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July 3, 2010I need the credit rating for Wal-Mart. I’ve been to S&P, Moody’s, and Fitch, and I have no idea how to find out simply where the credit ratings are. None of the sites flat out lists such a link. Really is getting on my nerves…
You can’t.
I have abusiness with a corporate structure yet everytime I apply for credit, they check my personal credit. Because of this, my personal credit is high and now i cant get funding to help me with cash flow for my business. Please help.
Have you gotten a dunn & bradstreet number? That is the first place to go to build your business credit profile.
www.dnb.com
Seeking a company to build credit for my new corporation that does not need my credit profile.
It really depends on what type of corporation you have. Do you have suppliers? That would be the place to start.
If your coporation is new and has no track record, it is very likely you will be required to provide a personal guarantee in order to open accounts.
You may also have to open accounts starting with COD orders at first.
Attemp to apply for business credit and was denied. Interested in understanding how to create business credit without using my own credit profile. How do I obtain a DUNS number and is it really needed.
You can go on D&Bs website it get a DUNS number for free, takes about a month after applying. You always have to use you own credit profile. If this is for a corporation you are not introducing yourself to any personal liability by using your credit profile when applying for business credit.
A friend told me anybody can get a $10,000 credit card issued to them based on a tax ID number and filing the papers for an LLC. If I have maxed out my credit cards and make my payments timely, can I still apply for one of these cards and will they give me a $10,000 credit line on a corp credit card?
A corporation is it’s own entity, however when it comes to credit the officers have to take financial responsibility for the credit. Therefore your credit is what it needs to get started. The amount they start you with is at their discretion according to what they see in your credit report, Take whatever they give you to get started, make your payment on time (extra payments when able), then build the companies credit from there.They will raise your credit line when they are comfortable with your credt responsibility with them.
I am trying to get my business up and running but need some finances and I don’t want to use my personal credit. Thanks
Until you can show a lender that you are profitable, you will probably not get any corporate credit. Most entrepreneurs do use their personal credit lines to get their business going. Try contacting the Small Business Administration (www.sba.gov) for further info
I had a corporate Amex credit card and was left with a pretty big outstanding balance when my company (Burr Wolff) went bankrupt. Am I responsible for this outstanding balance that was for items and services that were charged on behalf of Burr Wolff (Google AdWords, etc.)? I have had no luck in resolving this with any of the bankruptcy lawyers or from anybody at Amex…please help.
The quick answer is "YES", when you sign up the AMEX card your user agreement and corp terms and conditions all should say you are responsible. This is mainly a safe guard again abuse by employees from charging personal items that can’t be expensed. In the meantime, you will not get results from AMEX their only interest is to get paid. What’s between you and your company is not their business. You need to check into the current bankruptcy process of your company and see if you can become a creditor to recover some of the outstanding balance. Other than that, you can take comfort for the fact Corporate business credit cards are not reported to your personal credit histroy at all. Just be sure to check with AMEX. I would say for now just ingore the balance, consult another lawyer since your current lawyers are obviously not giving you good advise. Probably want to consult a personal finance advisor on this too! Hope this helps you!
I had a corporate credit card with the company I now work for….we got into a dispute over some charges made during a business trip and they are now informing me they are filing a "waiver of liability" with American Express and cancelling the card. Does anyone know what the waiver of liability is and what it accomplishes?
Simply put, they are telling the credit card co that they are not bound to any debt incurred by your use of their credit card because the charges you made did not meet their company policy.
Many companies do this to protect themselves from employees going overboard with a company credit card.
Somewhere in your employment contract you should find a clause regarding this.
Hope this answers your question
The corporate veil allows people (like bank executives) to be reckless with other people’s money without risking their own. I constantly hear the phrase "personal responsibility" in politics these days. What is the incentive to take personal responsibility in an age of corporations?
Personal pride and freedom are incentives to maintain personal responsibility.
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.
