205 replies to this topic

[getmikey]

I will establish a Business Line in the form of the VOIP.

Hi!

I am new here, but have built corporate/business credit in the past. (Oh what $$$ I could have saved if only I had known about this board back then!!!)

What I have found is that a business listing in 411 information system that is often required (credit grantors check to see if business is listed before approving the credit line) will NOT be created when using Vonage or other VOIP-only company services, whether you've paid for the business version of the VOIP service or not.

I currently have a call out to a phone directory company individual who helped me establish my company's business listing in the phone book and correct an error in the 411 information system to see if there is a way to put the VOIP lines into 411 information by purchasing yellow page business advertising. (In some places prices may be as low as $4.00 to $10.00 per month, which may or may not make it worth it.)

On the other hand, there is a service called business remote-call-forwarding that is available through the landline phone companies that costs less per month than many VOIP business lines that WILL generate the required 411 information listing.

[Deaf CEO]

So you saying if you have a voip line even as a biz line you wont be allow to be listed under 411?

i thought as long ya registered ya nbr and purchase placement in the yellow pages and white pages u be ok?

[fiezta]

God day all and thanks for all your advice and useful info.
I am glad to be a member of this wonderful forum, I have been reading and reading each and everyone's comments and suggestions and would like if someone or anyone can help me with this little question of mine. These are what I have so far:

I filed my company name in the state of MD, 2001
Got an EIN number around the same time
Opened two business bank accts (Chevy chase & Bank of America)
Use and registered my cell phone with my provider as business phone for like 2-3 yrs till I changed my carrier. My new carrier refused to registered the phone as a business phone instead they registered as a personal acct.
In 2005, Bank of America issued the company a credit card with the limit of 12K
I even paid county tax in yr 2001/2002 (Due to a stupid CPA who adviced me wrongly, cos at the time I wasn’t doing any transaction or generating any revenue).
Have also registered several trade names under the umbrella of the mother company

I found out about DNB on this forum couple of days ago and I decided to give it a shot however I was highly surprised to even found out that my company name is not listed on the database. Anyway, somehow I managed to register for the free DNB and hopefully will get it in 30 days.

My concern is that during the registration procedure the option given for dates of when company was incorporated only goes as far as 2003 but my company was originally created in 2001 and I just hope this will not cause any trouble or be of any disadvantage for the company in the long run.
Also, can someone just enlighten me on how someone without DNB checks the status of one's company?
I am in the process of getting a land line (vonage) as used as a business line. Is this still necessary?

P.S, I recently opened an acct with UPS but yet to perform any transaction with them, will this report to DNB even though I do not currently have a DNB number at the moment ?
Thanks in advance.
Fiezta

[Rene]

I've been reading thru here b/c my DH is in the process of starting a business. I just wanted to clarify in case someone got the wrong impression from the post that I'm referencing. Obtaining an EIN doesn't protect your personal assets if something happens to your business. As long as you are a sole proprietorship or partnership, your personal assets are at risk b/c you are personally liable for the debts, etc of your business. Incorporating as an s corp or c corp or forming an llc will partially or totally protect your personal assets, depending on the entity that you choose.

Rene'

Do these steps have to be done in order? This is how I've done things so far:

1. Establish a business from the ground up (Sole Proprietor)
2. Used my social instead of getting an EIN since I have no employees
3. Applied for my DUNS
4. Working on filing for LLC (reserved my biz name, need to fill out paperwork & mail it in)
5. Apply for biz bank account
6. Obtain biz phone number (I'm hoping it will be ok to use my current provider Vonage??)
7. Start applying for biz credit

Will this work? I've already done steps 1 - 4. I hope I'm not screwing up.

Natural... just a few suggestions...

GET AN EIN REGARDLESS!!! Because it establish your business as a SEPARATE entity. God forbid if anything happen to your business you dont want your personal assets taken away. Just cover your assets as well! SO YOU NEED IT FOR YOUR BUSINESS esp LLC!! IF YOU HAVE GREAT CONSUMER CREDIT then you are ahead of the game. It can be obtain for free from Uncle Sam's best friend the IRS bka as the Taxman!

Before you get the business checking account.. get the business phone line establish and make sure you register it with 411.. are you operating from a commerical address or from home...

[LuisD]

this post is great for getting information. i thank everyone i want to start this soon to earn some extra cash

[riverprincess]

Just started learning about building business credit recently. Here is where we are at:

LLC for 2 years and 1 month. FOund out yesterday that somewhere along the line we ended up with a DUNS # - D&B rep said they probably pulled our info from the Sec of State. OK - Great!!

We have 2 cell phones for the business - both under my personal name -so basically no "business" line. The business is a small home based businsess so we have no alternate address.

Here is what I have applied for so far:

Staples - approved $1000
Dell - approved $5000 (DESPERATELY needed...our business relys heavily on our PC and the current one is near death!!)
Interstate battery - $250
Uline
Reliable

Considering Deluxe Checks for our next order of Business checks, but we have no need for them right now (unless I am advised that this will help)

I think I am going to lay low for a while and use these 5 lines for the time being. I will use and payoff these immediately for now (except Dell - that will be paid over time). Hopefully in 6 months or so I will have enough reporting to have paydex score as well as somthing from expedian.

We will be doing some re-modelling of the home office this winter so I will apply for HD at that point in time. Once that is paid off we want to move onto the Citi cards.

[Business 101]

Being that I will not have any employess should I get a EIN # and will it hurt me when applying for credit if I don't get one.

Do these steps have to be done in order? This is how I've done things so far:

1. Establish a business from the ground up (Sole Proprietor)
2. Used my social instead of getting an EIN since I have no employees
3. Applied for my DUNS
4. Working on filing for LLC (reserved my biz name, need to fill out paperwork & mail it in)
5. Apply for biz bank account
6. Obtain biz phone number (I'm hoping it will be ok to use my current provider Vonage??)
7. Start applying for biz credit

Will this work? I've already done steps 1 - 4. I hope I'm not screwing up.

[DonDeal]

Being that I will not have any employess should I get a EIN # and will it hurt me when applying for credit if I don't get one.

Do these steps have to be done in order? This is how I've done things so far:

1. Establish a business from the ground up (Sole Proprietor)
2. Used my social instead of getting an EIN since I have no employees
3. Applied for my DUNS
4. Working on filing for LLC (reserved my biz name, need to fill out paperwork & mail it in)
5. Apply for biz bank account
6. Obtain biz phone number (I'm hoping it will be ok to use my current provider Vonage??)
7. Start applying for biz credit

Will this work? I've already done steps 1 - 4. I hope I'm not screwing up.

Yes get one. On an app where it says provide your ein it would be fradulent to put your ssn. It's quick and simple when getting an ein. When applying for business credit the goal is to try to not put down your ssn

Edited by DonDeal, 01 September 2006 - 02:04 PM.

[Business 101]

Ok, Thanks
So I should get the EIN, Any suggestions about incorporating in Texas

[eldorado]

I've read thru this entire thread and I'm happy I did so.
MY eyes are bleeding right now!
Hat's off to all the posters -Wonderful information that you would have to pay Big $$ for !!!

A little history...
I used to be in business until 1997 as a S-corp (3/4 MIL annually) and had paydex of 80.
I expatriated for several years after I sold the company and since I returned to the USA, I've had to start all over again.
I got my FICO up to 760 in 4 months but it's suffering right now due to 4 HELOCS (revolving LOC's with WashMU)
I went in RE upon returning 2 years ago-under a sole-prop-BIG MISTAKE!
I used personal credit cards for rehabs (after having to rebuild a credit profile-because I became a ghost in the system from living abroad)

If anyones in RE and wish a credit line DO NOT let lenders of LOC's know that! -Say your a residential design consultant/specialist-Lenders like to feed the mortgage system and will not give you a large unsecured LOC



Due to the low price of RE where I now live, LOC's are the desired way of buying homes for cash.
For example, I bought a Bank Repo 4bdrm/1-1/2 bath for 13K-appraised and resold in 3 months at 50K- after only investing 3K in remodel materials (lease/option tenant did allt he work for a reduction in sales price -) .
I bought another all brick 9 room Victorian 4bdrm/2bth at auction for 22K.
I plan to get 50K LOC's to do this type of thing locally.

Here's the plan-Perhaps this will help others trying to start LOC's and answer their questions.

I'm going to buy a Wyoming 2 year old shelf C-corp (good link- BTY I already planned on using them)

Why??
All credit applications I see, All large LOC's, Will require a personal guarentee for any business under 2 years old-or not qualify you at all.
2 years is also the cutoff point for qualifying for any sort of decent business credit.
(the cost is neglible compared to points,fees,CC interest I've been paying up to now).

Why a C-Corp?
Because I like to try a Reg D Sec filing to raise funds down the road-and -even though some will argue-your not double taxed on income-if you structure the dividends to officers properly.
(I also have several ghost officers to list-with good credit)

I'll register with the state I live in as a foreign corp.
I'll pay for the phone/mailing fowarding servicein Wyoming-It looks better on applications...
And, I plan of re-expatriating in 2 years and will still need to handle business abroad. You can live pretty well on 3K a month in the right tropical country..

I'll use Credit builder because timing is of the essence and I have great payment history with some of my current lenders/trade lines.

I'll develop more lines in the next three months as well.

I plan on taking an advance from an LOC and let it sit in the bank for two/three months,
Why? When you have an average daily balance of over 20K, you can easily qualify for corp mortgages and more LOC's. It makes a strong balance sheet. -especially with equity of properties included
If I need the cash for a purchase, I'll do a non-seasoned refi and put it right back.
As time evolves, I'l do some local flips on repo's/foreclosures for immediate cash as I acquire buy-and-holds that have remote management.

By buying these deals cash, good.gif I can deed them into the corp name and it will make the balance sheet look fantastic.-not to mention the asset protection benefits!
Then when the big deal comes along (2mil+) I'll easly qualify with RegD or for straight corp/personal financing. You can even use these LOC's to get the 20% required for commercial financing as well.
You can always non-season refi and pay it back right away.

The Credit links/Vendors listed are fantastic-Thank You!
These have been cut and pasted into my files.

Although it's probally worth the $$, You just saved me and everyone from having to buy this service.
https://www.business...etting-help.asp

Here's a list of business credit cards that I had bookmarked, for those that need to build a Paydex and get business credit.
http://www.asapcredi...ness-cards.html

There seems to be a big side-line with mortgage brokers and others in getting 100/200K business LOC's lately.
Ive got over 6 links bookmarked at this point.
You require a minimun 680 FICO, 2 Years in business (here we go again - with the reason for a shelf corp!)
BEWARE! Some of these WILL show up on your personal reports.
Not a big deal, If your gonna flip a propertyor do a non-seasoned refi right away! and pay it right back-it will kill your re-finance interest rate though-if you wait too long and Fair Issacs catches it- and drops your FICO.
This has happened to me..I had tro pay 9.5% interest on a refi.
You can go full SA/SI -if your FICO is above 680!
I see people charging points for these LOC's from 2-8%!
(compared to mortgage brokers,points, credit card interest??
It's ok, it's acceptable for a 1 life-time charge for the LOC)

Thanks to everyone that has submitted this wonderful/informative info.

Best Wishes
Claude Johnson
Palm Beach Investments

Edited by eldorado, 17 September 2006 - 01:03 PM.

[chaotix]

Well, I figured I'd make my first post.

I followed the instructions on this thread, and several other threads, along with a little experimentation of my own. I got myself a Paxdex in about 6-8 weeks!

Thanks alot for the help. Much appreciated. I was mainly i business with my savings money, now it may be possible to expand.


I'd like to add I still can't get a Dell account even with Paydex! Even though, reading around, it seems like the simple kind to get. No biggie though.

THank again!

Edited by chaotix, 04 December 2006 - 06:02 PM.

[REIMan]

If you have a business it is a number that you are listed in Dunn and Bradstreet. Depending on howlong you have been you may already have dnb number. Dunn and Bradstreet are a CRA for businesses. You can go to dnb.com and check to see if you are in there and if not then look on the website for get a d-u-n-s number and that number is free and it takes about a month to get. They will try to sell you everything dont buy it, you can do this with crdit builder or self monitoring. Just tell them you want the free number. Be strong when you talk to them. Hope this helps.

I just got off the phone with D&B representative and she said that she has been doing this for over 8 years and she knows what people are saying about NOT needing credit builder. She said my account will be "BLOCKED" and no vendors will be able to report only verify that the company exists. She asked me how much employees I had, verified the address and asked if it was a post office box and I told her NO, but it is, then she mentioned that "All those sites out there that tell you NOT to purchase a credit profile are STEERING YOU WRONG."

After all that I still said, I just want a number. Then she said it again, that my profile will be BLOCKED and vendors WILL NOT be able to report and I won't build credit.

She made a very compelling argument and because of your post I DID NOT buy it. I will continously report to the Business Credit forum to state my findings and my reporting. I'm learning everything from this forum, nowhere else.

Thanks

[StillHaveFun]

Here's a list of business credit cards that I had bookmarked, for those that need to build a Paydex and get business credit.
http://www.asapcredi...ness-cards.html

Are you saying that Business Credit Cards show up on your paydex and affect your paydex score?

From my diligent CB reading, I thought that accounts with merchants/vendors build your paydex score....whereas Business Credit Cards will pull a hard inquiry on your personal credit reports (if you don't have a paydex yet) but not show up as a tradeline on your personal or paydex (don't know whether some BizCCs show up on Experian business).

I am new to this topic, but studying hard - can anyone confirm whether Biz CCs help build your paydex?

- stillhavefun

[johnnyboy5]

I just got off the phone with D&B representative and she said that she has been doing this for over 8 years and she knows what people are saying about NOT needing credit builder. She said my account will be "BLOCKED" and no vendors will be able to report only verify that the company exists. She asked me how much employees I had, verified the address and asked if it was a post office box and I told her NO, but it is, then she mentioned that "All those sites out there that tell you NOT to purchase a credit profile are STEERING YOU WRONG."

After all that I still said, I just want a number. Then she said it again, that my profile will be BLOCKED and vendors WILL NOT be able to report and I won't build credit.

She made a very compelling argument and because of your post I DID NOT buy it. I will continously report to the Business Credit forum to state my findings and my reporting. I'm learning everything from this forum, nowhere else.

Thanks

What has happened so far? Some of this info is getting a bit old. Is it possible that D&B is fighting back? After all, the only thing they're legally required to do is exercise due diligence in reporting "the truth" as it is reported to them. They don't have to report anything about anybody unless they choose to.

[paul88]

This is a great post thank you

[netw0rk]

Kinkos.. They ask for 2 trade references.. What do they mean by this? People? or other trade references we already have?

[netw0rk]

Kinkos.. They ask for 2 trade references.. What do they mean by this? People? or other trade references we already have?

anyone?

[Serenity06]

They are basically asking you to list 2 companies that you do business with and can give reference to your payment history such as telephone company, etc.

[All4Gav]

Is the information in this thread still current.... eventhough it began 2 years ago? I am so new here... I don't know what's going on. Lots of great info in here - OVERWHELMING to say the least, but helpful. I just want to know if it is still accurate and can I rely on it? I just formed a C-Corp and I want to keep my personal finances out this.

[Deaf CEO]

Is the information in this thread still current.... eventhough it began 2 years ago? I am so new here... I don't know what's going on. Lots of great info in here - OVERWHELMING to say the least, but helpful. I just want to know if it is still accurate and can I rely on it? I just formed a C-Corp and I want to keep my personal finances out this.

Just ask questions... some of the info isnt current but the fundamentals are........

Start looking for a biz lawyer and a cpa... I done mess up big time with my state and I almost lost my corporate veil.... You have to stay compliance when you are rolling when you are dealing with a separate entity.


It looks like you have 3 TL... U could consider getting Staples and Office Depot....

But keep reading.. and if you not sure about something.. Ask the question and one of the vets and people like me can do our best to assist you

[disseminate]

I've read thru this entire thread and I'm happy I did so.
MY eyes are bleeding right now!
Hat's off to all the posters -Wonderful information that you would have to pay Big $$ for !!!

A little history...
I used to be in business until 1997 as a S-corp (3/4 MIL annually) and had paydex of 80.
I expatriated for several years after I sold the company and since I returned to the USA, I've had to start all over again.
I got my FICO up to 760 in 4 months but it's suffering right now due to 4 HELOCS (revolving LOC's with WashMU)
I went in RE upon returning 2 years ago-under a sole-prop-BIG MISTAKE!
I used personal credit cards for rehabs (after having to rebuild a credit profile-because I became a ghost in the system from living abroad)

If anyones in RE and wish a credit line DO NOT let lenders of LOC's know that! -Say your a residential design consultant/specialist-Lenders like to feed the mortgage system and will not give you a large unsecured LOC



Due to the low price of RE where I now live, LOC's are the desired way of buying homes for cash.
For example, I bought a Bank Repo 4bdrm/1-1/2 bath for 13K-appraised and resold in 3 months at 50K- after only investing 3K in remodel materials (lease/option tenant did allt he work for a reduction in sales price -) .
I bought another all brick 9 room Victorian 4bdrm/2bth at auction for 22K.
I plan to get 50K LOC's to do this type of thing locally.

Here's the plan-Perhaps this will help others trying to start LOC's and answer their questions.

I'm going to buy a Wyoming 2 year old shelf C-corp (good link- BTY I already planned on using them)

Why??
All credit applications I see, All large LOC's, Will require a personal guarentee for any business under 2 years old-or not qualify you at all.
2 years is also the cutoff point for qualifying for any sort of decent business credit.
(the cost is neglible compared to points,fees,CC interest I've been paying up to now).

Why a C-Corp?
Because I like to try a Reg D Sec filing to raise funds down the road-and -even though some will argue-your not double taxed on income-if you structure the dividends to officers properly.
(I also have several ghost officers to list-with good credit)

I'll register with the state I live in as a foreign corp.
I'll pay for the phone/mailing fowarding servicein Wyoming-It looks better on applications...
And, I plan of re-expatriating in 2 years and will still need to handle business abroad. You can live pretty well on 3K a month in the right tropical country..

I'll use Credit builder because timing is of the essence and I have great payment history with some of my current lenders/trade lines.

I'll develop more lines in the next three months as well.

I plan on taking an advance from an LOC and let it sit in the bank for two/three months,
Why? When you have an average daily balance of over 20K, you can easily qualify for corp mortgages and more LOC's. It makes a strong balance sheet. -especially with equity of properties included
If I need the cash for a purchase, I'll do a non-seasoned refi and put it right back.
As time evolves, I'l do some local flips on repo's/foreclosures for immediate cash as I acquire buy-and-holds that have remote management.

By buying these deals cash, good.gif I can deed them into the corp name and it will make the balance sheet look fantastic.-not to mention the asset protection benefits!
Then when the big deal comes along (2mil+) I'll easly qualify with RegD or for straight corp/personal financing. You can even use these LOC's to get the 20% required for commercial financing as well.
You can always non-season refi and pay it back right away.

The Credit links/Vendors listed are fantastic-Thank You!
These have been cut and pasted into my files.

Although it's probally worth the $$, You just saved me and everyone from having to buy this service.
https://www.business...etting-help.asp

Here's a list of business credit cards that I had bookmarked, for those that need to build a Paydex and get business credit.
http://www.asapcredi...ness-cards.html

There seems to be a big side-line with mortgage brokers and others in getting 100/200K business LOC's lately.
Ive got over 6 links bookmarked at this point.
You require a minimun 680 FICO, 2 Years in business (here we go again - with the reason for a shelf corp!)
BEWARE! Some of these WILL show up on your personal reports.
Not a big deal, If your gonna flip a propertyor do a non-seasoned refi right away! and pay it right back-it will kill your re-finance interest rate though-if you wait too long and Fair Issacs catches it- and drops your FICO.
This has happened to me..I had tro pay 9.5% interest on a refi.
You can go full SA/SI -if your FICO is above 680!
I see people charging points for these LOC's from 2-8%!
(compared to mortgage brokers,points, credit card interest??
It's ok, it's acceptable for a 1 life-time charge for the LOC)

Thanks to everyone that has submitted this wonderful/informative info.

Best Wishes
Claude Johnson
Palm Beach Investments

I am new at this but have a bunch of business cards and an old DUNS number for my LLC. How and where do you find the LOCs? I would love to have them ready to go for real estate deals!!

[seattle]

I just got off the phone with D&B representative and she said that she has been doing this for over 8 years and she knows what people are saying about NOT needing credit builder. She said my account will be "BLOCKED" and no vendors will be able to report only verify that the company exists. She asked me how much employees I had, verified the address and asked if it was a post office box and I told her NO, but it is, then she mentioned that "All those sites out there that tell you NOT to purchase a credit profile are STEERING YOU WRONG."

After all that I still said, I just want a number. Then she said it again, that my profile will be BLOCKED and vendors WILL NOT be able to report and I won't build credit.

She made a very compelling argument and because of your post I DID NOT buy it. I will continously report to the Business Credit forum to state my findings and my reporting. I'm learning everything from this forum, nowhere else.

Thanks

What has happened so far? Some of this info is getting a bit old. Is it possible that D&B is fighting back? After all, the only thing they're legally required to do is exercise due diligence in reporting "the truth" as it is reported to them. They don't have to report anything about anybody unless they choose to.

I hope not I got mines through the goverment section, Can anyone confirm or deny this for me?

[LuvingMomof5boys]

thats where i got mine- and not only does it report fine i have paydex 80 w/only 3 things reporting.

[escrow]

Hi,

I am new to the board, but have been paying very close attention to you all who have been successfull and others who have had some obstacles. I have established my llc, ein and have gotten my dun#. I have applied to office depot for my first account. My question is for my business address and my remote business phone line will they check for them continously when applying for the lines of credit. Do I request a certain amount when filling out the applications.

[TEXASDIVA]

Thank God for CB !! I was seriously about to pay for all of the information that is posted under this topic. I already have an EIN and am now researching on how to incorporate in TX. Glad I found out about using the alternate business address because I was going to use my personal PO Box.

This site is soooo addictive, but I have learned a lot in 3 days !!!!!