DoingHomework wrote:It took me about 4 years. They wanted 3 years of tax returns as well as a bank reference and that was about it. We first got a trade account with a retailer then a credit card through our bank. I do not have a business AMEX because I don't want one. I have no idea if they would issue one. But my bank had no problem issuing a Visa in the name of the LLC without a personal guarantee.
We were a relatively slowly growing C corp doing tech related manufacturing. For the most part we didn't need financing and just build capital slowly, mostly from retained earnings but some from equity sales. The Visa cards for execs/sales were secondary frills that came with a large receivables LOC.
Banks would come to us fairly often but always required personal guarantees and that wasn't gonna happen. Then one day BofA approached us to get our business and we just started out saying "no guarantees" and they just said "no problem."
By that time we had a great, stable growth and profitability pattern. LOCs are most useful for periods of rapid growth when you don't want to factor receivables.
That was part of my credit downfall. I stopped using credit for anything. I'd lock car rentals with the company CC and pay for personal rentals with a debit card. After I retired I had an almost totally blank credit report but didn't know it since I didn't use credit for anything and never pulled my reports.
I since fixed that largely so I could rent cars without a song and dance.