Building Business Credit ...on poor personal credit!!

huiedeehuiedee subscriber Posts: 7
edited January 2009 in Business Planning
I am a new startup Company, due to many obstacles from this economy my personal credit ratings have fallen. I recently applied for a DUNS# and now I am not sure how to approach getting business credit... any advice? Which business cards report to the business credit bureau that will help to establish and build credit for my business? Am I doomed....??
 
Donna

www.pregnant-r-us.com

 
huiedee1/27/2009 1:08 AM

Comments

  • MattThomasMattThomas subscriber Posts: 2
    I`m not sure how knowledgeable you are about business credit, but this resource is excellent. It has a ton of information about how to build credit for your business.
    The good news is (I`m not sure if this has changed recently) but some cards do not pull your personal credit report. This is something that might be attractive to you and something that you should look into. In fact, I think American Express doesn`t pull your personal credit when applying for business credit. I asked them about a year ago and they told me they didn`t pull the personal report.
    Somewhere down the road (and I don`t think you can really do this for startups), but some banks will be open for negotiation about you not having a personal guarantee for your business credit.
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member

    I am a new startup Company, due to many obstacles from this economy my personal credit ratings have fallen. I recently applied for a DUNS# and now I am not sure how to approach getting business credit... any advice? Which business cards report to the business credit bureau that will help to establish and build credit for my business? Am I doomed....?? Donnawww.pregnant-r-us.com   I realize that there are many companies that say differently, but from my experience - when one applies for a loan under a company entity (corp or LLC,etc) - if the lender feels there isn`t enough history, they will want to look at the personal credit history of the principals. Trade credit can be a bit easier to acquire - since there are companies that will give new businesses some small amount of credit. What are you attempting to accomplish -buy needed supplies or get a line of credit for cash?
  • MattThomasMattThomas subscriber Posts: 2
    I think fedex and staples might approve companies right away for some credit. I`m not positive on this but I have heard that they do. I think it also helps to have a current utility bill that the business is paying.
  • jwmoore78jwmoore78 subscriber Posts: 1
    There are quite a few companies out there that have lists that contain vendors that report to DNB and help build a strong business credit score. Just do a websearch.
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