Hey there,
Anybody in REI land have any quality tips on how to quickly build business credit for a new LLC? Preferably Something that won’t require immense amounts of my personal credit. Any useful books or websites on the subject? Thanks a ton
Yeah, I am in the process of doing it. You can do it on your own, however it takes longer than you think and a lot of work. I have tried for the last 5 months and didn’t make any huge strides. I just decided to pony up and let a company that specializes in building business credit do it. They set you up in a C corp and build you a 250k line in 90 days. the trick is you have to have a 700 plus credit score or be able to name someone that does as the CFO. I have more details if you are interested. Its not cheap, but for a startup business who has trouble getting lines its easy and helpful. let me know if you’re interested and i can get you more info.
I’ve gotten business lines for several different companies. In my experience, for any substantial amount of credit, you’ll need to personally guarantee it.
I’ve heard of people borrowing tons of money on credit without a PG but even Trump had to issue bonds to free himself from personal liability on his biggest deals.