You should use an EIN to form an LLC. I don’t recommend using your SS# with an LLC. I didn’t go for loans, but did go for business credit cards. I have one with Chase and Wells Fargo, mainly because they don’t report on your personal credit report. Business credit reports are separate from person IF using an EIN (as your business credit is tied to your EIN). Capital One does offer business credit cards, but DOES report on your personal account. Research and shop around of course. Many of the personal credit reporting agencies (like Equifax) also report on businesses among others (Dun & Bradstreet, Bloomberg, Moody’s, NAV, etc.). Some provide a letter grade as opposed to a numbered score. My recommendation is start small and build from there. I pay all business expenses on the business credit card, then pay the card from the business checking account. During your credit card/loan research, find out who the bank reports to during the same call. Hope this helps!
I am happy to say I am debt free. Took me years to do it but it is so freeing to owe no one anything
Good Morning. I selected Novo initially, but the more that I looked around, the more that I realized that I wanted something that I could easily walk into and deposit cash. I have received some cash payments since starting GNW. I chose Chase and have opted to keep Novo open with $10. I am liking Chase so far with the exception of the $15 per month bank fee. This seems to be a standard average monthly fee.
Check your terms and conditions (fees page). Most banks will stop hitting you with a fee once your account maintains a minimum monthly balance. I have chase, and as long as I have $500 or more in the account, they don’t charge me a maintenance fee. Sometimes, even if you have more than one account with the same bank (checking, savings, CC) they will waive the fee also. T&C’s change all the time, but you should be locked in to the T&C’s (fee’s wise) that were in place at the time you opened the account. Banks went crazy with their fees when they put “most” of their services online. I remember the days walking into a bank and seeing 7-10 tellers lined up behind the counter, now I’m lucky if I see 2.
Correct on the fees. Chase for me is a minimum of 2k for thirty consecutive days and then there is no fee. In addition, if there is a fee, then they are behind by a month.
You are turning into a banking expert i see… lol. You are correct on all your points!
Why Thank You! I miss my tellers! Online banking took the social aspect away,
I’m shifting from sole source income from Notary work to Tax Preparation and eventually Tax Resolution. I’ll keep doing NSA work as a supplementary income and a value added service to m tax clients. I’m expecting to see an uptick in Tax Resolution as both IRS and Foreclosures ramp up.
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