Posted by Rob FL on January 23, 2000 at 15:18:59:
What it says is correct to the best of my knowledge. For more info check out www.postalwatch.org
Establishing credit in corp name - Posted by Bert G
Posted by Bert G on January 22, 2000 at 15:21:42:
Personally, I have great credit (702 FICO). However, my brand new bouncing baby corporation has no credit, no income pattern, and no assets other than a $750 checking account.
Now right at this instant, the corp doesn’t really NEED credit, but it would be a good thing to have for the future. Even a credit card would be a big help for buying supplies, etc over the phone. I applied for one of those “small business” cards (I think form ATT) and was turned down flat.
I tried setting up a file with Dunn & Bradstreet via their website, but it has a glitch and doesn’t work. Would a phone call help? “Hey, I exist. Start a file on me”
Do those collateralized credit card companies do business accounts? What other things can I do to get a credit file in the Corporation’s name?
Thanks
Bert G
Same question…but poor credit? - Posted by David-Mi
Posted by David-Mi on January 22, 2000 at 18:45:57:
How do you aquire credit(AAA-1) for your corporation if you personally have bad credit?
Thanks
David
Re: Establishing credit in corp name - Posted by Rob FL
Posted by Rob FL on January 22, 2000 at 16:14:53:
I had a similar dilemana. I started by calling Dun & Bradstreet and getting a DUNS#. Just make sure you get the free number, don’t let them talk you into paying $100 and visiting your place of business.
Once I got the DUNS#, I applied for cards at Home Depot, Lowe’s Home Improvement, and OfficeMax. I had to cosign them but what the heck, I got the corporate cards. All of the sudden I started getting loaded up with offers for Visa and MC. I went ahead and applied for them without a cosinger and got a decent 5K limit on both cards. It really isn’t too hard.
Re: Establishing credit in corp name - Posted by chris
Posted by chris on January 22, 2000 at 15:30:40:
Any luck with the institution that you have the checking account in (maybe a credit card secured temporarily)? How about American Express Small Business Services?
-Chris
Really gotta call D&B now - Posted by Bert G
Posted by Bert G on January 23, 2000 at 12:33:44:
Since its been a couple months since I tried to use D&B’s website, I thought I’d try again, and guess what I found. My corporation is now listed, but with MY PERSONAL DUNS #. Yup, the same number I’ve had for years in my own name is now assigned to “American Housing Solutions, Inc.”. When I input the number, it comes up as “Formerly Bert Garwood”.
Now this is probably not a good thing, especially since the main reason for incorporating was to insulate my personal stuff from the business.
Ain’t computors useful??
BG
Re: Establishing credit in corp name - Posted by Brandi_TX
Posted by Brandi_TX on January 22, 2000 at 17:45:34:
Rob,
These Visa and MC apps didn’t ask for your personal obligation… or you just didn’t provide the info? I followed the same route, and so far, they all have requested it.
More curious than anything else,
Thanks,
Brandi_TX
Re: Establishing credit in corp name - Posted by Rob FL
Posted by Rob FL on January 22, 2000 at 17:55:10:
All of them will say that anyonw who gets a card with their name on it is personally liable, but many times they don’t request your social security number. Don’t offer that. It makes it very difficult to put on your credit report without a SSN. Also don’t give them your home address. Always use a PO Box or mailbox service.