Business credit question

**storm807** · 01-27-2007 04:58 PM

I want to start a business credit account instead of using my own personal credit,want to keep them seperate.
How do I do this when credit company wants personal information?

**The Stealthy One** · 01-28-2007 02:09 PM

Here's a bump for you.

I don't have good advice, so I don't want to give a "half" answer and mislead you, but I'm sure someone here at YE can help you out.

**grocerydude** · 02-04-2007 11:20 AM

Hey Storm

I think this is an excellent question. I started a corporation and I am very interested in starting a credit history for the company not tied to my own. I have seen infomercials on t.v. about this. Invariably, you are asked to pay a crazy fee. Frankly, I am surprised that no one in YE has any insight in this matter.

**THELEGACY** · 02-04-2007 06:44 PM

Well first things first you need to go get a business name.. company name or something that you can put your account in the name of.. You can go down to the county clerks office and start a business down there and get a dba ( doing business as) Then you can go to your bank and open up an account in the business name and open the account as a DBA acount for business... Then its pretty simple they will ask you if you want a business line of credit...

Not to sure if thats what u were wondering but im pretty sure...

If you are the owner you have to give personal information but it will not go on your personal credit... not even if you use your social instead of a tax ID number... but it you want u can get a tax ID number and not even put your social on the account information...

How much are you looking to get... I know one thing... They are pretty generous when it comes to getting a business loan... they usually dont do anything under 10k

**grocerydude** · 02-05-2007 06:10 PM

Thanks legacy...so its that simple? They throw the money at you? I'm all over that! What about having your corporate credit rated with someone like Dunn & Bradstreet?

**THELEGACY** · 02-07-2007 05:17 PM

i wouldnt say throw it at you... you have to convince the bank your going to make it happen and have the numbers right... expected income and such... better go in with your a game... but yea pretty much...

for dun & bradstreet.... youll have to call them or e-mail them

all i know is the company i work with has a 3A1 rating with them....

oh yea!!!!

**CellularMix** · 02-19-2007 01:38 PM

One sure way to get business credit is to get a Tax ID number for your business by getting the proper licenses. A Tax ID number would be your business' social security number so to speak. To do this, you cannot be a sole proprietor, you would have to incorporate or start a limited liability. That way you are not personally responsible for the business' finances. And a "DBA" is just that. Doing business as... meaning your just changing what your customers see. Not the government. For example, I have a paypal business premiere account and on my customers' invoices they see my business name, CellularMix.net. But paypal knows that it is in fact me charging my customers because I am only doing business as CellularMix.net but it's my social security number that's actually charging my customers.

Hope I helped somehow.

**jasaunders** · 02-19-2007 04:51 PM

ok, some of the answers here are completely wrong...

First of all, banks have become much more strict in the last few years about opening up business accounts. You used to be able to open an account with just a DBA, but very few banks will do this today. Most banks, at a minimum, will require a FEIN and certificate of incorporation. In addition, they may want to see proof the business is registered in the appropriate jurisdicitions (state, county, city) and often times want a copy of the articles of incorporation.

With the bare minimum I listed, you will be able to get a checking account. If you wish to have a company credit card, they will definately run a personal credit check. Any credit you get will be based on your credit and any income you have (ie. will this business be your primary income or are you working full-time as well). If you wish to get a loan, most likely an SBA loan, many more things will be required; including a business plan, financial projections, and a lot of paperwork... oh, and this is personally backed by you, not by your company.

If you have any questions, feel free to contact me directly. If you are new to this, I strongly advise using a bank that will give you good personal attention or have a someone you can speak with about all your needs. I use Chase now and have a small business relationship manager that handles all my needs whenever I need her, no matter what the issue is. She has even given good recomendations regarding tax attorneys and many other suggestions.