Obtaining credit in name of LLC as oppsoed to personal name

eddavis

I have not figured out how to build credit in the name of my LLC. All banks that offer business checking insist that a credit card be placed both in my name and the name of the LLC.  I heard an advertisement for a "corporate credit building program" from NCH (Nevada Corporate Headquarters). The people who run that organization affirm that they can build a credit profile in the name of my LLC only. Unfortunately, their fees seem a bit steep and have to wonder if the "secrets" for accomplishing this goal are out there somewhere.Any help would be greatly appreciated.Ed

SusanG

I have requested information from them as well. They just sent me a basic email with no pricing. My assumption is that their fees are high. I assist people in building their credit on the consumer end, and I would love to find out the same information that you are looking for.

eddavis

Susan:
They told me that they have a "list" of creditors who will establish credit in the corporate/LLC name only. Additonally, they stated that they have a number of such businesses as clients and thus have some leverage in establishing such corporate credit. Again, it seems a bit hard for me to beleive that any one company have a monopoly on such as service. I have asked around quite a bit and could not find anyone to answer this question or provide suggestions.
Regards,
Ed
[email protected]

eddavis

Susan:
Here is a link with one possible strategy: http://www.mynewventure.com/question21_business_credit</A>
They recommend applying to Dunn and Bradstreet for a number then approaching certain businesses that have a reputation for extending credit to entrepreneurs.
Ed

SusanG

This is very useful information. I do work with consumer credit and you can make major adjustments to the score in 60-90days. I am willing to take the time it needs to build this business the right way. Great links and blog info from both of you. I am very happy to have found this site, very helpful people here and useful information for someone trying to learn the right way to go.
Susan
 SusanG2007-1-31 8:8:55

jhlee123

Hello Ed, and Sue,
I also ran into the same pitfall and found that D&B (D-U-N-S) is the best way to go. After getting your DUN # apply to the CCR (Central Contractor Registrations) this is for Goverment contracts but is just as good for keeping track of business credit

jhlee123

Thanks Marshall this information is helpful have a great day

LandscapeRentals

I have used D-U-N-S # as well. I am in a very capital intensive business and it has helped our corporate credit alot. I still have to sign guarantees with some of our lendors but that should be ending by the end of this coming year (our third year of operation).

echiggins

D&B is a good start to building credit/credability to a new startup business. I`ve personally spoken to a D&B agent who suggested I apply for a gasoline credit card in the business name and providing the D&B #. Use the card a couple of times and pay it off each month. This will definately take time and concur with the others. One thing that many of us can`t stand to hear is that its going to take time!. Hope this helps

jhlee123

Thanks for the information about the gas cards I never through of them.
John

leespizzahouse

Did anyone of you guys used a credit building services or did you take the steps on your own?

LandscapeRentals

I did it on my own

jhlee123

Thank you that info was helpful

leespizzahouse

Helpful...Very HelpFul Information!
From my understanding is that by doing it yourself, unless you know the ins-and outs, it takes time and much longer to establish corporate credit, whereas, I am paying Corporate Credit Concept, to establish a 70 D&B score for me by connecting me with their connections with banks and other businesses. I hope everything goes well. I am paying the 800 upfront, and 3k at the end if I can get 75-100k cash credit lines in 45-60 days with a personal garauntee. In about 6 months if all goes well, I should be able to apply and receive cash credit lines in the 200+k with no personal garauntees throught their private lending connections. CCC felt pretty confident that they will be able to do this for me, if not, they garauntee a full refund of my initial 800. We`ll have to see how it goes, I`ll keep everyone inform. I`ll be the guineapig.
 leespizzahouse2007-3-17 3:43:16

jhlee123

Good Luck

pagejames

I hope you`ll keep us updated on what CCC does for you.  I`m all for spending the money for professionals to do their job freeing up my time to do my job, but with all the scams I`ve run into over the years regarding credit, that $800 upfront fee is a little scary to me, especially wishy-washy claims of "We feel confident that we can do this for you"!  Please keep us updated.