New Business Credit - Posted by BR2

Real Estate Investing
1

Posted by Bill K. (AZ) on May 15, 1999 at 18:06:37:

BR2,

I’m don’t have a J.O.B. either. I haven’t had to ask a bank for a line of credit yet, but I’m getting ready. My personal banker has offered my LLC an unsecured credit card. I’m waiting for approval now. It will have of limit of $2,000-$5,000. I plan to use it extensively for my business purchases over the next several months to begin to establish a credit record in my LLC’s name.

If your personal banker and business banker are 2 different banks, try going to your personal banker and tell them what you want to do. That’s how I got my banker’s interest. You see, my personal banker wants my business account.

I hope this helps.

Bill K. (AZ)

2

New Business Credit - Posted by BR2

Posted by BR2 on May 15, 1999 at 08:15:22:

I currently have 3.5 properties, 2 of which I plan on holding, 1 I’ve rehabbed and will sell, the other .5 is a foreclosure I won’t actually have for another 90 days but will prehab and sell. I just applied for an LLC. Since I’m not employed, how do I establish credit under my business name so my bank will lend my company money? I know this has been asked before but the search area is still under construction. Plus, is it going to be difficult to transfer these properties to my LLC?

Thanks in advance.