I just got my tax id number from the irs, and I also have a state sales tax number. Im trying to become a reseller of computer parts that i plan to purchase from a wholesale company. My personal credit history is one of the worst in america. How can i get approved for anything to start building credit for my business? Whats the cheapest way, and fastest? I tried years ago to apply for an office depot card with a previous business, but they declined me cause my business had no credit. If i cant get an offie depot card, then what can i do? By the way I have a sole proprietor business.
2006-09-21 06:30:58 · 3 answers · asked by Anonymous in Business & Finance ➔ Small Business
Incorporate. As silly as it seems, an incorporated business that has no connection to an individual tends to have greater credibility than someone who is directly connected to his company (e.g. a sole proprietor)
Once you are incorporated, getting business credit is fairly easy. Just show that you have been in business for about 6 to 8 months.. a year is even better. And then give them a ball park estimate as to what you do in gross reciepts every year and you should have no problem with getting business credit.
2006-09-21 06:38:32 · answer #1 · answered by Joe K 6 · 0⤊ 0⤋
Ask for small limits whatever you apply for. Sole proprietor's and even corporations have to sign personal guarantees that your credit it good. Get any card you can and use it only for your business items. Be sure to pay the card on time. You can build from that.
2006-09-21 15:48:16 · answer #2 · answered by hirebookkeeper 6 · 0⤊ 0⤋
Get credit from your suppliers, this seems an easy one.
By instalments you can repay them in a regular process
2006-09-21 13:34:16 · answer #3 · answered by adapoda 3 · 0⤊ 0⤋