How do I establish and get corporate credit?
June 5, 2010 
3 Comments
I was talking to a business associate and he told me there is a quick way to establish and get corporate credit. This included establishing some trade accounts and also getting a D & B listing or a debix score. Does anyone know how to do this? I have a great start-up company and am making a profit, I am lacking credit to make purchases on items that would surely help me grow and also increase revenue. I am a LLC
The only true way of establishing a credit rating for your business is to go to the bank where you do your checking. Talk to the Finance Manager and work out your companies net worth along with providing them a business plan to outline when, how, and why you need the credit.
If the numbers look good, they will give your company a line of credit. Often if you need equipment that you know will increase your bottom line and can be paid for in short time, often a 30 to 90 day note can be obtained from the bank.
Stay away from credit card gimmicks if you can. It looks better for your business if you can establish a high line of credit from a bank.
The only true way of establishing a credit rating for your business is to go to the bank where you do your checking. Talk to the Finance Manager and work out your companies net worth along with providing them a business plan to outline when, how, and why you need the credit.
If the numbers look good, they will give your company a line of credit. Often if you need equipment that you know will increase your bottom line and can be paid for in short time, often a 30 to 90 day note can be obtained from the bank.
Stay away from credit card gimmicks if you can. It looks better for your business if you can establish a high line of credit from a bank.
References :
Retired business consultant.
To get D&B listed, you have to fill out all the paperwork, including providing profit and loss statement.
To establish trade lines, you open accounts with vendors. Sometimes the initial order is COD.
If you get a business credit card, they will probably require a personal guarantee.
References :
The easiest way is to get a business credit card. Advanta, for one, issues the card based on your personal information but reports the credit history for your business.
References :
http://www.creditcardsforamerica.com/small-business-credit-cards.html