What kind of credit score do HVAC suppliers look for to get credit accounts. I have a 643 credit score which is not that great but it keeps getting better. I am trying to start a little business and have been lucky to keep enough cash flow. With bigger jobs coming my way I need to get some credit accounts. Just wondering if anyone knows how hard it is to get credit accounts. Any information would be awesome!
Suppliers don't put much weight in someone's personal
credit score. You will need to develop a history with them
of paying cash and with a credit card. With some suppliers
this could take years, especially in this economy. Once they
agree to give you credit it will be with a low dollar limit per
month to minimize their risk, you can get this increased over
time. They will make you sign a personal guarrantee that will
get around any corporate protection you may think you have.
On the personal guarrantee, they will want to see home or
building ownership, something with equity they can go after
if things go bad. Like any relationship, trust takes time.
This probably isn't what you wanted to hear but its a reality.
Effort is the 1st step towards failure.
Years might be stretching it just a bit (?), but this is a pretty good summary of what you're looking at to get your business credit built. You also say that it's a little company. Be that as it may, it would also be in your best interest to incorporate if at all possible.
Originally Posted by TAC Service
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