Building Business Credit

[Christopher Tyler Hughes]

Hello Everyone,

I'm sure this question has been asked multiple times, but I need advice on building business credit. Before starting my real estate business several months ago I had an excellent credit score, and we used my personal lines of credit to finance our rehab costs on our properties since we were limited on cash.

It's been great for us, b/c we didn't use up much capital and its left us cash to buy more. We have been successful so far, HOWEVER my personal credit has been severely damaged in the process, due to constantly asking for credit increases and almost maxing out my cards while on a project.

I don't mind using my credit cards for rehabs at all, but at the same time I would like to get my credit score to something respectable again. Now that we actually have cash in our business account, we are looking to open up a business line of credit.

 Any advice on how to get started opening a business line of credit?? Any advice would be appreciated. Thanks everyone!

[Danielle Jones]

First you have to start and register a business, set up a business bank account, register business with Dun and Bradstreet to have them monitor your business transactions with vendors and creditors.

Good Luck.