Corporation financing?

I would imagine you'd start applying for credit (fuel cards, credit cards, whatever) using the corporation's name. Also take out a short-term loan from where you bank even though you may not need it and pay it back.
I got a Fleet-One fuel card that takes money out of my company checking account once per week for what I charge for fuel, hopefully that's helping me establish credit. I got the card through OOIDA.

 

From my personal adventures.. I found starting with a small corp. credit card works well, also make sure your cell phones are in corp. name.. they my seem small or insunifagent(spellin) but this small steps help a lot.. Try getting a small line of credit from your local bank... If when you finance a truck make sure its written to your corp. and not just you personally.. You may have to sign as a personal garantuer (spellin) for your corp. but try not to ... Paydex its one corp. credit reporting site i know of, but the are others.... A few little steps go a long way but it can take some time to establish credit lines you may want.....And theres always web sites devoted to this topic soley, which may have better info...

 

having small accounts set up for things like tire shops, napa, a local fuel stop etc. is a good way to start getting credit. Any loan apps I've filled out for commercial credit always ask for these sort of references.

 

should have mentioning that myself mm thanks for pickin up my slack.... i have really well thought out replies before i start typing...

 

It will be hard to get large credit amounts in your corp name unless you have lots of cash in bank. Finance co know you can walk a way to easy, so they still want your name on the loan. Now for CCard, or phone, gas thats a NP, but good luck with any big loan.

 

The way to get corporate credit is to have your corporation, llc, or llp registered with Dunn & Bradstreet. You register with them and you will be given a dunns #. Once you have 5 accounts (that also need to be registered with D&B ) reporting your payment history you will generate a "score" anything over 80 is considered a good score.....(similar to a personal FICO of 700). Like the other drivers said you need to start small and work your way up, but the key is to use creditors that report to D&B or it will do you no good. This is how it is done if you truly want to seperate the business from the personal and not have to give a personal guarantee. This only works for corps, LLCs, and LLPs. DBAs cannot get corporate credit. Hope this helps

 

so how do you find creditors that report to them, is there awebsite with creditors that do? can you ask your current creditor too report too them?

 

Best way is to just ask.......most of the brokers and other businesses I deal with all put their d&b info right on the info/reference sheets they send me with the contract.