Credit Question/LLC Question
My credit score is very low, but i was told if you start an LLC you can get financed regardless of what your credit is, is this true? I want to start my own realestate LLC and I thought that i needed to to clean up my personal credit inorder to get business financing is this correct ? thanks
[ Edited by najee30 on Date 09/04/2006 ]
No, an LLC will not get you easy credit.
There is no substitute for good personal credit when asking to borrow money, Clean up your act.
yep making them an authorized user will help, they would get all of your history with the card.
Another question: would adding this person with bad credit to my card ding my credit?
The world of finance is based on "sweeping generalizations". It is very true that a person can go through a bad time and end up in a bad situation. I see it all the time. People trying to recover after hitting rock bottom. The fact of the matter is that most of these people with bad credit have it because of poor money management and lack of discipline. I would only let my spouse or children piggy back off my credit. Credit piggy backing is a very fast and effective way to improve credit.
Quote:
On 2005-12-09 14:56, Eric5 wrote:
yep making them an authorized user will help, they would get all of your history with the card.
Actually not all the cardss report the on the authorized user credit file. Some do and some do not. The most important thing would be add him to the oldest card that reports to AU.