Hello BP, Our LLC is new and we can not be qualify for a business line of credit. We already open a business account under our LLC name. I was told by someone to enroll in a company that build business credit for new company but they charge us $400 to $1000. Is this a good way to build a business credit. I need your input and thank you very much. I love this website.
No. Sounds like a scam. IMO your llc doesnt have a long track record of bringing in revenue, so the banks are not willing to lend to you. You could try applying for a secured credit card, where you make a deposit of $100, and you can borrow up to that amount. By doing so you would build a track record, which could later justify them giving you a line of credit.
Ok thanks, Jordan for your input. That is what the bank is recommending when we open up our business account to open up a secured credit. thanks again.
I recently got an email from a company that offered;
Did you know there is a way to fund your own deals and be your own gap financer? Its called an Unsecured Business Line of Credit and it is a key to you getting 100% financing on ALL your deals going forward. ... we've helped hundreds of people get them... even if you have no collateral, problems with your credit, or have tried unsuccessfully to get one in the past.
Well... I just walked in and told all my funding strategists that they can give you $990 off this product... so I just had to let you know. It is a key to funding the deals you've been looking at.
You can't get it online so you have have to call one of my funding strategists. We normally sell this product for $2,395... but if you call me before the end of the month we can give it to you for $1,405... that's an incredible deal that you don't wan't to loose.
even though the company is listed on this site I still figured it was a scam and ignored it.
Thanks Russell, I will discuss this with my partner if she is willing to go that route and let you know. Do you have any limit in funding a deal? and how much is your interest rate?
You can build your own business credit, you don't need to buy a course. Build your Dunn and Bradstreet credit profile, open a few trade lines that will report your history and build a Paydex score. Plenty of info available online to help you along the way.
Thanks Tyler for your input I will do that.
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