My dad has had his business for a very long time and he has many different credit cards in its name. Now I am starting my business and am wondering if I could piggyback his credit cards onto my new businesses credit cards. His company is an LLC. Do I have to have an LLC? or can I have an Inc. and still do it? is it even possible to do at all?
I don't believe what you're asking is possible. In order to piggyback off the business credit of your dad's business, you would need to add your business as an authorized user to the account, which can't be done. Instead, get your new business a D&B number and start building a credit report for your own business. If you have good personal credit, you should also be able to apply for a business credit card in the name of your business and get approved. The limit will be low at first, but after a few months of good payment history you can ask for an increase. You may want to try the Capital One Business Platinum card.
Josh is correct per the norm. Stay away from companies that offer such a service and don't pay DnB for creditbuilder. If you have a good FICO score, you can build your own.
