CREDIT WITH A DELAWARE CORPORATION OR DELAWARE LLC
for a shelf corporation, 12 yrs old: Request the
credit is always linked to your EIN (Employment Identification
Number) and not to your SSN (Social Security Number). There are many
profile is always separate from the owner’s personal credit profile,
and the loan limit is much higher than that of consumer loan limit.
business credit profile takes only 30-90 days to set up and build.
no personal credit reporting against business accounts unless you’re
the guarantor for the account. If you fail to pay, your personal
credit takes a hit. This is why building a business credit profile,
separate from your personal credit, is best.
not a personal guarantor for the business loan, a delay or fault in
payment doesn’t impact your personal credit.
business loan can be obtained without personal liability or
guarantee which means, in case of default no one can pursue the
business owner’s personal assets.
can view business credit profile of the business which makes the
business more credible for clients, competitors, loan lenders and
loan issuers. This also makes the business susceptible to identity
theft. Since anyone may obtain a business credit report without the
permission of the business owner, then this leaves the business wide
open for identity theft claims.
3 types of business vendor credit:
initial credit for business which helps to build up the business
credit profile having net 30 terms
Credit - which is available at almost all retail stores like
Apple, Walmart, Amazon, etc
Credit - such as Visa, MasterCard, Amex which can be used
business setup starts with no credit profile, and when credit is
approved, a report is sent to the business credit reporting
agencies. When a business starts using the credit and pay bills in a
timely manner, the business gets approved for more credit.
applying for first business credit one must meet every criteria of
the credit issuer, and the application form is the only source for
getting the credit approval. Thus, one’s application must be strong
enough to convince the credit issuer for business credit for the
quickest way to fail a business credit approval is a lack of
Business filed in your state as a foreign corporation or foreign
Business licenses filed?
Business name on application matches state filings and business
separate business loan from personal loan the business must be a
separate entity or body and not a sole proprietorship or
partnership. A business is considered a true business only if its
company abbreviation is under Corporation or LLC.
business must have an EIN or tax ID whether the business has any
employees or not, if not then the business won’t get any credit
approval wherever applied for. The EIN of the business is used by
all banks, agencies and financial institutions.
must have a physical deliverable address in a real brick or mortar
building. Don’t use a PO box address or UPS address, or home
business must be enlisted under 411 information directories with a
dedicated business number which will be verified by lenders,
creditors, vendors and even insurance providers.
business must have an 800 number, fax number, website, company email
address which every credit issuer will look for and the credit
approval process will be much easier.
To set up
a business, business licensing is important and also to place the
business under particular criteria of business and to contact with
the county, state and city government offices for proper licensing
business name must be verified at every legal documentation
including power bill, phone bills, landlord bills (if applicable)
and it should match everywhere, and also that the business address
is proper so that every bill gets delivered to the address.
business has its business credit report provided by various credit
agencies such as Dun & Bradstreet, Experian commercial and others,
it gives a detailed report about the business set up including
positive and negative points.
is free. There’s no need to pay for expediting the number.
business report thoroughly and the main thing to follow in the
report is the Paydex report entitled to payment history of the
personal credit scores depend upon payment history. The D&B score is
subjective because business credit is unregulated.
provides a detailed report of payments reported. They also make a
report even when there’s no payment history. D&B is in the business
of selling reports of their opinion of your business. D&B also
includes information that has nothing to do with payment history.
They calculate scores based on subjective means they call
“proprietary.” But really, they’re trying to make a report they can
sell. Companies that sell business credit programs defend this
practice to not offend D&B.
also provides total asset of the company, liabilities, capital, net
worth and sales report. They’ll calculate an opinion score when
they have no financial data to go on. Why? D&B seeks to sell a
new creditors for getting business credit for the company and add
them to the company credit report list which grows the credit report
in positive direction.
account is the fast way to build business credit report for a new
credit means a net 15, net 30, net 60 or net 90 days to pay that
credit for the products and services purchased. You must pay within
the specified number of days.
focus on verifying 411 information databases and the EIN of the
company. After getting the loan amount and spending it for the
purpose, the next step is to return the money on time and this
report gets updated in various business reporting agencies. The
business builds a credit score as the bills are paid on time on
those multiple trade lines. Your goal is to build 5 accounts.
vendors are the best options for getting initial credit for a
startup company and they provide it without any credit report or
trade line or even no credit. Staples won’t issue credit without
the starter vendors are Quill Office Supplies, Gempler’s, Uline
Shipping Supplies, etc. These starter companies provide business
credit without any credit score, existing capital money, or any
tradelines. They need a proper company name, address, phone number,
EIN, and 411 listing for approval of credits.
put SSN numbers in application while applying for Business credit.
bills early or on time.
start with store credit which results into direct denial before you
have five reported accounts.
apply for cash credit without 10 reported accounts.
109 EAST 17th Street, #25, Cheyenne WY
307.237.2580, fax 702.920.8824