Establishing A Line Of Credit

Ok I cant seem to be able to get a credit card due to no credit on file how do i establish a credit line.

Start with department store cards. After six months try for a Visa or MC where you have your checking account.

2009-12-21 14:52:55 by william p

Establishing corporate credit lines requires starting small with gas cards and working up towards business loans and mortgages, which can result ...

The only steps are 1) put a utility bill under the corporate name.
2) file for a DBA. 3)Obtain the business licenses. What else could be holding me back from obtaining lines of business credit?

If you are DBA (doing business as) then you are not a corporation. Banks will use your credit report to determine eligibility for a loan.
A true corporation is treated as an entity in itself, but even then, you would need to have all board members co-sign for the corporation to establish credit at first.

2007-12-03 06:44:52 by marcus R

I would like to know how to establish a line of credit for a new non profit organization.
I am using my own money right now to fund this.
I have been disabled losing many jobs before finally applying for disabil. benefits which has destroyed my credit.
Now that everything is in order I would like to help others in my circumstances.

Contact the Small Business Admin and find out directly what the requirements are. They have loans for small businesses and in particular for those who are disabled.

Once you establish and get disability benefits, it improves credit.
Make sure that any bad reports are removed from your credit report in a timely fashion.

When making decisions, take a sheet of paper, draw a line down through the center, put all the reasons for it on one side, against it on the other. It is easier to make a decision when you see all of them, and you make a better decision. When you apply for a SBusiness loan, you need an exact plan. Where the money will be spend and why, how much on advertising, equipment, or whatever will be involved. they will tell you what you need.

In the meantime, begin building credit.

Bank loans are generally cheaper, in these days they are more difficult but there are ways of getting one. It all depends on you, and what you do...

Credit card companies are not good references to establish credit.
They charge exorbitant rates, so take on any credit risk...

Buy what you need to survive out of disability, and save the rest. The more you save, the more it helps you.... Open a savings account, even if people make very small, AUTOMATIC deposits to begin. Deposit as much as possible or even 1% of your check, whichever you can. In a few months it becomes a habit and you never miss the money. Increase it, as you can. Only a small percentage of people have a savings account, those who do have a better credit record.

Build it up to over $500, ask the bank for a loan. Deposit it in your checking, and use the money to pay the loan, and keep on saving. Your payments are always on time. What you save creates interest that off sets part of the cost and you create a good payment record.

The bank will be more willing to loan the money if you have a good savings account. Interest will be lower than credit cards. Aim for savings greater than six months of your check, even if you do not get the Small Business Loan, you may be able to start the business.

Borrow it from yourself, and pay yourself plus the interest, be your own bank. The higher the interest would be, the more YOU make. In three years you may be surprised how much you have.

We need only food, shelter, and minimal clothing to survive or even be happy. We do not need all the junk they try to sell us on TV. A used VW will get you there just as well as an expensive one... We can cut down on phone bills, stop text messaging and other unnecessary add-ons. Put the money in the bank, cut your "wants" to "needs."

If you want it bad enough, you can do it, before long.

A non-profit business does not mean you get nothing from it. It can pay for a car, insurance, etc. You can draw a reasonable salary, just remember if you benefit too much, you can lose the disability check.

Buy a small house one that keeps you or family warm and dry.
Buy nothing else on credit, and you protect your future.

2008-09-30 14:20:07 by Lisa M

Im trying to build a large business credit line without personal gurantee on a Tax Id on a nevada corpation i set up. Whats the fastest way to establish large credit line using D&B, Expierian Business and Business Client check to get the lines i need to do business without gurantee (Personal). Without buying trade lines. Please tell me the fastest way and most economical.

Work with a local bank to have them start you out on small loans based on business volume. You can also get them to extend credit based on your receivables. That's the fastest way to grow.

If you don't have any revenue, there's no way to get a credit line without a personal guarantee.

2006-09-12 09:29:17 by Michael Billionaire

I went to WaMu and was denied a credit card. the guy said you do not have any line of credit. what can I do to establish some sorty of credit so I can get a credit card.

If it helps-I only work saturdays because I go to college on the weekdays, so I dont make a lot of money.

Local branches are getting way stricter after the credit crunch in the market. I would recommend that you apply online. Since you are a student, you can easily get approved for a student card. You can find some great student cards at the site below. You can apply online and get a decision instantly. If you don't get approved for a student card, try applying for one of the cards from that site below that is in "Bad Credit/ No Credit" section.

2008-07-11 08:08:57 by ersan b