How does a corporation obtain good credit at start?
Hello, I just finished opening my own corporation. I received my federal Tax ID number, and went ahead and applied for a Bank Account.
Question #1 my question is, what sort of programs could i sign up for: Credit Card, i guess, so i can raise the companies credit, and able to buy a good amount of inventory $900 – $2,500 a month depending without the fear of taking out a lease.
I have thought about American Express, since they have expectional customer service, and great cards
Question 2: When i apply for a Credit card for my company, and it asks for my social secruity number, does it check my credit or the companies credit?
Thank you
Just to add a few details: How is a company supposed to build credit, if its expecting a regional launch in 5 months? I have a 730 credit score, with a few inquires from my bank in September / October 2006, which should be ok.
I’m assuming the Credit Card should be accepted, I don’t see any reason why not.
Just to add a few details: How is a company supposed to build credit, if its expecting a regional launch in 5 months? I have a 730 credit score, with a few inquires from my bank in September / October 2006, which should be ok.
I’m assuming the Credit Card should be accepted, I don’t see any reason why not.
Tagged with: 5 Months • Credit Score • Tax Id Number
Filed under: Credit
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The credit is NOT on the company but its owner. YOUR personal credit must be in good standing to obtain a credit card with American Express, above the 600 point range is best.
Aim slightly smaller & get a card from Orchard Bank or other company if your credit score’s less than stellar. Use that to build your credit for a year or two, then apply with AMEX. Make sure to build your credit by paying your other bills on time…mortgage (if you have one) gas, electric, phone (wired/landline & cellular), cable or satellite, internet & so forth.
If you need cash for merchandise, consider applying for a personal line of credit from your local bank or credit union.
I would get a credit card in your own name and after you have been with the credit card co. for a time that you have established good credit with them , then you can call and have your corp. name added to the account showing the corp name first and as you the responsible one. this will start establishing your corp name and you can use it to apply for credit do this with 2or 3 credit cards that you do don’t use for personal use second question is they check your credit everything goes my s.s or fid so make sure that you give them your fid when adding to your credit card good luck