Forums: Discussions for entrepreneurs and small business.

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

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.

-------------------------

Susan Gould www.hopeforahome1.com www.emortgageoptions.com WNNN 1470am 6-6:30pm for Mortgage Options

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

Susan:

Here is a link with one possible strategy: http://www.mynewventure.com/question21_business_credit

They recommend applying to Dunn and Bradstreet for a number then approaching certain businesses that have a reputation for extending credit to entrepreneurs.

Ed

Building a credit record for any business simply takes time regardless of the corporate structure.  My experience is that you can always borrow in the name of your corporation - you`ll just have to provide a personal guarantee until such time as the business has developed a track record of profitability and servicing its debt. 

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

 

-------------------------

Susan Gould www.hopeforahome1.com www.emortgageoptions.com WNNN 1470am 6-6:30pm for Mortgage Options

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

-------------------------

VKO Productions LLC (408) 739-1720 www.myspace.com/1jlee vkoproductions@sbcglobal.net www.vkoproductions.unimwebcenter.com

There`s an interesting online article at BusinessFinance.com which describes the action items one must take to build a favorable business credit profile.  I think it has some very useful information and outlines specific steps that any business owner can implement on their own with time and effort.  Some are more important than others and whether each is needed in every case is for you to decide.

This isn`t an endorsement of any services (including credit profile building) they might be selling and I have no affiliation with the BusinessFinance.com.

Thanks Marshall this information is helpful have a great day

-------------------------

VKO Productions LLC (408) 739-1720 www.myspace.com/1jlee vkoproductions@sbcglobal.net www.vkoproductions.unimwebcenter.com

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).

-------------------------

“Impossible” is just the degree of difficulty where most people stop trying.