Getting corporate credit
October 2nd, 2007 by KenricToday I called my bank to open up a merchant bank account for my online biz sites. This is an account that allows you to accept credit cards online. I wanted to open it using my LLC and the bank manager said, would you like a line of credit with that?
Sure. I guess?
So after answering a few questions over the phone (literally 5) I was on my way to getting an “unsecured” line of credit up to $100,000. If I wanted more, my company would basically have to go full doc. My LLC is 3 years old, but since this is its first loan I have to personally guarantee it. That’s why I quoted “unsecured” because it’s technically secured by me now, but that can be removed later. I’m sort of anxious to find out what my LLC’s credit rating is. It’s only credit is a Visa credit card which I’ve been using for the past year.
Posted in Making Money Online | 10 Comments »
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For your LLC, did you get a Dunn and Bradstreet number?
By Clifford on Oct 3, 2007
No, I just got a Federal ID number.
By Kenric on Oct 3, 2007
Kenric:
Since you are the guarantor, the bank probably looked at your credit to determine creditworthiness. Did you ask the bank manager if this line of credit will appear on your personal credit report? If it does, it will likely affect your FICO score and your ability to borrow.
By Another Investor on Oct 3, 2007
AI, yes there will run a credit check on me personally. I’m pretty sure it will show up on my personal credit report.
By Kenric on Oct 3, 2007
Is this LLC for your online business? Did you get the appropriate business licenses? Did you get your resale permit and your resale number?
By ubu50 on Oct 3, 2007
The LLC was used for some condos that I had before. Now it will be used for my online biz. I’m in process of getting the permits now.
By Kenric on Oct 5, 2007
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