Can I aply for credit for my compay after I set up my corporation or LLC?
Setting-up a corporation or LLC is only one part of building business credit. There are several other steps to take in order to set-up a business credit profile and obtain credit for your business. Until you complete those steps a creditor will usually use your personal credit scores to make a credit decision on your company because you are your company until you seperate your personal and business credit profiles. Q: Can I use my Federal Tax ID number to apply for business credit? A: A common misconception, but no. The Federal Tax ID number cannot be used in place of a Social Security Number to apply for credit. The number that you need to apply for business credit is actually called a DUNS Number. Q: How does business credit help my business? A: By establishing business credit, you can minimize or even eliminate the use of personal credit to secure credit for your business. This is very importnat because there may come a time when you need your personal credit for a personal or famil
