.
I hope you didn't buy the credit builder from D&B. Since you have a Dunns# do you have a paydex score.If you don't have a paydex check and see how many tradelines are showing up on your dunns report.You normally need at least 4 or 5 trades showing up.Secondly, in business credit never pay your bills late ever!! You can check your business experian report here and see how many tradelines are showing up here at www.smartbusinessreport.com .Since you said you probably pg all your accounts what are your FICO scores.Get this info to me and we can go from there.shams said:
update on the night club: got approved from city council on 3/20/07 and the local license on 3/22/07 it cost me $4,466 now I'm working on the state license.Got bonded for liqour liability bond for $100 on 3/23/07, fingerprint cards completed.Just need to get paperwork notarized and turned in.Getting building painted on Monday and ordering pos system.
I tried the Dell website listed below, these guys need my SS#, DL# and my business EIN #. To me that equals a personal credit inquire. But I noticed my business Amex card does not show on my personal accounts, but the inquire have. Regardless still a good post. 
http://www.dell.com/content/default.aspx?c=us&cs=04&l=en&s=bsd
http://www.dell.com/content/default.aspx?c=us&cs=04&l=en&s=bsd
You must went to the personal side of Dell..I just got another Dell account backed by Citibank for $7500 to order my pos systems and on my Dell business account I ordered another laptop and a multifunction printer on the 24 month lease program with $1 buyout on my CIT account which has $5,000.Imhotep said:I tried the Dell website listed below, these guys need my SS#, DL# and my business EIN #. To me that equals a personal credit inquire. But I noticed my business Amex card does not show on my personal accounts, but the inquire have. Regardless still a good post.
http://www.dell.com/content/default.aspx?c=us&cs=04&l=en&s=bsd
Call this number 800-879-3355 ext 7261843 .Go to the option to purchase something.Tell rep that you would like to see what you qualify for with Dell ACCOUNT by Citibank.They also can run an app for the CIT account which they are having a 0% interest on 24 month lease. The online app is a crap shot.If you call Dell they ain't turning down no business trust on that.Remember these sales rep get a commision they will try their best to get that credit app approved.Take Care and let me know if this helps.
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UPDATE : on business #1 just added exxon mobil cl of $3,000 and a net 10 account with next day gourmet/superior for $3,000 and a DELL ACCOUNT backed by Citibank for $7,500. Going for Lowe's and Sam's account next.
Business #2 just working on the net 30's (which seems like most want a prepayment before giving open terms).But, I just got Quill.Working on Uline,Tech Depot, Reliable,Grainger .Just got Vonage so I will be applying for Staples and Office Depot this week.
Business #2 just working on the net 30's (which seems like most want a prepayment before giving open terms).But, I just got Quill.Working on Uline,Tech Depot, Reliable,Grainger .Just got Vonage so I will be applying for Staples and Office Depot this week.
blackop said:
I called and emailed these guys, still waiting. I'm also going to check my CRA for that inquire. I guess you know these inquire lower you score. The wild shit is I received a pre-approval amount for $5000, but I have not received any type of confirmation, regardless nice drop...........
kinda lost in this thread..just stumbled past it
havent look through most of ur post yet..
qucik question ....my personal credit is kinda bad
i owe a little over $6000
will this prevent me from getting a bizness credit.
it would seem that if the ran ur name and ss# something would pop up saying u owe alot of money.
also...for the people who opened numerous bizness accounts...are you suppose to use all that credit to purchase from the company that gave u the credit?
once again forgive me for not reading first...
just got alot to read
once i get a reply i probably would have found the answer to my questions
havent look through most of ur post yet..
qucik question ....my personal credit is kinda bad
i owe a little over $6000
will this prevent me from getting a bizness credit.
it would seem that if the ran ur name and ss# something would pop up saying u owe alot of money.
also...for the people who opened numerous bizness accounts...are you suppose to use all that credit to purchase from the company that gave u the credit?
once again forgive me for not reading first...
just got alot to readonce i get a reply i probably would have found the answer to my questions
What's up brothas. I have a question about DBAs. If I form a Corporation and create a few DBAs, will those DBAs be protected and taxed the same as my corporation or will they be taxed and protected like a sole proprietorship or partnership?
bump
troutwine
Banned
Just got my LLC and EIN# last night. About to rent some office space, and get phone service, and checking account, DUNS# next week.
me too
Man life is great. Thank y'all, this thread is amazing.
me tooMan life is great. Thank y'all, this thread is amazing.
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troutwine
Banned
I've read this entire thread, but I still don't understand why y'all are so adamant against the whole Personal Guaranator thing. What's so bad about it?
Man that's my family all day. They try to discourage me from my entrepreneurial dreams, with little dumb shit like "9/10 businesses fail". I try to put them up on what I know, but they just don't listen. Watch them start following after I get successful though. I'ma just be like..."Told ya So!"
I've seen you use "OPM" multiple times in this thread, but what does it stand for?
Did this ever materialize?
Real talk. I've almost become a "recluse/hermit" since I've gotten serious about this business thang. People think I'm depressed or something and concerned about me. lol
Man that's my family all day. They try to discourage me from my entrepreneurial dreams, with little dumb shit like "9/10 businesses fail". I try to put them up on what I know, but they just don't listen. Watch them start following after I get successful though. I'ma just be like..."Told ya So!"
The DBA's wont be taxed seperately only the corp.
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