Building Credit

Need business credit? You are not alone! As statistics show, more than 69% of all business entrepreneurs use credit to keep it running. But what is alarming is that less than 45% of these cards are actually only in the name of the company, without the personal guarantee of the applicant.

With a complete consulting, the team of Dominium Consulting is more than prepared to assist in the construction of physical and legal credit.

As a business owner, using personal credit cards for day-to-day operations is a risky approach; as you assume total financial liability for your company at the risk of losing personal property and responding to legal proceedings as an individual.

The question that keeps coming up is: how do I build credit on behalf of the company without putting my personal credit on the line?

First of all, you need to incorporate your business and get a Federal Tax ID number. With the EIN of your company, we will register your business with the credit agencies, Equifax, TransUnion and Experian, including working on building your profile with Dun and Bradstreet. Furthermore, you will need to constantly monitor any change in your credit file.

Before you start applying for credit, make sure that your business records and operating licenses are up-to-date. In addition, there are several other small steps that are critical for a lender to actually provide a line of credit and complete the verification during the approval process, such as registering your number with the 411 directory, identifying your company and allowing you to finalize the process of legitimizing your business.

With a strong business credit file, you can stop depending on your personal credit and let the legal entity qualify for lines of credit or even financing. By building your business credit, you will be enhancing your company’s image, and protecting your personal credit, limiting your responsibilities and increasing your creditworthiness. Remember, companies can get financed with a limit up to 10 to 100 times greater than an individual.

It is possible to have credit for individuals who have an ITIN? Did you know we get this question a lot? A credit issuer can not deny you because you are using an ITIN, but they may deny you for lack of credit history, proof of income, among other justifications.

Working with our Dominium Consulting team, we will identify your profile and follow a procedure that allows for the construction of your credit file as soon as possible. Remember, foreign credit does not transfer to the United States, so you will need to start creating credit from scratch. Our offices are located in Orlando or Miami, and both are able to provide all the necessary personal and legal advice. We work with credit card companies that offer credit cards specifically to recent immigrants, so a Social Security number is not required.

Once we have raised your “FICO Score” score and can get your credit card to you, we recommend you use it responsibly and pay for it on time, keeping it up-to-date. Once we set an even higher score, you can request a card with a higher limit and enjoy lower interest rates, as well as enjoy the benefits offered by credit cards.

Applying for a credit card is much more difficult without a Social Security Number (SSN), but it is certainly possible with an ITIN. Once you have an ITIN, you will have to create credit with a financial product. Be sure to work with anyone who knows about and can advise you on the construction of your credit.

Diecson Vilarino

COO Dominium Consulting – Miami