Business Credit

a different answer, but to actually build good business credit in this environment will takes years. It doesn't mean that you can't get credit from vendors and national stores quickly, but to get real credit where you can get a loan from a bank takes years.

Bill is right again....and save your money and dont pay internet websites or sales guys to "Build your business credit in 90 days!" "Or $50000 credit guaranteed in 6 months!" the only thing guaranteed is that your lighter in the pocket after you work with them.

Get yourself a DUNS number and start applying for little things now and pay them back and work your way up. Just like you did with your personal credit. Get your cell phone company to transfer your account to a business account. That will be reported monthly and its something your paying for anyway!

Hope that helps get you started!

Bernard
SKY Real Estate Service, Inc.

"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"

I too am not sure how Long It Takes to Build Business Credit but I'm sure that someone will have the answer. I'm going to bookmark this page so I can come back and see what others have come up with. Although, getting business credit under an LLC or a Business ID can be done under your business name without your ss#. Maybe someone else can confirm that.
Good Luck Belinda
David

Yes you will be asked for your TIN (tax id number) when applying for biz credit and you don't need to use your social...however, in the beginning all application will require a personal guarantee witch means you will be asked to provide your social security number and personally guarantee the credit line. This DOES NOT GUARANTEE THAT YOU ARE BUILDING YOUR BUSINESS CREDIT!!!! You need to get a DUNS Number.... Google it to find out the process. Once the DUNS is established it links to you tax id or your TIN and once you Build your credit score (DUNS Score) You will be able to apply with just your TIN and get approved. You need to do it like I laid out here to cut out years of fumbled info on the part of the credit bureaus! This organizes how your business is looked at on paper and puts things in the right place so when your run your TIN you don't get denied based on inadequate credit info on file even after having what you believe to be awesome credit after 3-5 years. You need to force them to keep their act together!

Thanks,
Bernard
SKY Real Estate Services, Inc.

"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"

Bill & Bernard....GREAT INFO and you are right-on! To add one addidional thought; RESEARCH (and I do mean RESEARCH) what is refered to as a "Shelf Corporation" before taking any action. In some cases they can be worth the investment depending upon how quickly you need it (to establish Corp./Business Credit), what the fee will be and the age of this "shelf corporation." The most important thing about all this is that you MUST do your Reaearch (DUE DILIGENCE) and be prudent....weigh ALL the Pros and Cons.

Here is a good thread that Tammy started a while ago that gives some good info.

http://www.deangraziosi.com/real-estate-forums/financing-and-credit/5696...

Do you have to get a DUNS # (or establish a business name) before you do any deals? if so, how does that work? If not, how does that work as far as tax records, etc.?

As always Bill is right on. I might add that the days of forming a LLC and going to the bank to fund deals thru the LLC are over. The majority of banks want pers. guarantee's from you to qualify for funds. It does take a lot of foot work and talking to banks, but it will take time...Jan

You do not have to establish a biz name before you do any deals. You can just do it personally. A lot of deals never go into your name anyway, such as L/O, wholesale or assigning. I'm sure there are probably others, too, but I am tired and my mind is getting slow.

Valerie
I know several months ago I checked some of the posts re: business credit, and if I remember right, you don't have to pay this fee to DNB, but they try to get it out of you.
But I do remember a couple people saying that paying that fee didn't really make a difference. And I thought it may have been Tammy that mentioned it.
If I find it, will put it on here, but there was quite a few people who talked about this.
Sandi

I did find the thread Tammy started from Aug of 2010 and she does talk about DNB. So check under Zion properties and under financing and credit.
There was good info on that thread.
Sandi