Establishing Business Credit

Taya D.
Taya D.
  • 3 years ago

I have recently started a new business (LLC, tax id, etc) but my personal credit score is not the best.

How can I establish credit for my business?

Hi Taya,

Business credit is usually backed up by your personal credit (when you are new/small at least.)

Check out your local banks and credit unions to see if they can help while you rebuild your personal credit history.

A

I don't know what business you're in so this may not apply but, you may be able to talk to your vendors and offer to secure a line of credit. i.e. they hold a few hundred dollars to cover your credit line at the beginning.

If you pay you bills on time, they will raise your line and help build a credit history.

HTH