Business credit?

[Strategy]

I started my s-corp in dec and know I should have been started building credit but I am now trying to see what would be the best company or plan to start out with to building credit and getting a credit card, any help would be appreciated, thanks!

 

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[servicefly]

As for the credit card, American Express will give you one pretty fast because they have the most aggressive collection tactics.

As for your S-Corp, you will have to second sign every loan for a while before you build business credit, so your credit or that of your treasurer is most important right now. Fastest way to build corporate credit is to get a few vendors to give you lines of credit plus a few net 30, and net 90 accounts. Be on your best financial behavior.

The only exception is when your company is grossing multi-millions and the assets can protect you from any losses in the banks eyes. Please don't just take my word for it, ask others.

 

[fanocks2003]

I started my s-corp in dec and know I should have been started building credit but I am now trying to see what would be the best company or plan to start out with to building credit and getting a credit card, any help would be appreciated, thanks!

Build up recievables, open line of credit against recievables, borrow, pay back. Do again.

Borrow to pay back only. Be smart.

 

[servicefly]

JScott is right, AMEX doesn't report to D&B, I was just mentioning them because they can get you a credit card rather quickly. It is also correct that you need to build your Vendors credit 1st.

 

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