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#1 JessicaRabbit88

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Posted 13 February 2004 - 01:57 PM

Okay in trying to understand it all - I have come to the conclusion that although 40'some pages is an impressive page, there is no way to get the informaiton out of that thread you need, unless you have some serious time on your hands and can do mega reading.

So I thought it might be good to create a "key points" thread where someone could get just the best of the best, and we will continue to post on the existing thread for ongoing stuff.

Here is what I have learned:

~Set up a Corp business. Smart to protect yourself and the only type of business that allows you to keep your business credit and personal credit seperate. LLCs and Sole are okay for contract work or property investment, but you still should get a Corp to manage them.

~Once you get your Corp EIN, through registrastion, set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.

~After receiving your first phone bill, go to www.staples.com and fax in copy of application along with copy of phone bill to apply for business credit. Use professional letterhead for coversheet. You should receive the standard $750 credit line with no personal guarentee (herein referred to as "PG").

~Also during this time go to www.dnb.com and register your business to receive a D&B number. It will take 30-40 days to receive it in the mail. If you want to establish business credit sooner, you can pay for the credit builder $399 after you have at least 5 business accounts and get a paydex rating (similiar to FICO for personal credit).

~Set up the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:

1. Nextel 2001 Edmund Halley Dr Reston, VA 20191 CONTACT Customer Service 1-800-639-1111
2. UPS - www.ups.com
3. FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1
4. Verizion CONTACT Customer Service 1-800-755-1048
5. Barnes & Noble CONTACT Purchase order department 1-212-414-6000
6. Quill Corporation 100 So Schelter Lincolnshire, IL 60069 CONTACT Credit Department 1-800-634-3090
7. Viking 8200 East 32nd St No. Wichitas, KS 67226 CONTACT Credit Department 1-888-454-5457
9. Rapid Forms 301 Grove Rd Thorofare, NJ 08086 CONTACT Billing Departement 1-800-257-5287

~If you have at least 30-45 days to use, the following companies automatically report to D&B creating your business file:
-FedEx
-UPS
-Staples
-Viking
-Nebs

~Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG. The cards/accounts desired are:

Enterprise Rent a Car (Corp. Rental) www.enterprise.com
Wells Fargo Bank (Visa/Mastercard) www.wellsfargo.com
Bank of America (Visa) www.bankofamerica.com
American Express (Green/Gold) www.americanexpress.com
Chevron www.chevron.com
Mobil www.mobil.com
MBNA Bank www.mbna.com
Wells Fargo (Line of Credit) www.wellsfargo.com
Bank of America (Line of Credit) www.bankofamerica.com
Union Bank (Line of Credit) www.unionbank.com
Cal Fed www.calfed.com
United California Bank www.unitedcalbank.com

Most companies will not ask to see financials for loans of 50k or less.



Okay that is my "ah-ha"s of the thread, please feel free to add your own :D

Jessica


Recap: I opened my biz (C corporation) in 2003.

Opened a Biz Phone line (more expensive then a personal line)

Used a Different Adress (not a home based biz)

Paid $400 or so to DnB (www.dnb.com) for CreditBuilder
added 3 historical vendors to my profile

1) furniture store where I bought my desk and chair and filing cabinet
2) The Company I buy Toner from for my printer
3) another vendor, I dont recall (the comapny that designed my logo and stationary?)

waited until I got my first phone bill for the corp.

Applied at www.staples.com for a biz account, faxed in the printed application with a copy of my phone bill.

Approved $750.

waited 2 weeks

Applied for a cellphone under the business (T-Mobile)

approved for 20 lines max. (i wanted one :oops: ) :wink:

waited for the first bill to arrive, paid it.

Called 800-917-DELL for Dell (www.dell.com) small biz division.
aked the rep about what programs they offer, explained that I have a business that is on DnB, but my personal credit is low FICO because of high balances, etc.

He told me "well, sir, all I need to tell you if you are approved is your name, biz name, and biz phone".

Got INSTANT APPROVAL for $10,000 (CIT) long term finance.

Bought two computers.

No SS# or PG was required.

Got approval, Some components arrived already, laptop already being delivered tomorrow (if someone is there to accept the delivery). I check the status on www.Dell.com, so I know that the stuff was already sent out.

after several "almosts", got the nerver to apply for home depot card based on the biz (No personal info...) recieved 7-10 day screen.

Called two days later... APPROVED for $3000+!

tried to get an increase on the spot, was transferred to a senior rep, who said that they count not increase the amount now, but would first need to see a 60-90 day pay history, and I could try again at that time.

RAN to home depot, got a tempory pass (so i could FEEL the approval :shock: )..... today I spend $2000 there. (now I can finish the apartment rehab, rent them out, and start seeing some money!)

I am not positive who issues the Home Depot Commercial Card (Citi USA? Monogram? GE Capital?) it seems that different bank names come up on the website, app, and temporary pass.

I'd be happy to share my limited knoweledge with anyone who needs help in this area.
[u]
to Reiterate: All the above is WITHOUT a PG, on a NEW Corp.





#2 BizCredit

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Posted 13 February 2004 - 02:32 PM

Okay in trying to understand it all - I have come to the conclusion that although 40'some pages is an impressive page, there is no way to get the informaiton out of that thread you need, unless you have some serious time on your hands and can do mega reading.  

So I thought it might be good to create a "key points" thread where someone could get just the best of the best, and we will continue to post on the existing thread for ongoing stuff.

Here is what I have learned:

~Set up a Corp business.  Smart to protect yourself and the only type of business that allows you to keep your business credit and personal credit seperate.  LLCs and Sole are okay for contract work or property investment, but you still should get a Corp to manage them.

~Once you get your Corp EIN, through registrastion, set up your business phone.  You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world) and the phone will need to be registered in the 411 directory.  Quite a few have had success with calling the local phone company and getting a call forwarding number.  It is a business number that automatically forwards to any desired phone.  Make sure it will list with 411 as a business listing before signing up however.

~After receiving your first phone bill, go to www.staples.com and fax in copy of application along with copy of phone bill to apply for business credit.  Use professional letterhead for coversheet.  You should receive the standard $750 credit line with no personal guarantee (herein referred to as "PG").

~Also during this time go to www.dnb.com and register your business to receive a D&B number.  It will take 30-40 days to receive it in the mail.  If you want to establish business credit sooner, you can pay for the credit builder $399 after you have at least 5 business accounts and get a paydex rating (similiar to FICO for personal credit). This will allow you to add "small" vendors historical data (those that do not report to dnb on thier own.)
~Set up some of (I mean, if you only need one cellphone, for example)the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:

1. Nextel 2001 Edmund Halley Dr Reston, VA 20191 CONTACT Customer Service 1-800-639-1111  
2. UPS - www.ups.com  
3. FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1  
4. Verizon CONTACT Customer Service 1-800-755-1048  
5. Barnes & Noble CONTACT Purchase order department 1-212-414-6000  
6. Quill Corporation 100 So Schelter Lincolnshire, IL 60069 CONTACT Credit Department 1-800-634-3090  
7. Viking 8200 East 32nd St No. Wichitas, KS 67226 CONTACT Credit Department 1-888-454-5457  
9. Rapid Forms 301 Grove Rd Thorofare, NJ 08086 CONTACT Billing Departement 1-800-257-5287  
10. NEBS www.nebs.com
11. T Mobile www.tmobile.com or Sprint www.sprint.com


~If you have at least 30-45 days to use, the following companies automatically report to D&B creating your business file:

-FedEx
-UPS (I have UPS and am not sure they report..)
-Staples
-Viking
-Nebs

~Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG.  The cards/accounts desired are:

Enterprise Rent a Car (Corp. Rental) www.enterprise.com  
Wells Fargo Bank (Visa/Mastercard) www.wellsfargo.com  
Bank of America (Visa) www.bankofamerica.com  
American Express (Green/Gold) www.americanexpress.com  
Chevron www.chevron.com  
Mobil www.mobil.com  
MBNA Bank www.mbna.com  
Wells Fargo (Line of Credit) www.wellsfargo.com  
Bank of America (Line of Credit) www.bankofamerica.com  
Union Bank (Line of Credit) www.unionbank.com  
Cal Fed www.calfed.com  
United California Bank www.unitedcalbank.com  

The VISA type cards will still, at least at this point, still check your personal Credit score.. but will not ask for company financials... there IS a PG... just a higher, hidden Line then a rugualr personal CC...  The "retail" and "merchandies/service" accounts are no PG or SSN Needed.

Most companies will not ask to see financials for loans of 50k or less.

Also.... if you can get hold of a corp that is "aged", that will help alot... since most businesses that fail do so in the first two years.

www.dnb.com has a site called eupdate that will allow you to check your own paydex.
Jessica



#3 Credit Please

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Posted 13 February 2004 - 06:59 PM

Company Name Phone Number Special

Notes/Requiremnt
------------ ------------ ------------------------


Starting Out
------------
Costco Local Store Membership Only

Sams Club Local Store Membership only

Office Depot 800-937-3600, on line, local store

Kinkos 800-2-KINKOS 6 months checking

ATT on-line www.att.com/wireless Allow Corporate Credit

JCPENNEY 800-542-0800

Target Commercial Account,Customer Service Desk (they usually don't know about it - keep asking),

Staples 800-333-3330, Local Store may req 4 references

CompUSA 800-226-7872, Local Store may req 4 references

Office Max local store

Home Depot local store may req 2 references

Lowe's Local Store uses Experian, req references



Next Step Up
------------
Enterprise Rent-a-car (Corporate Rental Packet) 800-325-8007,

WellsFargo Bank (Visa/MC) 800-932-5532,good personal credit only

Bank Of America VISA 800-3003084,

AmexicanExpress,,Startin Out/ Starting Over card on-line

Texaco Commercial application at station

QT Commercial on-line

Chevron Commercial Account 800-243-8766 DUNS number

Mobil Commercial Account 800-637-7037 previous gas card req

Unical Commercial Account 800-465-4676 previous gas card req


Big Boys - Great Corporate Credit with History
----------------------------------------------
MBNA Bank 800-345-0397,

Sumitomo Bank (Line Of Credit) 800-400-6080,

Wells Fargo (Line of Credit) 800-869-3557,

B of A (Line of Credit) 800-412-1940,

Union Bank (line of Credit) 800-796-5656,

Cal Fed 800-843-2265,

Sanwa (Line of Credit 888-467-2692,apply in person



#4 Credit Please

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Posted 13 February 2004 - 08:03 PM

Well, my business has been Inc'd for several years now. In that time, I have done lots of things without any PG. Those include:

Leased 4 Company cars for the computer business through Ford (four Taurus SES models)

If you have a computer business, you can get LOC with the master distributors such as Synnex, Sumi, Tech Data, etc. I always buy cheaper merchandise than they offer due to having better resources, but they are an option for the computer business person.

Merchant terminals via Bank Atlantic, and Cardservice International.

Another good source of Business credit is Fidelity leasing. I have 75K with them, no PG.

Several telephone services (Nextel, Verizon, Sprint, etc)

Home Depot, Office Depot, Office Max, Lowes, all cards are CL between 2K-12.5K

Hmmmm, several other things that I can't think of at 4am! These are between my RE business and computer business.



#5 Credit Please

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Posted 23 February 2004 - 03:09 PM

should be a sticky Bump

#6 ceowens

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Posted 15 March 2004 - 11:17 AM

[quote="
~
~Once you get your Corp EIN, through registrastion, set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.


Jessica[/quote]

The phone part is where I have trouble. I am looking into purchasing a shelf corp. It will be out of my state. I am doing this to establish a history and get credit faster. We already do business (and have been doing business for years) with our home phone number. Our customers know this number! My local phone company says I can regrade the account to business and get a 411 listing and keep the same number. Will I need to have a business number that correlates to the state / area of my incorporation? You mention having a forwarding number......are you suggesting that your number match where you are incorporated and then it forwards to where you really are? I just can't have that scenario. I will lose way too much business if I suddenly change my number. Confused.........

#7 JessicaRabbit88

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Posted 15 March 2004 - 11:28 AM

If your company says they will upgrade it and list in the 411, problem solved :D The problem is going to be if your are inc'd in lets say Nevada, yet your phone number is in Florida. You could have two numbers - lots of companies do. Get a call forwarding number for your Corp, and keep a local number for your local customers.

For instance:

ABC Corp, Inc: 555-132-4567
Local Custermers: 777-123-4567

The 555 number will forward to the 777 number. On all applications however you would list the 555 number, and BOTH would need to be listed in the 411 directory.

Does that makes sense?

Jessica

#8 mselfemployeds

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Posted 15 March 2004 - 11:39 AM

The phone part is where I have trouble. I am looking into purchasing a shelf corp. It will be out of my state. I am doing this to establish a history and get credit faster. We already do business (and have been doing business for years) with our home phone number. Our customers know this number! My local phone company says I can regrade the account to business and get a 411 listing and keep the same number. Will I need to have a business number that correlates to the state / area of my incorporation? You mention having a forwarding number......are you suggesting that your number match where you are incorporated and then it forwards to where you really are? I just can't have that scenario. I will lose way too much business if I suddenly change my number. Confused.........


Here is what I did

Purchased a shelf corp in another state. All mail is sent to the corp address which forwards to me in my state. This establishes a corp entity not associated with the sole proprietorship in current state.

Call phone company for state of corp. Got a "merchant expansion line". This is a local number, listed in yellow pages, 411, etc. This rings in my current phone line. Called current phone company and had the long distance added to current phone bill. Cost $21.00 a month.

Got the following credit

Sams 3000.00 only reports to experian and not dnb
staples 750 just opened
nebs 300 just opened
tmobile 2 lines one with local phone number, one with phone number of corp state.

did the credit builder.
added national trade organization that we advertise in their magazine, and exhibit at their trade shows.

att internet services automatically reported
dnb automatically reported.

currently only 3 payments reporting so do not have a paydex yet, but expecting nebs and staples to report at end of month

#9 dannielchackas

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Posted 18 March 2004 - 03:16 PM

Hey Jessica REbit has that personally worked for you>?

#10 JessicaRabbit88

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Posted 18 March 2004 - 03:42 PM

Yep :D

Jessica

#11 dannielchackas

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Posted 18 March 2004 - 04:56 PM

Ya think seting up my new business phone in my friend's house or shop?

#12 JessicaRabbit88

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Posted 22 March 2004 - 11:36 PM

Here is information I compiled for you and others to review and get started. Best of luck to you.

Free Duns Number – Go to site listed below:

https://sbs.dnb.com/...hcd2=1079765286

Vendors Report to Bureaus & Provide Trade Reference. To obtain a paydex score (credit score) you need 5 trade references. Apply at the vendors listed below.

http://www.kinkos.co...ounts/legal.php (Kinkos)

http://www.dhl-usa.c...mbiz.asp?nav=sb (Airborne Delivery Services)

http://www.uline.com

http://www.viking.com (Office Supplies)

http://www.officefuel.com (Office Supplies)

Retail Credit Requirements

Accurate Office Supply – (800) 325-2551 – Requirements:
PG: No
Paydex: No
Net 30, revolving account, 3 trades and 1 bank trade. Call to have application faxed to you. Reports to D&B, but does not report to Experian.

Best Buy – (800) 811-7276 – Requirements:
PG: No
Paydex: Yes – 65+

At least 2 years in business.

Chevron – (888) 243-8358 Requirements:
PG: Yes
Paydex: No

At least 2 years in business, DNB check revolving acct – net 30. Apply on-line. Reports to D&B and Experian.

Conoco, Inc. – (800) 764-9500 – Requirements:
PG: No
Paydex: No

Net 30-full balance, apply on-line located in 23 states, ask for locations. Reports to D&B and Experian.

Diners Club – (800) 234-6377 – Requirements:
PG: Yes
Paydex: No

Corporation accounts (minimum 5 cards) 3 years in business, $200,000 net worth, each card holder gives personal guaranty. Call to apply. Does not report to D&B or Experian.

Exxon Fuel – (800) 438-3996 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured or 3 years in business. Apply on-line. Does not report to D&B. Reports to Experian.

Fry’s Electronics – (714) 688-3000 – Requirements:
PG: No
Paydex: No

3 trades, 1 bank trade, net 30-full balance. Must submit financials and balance sheet before approval. Does not report to D&B or Experian

Grainger.com – (310) 327-7370 – Requirements:
PG: No
Paydex: No

Net 30-full balance. $1,000 min. credit limit, business license needed along with 1 bank trade and 2-3 other trades. Reports to D&B, but not to Experian.

Home Depot – (800) 685-6691 – Requirements:
PG: No
Paydex: No

2 years in business. Revolving account and/or net 30. Apply on-line. Reports to D&B and Experian.

JC Pennys – (407) 788-4022 – Requirements:
PG: No
Paydex: Yes

At least 6 months in business and paydex score required with no delinquencies. Call to apply. Does not report to D&B or Experian.

Kinko’s – (800) 488-3705 – Requirements:
PG: No
Paydex: No

Revolving account net 30, apply online, will check D&B number and verify business address. Reports to D&B only when requested by D&B. Does not report to Experian.

Lowes – (800) 445-6937 – Requirements:
PG: No
Paydex: No

Revolving account or net 30. 3 years in business. Reports to D&B only.

Macys – (800) 933-6229 – Requirements:
PG: No
Paydex: No

2 years in business and some credit history. Call to have application faxed to you. Reports to D&B and Experian.

Mobil Gas – (877) 959-1007 – Requirements:
PG: Yes
Paydex: No

Net 30-full balance, 1 year secured account or 3 years in business. Apply on-line. Reports to D&B and Experian.

Neiman Marcus – (800) 685-6695 – Requirements:
PG: Yes
Paydex: No

Must be in business 2 years and signer on account gives personal guaranty, call to have application mailed to you. Does not report to D&B, but does report to Experian.

Nordstroms – (800) 964-1800 – Requirements:
PG: No
Paydex: No

Net 30-full balance, 3-4 trades, verify 2 (trades should be net 30 accounts as well) call for application. Reports to D&B and Experian.

Office Depot – (800) 729-7744 – Requirements:
PG: No
Paydex: No

Revolving account, net 30. Must be incorporated. Print on-line and fax. Reports to D&B and Experian.

Office Max – (877) 633-4236 – Requirements:
PG: No
Paydex: No

Must have some credit history. Apply on-line. Payment has to be made after invoice is received. Reports to D&B and Experian.

Orchard Supply – (408) 281-3500 – Requirements:
PG: No
Paydex: No

Net 30, 3 trades with at least 3 months activity and 1 bank trade. Call to get application. Does not report to D&B or Experian

Phillips 66 Gas – (800) 648-4199 – Requirements:
PG: No
Paydex: Yes

Duns report pulled, 3 trades, 1 bank trade needed. Reports to D&B and does not report to Experian.

Radio Shack – (888) 773-2435 – Requirements:
PG: No
Paydex: No

Revolving Account, net 30. Reports to D&B and Experian.

Sears – (800) 917-7700 – Requirements:
PG: No
Paydex: No

2 years in business, revolving acct, net 30, call to get application faxed to you. Reports to: D&B and Experian.

Sinclair Oil Gas Card – (800) 340-3466 – Requirements:
PG: Yes
Paydex: No

At least 4 trades, net 30-full balance, personal guaranteed required from each cardholder. Does not report to D&B or Experian.

Speedway Super America Fleet Gas Card – (800) 643-1948 – Requirements:
PG: No
Paydex: No

Net 30-full balance, at least 1 year in business.

Staples – (800) 669-5285 – Requirements:
PG: No
Paydex: No

Revolving account net 30. Reports to D&B and Experian.

Texaco – (800) 839-2267 – Requirements:
PG: No
Paydex: No

Need some credit history. Apply on-line. Reports to D&B and Experian.

Union 76 – (800) 944-7676 – Requirements:
PG: No
Paydex: No

2-3 trade references, 1 bank reference, duns check done on large businesses. Does not report to D&B or Experian

Wright Express Fleet Card – (800) 395-0812 – Requirements:
PG: Yes
Paydex: Yes

Some credit history, 3 years in business, net 26, full balance. Reports to D&B only.



#13 detrow

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Posted 25 March 2004 - 10:16 PM

[b]

#14 JessicaRabbit88

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Posted 25 March 2004 - 11:19 PM

You might want to post this as a "new" thread - it will get more responses that way :lol:

Jessica

#15 detrow

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Posted 26 March 2004 - 12:19 AM

thanks i am new to all this

#16 winter

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Posted 13 April 2004 - 10:01 PM

What about opening a business bank account?
Most of the biz "credit" you seek is Net 30 Days and you'll need 3 trade refs and 1 bank ref.

To open a commercial checking account you'll need an EIN, Articles of Incorporation, $100 for the initial opening deposit, and two froms of primary identification. I did everything listed above online and/or by mail.

If you are really a business, you'll need all of the above components in place to be considered a real entity. Most suppliers from whom you are requesting Open Terms are going to ask you for at least 3 trade references who are already extending you credit and a bank reference.

Don't confuse "business credit" with business credit cards. Business credit means Open Terms with suppliers and lines of credit with the bank. LOC's are used to finance your business operation and as a supplement to your regular cash flow generated from the business in the event that you need it due to slow periods, seasonal fluctuations, short terms cash, etc. They are equivalent to those "sockdrawer cards", when you need them, they're there.

Net 30 Day terms are like cash in your hands. For 30 days from the day of the invoice you have someone's service or product without having to pay for it until the 30th day. 30 days in business is a long time. If you can buy something, resell it and get paid within the 30 days, that's how you are using their money to make YOUR money.

Ex.Widget costs $5 from your supplier#1 and you sell for $10 to your customer. You get paid now, and pay supplier later. Now you have the $5 profit plus the $5 owed to your suppllier to use until the 30th day. You've
laid out $0 and now have $10 for 30 days. What can you do with that $10???

Maybe you go to supplier #2 and order $10 worth of product which you'll sell for $20 and pay in 30 days. You've laid out $0 and now have $30 for 30 days. What can you do with that $30???

Maybe you go to supplier #3, etc...

At the end of the month you pay your suppliers first, yourself last.

In this simplified scenario, you see why business credit is important. You can have as many suppliers you want. The key is to build 3 trade refs that you are paying on time. This opens the doors to others and bigger lines of credit. If they are also reporting to D&B, bonus. Your business, unlike a person, isn't limited in any way. Your salary at a job is more or less fixed over a period of time. Your business grows as much as YOU want it to. There really aren't any limits. But you'll need a business bank account to get there.

Net 30 Day Terms are safe, manageable, and if you are disciplined and honest, you will grow a solid business that will make money.

An old friend told me once

"Make a living first, then get rich."

~WINTER~

#17 thestudentisready

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Posted 09 May 2004 - 01:21 PM

Whoa... awesome, Jess. I've owned multiple businesses, but never paid any attention whatsoever to the credit part. This thread was just the strategy overview I needed to start putting together my gameplan.

I've still got to iron out the personal items at the moment, but now I'll know where to start when I mosy on this-a-ways.

More lingo to learn (isn't there always), but I'm glad I checked out this thread first.

#18 BizCredit

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Posted 09 May 2004 - 01:30 PM

WINTER............ EXCELLENT!!!

#19 winter

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Posted 09 May 2004 - 03:49 PM

Thanks for the support...glad you liked it.

If there are more ideas out there for additional "A-ha moments", let's keep sharing them.

Here's a tid-bit: Building a solvent business most often hinges on your ability to manage credit. Even the best business idea without a plan for financing growth and managing cash-flow, is doomed to flop and the resulting pressure on its owner(s) will kill its momentum. The tendency of too many business people to hit their personal credit cards to finance their mistakes after the fact and for lack of a plan, is a bad idea. It will only make things worse.

Everyone here should be certain about the dangers of too much credit and the cost of not paying it in full every month. Consumer credit cards, for example, are a sucker's game. You will always lose. They know it, and so should you. They are manipulating you, folks. Everyone should be working towards reducing credit-dependency, not increasing it. Think about it...

Using OPM, or "Other's People's Money" ie your Net 30 Day suppliers, is a great way to get what amounts to a 30 day loan, interest-free. But, these suppliers are not nameless, faceless creditors. You both have a stake in your success.

A word of warning:don't buy on credit what you aren't sure you can pay in 30 days, perhaps before. The idea is to cultivate good relationships with your suppliers, not to pay them late. If you pay within the 30 days, you will have no problems with your suppliers and the will reward you with additional credit with which you can make more money. They make money on what they sell you, you make money on selling to someone else. You are partnered that way. If you are making money with them and for them, they will help you. All about the money...

Never gamble with someone else's money, though. Play it reasonably safe and you will both win. In my experience, if you are expecting $100 from someone tomorrow, you'll get $50 next week, maybe. It is almost always like that. Be prepared for it. Telling your supplier that you are waiting for money from someone else before you can pay them makes you look like an amateur. Before you know it you'll be COD or worse, PREPAID via CC, which is credit death. You'll pay 29% more and will have ever-decreasing resources with which to make money. When you hit your CL, you will crash and burn. Then you'll be worse off than you already are. As in personal life, if you are responsible, so will you be in business. Guard yourself against any self-destructive habits. These are your biggest obstacles to success.

Since I wrote that last post, I've implemented some of the excellent strategies I found in this topic. Coming up on the first 30 day mark for the 3 suppliers (who report to D&:lol: from whom I bought some products so it'll be interesting to see who reports what. BTW, I received the free DUNS number in about 48 hours. Then received a sales call from D&B about the Credit Builder. I'll wait to see if there is only an "incomplete credit file" as they claim.

I'll keep posting as I get results.

~WINTER~

#20 purified7

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Posted 06 March 2005 - 01:24 AM

Amexican Express,,Startin Out/ Starting Over card on-line what is this?? I looked every where on AMEX website and this you mention is no where to be found? can you send me the link?? of post it for all of us to go and see what you are talking about. Please i would appreciated. Thanks

#21 IvyMgmt

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Posted 30 May 2005 - 01:52 PM

Amexican Express,,Startin Out/ Starting Over card on-line what is this?? I looked every where on AMEX website and this you mention is no where to be found? can you send me the link?? of post it for all of us to go and see what you are talking about. Please i would appreciated. Thanks

<{POST_SNAPBACK}>



I would like that info also

#22 Dynomac

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Posted 15 June 2005 - 11:48 AM

Can I change my personal cell phone into a business one? Just change it into the business name? I saw you listed a lot of different accounts to open, is it bad to have too many business accounts open that will affect your credit score like it does when you have too many personal accounts open? Thanks, Mike

#23 moneyelf2

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Posted 15 July 2005 - 03:40 AM

Hello :)

I am just starting out with this (after considering it for ages and doing additional research) and so I will have questions, too. What a great resource we have in the CB crew here!

It already seems very clear that it is very important to keep all business credit and liabilities seperate from personal credit and liabilities. This means different addresses (esp. a different zip code), phone numbers, and a business name vs. your personal name-unless your name is the same like with Ralph Lauren, Calvin Klein, etc. But I suspect that even these people have things set up in such a way as to keep these parts of their lives/liabilities very seperate.

Definitely get a new, totally seperate phone number if you want to establish business credit. Because all it takes is something as simple as a phone number to link your biz file with your personal file. Whether it is done deliberately or via a mistake it could still cause major problems. You want nothing linking your personal file with your business file. Otherwise you will likely be committing biz credit suicide. Even if your personal credit is excellent you do not want to lose your home, your car or other personal things of great value because your business plummeted south.

The only other thing I can think of for the moment is to get clear if there really is one type of business over another that is more protected from you being held personally responsible for a biz liability. Someone posted that there was a better type. I will be asking about this myself. Because even if a person's personal assets are minimal, if one's business becomes successful they might someday own a home, nice cars, etc. How awful to lose such things because a business client/customer was legally able to sue and there were not enough biz assets or money to cover the cost.

Best of luck and hang out. This is the best credit help site on the net.

Kindest Regards,

Edited by moneyelf2, 15 July 2005 - 03:44 AM.


#24 moneyelf2

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Posted 15 July 2005 - 03:53 AM

Amexican Express,,Startin Out/ Starting Over card on-line what is this?? I looked every where on AMEX website and this you mention is no where to be found? can you send me the link?? of post it for all of us to go and see what you are talking about. Please i would appreciated. Thanks

<{POST_SNAPBACK}>


AMEX used to have an "OPTIMA" card a few years back. It was a secured card for people starting over with their personal credit (not aware of one like that for business credit). Then, not sure why, they simply stopped offering it. One site that used to have a link to the application was here:

http://www.creditmania.com/

I think they would be one of the first to know about and link up with any current AMEX cards like that. BUT if anyone knows of such a program with AMEX that is current please post it :)

Thanks!


#25 pissarita

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Posted 03 August 2005 - 11:23 PM

Approved for Wal-Mart, Marathon, and Best Buy in the same week... 1500, 1000, 10K CL's respectively :good:




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