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Newly Incorporated Business - No Credit History


Guest sportsguyla
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Guest sportsguyla

I just incorporated a business about 4 months ago, so I can put all of my freelance work under the company.

I would like to buy new computer equipment before the new year.

Who will give a brand new corporation a credit card? I dont have much in the company checking account cause most of the money it makes gets paid back to myself.

Since Ive Incorporated, I daily get new CC offers in the mail.

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I have a fairly new s-corp with about 100 in the bank. I was able to get a Cap1 500 limit (of course) and a First Equity 2k limit (columbus bank and trust). They will pull your personal CR I have low to mid 600's on myfico. They will not report on your personal reports.

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I'm no eggspurt on the matter but doesn't C-Corp have stockholders? Not necessarily public but say 5 people split 100 shares of stock between them. That's a C-Corp.

c corp can have multiple owners , but all it really does is tax and civil liabilities can not transfer between the owner/s and the corp.

mine i am the only stock holder in.

there is a time limit on liabilities.....i think 2 yrs...but if it is in a c corp2 yrs your personal liabilities can't touch it. seperate entity in itself

good way to sue proof you asset....our biggest liability comes from driving

if you run over someone they can't touch the corp.

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I own an S-Corp. Never had a problem getting credit. There is a method and a specific order in which things have to be done though. It isn't a fast process. But, you could have a credit card (NOT based on personal credit) after about 6 months if you do it right.

Citibank WILL extend credit without pulling your personal credit report if your biz credit file is good enough. The card is still personally guaranteed by you if you default. But, your personal credit is not used in the decision.

Sorry Kristy, but I gotta say this next part....... 8)

The best place to go for Biz credit advice is www.creditboards.com They have a forum exclusivley for biz credit. Everything you need to know is in that forum.

Good luck.

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who keeps track of a corp/bz credit?

is it dunn & bradstreet or is there alternate cra's for bz.,?

Dunn & Bradstreet is prolly the oldest biz CRA. But Experian also keeps biz records. And Equifax has just jumped into the ring with thier product. You can pull both D&B and EXP reports on the net. Equifax won't let you see your report unless you are denied credit. :?

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  • 4 weeks later...
what does it cost to pull D&B or EXP on the net. ? or can you get a free copy of your bz report?

If you know your DUNNS number, you can pull D&B for free at eUpdate. EXP is gonna cost you...... different prices depending on how detailed you want the report. I think they range from $19 on up to about $40.

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