Friday, November 19, 2010

How do you get good business credit?

ive had credit for 3 years and my credit score is 734. when i did that both the bank and every one else said all you have to do is buy atleast 1.00 of something each month and pay it off, or leave a small balance on it for a few onth and pay more than the minimum each month and thats how you build good credit.

is it the same for building business credit? i just got my corporation ,S corporation and some one said to now get a business credit card in my business name. so how do i build bussiness credit so in a few years i can have a reall high credit limit for my bsuiness like up to 1 million? do i just buy things with my credit for my business then pay it off, and take out a few loans business related and pay it back?

i want a ggod score for paydex and D and B , but i dont know anything about building business credit. they told me unlike personal credit, business credit can almost by ';no limit'; you businss can usually borrow more than an average individual?How do you get good business credit?
You might want to read this book ';The Informative Guide to Building Business Credit';

Information Covered:

Business Tax write off tips

How to Build a Profile in 3 to 6 Months

How to avoid getting ripped off by private companies and fake credit lenders trying to steal your information

Tips on using your tax ID/ EIN Number %26amp; DUNS Number

Tips on Building an excellent profile with Dun %26amp; Bradstreet

How to build an excellent Business credit score even if you have poor personal credit.

Links to the most common business credit applications, which do not ask for a personal guarantee

Also here are some links for you.How do you get good business credit?
I found a great E-Book on the subject of incorporation and building credit here:

Hope this helps and good luck!

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buy a home.
Bank credit is based on assets, so you can only get money from them if you don't need it. If you have 6 months of credit card processing history you can easily find a place that will advance you 6 months of processing revenue. Look up ';credit card receivables'; on a search engine.
I've never owned a business so this is just off the top of my head. Why not go to a counseling service and let them guide you with this question? I don't think buying a home is going to help with a business credit but they might say otherwise. I'd be careful about borrowing too much, as that could come back to bite you but you do need to borrow something in order to build your credit base. You might check into getting Grants when possible so you will have the cash to work with but not have it hanging over your head and have to worry about paying it back.
just pay your credit on time and dont use your companys credit that much and just use it for emergencys and set a limit of purchases or emergency purchases or whatever. I think you would also need a good credit score in order to get credit for your company or corporation. like get american express the blue card shown on tv no annual rate etc or you could get visa i dont know how much you interest you would have to pay on it.

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