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Credit Questions

Discussion in 'Business Operations' started by 1st Rate Lawns, Sep 21, 2004.

  1. 1st Rate Lawns

    1st Rate Lawns LawnSite Member
    Messages: 13

    About to incorporate or something, whatever the lawyer says. Anyway wanted to know if any of you could tell me about how the credit lines then work for your business? Is it still based off of personal credit? Any input would be nice. Thanks in advance.
     
  2. SprinklerGuy

    SprinklerGuy LawnSite Bronze Member
    Messages: 1,778

    In my case...the credit line is in the company name...but I had to "personally guarantee" the credit line....I have been incorporated for over 6 years.....

    So..in mycase....yes, still based on personal credit.
     
  3. 1st Rate Lawns

    1st Rate Lawns LawnSite Member
    Messages: 13

    Thanks for the input. See my personal credit is struggling and just got a huge blow recently. Hopefully in the next few months i can correct these new issues. So i guess for now its cash only.
     
  4. HOOLIE

    HOOLIE LawnSite Gold Member
    Messages: 3,981

    1st Rate,

    Do you own your own home? With less than stellar credit you can sometimes still get a home equity line of credit, or at least refinance and get cash out. That's what I just did, rolled all my revolving debt into the new mortgage and opened a separate line of credit. So at least I've got some money to work and expand with. For awhile I'd been basically keeping my fingers crossed that nothing bad would happen.
     

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