I am working on increasing my credit limits and want to try to open business credit. I do have an S corp that i will be using for my wholesale deals. My FICO is 627, is this going to enable me to be a good candidate to open up business lines of credit and how do i do this??? Do i use my EIN number?? :rolleyes
It’s possible with your credit score being 620+, but I have found that for business credit, the credit card companies and banks are looking for a higher score (like 680+). You would need to have an EIN established for the company.
You can always try it with one and see if it works. If not, work on increasing your score, then start applying. If you need some ideas for increasing your score, let me know.
Stacy
In today’s market, lines of credit are based more and more on your personal credit-- you will need a 700+ score to get a decent business line of credit with a major bank. You need a DNB #, EIN # and a landline phone listed with 411 for starters.