corporate credit?

On a new corp you will basically be judged on your personal cedit worthyness since the corp will not yet have a cedit history

 

first you need a D&B # then start applying to a place like office depot, and such. apply to suppliers and/or fuel station cards.

 

you may want to check out this place lawnsite. you can figure the rest.

under the search feature type credit:
look for the title : Building business credit can be easy.

 

Open commercial accounts at the places you do business, but they will require you to provide some form of personal guarantee like a credit card and such. In some cases, after an appropriate period without problems, you should be able to remove the personal guarantee.

You may also be able secure a line of credit from your financial institution that may help you bypass the personal guarantee at some businesses. Everyone is different, so go ask the various credit departments.

 

Finally a subject I know something about! First, if you are going to incorporate, why do a personal guarantee (PG) on accounts...kinda wipes out the notion of incorporating to start off with...

Building business credit can take time but there are ways to hasten this.

1) The fastest way to jump start the entire process is by buying a "shelf corp"... That is a corporation that was incorporated by typically an attorney several years prior and sat on the shelf to age. What this will give you is the appearance of age. Think of it like this, a 5 year old company is going to get credit a lot easier than a week old company. Google "shelf corporation" and you'll be able to find where to purchase one.

2) When you have your corporation, you'll need to get an Federal Employer Identification Number (EIN) and DUNS number. You can get an EIN online with the IRS through here: https://sa1.www4.irs.gov/modiein/individual/index.jsp To get a DUNS I would suggest instead of trying to go to DNB.com, to call 866-705-5711 and state you are trying to get a DUNS number to apply for a grant, otherwise they (D&B) will try to tell you that you need to purchase their credit builder program...total ripoff.

3) Now to build credit. There are many companies that are great to build credit with, google any of the ones I list to get their sites: Nebs (checks and business cards), Staples, Office Max, Dell, Home Depot, Lowes, Office Depot.

4) Once you have a few of these accounts, just like your personal credit utilize them INTELLIGENTLY. Don't max the limits and pay ON TIME ALL THE TIME. Now start going to DNB.com and you'll be able to register with your D&B number and be able to pull your companies credit. Once you get several accounts setup and reporting (can take 3-4 months) you'll be able to see a score. If are always ontime with your payments, you should be looking at a score of 80. This is perfect credit.

5) After you've established about 6 months worth of credit you can then start seeking accounts with larger trade vendors, gas cards, fleet purchases, SBA loans etc.

Let me know if I can be of any assistance. I am looking into getting into trucking but I do know a thing or two of running a business.