Building business credit

Wells Fargo can go to.... well you get where I'm going. Build relationships with 1 or 2 local establishments that know you when you walk in the door.

 

No matter what people seem to think, they will require more than a business entity to build credit up which means that you are liable for the debts of the company if you are negligent.

So yes your SS will pop up, it is all about risk management for them.

 

Until the business has a credit history, the securement or risk assessment will be done using your personal credit history. The monthly reporting might be assessed using your company EIN, not your SSN.

I haven't done this, but may be you can get a government backed small business loan.
I think the easiest way is to go to your local bank, with whom you have years of loyalty too. Explain to them your situation and see if they can help.

Local credit union? Fuel card.
Good luck.

 

D&B number is useless to you unless your doing 3 million or better. An EIN is just an employer identification number. That's primarily used for payroll taxes.

Here's some positive feed back. Dig your heels in, work your ### off, and pay your bills.

Your best shot at a loan, if that's what your looking for, is a credit union.

If your credit is so whacked you cannot obtain a credit card, your not going to get a loan.

Your going to need to start small as well. If you can't get a CC, get a secured CC. One that you put say $1,000 in an account for, then use it, pay it off to $0.00 every month. That will be a good start. The $1,000 will always be yours when you get back on your feet, and get an unsecured card, they may even let you turn the secured one into an unsecured

You could always go see Guido, but I think that will turn out unfavorably for you,

 

When i was looking at buying my own truck my local bank wanted 30 percent of the loan value in the account...

 

I do all my financing with my local bank, been with them since I had a paper route, many moons ago. They require 30% down payment or secured equity for all commercial loans.
I have a duns, not sure why. I don't need it for any work.
If you don't have much money. Buy a cheap truck that needs some sweat equity and build it to a good truck while you are working for someone else.
Good luck.

 

Facts?

it takes time to build up credit in commercial ventures, especially when the market is saturated and the assets recovered from bad debt is usually 50% of the debt.

Another fact.

Much of what you hear from single truck owners is BS when it comes to financing.

YOU do not want to do this on the cheap, one major disaster and that's it, you are done and your credit is in the crapper.

Work up to it, save as much as you can and if you want to build credit on the business end of things, do so over two years with a business - yes two years.

What's a duns number?

I don't have one. and I have not even been asked for one by anyone before, it is meaningless.