Should I wait or should I move on???

[AIRWARE10]

This is what I have accomplished in a short time, like everyone else

 

I established my business-(real estate investing) I know everyone is doing it!!

**I got my operating agreement also!

 

I obtained my EIN # online very cost effective

 

I applied for my D-U-N-S # (30 days wait)

 

Formed and filed LLC with my state (state website) Thanks Lorraine!!!

 

What I need to do is get a business address right now I'm using my home address*

 

I need a business phone as I'm using my cell for business*

 

 

I want to apply for business credit but I NEED to keep reading, only credit I really want to obtain is HOME DEPOT or LOWES. Maybe Staples but I'm in no hurry.

 

Am I on the right track?

[cooliojones]

Most of the veterans love the part about your need to keep on reading! Keep it up!

[elmonstruo]

You need to establish some net 30's. Do a search for the reporting ones. Read Signatures.

 

Most of these can be established on starting day, if you have your phone line and chosen address set up. Having to change phone numbers and addresses will only slow you down.

 

Purchase and pay. Pay fast!

 

I would go for a biz phone line w/ 411 listing. You can do this at your home address. It may even be a tradeline, Qwest was for me.

 

Do you have a Business checking yet? Made a contact at the bank?

 

Make friends with other Credit Board Members.

 

One of my mistakes was not making a copy of all the applications I filled out. I know I have conflicting info on them out there, my bad. Keep everything consistent.

 

I have a business building just fine from my home address.

 

Ignore Dun & Bradstreet.

 

Did I mention bank account? Now is the time for that Operating agreement. Hope it is well put together.

 

Build some local Credit accounts NOW! These are the key for references. Make friends with other business owners. Teach what you have learned. I am always spreading the gospel of my new found trade. What a Valuable, Powerful asset. My local Vendors know who I am and could vouch for me. Most of them I have had drinks with. Home Depot,HDMC,Citi Bank Will not do this for you. They dont know who you are. They may vouch on your payment history, but it will take them about a month for a response. This is where you use those local credit accounts. That is how I got Ford Motor Credit so easy.They could not get responses and references from Citi backed Companies (i.e. Home depot,HDMC,etc.) But they could talk to someone that knew me (i.e. Lamps Plus, Acme Tools, Such & Such Construction, etc.) small local guys.

[AIRWARE10]

thanks for the feedback, I really do appreciate it. I'm going to continue to READ, READ and READ some more. I did see that STAPLES was very easy to obtain. I have two good banks that I can go to and sit down with them and open a business checking account.

 

I have also gotten the operating agreement and from reivews its pretty good but I want to get it reviewed again. I'm so excited because now I really starting to rock and roll and my passion is to built something to leave for my child. Because you know a 9 to 5 isn't going to cut it. I will be reading in the background. Thanks again CBers!!!!

[drew3918]

Elmo,

Had a great reply to add to it, for the NetS I would go after, Uline, Reliable, Grainger, & Quill.

Do as Elmo says PAY fast. setup the bank account and start getting age on it. READing is by far the best investment you can make while first starting out, goodluck and keep us updated

[AIRWARE10]

I have been reading the board and I jumped the gun, I tried for HDMC (they want PG and fax bill), I tried Loews and got 7-10 message and then I tried CITI and of course I got TD.

 

I should be the prime example to NEWBIES what not to do. I just need to be patient and take my time. Rome wasn't built over night.

 

Well its back to the drawing board.

 

*I did get approved for Office Depot!!

[AIRWARE10]

bump

[bwdodge]

Your question has already been answered. But to elaborate - yes, you are on the right track. Start to get those Net30's reporting on your Ex and DnB. Those include: RapidForms, Quill, Reliable ..and the sort. The easiest way to get a Net30 account with them is simply order some inexpensive item from their Web site, then proceed to Checkout, then choose the Bill Me Later (or similiar) option. Wait for the Invoice to arrive in the mail, and then pay it. If you don't wait for the Invoice, you may be shooting yourself in the foot.

 

Once you have (1) TL showing on DnB or (2) on EX, you should be okay to get the preliminary Staples revolving with a CL of $750. To get a HD or HD Mastercard, you should be in business for more than (2) years and have at least (3) TL's showing on EX. To get the Lowe's TL, you should have a Paydex with DnB. That would require at least 5 -6 Net30's reporting on your DnB to generate a Paydex. That's why those pesky Net30's are so important. And once again, company age should be more than (2) years old. They hardly verify this, but do what you feel comfortable doing.

 

And, of course, YMMV.

 

[drew3918]

Your question has already been answered. But to elaborate - yes, you are on the right track. Start to get those Net30's reporting on your Ex and DnB. Those include: RapidForms, Quill, Reliable ..and the sort. The easiest way to get a Net30 account with them is simply order some inexpensive item from their Web site, then proceed to Checkout, then choose the Bill Me Later (or similiar) option. Wait for the Invoice to arrive in the mail, and then pay it. If you don't wait for the Invoice, you may be shooting yourself in the foot.

 

Once you have (1) TL showing on DnB or (2) on EX, you should be okay to get the preliminary Staples revolving with a CL of $750. To get a HD or HD Mastercard, you should be in business for more than (2) years and have at least (3) TL's showing on EX. To get the Lowe's TL, you should have a Paydex with DnB. That would require at least 5 -6 Net30's reporting on your DnB to generate a Paydex. That's why those pesky Net30's are so important. And once again, company age should be more than (2) years old. They hardly verify this, but do what you feel comfortable doing.

 

And, of course, YMMV.

 

Not sure who gave you the facts on HD and HDMC. But I have 1 Corp that is less then 1 year old, HD is@ 10K, and HDMC is at $15k ... I would agree you want to have < #1 > Paydex, < #2> some reporting on EXP. Many other folks on the board have got the same Tls without 2 years in bizz, matter of fact most would be in the 6 month or so range...

[northwest]

In case you looking for more opinions - as everybody else said - Yes, you are on the right track... need to establish NET30.

[bwdodge]

Let me iterate. Those weren't facts, but instead what I've gathered from reading about other people's experiences. As always, YMMV.

 

[AIRWARE10]

thank you for the advice. I had a great weekend with my dad buliding a deck on one of my investment properties. I will get some net30's and reporting. I have a few private investors lining up to work with me so I can get this business off the ground. This has become a reality as I dreamt of this times for 5 years now. Thanks again and I'll be back with progress.

 

[telarsen]

This board ROCKS! I have been in business 3 years but never used business credit always personal credit until I found this board! Don't wait, keep esablishing credit NOW!

 

I just received (today!) my HDMC for a $10,000 limit! I asked for $25,000, they said I only had 1 inquiry on my D&B, so credit was too new. Experian score is 79 and I do have a DUNS number esablished.

 

Any suggestions on whom to go after next?

 

Tom

[OperationHOMEOwnership]

Question:

 

As a new business owner (less than 1 year) I am noticing the "Bill Me Later" function on websites & read through the actual dot com of participating vendors of this paying option.

 

When applying for this option at checkout, since I am a new company with a bank account established for a few weeks & no paydex to speak of IF i used this billing option are they checking my personal credit report or my business credit report (which i have no tradelines reporting)? Furthermore, would you experienced CBers suggest I select this option with the possibly to be turned down for the service based on no business credit history b/c selecting my personal credit history to pay will do nothing for building my company credit?

 

OR am I confused as what this feature relies upon to work, and off the mark completely??

 

HELP!!!

[Snglmom]

Bump......I also would like to know the answer to this one

[roasted]

BillMeLater is backed by Chase and is based entirely on your personal credit. Having a Paydex isn't going to help you one way or another.

[OperationHOMEOwnership]

BillMeLater is backed by Chase and is based entirely on your personal credit. Having a Paydex isn't going to help you one way or another.

 

 

ok, so where does it start to report when you pay, your personal or business credit file?

[Snglmom]

BillMeLater is backed by Chase and is based entirely on your personal credit. Having a Paydex isn't going to help you one way or another.

 

 

Thanks Roasted.......what do folks without good credit do? How do they even begin to establish the credit needed for paydex ?

[roasted]

Thanks Roasted.......what do folks without good credit do? How do they even begin to establish the credit needed for paydex ?

 

You get the Net 30 accounts like Quill, ULINE, Reliable, Grainger, etc. as well as easy store accounts like Staples and often Office Depot.

 

Once they report, you can get more store accounts like Home Depot, Lowes, Sams Club, Shell, Conoco, Sunoco, etc.

[Snglmom]

Thanks Roasted.......what do folks without good credit do? How do they even begin to establish the credit needed for paydex ?

 

You get the Net 30 accounts like Quill, ULINE, Reliable, Grainger, etc. as well as easy store accounts like Staples and often Office Depot.

 

Once they report, you can get more store accounts like Home Depot, Lowes, Sams Club, Shell, Conoco, Sunoco, etc.

 

 

Thanks much.....appreciate it

[OperationHOMEOwnership]

BillMeLater is backed by Chase and is based entirely on your personal credit. Having a Paydex isn't going to help you one way or another.

 

 

ok, so where does it start to report when you pay, your personal or business credit file?

 

 

ok, can someone answer my question too?

[roasted]

BillMeLater is backed by Chase and is based entirely on your personal credit. Having a Paydex isn't going to help you one way or another.

 

 

ok, so where does it start to report when you pay, your personal or business credit file?

 

 

ok, can someone answer my question too?

 

I don't know if they report to personal CRAs or not, but I'm sure they would not report to business reports.

 

I think you might have misunderstood a post somewhere where it was stated that you build business credit by finding sites that have a "Bill Me" function in the check-out process. This is a totally seperate concept than Bill Me Later, which is essentially a personal credit account through Chase. If you go to ULINE, Quill, Reliable, Tech Depot etc. and place an order, you can select Purchase Order or Open Account as a payment method, and they will send you a bill. When you pay it, they will report your positive payment history to the business credit bureaus.

[OperationHOMEOwnership]

thanks roasted for the clarification, you are correct i was combining two different payment concepts. im on the right page now. thanks!