How to Establish Credit for a New Company

Video Transcript

"This is financial adviser Patrick Munro talking about how to establish credit for a new company. It's an exciting time when you have a new company because it's your vision that goes behind that company and it's a good opportunity for you to basically have that company out there and involved in the market place borrowing money, paying it back, earning income and growing as an entity. So what you need to do is make sure that you have an appropriate EIN taxation reporting number for your new company. Start off buy applying for credit that is really for gasoline cards, very small items and as you pay those small items with your new company, you'll receive credit card offers from credit card companies and eventually you can get involved in mortgages and car loans, auto loans, things of that nature. It's a process and it does take time. Make sure while you're nurturing your new company that you always pay your bills on time and keep those credit card balances low. This is Patrick Munro talking about how to establish credit for a new company."