Poor Personal Credit vs. new Corp with Fed Employer ID Number

If a person has poor personal credit but has set up a one-person
corporation can they get restarted with a EIN?  Could they lease a
car? Obtain a corp credit card?  Don't the credit card companies want
the names and social security numbers of the officer(s)?

Hi Zmaster,

You are right, in that the credit card companies will ask for a
personal guarantor for the borrowed funds.  And as a corporate officer
you will have to guarantee the funds.  However, there are some
circumstances when this is not the case.

Your business credit file is very much like your personal credit file.
 If you look at the entries in there, the companies listed "gained
your trust" over time as you paid consistently and on time.  Your
business credit file is no different.  You need to take time and work
on building it by building the trust of the companies you borrow from.

Business credit building is not a one-shot cure-all for the ills of
poor credit.  If your personal credit suffered, so will your business
credit.  What you need to do is resolve the underling cause, which is
usually business cash flow, and then make sure to keep VERY CLEAN
business credit that is apart from your personal credit.

You can find many more answers at
http://www.businesscreditbuilding.com, where I work on helping
individuals such as yourself with business credit building.

Success,
Webmaster*SAM

I assume you are starting a legitimate business. If it is formed as a
corporation or limited liability company, the new company may be able
to get small amounts of credit from local suppliers and over time with
prompt payments you can build a business credit record.

HOWEVER, if you apply for  a car loan, car lease, or corporate credit
card, they will check and rely on your personal credit record, so
having a business EIN won't help you.