How do I create an LLC to earn credit and borrow money, without using my current credit?

Question

How do I create an LLC to earn credit and borrow money, without using my current credit?

Answer 1

There are some commercials on the radio about this that are misleading and make it sound both easier and more beneficial than it is to have an LLC. Before you create an LLC (Limited Liability Corporation) you should understand that a corporation, especially a one-person corporation, is probably not going to get you any additional credit or loans than you could get on your own as an individual. Banks and credit card companies will still require you to provide your name and social security number, so if your reason to incorporate is to hide a bad credit rating, it probably won't do much good.

If you want to incorporate, contact your state's Secretary of State office and ask for an application. You can probably fill out the paperwork yourself, but there will be filing fees and there are some things you must do, like file a corporate tax return each year and possibly prepare some other forms, like minutes of an annual meeting. Expect to spend at least a few hundred dollars.

Answer 2

Open a few credit lines that require serious assets (that can be easily proven) pay them back quickly and then apply for new cards in your new company's name.

Answer 3

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