Business CREDIT and mined?

Discussion in 'Business Operations' started by jose85, Dec 14, 2010.

  1. jose85

    jose85 LawnSite Member
    Posts: 214

    ok i know my TAX ID is for my business is different then my S.S , so my question is can i apply for business credit under my business name and tax id. without using my S.S cause i my credit isnt all that great , but my business is growing and i cant get ****. so just wondering? this is my second year in business , last year i only claim 9500 on my business since i had a full time job, this year i would say i gross around 75,000 and im growing for next year, so yea
     
  2. xclusive

    xclusive LawnSite Bronze Member
    Posts: 1,052

    Most likely not cause to them your business is not established enough. The other reason why they want your SSN is because they want you to personally guarantee it incase your business goes belly up.
     
  3. ted putnam

    ted putnam LawnSite Platinum Member
    Posts: 4,539

    Exactly! They want a person they can come looking for.

    My suggestion is to start with your local bank where you have your business checking account. They know your true "cash flow" situation better than anyone else if you are truly running things legit. You may have to start out small with them and build on your relationship. good luck
     
  4. Tim Johnson

    Tim Johnson LawnSite Member
    Posts: 135

    I think you need at least 5 years in business before you can stop doing a personnel guarantee. I would say to go to a local credit union or bank and explain everything to him. They are going to need tax returns and everything about you so be ready.
     
  5. Roger

    Roger LawnSite Fanatic
    Posts: 5,917

    This is one of the benefits of developing a relationship with your local bank, and working with a small community bank.

    There was a thread a couple of months ago discussing bank deposits. Many of the posts provided the merits of working with a system in which they never had to come face-to-face with anybody in the bank, doing all transactions online, or an off-hour, using external machines. Working this way does not develop a relationship, one that may be useful for other needs.
     
  6. lukemelo216

    lukemelo216 LawnSite Bronze Member
    from ...
    Posts: 1,267

    i have been in business 3 years now, and I am able to apply for credit in the business name (corporation) and get credit. I havent had to guarantee very much stuff. Maybe one or two things. Im not going wild with it though. Just basically a couple of vendors as well as a company credit card for fuel and such.
     

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