Home » Real Estate Forums » Real Estate Investing » Everything Else

does moving properties into an LLC open up your personal credit again

Posted on: Wed, 10/07/2009 - 19:33
does moving properties into an LLC open up your personal credit again

Just bought a property the other day...Which obviously throws debt income ratios as far as credit way off...

does moving properties into an LLC open up your personal credit up again???

__________________

~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~


Posted on: Fri, 10/09/2009 - 06:01 #1
It shouldn't...

The LLC should have it's own EIN, not your social security number. You are only a member or manager of the LLC.

__________________

Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Posted on: Fri, 10/09/2009 - 09:53 #2
thanks

alright...Thank you...And the best way to build the "business credit" is the same as personal? opening a credit card in the business, buying things, and paying them off every month?

__________________

~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~


Posted on: Fri, 10/09/2009 - 10:07 #3
Marc,

A new Business eventually builds a credit score and a credit history as well. Through time a business will build a Dun and Bradstreet Number and credit score rating. People call it a "D&B" for short. Their website is as folows:

http://www.dnb.com/us/

If you get mortgages from small local banks that service these loans "in house" they normally will not report these to a credit bureau and affect your credit score. They call these portfolio lenders and when you are looking into mortgages you can ask the bank how they report the mortgage or loan. I hope this helps. Believe and Achieve! Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


Syndicate content