Business and Non Profit Credit

[yunghova35]

I have a question about obtaining credit with a non profit organization or a business. I keep trying to get credit that is NON backed by me personally (SSN's), but I cant seem to find a bank that will do it. Am I tripping or isn't the purpose of starting a business to have a SEPARATE entity, how can it be separate if I am backing the credit for it. Are these banks just trying to pull a fast one or is backing the credit for a business the way things work?

Can anyone suggest a bank where I don't have to back the credit for my Non profit. I am not trying to get a loan just a biz CC for my non profit.

 

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[Peter2]

I am not trying to get a loan just a biz CC for my non profit.

If you have a paydex of 80 with D&B or a high score on your BUSINESS credit report, you can get a business CC with no personal guarantee from Key Bank.

 

[andviv]

This topic has been discussed in the past, do a search. Some interesting threads:
http://www.thefastlanetomillions.co...0-building-business-credit-opportunities.html
http://www.thefastlanetomillions.co...s-legal/9744-acquiring-seasoned-corp-llc.html
http://www.thefastlanetomillions.com/general-business-discussion/3698-business-credit.html

 

[yunghova35]

^^^


thanks I did a search before I posted this, I couldn't find anything

 

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[hakrjak]

If it was as easy as incorporating and taking out unsecured lines of credit, everybody on the planet would be doing this and the banks would be out of business from all the failed businesses not paying back their debts.

You have to prove your companies worth and have a proven track record like Trump does before you can get them to start handing you money with no personal guarentee -- and by the time you get to that level, your reputation will be more important to you than anything, so it will kind of defeat the point of having the unsecured lines in the first place

The real world is often so different from the self-help books out there.

- Hakrjak

 

[imirza]

Go here CreditBoards -> Business Credit . Tells you everything you need to know about getting business credit cards.