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Obtaining credit in name of LLC as oppsoed to personal name

eddaviseddavis subscriber Posts: 1
edited March 2007 in Startup Funding
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
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    SusanGSusanG subscriber Posts: 1
    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.
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    eddaviseddavis subscriber Posts: 1
    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
    eddavis@webmail.us
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    eddaviseddavis subscriber Posts: 1
    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
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    SusanGSusanG subscriber Posts: 1
    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
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    jhlee123jhlee123 subscriber Posts: 0
    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
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    jhlee123jhlee123 subscriber Posts: 0
    Thanks Marshall this information is helpful have a great day
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    LandscapeRentalsLandscapeRentals subscriber Posts: 1
    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).
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    echigginsechiggins subscriber Posts: 0
    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
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    jhlee123jhlee123 subscriber Posts: 0
    Thanks for the information about the gas cards I never through of them.
    John
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    leespizzahouseleespizzahouse subscriber Posts: 3
    Did anyone of you guys used a credit building services or did you take the steps on your own?
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    LandscapeRentalsLandscapeRentals subscriber Posts: 1
    I did it on my own
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    jhlee123jhlee123 subscriber Posts: 0
    Thank you that info was helpful
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    leespizzahouseleespizzahouse subscriber Posts: 3
    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
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    jhlee123jhlee123 subscriber Posts: 0
    Good Luck
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    pagejamespagejames subscriber Posts: 1
    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.
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