Post a new topic
    4 Replies Latest reply on Apr 11, 2008 3:16 PM by MaxAdvance

    Raising Coroporate Debt that is not tied to personal finance

    jklaus007 Newbie
      Hi I need to find out how to get credit cards and loans just in our corporations name only, not tied to my personal finances. How is that done? How does a coroporation achieve a credit score and how is that monitored?
        • Re: Raising Coroporate Debt that is not tied to personal finance
          Lighthouse24 Ranger

          There really isn't an "instant" or even particularly fast way to do what you're asking. (Beware of anyone who makes it sound like there is.) As far as your business credit score, Dun & Bradstreet has a good primer on the topic:

           

          http://smallbusiness.dnb.com/webapp/wcs/stores/servlet/BusinessCredit?langId=-1&storeId=10001&catalogId=70001

          Hope that helps. Best wishes.
          • Re: Raising Coroporate Debt that is not tied to personal finance
            SageTrout Wayfarer
            While it's possible to establish credit in the name of a new corporation, what isn't possible is trying to get credit for a new corporation without some sort of personal guarantee. It's a common misconception with budding entrepeneurs that getting credit in the name of their corportion avoids any personal liability for the debt. Corporations that get debt in the name of the corporation only without a personal guarantee from the owners have been in business a long time and have an established credit record.

            The first thing you need to focus on is obtaining trade credit in the name of your corporation. This is getting vendors to extend credit to you. Some may want a personal guarantee but it's how you get started. The easiest ones to get are large corporations that sell to small business - Office Depot, Staples, and others. You get a credit account and make sure you pay it on time.

            You don't need a D&B account to establish credit in the beginning. However, the larger the amounts become the more necessary a D&B credit rating becomes.

            Each subsequent vendor who gets a credit application from you will look at your trade credit references and contact them. That's why it's wise to have a few vendors that you always pay on time so you can use them as references in building your credit record.

            I hope this helps.
            • Re: Raising Coroporate Debt that is not tied to personal finance
              bizconsultant Scout
              Its not a fast process, but one that can be done. There are vendors who extend credit based soley on the corporation itself without a personal guarantee and they report to D&B which helps you establish a business credit profile/rating. We work with such a program in addition to other business development services, but it is by no means "instant" or "overnight" like a lot of companies try to tell you or lead you to beleive. If interested in finding out more, email us at ajones@abcsolutions.cjb.net
              • Re: Raising Coroporate Debt that is not tied to personal finance
                MaxAdvance Wayfarer
                Hello,

                My name is Solly and i am a financial consultant at a company called MaxAdvance in New York city. We are currently helping several small businesses with our cash advance program. What we do is offer unsecured loans to be used for whatever you desire without collecting a collateral. We won't take compounding intrest, just one set factored rate wich means you can take as long as you need to pay it back without any penalties. CREDIT IS NOT AN ISSUE WITH US. All you need is a credit card terminal. Please feel free to contact me at any time at 1-866-629-4464 Ext:238.

                Take care and good luck,

                Solly Mizrahi
                MaxAdvance
                smizrahi@maxadvance.com