Re: How do you build corp credit - Posted by Rob FL
Posted by Rob FL on June 02, 2001 at 17:34:35:
I have several corps/LLCs and the way I always started to build credit was this way. First call Dun & Bradstreet and get a DUNS#. Acquiring this number is absolutely free. Once you get the number start hitting up the department stores.
Home Depot, Lowe’s, Target, OfficeMax, Office Depot, etc. all have business lines of credit. Slowly start applying for these. As long as you personally guarantee the credit line, these guys will almost definitely give you a credit card. Once you get the card, go and charge something and then pay it off immediately. You now have good corporate credit.
This will appear on your D&B report. Also these companies tend to sell lists to other creditors. It will be only a short period of time before Visa, MC, and Amex start soliciting you for a business account. Apply for these cards and build up good credit with them.
Once you do that, banks and finance companies will listen alot more to you about giving you corporate loans.
About 2 or 3 years ago someone on this site posted similar info. I followed the advice and BINGO, it worked. I just formed a corporation this January and just received my first Visa solicitation last week. I already have a Home Depot and Officemax card for this corp. The credit is pretty simple to obtain.