2006-08-25 15:33:03 · 7 answers · asked by jrkfire23 1 in Business & Finance ➔ Credit
Talk with a banker about the needs for a small business loan
2006-08-25 15:37:46 · answer #1 · answered by The Big Shot 6 · 0⤊ 0⤋
The very best advice I ever got is don't pay interest on anything that doesn't earn the interest. That means if getting a loan using a credit card or anything that cost you interest it needs to be making you money in return. If you buy a car and pay interest on it, it takes you to work. If your making house payments it gives you rest to be able to go to work. If you want the extras wait on them until you can pay cash. The best credit builder I ever had was money in the bank. Get $500. in the bank then get a secured credit card against the money buy some of what you need for the business using the card as you raise the amount in the bank you can raise the amount of the card. Back up your debts with cash and you will stay ahead of the game. Read a little book by the name (Do what you like and the money will follow.)
2006-08-25 16:15:42 · answer #2 · answered by Kdid49 3 · 0⤊ 0⤋
I suggest that you start out locally with another small business that carry the type of goods that you use in your business. If you already have a credit card go to this business and buy all of you supplies from this business with your credit card. Make sure that you can pay off your credit card monthly, in full. Make sure that you let yourself be known at this and other businesses in your local area.
Make sure that you let these businesses know that you have a business in the area so that they can patronize your business also. After about six months try and establish an account with one or two of these businesses if they have supplies that you use in your business. No business is going to give you a large line of credit in the beginning because new businesses are difficult to get off the ground and the hardest time for new businesses are the first one or two years unless you already have clientèle before you open the business.
Make your word your bond, if you tell someone that you're going to do something make absolutely sure that you keep your word. That is the best credit that you can have, is your reputation for doing what you say you're going to do. Never promise anyone anything, because things can and do happen that can cause you not to be able to keep your promise. Most of all be honest with the people you deal with and try and deal with people whom you believe and feel are honest with you. Many times your gut feeling is the one to go with. Start Locally!
2006-08-25 16:02:50 · answer #3 · answered by peachcobbler13 2 · 0⤊ 0⤋
Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-credit.com/category/Step-by-Step-Credit-Repair-Guide.html
2006-08-25 23:31:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Open a bank account in the business name. Borrow a small amount in the business name -- you may have to co-sign personally -- & timely pay it back. Do that a number of times with larger amounts; pay all your trade accounts timely & soon your business will have excellent credit.
2006-08-25 15:39:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Read some credit tips on this site
2006-08-25 15:35:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
route your transaction money through bank
2006-08-25 15:38:49 · answer #7 · answered by unisoul 4 · 0⤊ 0⤋