Building Business Credit (resource I found)

[LagunaLauren]

Though I currently have 3 LLCs for my different businesses, I have stupidly been using my PERSONAL credit for most EVERYTHING in the past; a lot of my real estate, cars, loans, etc. I recently started looking into building business credit & wanted to share a great resource I stumbled upon: mybusinesscreditblog.com.

I poured through this guy's blog for hours and got a really good quick education on dos and don'ts. He warns against specific scams (tons out there now), how to work with DNB (Dun and Bradstreet) without paying more fees than you have to, who will report positively to your acct, buying shelf corporations, etc. Of course he is also selling his eBook, but I'm buying it. Seems like a reputable guy who knows his stuff and is actively involved in the changing business credit climate. Not one of those who regurgitates a little teaser info & tries to upsell you on other products or services.

I'm seriously excited 'cause some car manufacturers allow you to use your business credit to lease cars. Mercedes being one of them! Having bought 2 and leased one under my personal credit, I'm stoked about putting the next one on my business credit instead. (Mama's getting the new S-class HYBRID for the next family truckster when my lease is up). woohoo!

Also-other co's that extend credit are Dell, Staples, etc. And for the fellow MACs out there, Apple goes off of your business credit as well! Gonna start leasing my macs under their corporate program rather than throwing away old macs that I've bought when I wanna upgrade to the latest stuff. (& the leases are full tax write-offs. Yay!)

Could be a great way for other Fastlaners to build credit, jumpstart their companies and get supplies, loans, etc. :great:

Has anyone here built business credit and want to share info/tips/experiences?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Antonio.]

Thanks for sharing the source!

 

[Darkside]

Though I currently have 3 LLCs for my different businesses, I have stupidly been using my PERSONAL credit for most EVERYTHING in the past; a lot of my real estate, cars, loans, etc. I recently started looking into building business credit & wanted to share a great resource I stumbled upon: mybusinesscreditblog.com.

I poured through this guy's blog for hours and got a really good quick education on dos and don'ts. He warns against specific scams (tons out there now), how to work with DNB (Dun and Bradstreet) without paying more fees than you have to, who will report positively to your acct, buying shelf corporations, etc. Of course he is also selling his eBook, but I'm buying it. Seems like a reputable guy who knows his stuff and is actively involved in the changing business credit climate. Not one of those who regurgitates a little teaser info & tries to upsell you on other products or services.

I'm seriously excited 'cause some car manufacturers allow you to use your business credit to lease cars. Mercedes being one of them! Having bought 2 and leased one under my personal credit, I'm stoked about putting the next one on my business credit instead. (Mama's getting the new S-class HYBRID for the next family truckster when my lease is up). woohoo!

Also-other co's that extend credit are Dell, Staples, etc. And for the fellow MACs out there, Apple goes off of your business credit as well! Gonna start leasing my macs under their corporate program rather than throwing away old macs that I've bought when I wanna upgrade to the latest stuff. (& the leases are full tax write-offs. Yay!)

Could be a great way for other Fastlaners to build credit, jumpstart their companies and get supplies, loans, etc. :great:

Has anyone here built business credit and want to share info/tips/experiences?

I haven't built any business credit yet but I plan to do so when I start my business. It's the smart thing to do even if you have enough money to fund your business yourself. For one thing, if you have an LLC and you take out a loan on your business what happens is that even if you can't afford to pay back the loan only your businesses' assets get taken whereas your personal bank account and personal assets cannot be touched. However, no one should plan to default on a loan so the other great thing about business credit is that you can rely on it to fund your business at crucial times and as long as you have a good track record of making your payments, it's much easier to get a loan for your business than it is a personal loan.

I know that Zappos was taking out hundreds of millions of dollars in business loans every year to fund their business and they managed to pay them back. They weren't profitable up until the last couple of years and they got bought out by Amazon for about 1 billion so the founder, who had made practically nothing from the business but was rather relying on banks to keep it alive got to collect a billion dollars and now Amazon can worry about funding it if things get tough! I personally wouldn't use business credit for personal items like cars though. Even if you make your payments, I don't think it's something that banks like to see; they will be more hesitant to extend further lines of credit to you if they think you're being risky with the money they've already lent you.

 

[tchandy]

I never considered leasing but it makes a lot of sense for business reasons.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[andviv]

Definitely read this thread:

http://www.thefastlanetomillions.com/general-business-discussion/3698-business-credit.html

And then there are some other resources...

http://www.thefastlanetomillions.co...0-how-do-you-structure-your-car-business.html

http://www.thefastlanetomillions.co...0-building-business-credit-opportunities.html

Business credit cards:
http://www.thefastlanetomillions.com/general-business-discussion/15306-business-credit-cards.html

some other resources:
http://www.thefastlanetomillions.com/general-business-discussion/17049-business-credit.html

Building Business Credit

I hope these help....

 

[andviv]

Another one...

http://www.thefastlanetomillions.co...s-legal/9744-acquiring-seasoned-corp-llc.html

 

[andviv]

And THE source about this topic...

CreditBoards -> Business Credit

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.