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Creditcoach doesn't seem to me to be a good idea, or economically justified.

I'd suggest you may resisting the personal guarantee to your own detriment. It is the norm for most small business loans until the business is well established (5 years+), owns marketable collateral, and has a solid earnings history.

If you don't believe in the business enough to personally guarantee the loan, why should the bank risk its funds? The lender just wants to increase the likelihood of being repaid on a timely basis.

Said another way, perhaps somewhat harshly, "Put Your Money (signature) Where Your Mouth Is...."

dm,

Based on my conversations with a few of the administrators of the SBOC; they try to keep out of the conversations in the forums. They leave it to be just what it is, a neutral business exchange where busness owners can help each other through different phases of business development. They do not want to make it a sales pitch for BofA's products or services. I hope this information helps you.

CorpCons08

That is most interesting that BOA does not want to make a sales pitch.
They provide this great website and they also provide SCORE with so MANY publications
that we as SCORE Counselors distribute to the entrepreneurs we counsel.
LUCKIEST

Many times, they are a good recommendation.
Read the post I answered on the investment HELOC.
I researched many banks and it came out that BofA had the offer for the customer.

CorpCons08

Some people have said that banks look at you differently when you have over $1M of sales. I have to disagree. I do 2M of sales a year, have almost 10 employees and was denied several LOC's. They still rely heavily on personal credit. Its almost like the sales don't even matter. Maybe I'm not talking to the right people, but I bank with BofA, they see my cash flow coming in and out of the account and yet they still denied a simple BofA Business card. My personal banker claims that BofA can give a LOC of up to 15% gross annual sales up to $100k but I highly doubt that.

My FICO is 660 with a few incorectly reported derogs that are currently being investigated by the credit reporting agencies. The reason for denial?

1. "Debt is sufficient for current income"
2. "Derogatory remarks"

I agree with 2, and like it said its coming off, but #1 is just waaay off. I'm applying for a business loan, and of course my business makes more money than I do, thats because I don't "cash" all my profits out!

For anyone considering business "credit builder" programs and courses, I would spare the money and do it yourself. I used the business credit forum on creditboards and it has kick started my business credit to overdrive, hopefully to gear up for the LOC's in the future. But just a little teaser... apply for business account at the following merchants, and buy/pay a few times. You'll see it on your DNB soon enough.

Staples
Dell
Home Depot Revolving (not mastercard)
Uline
Quill
Office Depot
Shell
Philips Conoco 76

Now someone teach me how to get a non PG'd LOC

Hello All,
I tend to agree with BuynSell. Almost every lender requires the guarantors personal credit history/credit information. They key to ALSO establishing credit history for your business is:

1. Make sure the lender (ex. Companies like Home Depot) reports to Dunn & B
2. Insist on using your TIN or EIN even though your personal credit is also being pulled.

Signing off,
YNOT (Jamila)

Okay, with the exception of Staples and possibly Sears (IF applied for correctly), none of the credit cards CorpCons08 mentioned will report to D&B...D&B are EXCLUSIVELY business credit reporting bureau and personal credit cards like Best Buy, JCPenney and the like are PERSONAL consumer cards and report to the three consumer credit bureaus...if you are trying to establish corporate credit, the best spots to start are Staples (usually approve a minimum 2,000 credit line) and Dell(usually start at about 5,000). They will report to all three business credit bureaus, and you will be off and running....make sure you pay close attention to which account you are approved for (usually the revolving) because the interest rates (should you decide to carry a balance, though I don't suggest it if credit building is the sole purpose of the credit lines) can be quite high. Hope this helps!!