Comments on: I want to establish credit for my business- HELP!? http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm Fri, 21 Oct 2011 00:09:40 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Alan E http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm/comment-page-1#comment-1790 Alan E Sat, 03 Oct 2009 14:30:55 +0000 http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm#comment-1790 You need to incorporate. You cannot build your business credit without incorporating. You need a federal tax id number for the business which is easy to get. You can see this e-book for more info. bizcreditebook.com You need to incorporate. You cannot build your business credit without incorporating. You need a federal tax id number for the business which is easy to get.

You can see this e-book for more info. bizcreditebook.com

]]> By: Pronk48 http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm/comment-page-1#comment-1791 Pronk48 Sat, 03 Oct 2009 14:30:55 +0000 http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm#comment-1791 Collateral, Collateral, Collateral. Do you own a house for yourself currently?? Being a realtor, I'm telling you that if you don't own a house that you have equity in, a bank will never approve you to buy a house to operate a business with, unless you have about 10-20% for a down payment, which in a house like that could be about $15,000 you'd have to have in your pocket. Wanting to start a business I think you'd have a better plan than this. What are your supplies going to cost, what are you fees for advertising you'd have to pay, fees to have a permit to do this? If you make no money the first few months, would you have enough money right now to suffer 3 months of losses from starting the business up? You are probably not going to get a lot of business right away. Why do you think a bank would lend you a line of credit when your current credit is that poor? Why would you tell a bank they should lend you money? I'm sorry if this is crushing your dreams, and I wish you the best of luck to make this a long term goal. Fix your credit, buy a house for yourself to occupy first if you don't already have one, and Save, Save, Save!! Right now you don't have the assets or the business knowledge judging from your question. Collateral, Collateral, Collateral.

Do you own a house for yourself currently??

Being a realtor, I’m telling you that if you don’t own a house that you have equity in, a bank will never approve you to buy a house to operate a business with, unless you have about 10-20% for a down payment, which in a house like that could be about $15,000 you’d have to have in your pocket.

Wanting to start a business I think you’d have a better plan than this. What are your supplies going to cost, what are you fees for advertising you’d have to pay, fees to have a permit to do this?

If you make no money the first few months, would you have enough money right now to suffer 3 months of losses from starting the business up? You are probably not going to get a lot of business right away.

Why do you think a bank would lend you a line of credit when your current credit is that poor? Why would you tell a bank they should lend you money?

I’m sorry if this is crushing your dreams, and I wish you the best of luck to make this a long term goal. Fix your credit, buy a house for yourself to occupy first if you don’t already have one, and Save, Save, Save!!

Right now you don’t have the assets or the business knowledge judging from your question.

]]> By: v b http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm/comment-page-1#comment-1792 v b Sat, 03 Oct 2009 14:30:55 +0000 http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm#comment-1792 While your dreams are nice, there is simply no legitimate way that you would get $190,000 of credit on your personal credit history if it's "not good." New businesses--even if they incorporate--do not get a brand new credit history. They piggyback on the credit history of their founder. The companies promising you the dream are out to get $3000 for THEIR dream not yours. While your dreams are nice, there is simply no legitimate way that you would get $190,000 of credit on your personal credit history if it’s "not good."

New businesses–even if they incorporate–do not get a brand new credit history. They piggyback on the credit history of their founder. The companies promising you the dream are out to get $3000 for THEIR dream not yours.

]]> By: Tom http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm/comment-page-1#comment-1793 Tom Sat, 03 Oct 2009 14:30:55 +0000 http://aspenfinancialgroup.com/i-want-to-establish-credit-for-my-business-help.htm#comment-1793 The only way to establish a business line of credit is to personally guarantee the loans. If your personal credit history is bad, you won't be able to establish a business line of credit. The only way to establish a business line of credit is to personally guarantee the loans. If your personal credit history is bad, you won’t be able to establish a business line of credit.

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