Can I build a credit history for my LLC by linking it to my credit card?
drf2684 asked:
I started an LLC after I purchased my first investment property. I would like to buy my next house using the LLC, but don’t know how to build a credit history. I have an excellent credit card (rewards and interest rate) that is no longer available. Can I add the LLC as a user to this card and then mooch off my existing credit history? If not, how do you build credit for a company?
I started an LLC after I purchased my first investment property. I would like to buy my next house using the LLC, but don’t know how to build a credit history. I have an excellent credit card (rewards and interest rate) that is no longer available. Can I add the LLC as a user to this card and then mooch off my existing credit history? If not, how do you build credit for a company?
The best way to know how to get a loan for your LLC is to ask lenders who make loans to LLCs. They will tell you exactly how they evaluate such loan applications.
To get a commercial credit rating, probably the most well-known firm that rates companies is “Dunn and Bradstreet.” Go to their website and fill out a free profile. They will want to know information about your company. Then they sell your data but who cares, that’s the game.
Regarding adding your LLC to the card, ask your bank.