On 7/4/2013 1:40 PM, Ignoramus12069 wrote:

I have a corporation since 1998. I have never borrowed any money for
the corporation. My view on borring money for business is very simple,
if I do not have money for something, I do not do it.

But, it so happens that from time to time, I need to establish an
account with a new vendor, they check my credit history and tell me
that I have no credit history.

I am loath to borrow money, but maybe I can borrow some small amount
for a few months just to establish some credit history? what is the
easiest way to acquire a credit history?

Thanks

i
No one has really answered your question, Iggy.

You need to establish a credit line with a business bank in your area
and tie it to your business bank account. It will cost you a bit each
year and you will have to supply a bunch of documentation. But once
done, you are good for probably two years.

Our credit line started at $50,000. A few years we upped it to $75k. the
bank wants more! It got us through the great recession.

Let you business checking balance run down to negative so your checks
draw on the credit line. Pay a few hundred on the credit line, but don't
pay it off right away. Do this for a few months. Deposit your checks to
a business account in a credit union savings account.

Do this for a few months and you can then pay off the credit line. You
will still have the backup, but you have now established a good credit
record.

Cycle the credit line every six months or so to keep the bank happy.

Now you are running with the big dealers and can buy way more than you
have cash for.

Paul