Business credit

[Account Closed]

If I set up a LLC does a bank generally see that there is no credit history or do they go off of my personal credit? How do I get a loan of they won't use my personal hx?

[Stanley Whigham]

The fastest way to build business credit today is to bypass vendor credit and go directly to the banks-- unsecured business lines of credit. In 90 - 120 days business owners can obtain $100k to $250k in unsecured business lines of credit themselves.

Follow these simple steps:

1) Establish a strong internet presence for your company by listing it on at least 15 sites-- Facebook, LinkedIn, Twitter, Scoop It, Bing, Manta, 411, Google+, Google Places, etc.

2) Establish a business checking account at 2 banks (with a 700 credit each will offer a business credit card.

3) Make regular deposits into your business checking account for 90 days to establish a favorable bank rating.

4) Add higher level trade references to Dun and Bradstreet to provide depth to your Paydex Score (net 30s are usually lower amounts; you'll need higher approvals from your trade references-- 2k to 4k).

5) Upload your company financials to Dun and Bradstreet to complete your file and create a strong credit profile.

6) After 90 days apply for unsecured lines of credit. Here is why you'll be approved:

* a bank has already loaned your business money (business credit cards); Dun and Bradstreet, Experian Business and Equifax Business have all reported your business credit cards. 

* the added trade references will add credit profile depth, as will uploading your financials

* your deposit activity and use of bank products (business credit cards) shows ability to   repay

* bank rating is formed after 90 days of deposit activity