Established LLC and Credit

i would not put more than five in each LLC because it could possibly throw you into a higher tax bracket for that particular LLC. Dividing them between LLC's will give you the ability to spread your taxes out over the lot instead of taking a huge hit at the end of the year on them as a whole.

As far as posting how you got you LLC, there are lots of post already up on that same subject but if you would li,ke to share yours I am sure others would like to hear it.

i would not put more than five in each LLC because it could possibly throw you into a higher tax bracket for that particular LLC. Dividing them between LLC's will give you the ability to spread your taxes out over the lot instead of taking a huge hit at the end of the year on them as a whole.

As far as posting how you got you LLC, there are lots of post already up on that same subject but if you would li,ke to share yours I am sure others would like to hear it.

This is great information!

As far as businesses go, I established a C Corp in Oct 06 but was unable to develop it much due to family matters. I now have the time to work on it and will have a little operating capital in a week or so. Besides getting a DUNS number, what should my next course of action be? And, how easy is it to partner with other businesses with similar interests in real estate investment?

Very New and Got alot of questions. How do you get credit with your LLC. I have 2 business partners, so it is 3 in total, we are needing to do an LLC (Oklahoma) I guess I partnership one. But my main questions is what is the first step towards establishing credit for your LLC.

Please guide me.

Thanks

EK, REI

Okay what exactly is a DUN's Number and what do you do with it? Wow it is so much information for a newby it can really get your head spinning.

Thanks
EK, REI

I currently have over 20 business retail cards with home depot, lowes, staples, target, jcpenny, chevron, mobil, lowes, etc. I have not been able to get a business credit card because they require a personal GUARANTEE..

You might want to get an LLC. Then you can apply for business lines of credit through your LLC.

Okay so I have a question, will the DUN# assist me with building credit under my LLC.

Not all of them do. Office depot doesn't and if you call your app in rather than mail it in you can sometimes get them to drop that end of it.

American Express is a good one for new business credit.

Hello Sully, I'm kind of new at this, but i wanted to share with you, that I just recently moved to Phoenix, from Minneapolis. A couple of weeks ago I went to Wells Fargo, and opened a checking, and savings account. I was asked if I wanted to apply for a credt card, no fees, etc... I decline the offer, and explained that my credit was bad, since I just filed for bankruptcy this June. The lady told me, that if i wanted, that I did not have anything to loose. So I did, and today I received my credit card in the mail, with a credit line of $2000.00. Not a lot, but it is a start in having positive credit again. Hope it helps,

mauricio

can we talk i need all the help i can can get with this and you sound like you can help me grow the way i would like to thank you

Hey to everyone out there.... I would like to know if anyone has established secured business credit cards with a bank and would not mind passing the name on to me???? Also, if there are any wholesale/supply vendors, which come to mind and you have received "net 10, 15, 30 or revolving credit." I have been an estab. LLC with my state for 1 year and met all of their compliance checks. I have a credit profile set-up with DNB, however "no history" to date.

So, if I can receive some support from my DG fam.... I would certainly return the favor in due time!!!! Thanks so much for your support!!!!

I hired one of the business building credit companies and although I;ve not been very pleased with their service, etc., I do have now an established Paydex score, about 10 trade lines of credit with vendors and Conv. wisdom is that once enough time and credit has been built, then cash line.s of credit(my goal)will become available, first through Credit cards, then eventually specific loans. . .all of this through my LLC only without showing up or reporting to my personal fico. home this is useful to someone. I FOR ONE, AM WEARY FORM THE LENGHTY PROCESSES,PAPERWORK,ETC. OF TRADITIONAL BANK/MORTGAGE LOANS AND AM FOCUSED ON B.L.O.C!!

Hello,

In June of 2007 I filed for my Doing Business As name in New York City. At the same time I filed for my Tax ID. I'm classified as a Sole Proprietorship. My credit score is in the poor bracket. Can I use my Sole Proprietorship to gain another line of credit or must I first turn it into an LLC? Thank you.

You must know how to build a business properly in order to qualify a business line of credit. Your company name needs to have a proper business otherwise the bank will not give you any money. Form your business in your state is better.

Steps to get a business line of credit. ***WARNING (I'm not an attorney but this is what I have learned).

1. Pick a really good name for your business. Form a "C" corporation with a good name. Corp. is even better because you show the bank that you are a big company, not a small business owner. Get your business name an EIN# through irs.gov. Banks don't like business name that sound risky such as:

Farming
Auto, recreational, boat sale
Courier services
Gas Station
Real Estate Agent
and so on. the list is too long.

2. Also your personal credit score must be 720+ if it's less then there is a longer cut version without using your personal guarantee.

3. You must have an actual business address and office. No virtual mail or home address, no po box. bank don't like that. They like it professional and real.

4. Professional business phone number, email, and website address.

5. Must list with 411 directory such as google, yahoo, yellow page and etc.

6. Get at least 5 trade lines such as Best Buy, Uline, Gas Card, Walmart, and etc. Make sure you tell them that you would like to open a business account and this is for "ABC Consultant" (this is just an example of the business name). Also tell the tradeline and paydex that they must report to D&B and all the other business credit report.

7. Must open a Paydex account. Once you used these tradelines and paydex, pay them on time, can't be late. Once you're late, tough luck, you have to start all over again with a new business name. Use the trade lines and paydex to keep your score higher to 80+. If you stop using it, then your BC score will go down so continue to use and pay on time for the bank.

8. Once your BC is fully established and it looks alive, you must be aware that D&B will call you at anytime. Don't know when but need to answer your phone as a professional business company. "Thanks for calling ABC Consultant, how may I direct your call." Just make sure you mention your business name. You can route your business line to your cell phone. It doesn't matter if you're in the bathroom, eating, swimming, tanning, skiing, and etc. you need to answer your phone properly at anytime. If you answer "Hello, this is Jim," then you are doom. They will not call you again. If you try to call them back, GOOD LUCK. Have to start again from ground "0."

9. D&B is going to ask you about your business and they want to make sure it is real. They do not like Home business address.

10. The hardest part is to win the bank's heart. You can't just go in and ask them that you want to get a BC. Good luck because they are going to add your personal credit with your business name. You're going to think and say "Yes, I have a credit card with my business name and my name on the card." The lender will check base on your personal expenses and credits. They'll going to give you a small loan some where to $20,000 to $30,000 or even less. They are going to say I'm sorry and blah blah and etc. Then you're going to think that they are discriminating and etc.

11. The truth is to win their heart is by setting up a professional business plan portfolio that is 15-30+ page all about your business and why you are asking. This must be in person.

12. Once bank okay and etc. You can take that same portfolio and submitted to another bank. You can submitted your portfolio more than 5 banks as long you have that energy. This must be in person. As you build your TL and PD the bank will increase your BC over $100,000 plus pay the money you borrow on time too.

After that if you want to open more you can follow the same cycle with another business name. If you have money to open, you can open as many you want, there is no limited.

I wish I knew this 10-15 years ago with out using my PCL.

There are also two strategies to build a BC will tell later. PM me if you have any questions. Building a BCL is great because it separate your PCL. Once the company is not going well, you don't have to worry about your Personal Credit but don't let it go on purpose.

Sorrie for the long writing.

Aherr

It is lengthy if a person does not have good personal credits. That's the 3rd strategy. It takes almost about a year to get that accomplished. The beauty I like about this BLOC, I don't have to use my personal credits or personal loan to invest RE.

No wonder Donald Trump is not broke.

PM if you like.

Hi Anita:

I have a D&B numbers almost 2-3 years ago. It was for a contractors business that I owned. I checked on the D&B and it is still there. Can I used that D&B for an LLC company. I have never used it anyway.

Thanks, Emeline.

Yes you can. Just contact D&B and have them change the name is need be and update all of your contact info on the account. You may also want to check out their credit establishment programs where they will place your creditors directly on your business credit file and wah-lah!!! instant credit rating.

It's great to hear so many people have utilized DNB as their business credit source of info.... I personally formed an LLC 12/08 and have a wealth of experience with businesss credit .... If I can be of any assistance to anyone, pls PM or email: reiproperty4u@****... Shalom!

When you fill out a credit application do you put your tax number or your Duns number? The person at DNB said put your Duns number. Just wanted to see what you guys thought?

Please hear me on today.... There are NO short cuts to building business credit... U have ONE shot at making your business credit work to your advantage and if you happen to FAIL you are OUT!! Business Credit "is not" regulated like personal credit (i.e, FCIA)... Business credit bureaus have SO much liberty to do what they please with regards to your credit profile. If I were you and did not know how to build my credit profile, I would find someone who does and work alongside them. Because if your COMPLIANCE CHECKS are out of order you will get the BOOT!!!

Not only that but the Net 30 vendors, retail vendors, credit card vendors, cash credit card vendors and financial institutions will BLACK BALL U from their system!!!

Just some WORDS of advice!!!!

Thanks for your words of advice but my question never got answered?? I am aware of all of the risks and I believe I am going about this the right way.

Thanks

now thats what im talkin about.....a great surprise is a great surprise....its like finding a 20 in the back pocket of some old jeans or finding money in a place you havent looked in forever " oh man i forgot that was there" makes my day lol =)

thank God for you blessing and keep them coming

I have a question for you... If the person at DNB told you to place your DUNNS # on the application why would you be asking us??? Shouldn't the person who works for DNB know better they any of US???? It doesn't matter what we think, do want they instructed you to do or else you will be reading my POST again!!!

Thats the reason this forum is hear to ask questions and see what other people think!! If I was going to listen to DNB all the time I would have bought the $300 credit builder that they say you have to have in order to get buisness credit which we all know we DON'T need. So that is why I am asking my question on here to see what people actually do!!! Not do what the people on the phone tell me to do.

Here we go once again... you started out asking if you should place your DUNS # on an application or not? Then you start telling us about a $300 credit builder program, which you assume no one needs.... Then you talk about you need to know what other people have done in the past? But, once again we don't work for DNB they do and if they request a DUNS# on the application in order to process the form, we don't have much to say!!! Either you place the DUNS# on the application or you leave the DUNS# off the application.

What's strange about this conversation is how did you come to the place of comparing the $300 credit builder with a DUNS#??????? The "two" are apples and oranges.... Also, let me remind you as I have others there are NO SHORT CUTS in this game called: Business Credit Building.... Either you follow the rules or you will be out of the GAME!!

Okay,

I've read the book. want to get started but... I already own 2 home I rent in Cali (and of course they have lost substantial value) and my husband and I are in the process of building our dream home in NC. (due for completion in early June), daughter in college.. you get the picture. Have a job I want to quit yesterday..and of course debt due to the loss in 401k's and property. I feel too anxious to take on more risk with all of the challenges we now face. And we have good credit. Any words of advice?

Thanks in advance..

You should put your tax ID where it ask for tax ID and your DUNS # where it ask fr DUNS # and most business applications ask for both. So please dont feel discouraged just start with small things first like Lowes or Home Depot or even go to your local bank, open a business checking account, deposit 300.00 or so and then turn around and ask them to give you a secured VISA or MASTERCARD... there you go. You now have business credit and you can build from there.

Now for WEALTH2009

Please do not be disrespectful to others in the forums. Everyone does not think alike, nor should they. Thats what the forums are for, to ask questions, not to be ridiculed. And as far as D&B, I am sure thats what they meant when they told them to put their DUNS on there. Please try and watch the tone of your responses, if you cannot offer legitimate advice or assistance, then refrain from posting on the subject.