Credit Card For LLC
Hello,
I recently registered my LLC (6 months ago) and I have since received a number of mail offers to establish a business Credit Card all with Personal guarantee of course. Is anyone familiar with these offers?
Do you think they are a good way to do to get a business credit card and if not, what is the best way to go about getting a business credit card?
As an aside, does anyone know if establishing a business phone line through Vonage or one of the other VOIP Providers has the same benefits as doing one through one of the larger phone companies like SWB and Qwest?
Thanks for your input.
JS.
Others have posted on this site that there is a lot of information on this subject at www.creditboards.com.
They can tell you all about it.
Hope this helps.
For those of you with an LLC Credit Card, how many of you have a personal guarantee? Do the cards show up on your personal credit report?
Personally guaranteed cards show up on my credit report. Go to the above mentioned forum about creating credit for your business. That site has helped me a lot.
Quote:
On 2005-03-25 15:03, nic3456 wrote:
For those of you with an LLC Credit Card, how many of you have a personal guarantee? Do the cards show up on your personal credit report?
They will show on your personal credit and the same rules will apply regarding how they affect your scores.
As far as counting as a liability, cancelled checks from your LLC will allow an underwriter to ignore it.
[ Edited by joel on Date 05/04/2005 ]
There is so much that a business needs to do to exstablish a good credit score. One of the most important things that you must do is to get set up with Dunns and Bradstreet. A big majority of the lenders wont even look at you unless (DNB) has a credit score on you. And it does not matter who the phone company is. Just as long as you keep your payments up and they never report anything negitive to your credit file. You must also make sure the phone is in the business name and listed with directory assistance as well as a couple other services. As for the credit cards, the business tax id# needs to be the only number given on any application. You may get turned down in the beginning for not supplying your personal SSN, but eventually someone will give your business credit. Just keep trying and dont give up. My latest business has not even been in existance for a year yet and it has 4 different lines of credit. Including a $5000 American Express Card. Good luck
PeachStreetProperties mentioned dunn and bradstreet, you might look into that
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I have several cards tied only to the business. I have a business that is less than a year old and have two cards and an unsecured credit line for 20K.
Get a amex card and start from there You need to get creative and shop around and talk to your banker etc. to see what they can do for you and your business.
This is not rocket science and I have done it several times in several states with new businesses and start-up capital around 20K.
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PLEASE SHOW ME HOW (OR TELL ME RATHER)
Quote:
On 2005-07-17 01:07, Stockpro99 wrote:
I have several cards tied only to the business. I have a business that is less than a year old and have two cards and an unsecured credit line for 20K.
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<BR> Get a amex card and start from there <IMG SRC="images/forum/smilies/icon_smile.gif"> You need to get creative and shop around and talk to your banker etc. to see what they can do for you and your business.
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<BR> This is not rocket science and I have done it several times in several states with new businesses and start-up capital around 20K.
Try out Chase as well. They have a pretty good program with low finance charges. I personally had an AMEX for 10 years and then was able to get our AMEX Business within 4 months of creating our company. We also set up all of our business cards under our company TIN and not our personal social security numbers. I believe Chase had a 2.9% transfer and purchase APR for 6 months. Check them out and also get yourself a personal AMEX to build your relationship with them if you were turned down for a business AMEX. You can link your personal and business accounts later on and collect their purchase bonuses.
None of my business cards show on personal credit, that is the beauty of it. The only time they will show on perrsonl credit is if you default on the loans. Shop around, amex is a good place to start.
Right now I have over 200k in credit available to my business. Firsthorrizon is another good place to get a line of credit. I got one with them 3 months after incorporating 50k line of credit.
I think The Ray Reynolds plan could help answer some of your questions. I am going to start working with them myself.
My LLC was formed in 3/06 and now I have the basic credit cards such as Staples, Office Depot department cards.
I have 2 Tradlins on Experian biz and 2 on DnB.
I amwaiting for my PayDex to apply for the Home Depot MC and a Sams MC.
All of this has been done without a PG and without a pull on my credit...All in th LLC name.
I have Vonage also and am not listed in any directory as of yet...
Guess whose been on Credit Boards reading for the past year.....