How can I establish business credit without my personal credit?

October 16, 2009 by admin · 2 Comments
Filed under: Credit 
business
The DoorMan asked:

With a new start-up business (incorporated), how do you get serious business credit that doesn’t tie down your personal credit with personal guarantees?

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2 Responses to “How can I establish business credit without my personal credit?”
  1. resmtg says:
    October 18, 2009 at 11:27 am

    Yes you can get business credit using a corp. Generally, you will need to be incorporated at least 2 years, and have a high Paydex score. If you have a 660 minimum middle FICO Score you can get funded in 48 hours as a business line of credit with a personal guarantee. When you are ready, email me I can get this done for you. resmtg

  2. Credit Guy says:
    October 21, 2009 at 4:59 am

    The only way to do this is to borrow in the name of your business (corporation) only – without a personal guarantee (P.G.), then repay the loan.

    For this to work you have to make sure the loan is reported to Experian Business Credit. Try also for Dun & Bradstreet, although they are not taken very seriously in banking circles anymore.

    The best system is to borrow funds, hold them on deposit, make some monthly interest payments, then give the deposit back to the lender to pay off the loan.

    There is a lender that does this with no credit check, if you agree to keep the money on deposit. If you ask, they will also let you open more than one at a time. They also have the ability to report to the credit bureaus under two different names. All of this can help you get multiple positive credit entries. See creditloader dot com for more. Credit Guy

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