Need Advice, Headed for Credit Problems

Ralph4Ralph4 Posts: 3subscriber
edited February 2009 in Selecting a Business
I am a frustrated established business owner trying desperately to keep pace with a competitive market.  I`m currently sustaining my business expenses with my personal credit cards, and I have been doing so for quite some time.  I have successfully maxed out each of my personal credit cards.  Because of this situation, I am trying to get a loan in an effort to pay off all my personal credit cards and then, hopefully, be able to establish a business line of credit.I believe that by paying off my personal credit card balances I will take the noose of the neck of my business. With a business line of credit, I will be able to allow my business an opportunity to stand on its own two feet. What options are available to me in the small business loans area?

Comments

  • creditgurucreditguru Posts: 0subscriber
    My suggestion would be to establish a strong businesss credit score for your company. That way you can get a line of credit without worrying about your personal credit score.
  • WebJunkyWebJunky Posts: 8subscriber Member
    apply for a D&B number right away.....it is a good way to start building your business profile.  you can then get a loan and credit cards only under your business name w.o a personal guarantee.  this is assuming you already have an EIN - which in itself can allow you to have a bank account under the business.
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