How to Establish Corporate Credit Lines

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Establishing corporate credit lines requires starting small with gas cards and working up towards business loans and mortgages, which can result in hundreds of thousands of dollars in corporate credit. Gain corporate credit lines with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser, Patrick Munro, talking about how to establish corporate credit lines. Corporate credit is important to your business, but make sure that you approach it from a business perspective. Always make sure that you have incorporated your business, and that you have an EIN number, which is the equivalent in company speak to a social security number. And this will form a benchmark for your L.L.C. or your partnership where you can go out and start to acquire credit. The best way to acquire credit is to start small, perhaps with a gas card from a gas company. And then move up to office supply companies and private department store credit cards. Then move up to credit cards, lines of credit, business loans, lines of credit, and mortgages. The sky's the limit from there. It's a process, if you do it correctly, you know you can get hundreds of thousands of dollars of corporate credit. But you have to be very timeful, mindful rather, of the fact that you don't have too much credit outstanding. Otherwise, your score for the company will go down. This is financial adviser, Patrick Munro, talking about how to establish corporate credit.

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