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24 Replies Last post: Sep 5, 2008 8:37 AM by Mark SLF

Credit for a new small business

Aug 20, 2008 5:26 PM

karlaTRS 2 posts since
Aug 20, 2008

My partner and I have started a small LLC. We need to establish credit and we want to establish credit under our FEIN.

Could anyone suggest where or how we could go about this? Are there any credit cards you can get with a FEIN?

Any information would be greatly appreciated.

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LUCKIEST 7,926 posts since
Aug 6, 2007

1. Re: Credit for a new small business Aug 20, 2008 5:32 PM

Credit for a new small business, Welcome

Tell us more about you and your partner. where are you?? What kind of business??

Try going to Staples, Home Depot and Some major gas companies, Airlines and
complete the credit card applications. Use the credit cards make the monthly payments
and you have established credit.

Good luck, LUCKIEST

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karlaTRS 2 posts since
Aug 20, 2008

2. Re: Credit for a new small business Aug 20, 2008 5:37 PM

in response to: LUCKIEST

We are in Birmingham, Alabama and are in the process of purchasing an apartmant complex.

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funds29 36 posts since
Aug 21, 2008

3. Re: Credit for a new small business Aug 21, 2008 9:53 AM

in response to: LUCKIEST

You can acquire credit with a fein but your personal social security number will be needed to get started. Depending on the type of business a line could be obtained from 10k-20k.

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FASTCARS 27 posts since
Aug 21, 2008

4. Re: Credit for a new small business Aug 21, 2008 6:41 PM

in response to: funds29

what is fein number?

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FASTCARS 27 posts since
Aug 21, 2008

5. Re: Credit for a new small business Aug 21, 2008 6:43 PM

in response to: FASTCARS

If I need to build credit to my business what do I do? I already have a secured credit card but I need credit lines.

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rbertel 1 posts since
Aug 21, 2008

6. Re: Credit for a new small business Aug 21, 2008 7:02 PM

I have a small business. How do I establish credit for my business? My personal credit scores sucks. Can someone help me?. Thanks

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BoldAcq 3 posts since
Aug 21, 2008

7. Re: Credit for a new small business Aug 21, 2008 8:06 PM

Does Dunn and Bradstreet do LLCs?

Bold Acquistions
www.boldacquistions.com

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mimi2767 8 posts since
Aug 19, 2008

8. Re: Credit for a new small business Aug 21, 2008 8:26 PM

Hi there,
we are on the same boat. I'm looking for it already a month. so far looks like it will take a time to establish biz credit. I contacted B2B, www.bcscredit.com and others. they are asking the fee and promise you to get withing few months. It's too good to be true. Let's look together!

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FASTCARS 27 posts since
Aug 21, 2008

9. Re: Credit for a new small business Aug 22, 2008 4:33 PM

in response to: mimi2767

thanks for the help guys.

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BIZZMART08 1 posts since
Aug 23, 2008

10. Re: Credit for a new small business Aug 23, 2008 12:50 AM

It is not so complicated, you can go to any bank institution and open a business account. If your business has been stablished for more than two years with a sales record you can apply for a line of credit under the business but still your personal credit will back up this credit. If your credit is not good you can use another person as a coborrower.Good luck

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FASTCARS 27 posts since
Aug 21, 2008

11. Re: Credit for a new small business Aug 23, 2008 8:32 PM

in response to: BIZZMART08

I did open a business account already and as for personal credit everything is all paid for and basically I dont have any credit and my business is one year old. Thank you for you response.

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Milleisen 129 posts since
Aug 6, 2008

12. Re: Credit for a new small business Aug 24, 2008 9:03 AM

Establishing business credit is not a similar undertaking to personal credit.

Business credit can be established when the business demonstrates an ability to repay the debt. Sure there a gas cards and office depot, but I'm talking about significant lines of credit that can be used to fund ongoing working capital needs. When you apply for business debt, banks are not all that concerned about what they see on your business credit report, but are very concerned about your tax returns and your personal credit report. Focus on those 2 items and don't worry about business credit.

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LUCKIEST 7,926 posts since
Aug 6, 2007

13. Re: Credit for a new small business Aug 24, 2008 9:08 AM

in response to: FASTCARS

Applicable to the United States, an Employer Identification Number or EIN (also known as Federal Employer Identification Number or (FEIN)) is the corporate equivalent to a Social Security Number,

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LUCKIEST 7,926 posts since
Aug 6, 2007

14. Re: Credit for a new small business Aug 24, 2008 9:10 AM

in response to: FASTCARS

I already have a secured credit card but I need credit lines

Read the answer from " Milleisen " on Aug 24

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Credit for a new small business

Aug 20, 2008 5:26 PM

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