How to raise your credit score for a newly formed LTD?

[Joe Martin]

Hi everyone,

I got a little bit of a chicken and egg problem: I created an LTD in order to work with with the DBS services as a registered body.

I passed all the required tests but I failed because I do not have a good enough company credit score.

The LTD was however created specifically to apply to be a partner, so I don't have cash going in and out yet.

What are some things I can do to raise my company credit score over the next couple of months so I can apply again then? If anyone offers services that can support with that I would be happy to consider.

I read everything online in regards to paying invoices, and filing promptly on time but unaware of how I might do that with no current revenue.

Thanks,

JM

 

[Mark T Jones]

Hi everyone,

I got a little bit of a chicken and egg problem: I created an LTD in order to work with with the DBS services as a registered body.

I passed all the required tests but I failed because I do not have a good enough company credit score.

The LTD was however created specifically to apply to be a partner, so I don't have cash going in and out yet.

What are some things I can do to raise my company credit score over the next couple of months so I can apply again then? If anyone offers services that can support with that I would be happy to consider.

I read everything online in regards to paying invoices, and filing promptly on time but unaware of how I might do that with no current revenue.

Thanks,

JM

You have highlighted the problem here:

most credit scores rely on evidence of trading, so without trading you can't provide a credit score. (I should say here that there is no universal credit score - each agency or individual business will have there own algorithm or criteria)

A decent wodge of share capital may (or may not) help - but is heavy-handed.

My suggesting would be to approach DBS and ask directly if they have a policy of not dealing with start-ups; if not, what evidence do they require to get around the problem.

 

[Ryan Paul]

You'll need to submit accounts for your credit score to improve.
If you have no revenue then you are not credit worthy.

 

[DoolallyTap]

Buy an existing business with a good credit score