We have no problems with our credit but our scores are low because we have high credit usage and low credit available. We are getting some money next week and I planned to pay off all our credit cards and consumer debt to raise our scores. We will have some money left and I am confused as to the best way to use it to build up our business credit. We have formed an LLC this year but Dun and Bradstreet seasoned our business because we had tax forms showing we bought a flip in 2003. To do the type of business we would like we need a $100,000 Line of Credit. Should I use our cash to open a business savings account to use as security? Can I get a secured Line of Credit that is higher than the cash value of the security?
I read something that said open a $1000 account borrow $1000 go to the next bank do the same thing as a way to build business credit. I just think that doing it that way will take a long time to get to $100,000 or more.
Does anyone have any advice?