Building Business Credit: Duns, secured cc..so many questions!
Hi all,
I searched the forum before asking this but there is conflicting info and many of the posts are over 4 yrs old. So I'm hoping this help more than myself. I have a few questions about building business credit, without personal guarantee/credit. About me: Just started an LLC, opened a business account with an EIN, my personal credit is good-excellent, started the DUNS process. What I'd like to do: Have business credit that is not linked to me personally.
Here are the issues:
1) I'm in the process of getting a Duns number. The Duns number is free. However, a rep called to tell me that the CreditBuilder is the only way to actual build credit with the number. That service is $899 a year! Is it seriously worth it or is this more bs? Is there a workaround a $900 service that collects my trades account activities? Should I pay the money and have a "streamline" rote to business credit?
2) Should I get a secured credit card to help build business credit? Many people also suggested this but this seems to be based on my personal credit score. I just closed on a multi- family... I'm not looking to hit my credit too muchmore this year. While my credit is good, the number of inquiries can add up and I don't want this to impact me personally. Any cards that you suggest that 1) don't use the personal guarantee/credit score? 2) If it does use my credit score, won't report to my credit report? I've called a few credit unions and they use my score and will report to my report FOR a business card
3) Should I link myself this initial first year and then tweeze them apart later? Or does it not matter as much since I have an LLC and umbrella insurance? Am I overthinking this?
Thanks everyone. I learn a lot from these forums so thank you for contributing to our knowledge base!!!!
Ashlie