Just Created LLC. Need to create credit history

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Just Created LLC. Need to create credit history

Fermin G.
Real Estate Investor · MA · Member since 2008 · 22 posts · 0 votes

Good afternoon all. Just formed an LLC to take advantage of real estate market. What is the best way to build up my credit in the LLC?
Thanks

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  • Tyler Thrush
    Residential Real Estate Broker · Dana Point, CA · Member since 2008 · 147 posts · 7 votes
    18y

    you are going to need to get some credit lines/cards through the llc with yourself as a gaurantor and build credit over time

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  • William Moua
    Homeowner · Lancaster, PA · Member since 2008 · 11 posts · 0 votes
    18y

    Yeap you got to Personal G on everything for now...
    until the Business has a D&B pay index of 80 and a Experian Busniess Credit rating

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  • Fermin G.
    OP
    Real Estate Investor · MA · Member since 2008 · 22 posts · 0 votes
    18y

    Thanks for the info, what exactly is a D&B pay index of 80 and a Experian Busniess Credit rating?

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  • Cornell James
    Real Estate Investor · Birmingham, AL · Member since 2008 · 40 posts · 5 votes
    18y

    80 is like having perfect credit. when you get to this level you can start applying for lines of credit. First start off small. I personally have not had to use a persona l guarantee. I have a few accounts, cell phone etc. I started off with Staples. No PG required just provide your FEIN. The most important thing is getting that D&B number and Experian

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  • C. Burris
    Homeowner · Shreveport, LA · Member since 2008 · 52 posts · 0 votes
    18y

    Go here to get the DUNS number

    http://fedgov.dnb.com/webform/displayHomePage.do;jsessionid=B9E740A165

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  • Mike W.
    Rental Property Investor · Twin Cities, MN · Member since 2008 · 94 posts · 10 votes
    18y
    Originally posted by MVG:
    Good afternoon all. Just formed an LLC to take advantage of real estate market. What is the best way to build up my credit in the LLC?
    Thanks

    What purpose do you see in having good credit on your LLC? Are you wanting to borrow money non-recourse? Are you trying to get loans off your credit report? Need more info.

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  • Elena Margaritis
    Glendale, AZ · Member since 2008 · 2 posts · 0 votes
    18y

    Open a bank account for your LLC and deposit money that you can borrow from or get a secured credit card against it, check which banks will do this. This will start building your credit. Then apply for trade credit, radio shack, home depot, office depot, I've heard are three places, maybe even dell.
    Good luck!

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