Best way to build up Business credit???

Discussion in 'Lawn Mowing' started by BryantLandscape, Jan 18, 2005.

  1. BryantLandscape

    BryantLandscape LawnSite Member
    Posts: 45

    This is probably a self explained question, go to the bank and get a line of credit or a business credit card, just wondering everyone else's experience, any good suggestions????
     
  2. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433





    My advice is dont open a line of credit. If you cant afford to pay cash for it then you dont need it.
     
  3. BryantLandscape

    BryantLandscape LawnSite Member
    Posts: 45

    i agree,I pay cash for everything I can, unfortunately though, the world revolves around credit from getting your power turned on to getting a cell phone so I guess it's something we can't get get around.
     
  4. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433



    LOL, thats true, from what i hear now some auto insurance rates are dependent on credit.

    I guess if you had to have one then use your bank. Companies like Sheffield will rip you off. Dont use credit cards either.
     
  5. lawnwizards

    lawnwizards LawnSite Silver Member
    Posts: 2,434

    thats very true. just go to progressive and do the online quote and they will explain that they use credit scores to determine your insurance rate. don't really understand why that has anything to do with credit... sounds like a bunch of BS if you ask me.
     
  6. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433




    Its total BS and i dont see how they can legally get away with that. Its almost discrimination of some sort. You dont have to have good credit to be a good driver.
     
  7. launboy

    launboy LawnSite Senior Member
    from indiana
    Posts: 273

    hay backpacker why is sheffield a rip off. Going to buy a new machine and i was going to use them to finance my machine.
     
  8. Mo Green

    Mo Green LawnSite Bronze Member
    Posts: 1,487

    I agree, but I think they are more concerned with your ability to pay your premiums on time.
     
  9. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433



    IMO its just their rates that are out of control, plan on paying 12% easily if you go there. I think if you can form a good relationship with a bank you are better off going to them for a loan then a company like Sheffield.
     
  10. packerbacker

    packerbacker LawnSite Bronze Member
    Posts: 1,433





    The only thing i dont agree with that is they (insurance companies) are not extending a line of credit to you. They ask for the first few months up front, you pay it and when the time comes to pony up some more, if you dont, they stop the policy. They arent risking anything on a driver since they have their money already.
     

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