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Offlinefatal222316
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Using tax Id to start new line of credit and financial history
    #25060295 - 03/13/18 12:51 PM (6 months, 3 days ago)

Not sure if this is true but I heard you could  start a business in your name as your name, then use your tax ID once credit is established to use in social security portions of forms to start new credit lines and or financial history with your name. I understand you would have no credit at first but you could start over financially is this plausible.


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InvisibleAhab McBathsalts
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Re: Using tax Id to start new line of credit and financial history [Re: fatal222316]
    #25060587 - 03/13/18 03:34 PM (6 months, 3 days ago)

Like a proprietorship?

Generally businesses are proprietorships like 'Dave's Plumbing', corporations like 'Amazon' or partnerships like 'Dave, Burns & Stevens LLC'.

I'm not sure I understand what is your intent or goal. You can definantely start a small business in your own name to establish credit.


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Offlinefatal222316
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Re: Using tax Id to start new line of credit and financial history [Re: Ahab McBathsalts]
    #25062358 - 03/14/18 11:42 AM (6 months, 2 days ago)

Right exactly say you have bad credit or claimed bankruptcy maybe this would be a easy way around


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InvisibleAhab McBathsalts
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Re: Using tax Id to start new line of credit and financial history [Re: fatal222316]
    #25062999 - 03/14/18 03:31 PM (6 months, 2 days ago)

Anyone lending money to the proprietorship is actually just lending money to the individual, so i'm not sure it would help you out much.

A profitable business would allow you to run more expenses through your company or personal credit cards and would help rebuild credit faster, but running a successful business isn't exactly an easy thing to do. Especially if you have declared bankruptcy in the past.


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OnlineBrian Jones
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Re: Using tax Id to start new line of credit and financial history [Re: fatal222316]
    #25074778 - 03/19/18 07:04 AM (5 months, 28 days ago)

A LLC might do the trick. I have a friend who has a drug felony on his record. He formed a LLC and put his vehicles as property of the corporation, so if the police run his plates they don't see his record.


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Offlinefatal222316
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Re: Using tax Id to start new line of credit and financial history [Re: Brian Jones]
    #25081732 - 03/22/18 09:21 AM (5 months, 25 days ago)

Right that was what I was thinking no credit link to the individual start with no credit and work up nothing in your name. I was talking to a guy who runs book he was telling me about this and it’s legal. He said make the company name your name and put the tax ID as your SS I know you would be starting out with no credit but might. Be a good way to circumvent your credit and work on it while having money available just don’t know how you would be taxed at the end of the year.


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General Interest >> Money Matters

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