Trying to Develop Business Credit (2024)

So here is my situation:

I own my own company, which is incorporated LLC partnership with an even 50/50 split since 2014.

As we continue to grow, we are trying to seperate personal info from the business, opened a Business Account with Savings/Checking at Huntington Bank about 3 years ago.

Our business is Real Estate (Rental Properties)

So here is what WE HAVE DONE

- LLC formed in 2016

- EIN at the same time as formation of the LLC

- Business Accounts (Checking and Savings) with Huntington Bank in 2019

- Just signed up for a DUNS number (still waiting for the number, site says up to 30 days to process request)

- No Business credit accounts or lines of credit (all credit lines have been in our PERSONAL NAME)

Suggestions going forward? 90% of our Business is done at Lowes, and we do NOT want to use our personal information to obtain a Lowes Business Credit Card Account.

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8

0Kudos

I'd suggest Amex Business Platinum as that's my first business card that was recently opened. I have a personal Amex card and no hard pull was done since I have a personal card. Best wishes in establishing your business credit.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850

0Kudos

@GoHooterGowrote:

So here is my situation:

I own my own company, which is incorporated LLC partnership with an even 50/50 split since 2014.

As we continue to grow, we are trying to seperate personal info from the business, opened a Business Account with Savings/Checking at Huntington Bank about 3 years ago.

Our business is Real Estate (Rental Properties)

So here is what WE HAVE DONE

- LLC formed in 2016

- EIN at the same time as formation of the LLC

- Business Accounts (Checking and Savings) with Huntington Bank in 2019

- Just signed up for a DUNS number (still waiting for the number, site says up to 30 days to process request)

- No Business credit accounts or lines of credit (all credit lines have been in our PERSONAL NAME)

Suggestions going forward? 90% of our Business is done at Lowes, and we do NOT want to use our personal information to obtain a Lowes Business Credit Card Account.

So basically looking for no-PG accounts? I believe there are a couple Lowe's Commercial accounts that are non-PG.

0Kudos

@babygirl1256wrote:

I'd suggest Amex Business Platinum as that's my first business card that was recently opened. I have a personal Amex card and no hard pull was done since I have a personal card. Best wishes in establishing your business credit.

If the OP is looking for no-PG options this would not work. American Express biz accounts are PG, even if no HP to personal reports.

@GoHooterGowrote:

So here is my situation:

I own my own company, which is incorporated LLC partnership with an even 50/50 split since 2014.

As we continue to grow, we are trying to seperate personal info from the business, opened a Business Account with Savings/Checking at Huntington Bank about 3 years ago.

Our business is Real Estate (Rental Properties)

So here is what WE HAVE DONE

- LLC formed in 2016

- EIN at the same time as formation of the LLC

- Business Accounts (Checking and Savings) with Huntington Bank in 2019

- Just signed up for a DUNS number (still waiting for the number, site says up to 30 days to process request)

- No Business credit accounts or lines of credit (all credit lines have been in our PERSONAL NAME)

Suggestions going forward? 90% of our Business is done at Lowes, and we do NOT want to use our personal information to obtain a Lowes Business Credit Card Account.

@GoHooterGoHi! Congrats on deciding to separate everything! Let me ask a few questions first. You mentioned 90% of your business is done at Lowes, but about how much of a credit limit do you want/need? Although you do not want to use your personal information to obtain the Lowes account, are you ok with using it as a personal guarantor on another credit card? I don't want to assume you're referring to the same things. Some don't want accounts in their personal name, but are ok with providing a personal guarantee. There are "cash" cards that do not require a personal guarantee, but many of the major ones do require it. Also, since you're in real estate you may want to consider a line of credit. Many of my investor clients prefer a line of credit so they have more leverage while rehabbing and buying properties. I hope this helped. If you want more in depth strategy details, just let me know. If your goal is to build a solid business credit foundation, profile and position yourself for the most funding possible, you definitely want a strong plan to do so.

@credit8502020wrote:

@GoHooterGowrote:

So here is my situation:

I own my own company, which is incorporated LLC partnership with an even 50/50 split since 2014.

As we continue to grow, we are trying to seperate personal info from the business, opened a Business Account with Savings/Checking at Huntington Bank about 3 years ago.

Our business is Real Estate (Rental Properties)

So here is what WE HAVE DONE

- LLC formed in 2016

- EIN at the same time as formation of the LLC

- Business Accounts (Checking and Savings) with Huntington Bank in 2019

- Just signed up for a DUNS number (still waiting for the number, site says up to 30 days to process request)

- No Business credit accounts or lines of credit (all credit lines have been in our PERSONAL NAME)

Suggestions going forward? 90% of our Business is done at Lowes, and we do NOT want to use our personal information to obtain a Lowes Business Credit Card Account.

@GoHooterGoHi! Congrats on deciding to separate everything! Let me ask a few questions first. You mentioned 90% of your business is done at Lowes, but about how much of a credit limit do you want/need? Although you do not want to use your personal information to obtain the Lowes account, are you ok with using it as a personal guarantor on another credit card? I don't want to assume you're referring to the same things. Some don't want accounts in their personal name, but are ok with providing a personal guarantee. There are "cash" cards that do not require a personal guarantee, but many of the major ones do require it. Also, since you're in real estate you may want to consider a line of credit. Many of my investor clients prefer a line of credit so they have more leverage while rehabbing and buying properties. I hope this helped. If you want more in depth strategy details, just let me know. If your goal is to build a solid business credit foundation, profile and position yourself for the most funding possible, you definitely want a strong plan to do so.

As for CL at Lowe's, anywhere from 10-15k is sufficient.

We don't want these items to be on our personal report AND prefer not to have to PG each account, but will of we have to.

Our long term plans are obtaining cash out refi, portfolio loans and lines of credit that allow us to buy and rehab quickly with out having to secure financing before the purchase. Lines of Credit are our ultimate preference.

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8

@GoHooterGowrote:

@credit8502020wrote:

@GoHooterGowrote:

So here is my situation:

I own my own company, which is incorporated LLC partnership with an even 50/50 split since 2014.

As we continue to grow, we are trying to seperate personal info from the business, opened a Business Account with Savings/Checking at Huntington Bank about 3 years ago.

Our business is Real Estate (Rental Properties)

So here is what WE HAVE DONE

- LLC formed in 2016

- EIN at the same time as formation of the LLC

- Business Accounts (Checking and Savings) with Huntington Bank in 2019

- Just signed up for a DUNS number (still waiting for the number, site says up to 30 days to process request)

- No Business credit accounts or lines of credit (all credit lines have been in our PERSONAL NAME)

Suggestions going forward? 90% of our Business is done at Lowes, and we do NOT want to use our personal information to obtain a Lowes Business Credit Card Account.

@GoHooterGoHi! Congrats on deciding to separate everything! Let me ask a few questions first. You mentioned 90% of your business is done at Lowes, but about how much of a credit limit do you want/need? Although you do not want to use your personal information to obtain the Lowes account, are you ok with using it as a personal guarantor on another credit card? I don't want to assume you're referring to the same things. Some don't want accounts in their personal name, but are ok with providing a personal guarantee. There are "cash" cards that do not require a personal guarantee, but many of the major ones do require it. Also, since you're in real estate you may want to consider a line of credit. Many of my investor clients prefer a line of credit so they have more leverage while rehabbing and buying properties. I hope this helped. If you want more in depth strategy details, just let me know. If your goal is to build a solid business credit foundation, profile and position yourself for the most funding possible, you definitely want a strong plan to do so.

As for CL at Lowe's, anywhere from 10-15k is sufficient.

We don't want these items to be on our personal report AND prefer not to have to PG each account, but will of we have to.

Our long term plans are obtaining cash out refi, portfolio loans and lines of credit that allow us to buy and rehab quickly with out having to secure financing before the purchase. Lines of Credit are our ultimate preference.

1. Almost all business credit does NOT appear on your personal report (exceptions: Capital One, TD Bank, and Discover), even if it requires a personal guarantee (the HP to your personal credit would appear, but nothing after that).

2. So you should try to get a business credit card from Lowes. The personal guarantee is of no consequence if you're paying your bills.

Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

0Kudos

Hi!

I believe the Cap1 Spark "Cash" Card no longer reports to the personal side (but the other Cap1 biz cards do). Maybe a commercial Lowes, a Cap1 Spark cash, and a Quill net 30 could get you some business lines to grow your business credit.

Good luck!

0Kudos

0Kudos

@RightOfPassagewrote:

Hello I used company Business Credit Genius. Michael was very detailed and proficient with helping me establish my business credit and funding in 90-120 day.. His email is

Seems sketchy...

Starting Scores FICO8 - 02-23-2022



Current Scores FICO8