205 replies to this topic

[milesb]

Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.


1. You name your company

2. You incorporate (can this be C, S, or LLC, does it matter which one)

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

4. Obtain a business telephone line at home using business name and
have it listed in the business pages and directory assistance.

5. Get a mail box at Aim Mail Center using the real mail address not p.o.
box number. Get your phone bill forwarded to this address.

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER (using business or home address?)

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

6. Apply for credit.

Thanks

What is this Aim mail center?

You are right. Most of the info here is great but a lot has changed with time. I got myself a good e-book recently that said pretty much of the latest ways to do things. New economic order has brought in new operational methods. You need to be careful with companies promising you all sorts and unless anyone has a first hand experience dealing with one, I will like to know.

Yes the info is dated since the recent changes. I am starting a corp from scratch and will be posting my progress. If you start one maybe we can all do the same. I think that will help update the new issues. From my experience so far you only learn by doing it. we can share info and help each other.

[theycallmebe]

Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.


1. You name your company

2. You incorporate (can this be C, S, or LLC, does it matter which one)

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

4. Obtain a business telephone line at home using business name and
have it listed in the business pages and directory assistance.

5. Get a mail box at Aim Mail Center using the real mail address not p.o.
box number. Get your phone bill forwarded to this address.

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER (using business or home address?)

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

6. Apply for credit.

Thanks

What is this Aim mail center?

You are right. Most of the info here is great but a lot has changed with time. I got myself a good e-book recently that said pretty much of the latest ways to do things. New economic order has brought in new operational methods. You need to be careful with companies promising you all sorts and unless anyone has a first hand experience dealing with one, I will like to know.

Yes the info is dated since the recent changes. I am starting a corp from scratch and will be posting my progress. If you start one maybe we can all do the same. I think that will help update the new issues. From my experience so far you only learn by doing it. we can share info and help each other.

Please, keep us updated with your progress. I am right behind you in the process. Hopefully, we can all update the board with more accurate info...

[NolaPDX]

Hey guys, I'm new here. Here's my story. Hopefully you can learn from my experience. Building business credit for my new business has been very frustrating, and I have made quite a few mistakes along the way - hopefully without negative repercussions on my business credit scores.

I filed my articles of incorporation a few months ago, got an EIN, opened a business checking account, and applied for a business credit card while I was still in the bank after opening the check account. Special thanks to my oh so wonderful and informed account manager for helping along as I applied for a credit card with 0 chance of getting one like a total idiot by the way ! Being entirely new to owning my own business, I assumed that it would be the same sort of process as it is with a personal credit card - just submit your information and get a complimentary credit card in the mail a few days later. WRONG. My application was denied. I tried to reapply a few days later, why I did that, I don't know. "Duplicate application" - DENIED.

After that, I decided to hit up PayPal for a credit card thinking that I wouldn't have any issues getting a card from them. Wrong again.

I started to get a bit confused after that one. I didn't know what the hell I was doing wrong! I thought credit cards were supposed to come standard!

Well I did some reading and discovered that I was getting rejected for many, many different reasons, including:

-Business is less than 2 years old
-Business has no history of income
-Business has no credit history
-Business phone line is a personal cell phone line
-Business is not listed in 411

So I decided to get my act together.

WHAT I'VE DONE SO FAR

1) I went out and bought a legitimate cell phone line and plan under my business' name. (NINJA TIP: find an old Verizon cell phone and bring it in to an in-the-know VZW employee, and they'll set up that phone for you with your new plan. This way you don't get sucked into a 2-year contract.)

Of course the next day I read somewhere that you need a business LAND LINE to get listed in 411, which rendered my cell phone plan purchase pretty pointless (or so I thought), though I'm sure it's a best practice to have a legit dedicated business phone line of some kind. Around then I discovered these forums and that it's possible to get your business into 411 with a cell phone.

2) I submitted my business information using my home address and new business cell phone number to listyourself.net and SuperPages. I then listed my business on several online business directories, including Google Places Business Listings, Bing Local Listings, Yahoo Local, Best Of The Web Local, and Yelp. The idea is to put as much pressure as possible on 411 by leveraging what the entire internet is saying about what my business phone number and address is.

(NINJA TIP: it is extremely important to register <YourBusinessName>.com domain and type in 100% consistent business information - like your address/zipcode/phone #/services provided - across ALL internet properties you submit your business to. You're going to need to set up a business email address as well.)

PLANS

Now I just have to sit back and wait as all of that information propagates throughout the internet. It will probably take a week or two. After all of my listings are verified, I will then check to see if my business phone # has magically made its way over to the 411 directory.

If everything else on the internet is displaying my phone number as <the cell phone number>, but 411 isn't, I plan to call them up and explain that the entire internet is displaying my phone number as <the cell phone number, and ask why 411 hasn't updated my information to reflect that. If that doesn't work, I'll go the "Verizon foreign listings" route (still have no idea what a foreign listing really is though).

Once 411 is set up, I'll apply for a DUNS #.

Then I'll start opening up trade credit accounts and whatnot but I still have much much more to read about that phase. I have 12+ different tabs open on my browser right now all about that.

I will let you know if my 411 pressure route works. If I don't post an update in a few weeks, PM me because I tend to forget about posts I make on various forums after the fact.

HOPE THAT HELPS!

[milesb]

Ouch! Stick around here. They are great people here with plenty of experience. Helped me get my personal credit some what fixed. Still a work in progress. But the information should help you get started. Maybe you can post your experiences as you go through them. Thats how I am trying to give back to the forum community. I think it will help others to show a live example mistakes and all. Maybe a common mistakes section would be cool too. Any way thanks for sharing.

Hey guys, I'm new here. Here's my story. Hopefully you can learn from my experience. Building business credit for my new business has been very frustrating, and I have made quite a few mistakes along the way - hopefully without negative repercussions on my business credit scores.

I filed my articles of incorporation a few months ago, got an EIN, opened a business checking account, and applied for a business credit card while I was still in the bank after opening the check account. Special thanks to my oh so wonderful and informed account manager for helping along as I applied for a credit card with 0 chance of getting one like a total idiot by the way ! Being entirely new to owning my own business, I assumed that it would be the same sort of process as it is with a personal credit card - just submit your information and get a complimentary credit card in the mail a few days later. WRONG. My application was denied. I tried to reapply a few days later, why I did that, I don't know. "Duplicate application" - DENIED.

After that, I decided to hit up PayPal for a credit card thinking that I wouldn't have any issues getting a card from them. Wrong again.

I started to get a bit confused after that one. I didn't know what the hell I was doing wrong! I thought credit cards were supposed to come standard!

Well I did some reading and discovered that I was getting rejected for many, many different reasons, including:

-Business is less than 2 years old
-Business has no history of income
-Business has no credit history
-Business phone line is a personal cell phone line
-Business is not listed in 411

So I decided to get my act together.

WHAT I'VE DONE SO FAR

1) I went out and bought a legitimate cell phone line and plan under my business' name. (NINJA TIP: find an old Verizon cell phone and bring it in to an in-the-know VZW employee, and they'll set up that phone for you with your new plan. This way you don't get sucked into a 2-year contract.)

Of course the next day I read somewhere that you need a business LAND LINE to get listed in 411, which rendered my cell phone plan purchase pretty pointless (or so I thought), though I'm sure it's a best practice to have a legit dedicated business phone line of some kind. Around then I discovered these forums and that it's possible to get your business into 411 with a cell phone.

2) I submitted my business information using my home address and new business cell phone number to listyourself.net and SuperPages. I then listed my business on several online business directories, including Google Places Business Listings, Bing Local Listings, Yahoo Local, Best Of The Web Local, and Yelp. The idea is to put as much pressure as possible on 411 by leveraging what the entire internet is saying about what my business phone number and address is.

(NINJA TIP: it is extremely important to register <YourBusinessName>.com domain and type in 100% consistent business information - like your address/zipcode/phone #/services provided - across ALL internet properties you submit your business to. You're going to need to set up a business email address as well.)

PLANS

Now I just have to sit back and wait as all of that information propagates throughout the internet. It will probably take a week or two. After all of my listings are verified, I will then check to see if my business phone # has magically made its way over to the 411 directory.

If everything else on the internet is displaying my phone number as <the cell phone number>, but 411 isn't, I plan to call them up and explain that the entire internet is displaying my phone number as <the cell phone number, and ask why 411 hasn't updated my information to reflect that. If that doesn't work, I'll go the "Verizon foreign listings" route (still have no idea what a foreign listing really is though).

Once 411 is set up, I'll apply for a DUNS #.

Then I'll start opening up trade credit accounts and whatnot but I still have much much more to read about that phase. I have 12+ different tabs open on my browser right now all about that.

I will let you know if my 411 pressure route works. If I don't post an update in a few weeks, PM me because I tend to forget about posts I make on various forums after the fact.

HOPE THAT HELPS!

[John Cash]

Hey guys, I'm new here. Here's my story. Hopefully you can learn from my experience. Building business credit for my new business has been very frustrating, and I have made quite a few mistakes along the way - hopefully without negative repercussions on my business credit scores.

I filed my articles of incorporation a few months ago, got an EIN, opened a business checking account, and applied for a business credit card while I was still in the bank after opening the check account. Special thanks to my oh so wonderful and informed account manager for helping along as I applied for a credit card with 0 chance of getting one like a total idiot by the way ! Being entirely new to owning my own business, I assumed that it would be the same sort of process as it is with a personal credit card - just submit your information and get a complimentary credit card in the mail a few days later. WRONG. My application was denied. I tried to reapply a few days later, why I did that, I don't know. "Duplicate application" - DENIED.

After that, I decided to hit up PayPal for a credit card thinking that I wouldn't have any issues getting a card from them. Wrong again.

I started to get a bit confused after that one. I didn't know what the hell I was doing wrong! I thought credit cards were supposed to come standard!

Well I did some reading and discovered that I was getting rejected for many, many different reasons, including:

-Business is less than 2 years old
-Business has no history of income
-Business has no credit history
-Business phone line is a personal cell phone line
-Business is not listed in 411

So I decided to get my act together.

WHAT I'VE DONE SO FAR

1) I went out and bought a legitimate cell phone line and plan under my business' name. (NINJA TIP: find an old Verizon cell phone and bring it in to an in-the-know VZW employee, and they'll set up that phone for you with your new plan. This way you don't get sucked into a 2-year contract.)

Of course the next day I read somewhere that you need a business LAND LINE to get listed in 411, which rendered my cell phone plan purchase pretty pointless (or so I thought), though I'm sure it's a best practice to have a legit dedicated business phone line of some kind. Around then I discovered these forums and that it's possible to get your business into 411 with a cell phone.

2) I submitted my business information using my home address and new business cell phone number to listyourself.net and SuperPages. I then listed my business on several online business directories, including Google Places Business Listings, Bing Local Listings, Yahoo Local, Best Of The Web Local, and Yelp. The idea is to put as much pressure as possible on 411 by leveraging what the entire internet is saying about what my business phone number and address is.

(NINJA TIP: it is extremely important to register <YourBusinessName>.com domain and type in 100% consistent business information - like your address/zipcode/phone #/services provided - across ALL internet properties you submit your business to. You're going to need to set up a business email address as well.)

PLANS

Now I just have to sit back and wait as all of that information propagates throughout the internet. It will probably take a week or two. After all of my listings are verified, I will then check to see if my business phone # has magically made its way over to the 411 directory.

If everything else on the internet is displaying my phone number as <the cell phone number>, but 411 isn't, I plan to call them up and explain that the entire internet is displaying my phone number as <the cell phone number, and ask why 411 hasn't updated my information to reflect that. If that doesn't work, I'll go the "Verizon foreign listings" route (still have no idea what a foreign listing really is though).

Once 411 is set up, I'll apply for a DUNS #.

Then I'll start opening up trade credit accounts and whatnot but I still have much much more to read about that phase. I have 12+ different tabs open on my browser right now all about that.

I will let you know if my 411 pressure route works. If I don't post an update in a few weeks, PM me because I tend to forget about posts I make on various forums after the fact.

HOPE THAT HELPS!

Ok rocky start but sounds like your on the way,in what manner are you applying for your Duns number? sucker package,ccr,or 30-45 day wait? How many employees are in your corp?

[milesb]

I found a new company that reports to experian. it is called Strategic Network Solutions. This coupon code : snsgb will save you some money on your order. Sqeeze every penny..lol

[NolaPDX]

Is this the Strategic Network Solutions you were talking about? There are more than 3 'Strategic Network Solutions' on Google. They've got some great 'strategic partners', but I don't understand how to buy anything from them.

A quick update. Things are not looking up.

Fail #1

The PayPal credit card thing was really bothering me, so I called up GE Money Bank (they're the ones behind the PayPal Plus credit cards). I spoke to a manager there and asked whether the Paypal Plus card was PG or Non-PG. Because if it was PG, then I would stop caring about not being issued a card. She very rudely told me it was Non-PG, so of course I decided to reapply. My application was accepted this time around.

"Great!" I thought.

The PayPal card came in the mail a few days later but, lo and behold, the name on the card was my personal name, not my business name. Pretty frustrating but maybe that's just how it is with them, I thought. Well, I go to activate the card and it turns out the only way to activate it is to enter your personal Social Security #.

So at that point the red flags are really going up. I had to enter my personal SSN to apply for the card and they're requiring me to enter it again to activate it. On top of that, the card has my personal name on it, and I received an alert from Experian that my personal credit score was checked by GE Money Bank around the time I applied for the card.

I am 95% confident that a certain ever so nice and friendly manager at GE Money Bank lied to me to get me off the phone.

And it gets better. Because after I canceled the card, I received a letter in the mail about how the credit bureaus were alerted of my decision to cancel. That can't be to my benefit.

Fail #2

I decided to take the plunge and purchase a foreign directory listing for my business cell #. I was told that my number would be listed in 411 shortly thereafter. I have no idea what is going on with that but it's been over 10 days now and my cell # is still listed as a cell phone number in the 411 listings, and my business still isn't listed there. I haven't called 411 to check on this, but 411.com is still showing the phone # I purchased the foreign listing for as a cell phone and nothing else.


The only good news I can report is that my personal credit scores are >720, so at least I'm still OK on that front.

[John Cash]

Is this the Strategic Network Solutions you were talking about? There are more than 3 'Strategic Network Solutions' on Google. They've got some great 'strategic partners', but I don't understand how to buy anything from them.

A quick update. Things are not looking up.

Fail #1

The PayPal credit card thing was really bothering me, so I called up GE Money Bank (they're the ones behind the PayPal Plus credit cards). I spoke to a manager there and asked whether the Paypal Plus card was PG or Non-PG. Because if it was PG, then I would stop caring about not being issued a card. She very rudely told me it was Non-PG, so of course I decided to reapply. My application was accepted this time around.

"Great!" I thought.

The PayPal card came in the mail a few days later but, lo and behold, the name on the card was my personal name, not my business name. Pretty frustrating but maybe that's just how it is with them, I thought. Well, I go to activate the card and it turns out the only way to activate it is to enter your personal Social Security #.

So at that point the red flags are really going up. I had to enter my personal SSN to apply for the card and they're requiring me to enter it again to activate it. On top of that, the card has my personal name on it, and I received an alert from Experian that my personal credit score was checked by GE Money Bank around the time I applied for the card.

I am 95% confident that a certain ever so nice and friendly manager at GE Money Bank lied to me to get me off the phone.

And it gets better. Because after I canceled the card, I received a letter in the mail about how the credit bureaus were alerted of my decision to cancel. That can't be to my benefit.

Fail #2

I decided to take the plunge and purchase a foreign directory listing for my business cell #. I was told that my number would be listed in 411 shortly thereafter. I have no idea what is going on with that but it's been over 10 days now and my cell # is still listed as a cell phone number in the 411 listings, and my business still isn't listed there. I haven't called 411 to check on this, but 411.com is still showing the phone # I purchased the foreign listing for as a cell phone and nothing else.


The only good news I can report is that my personal credit scores are >720, so at least I'm still OK on that front.

I checked out the strategic network solutions and they are the second listing on a google search..they are certified with dnb right on their website..got a new on guys! Thanks milesb..it appears you need to call them to place an order the phone number I found is 818-385-1381

Happy Hunting! Also what is a foreign directory listing? And sorry to hear about the Dirty GE lady,she defintly is dispicable. I can't Stand when people who are in positions at company's that are responsible for helping the consumer decide to abuse the responsibiltiy they have..makes me sick!


sorry didn't know how to add a link for the new tradeline reporting company here goes!.... here

Edited by John Cash, 30 June 2010 - 11:55 PM.

[milesb]

Anytime mr. Cash...I have a couple more but I am checking them out still along with that gboogie no money down thing...So far so good with that....Anybody know of any good banks on the west coast that are up and coming? As far as offering a good credit product? Im looking for a small bank chain to expand in this climate. Try and catch them coming up..lol

Is this the Strategic Network Solutions you were talking about? There are more than 3 'Strategic Network Solutions' on Google. They've got some great 'strategic partners', but I don't understand how to buy anything from them.

A quick update. Things are not looking up.

Fail #1

The PayPal credit card thing was really bothering me, so I called up GE Money Bank (they're the ones behind the PayPal Plus credit cards). I spoke to a manager there and asked whether the Paypal Plus card was PG or Non-PG. Because if it was PG, then I would stop caring about not being issued a card. She very rudely told me it was Non-PG, so of course I decided to reapply. My application was accepted this time around.

"Great!" I thought.

The PayPal card came in the mail a few days later but, lo and behold, the name on the card was my personal name, not my business name. Pretty frustrating but maybe that's just how it is with them, I thought. Well, I go to activate the card and it turns out the only way to activate it is to enter your personal Social Security #.

So at that point the red flags are really going up. I had to enter my personal SSN to apply for the card and they're requiring me to enter it again to activate it. On top of that, the card has my personal name on it, and I received an alert from Experian that my personal credit score was checked by GE Money Bank around the time I applied for the card.

I am 95% confident that a certain ever so nice and friendly manager at GE Money Bank lied to me to get me off the phone.

And it gets better. Because after I canceled the card, I received a letter in the mail about how the credit bureaus were alerted of my decision to cancel. That can't be to my benefit.

Fail #2

I decided to take the plunge and purchase a foreign directory listing for my business cell #. I was told that my number would be listed in 411 shortly thereafter. I have no idea what is going on with that but it's been over 10 days now and my cell # is still listed as a cell phone number in the 411 listings, and my business still isn't listed there. I haven't called 411 to check on this, but 411.com is still showing the phone # I purchased the foreign listing for as a cell phone and nothing else.


The only good news I can report is that my personal credit scores are >720, so at least I'm still OK on that front.

I checked out the strategic network solutions and they are the second listing on a google search..they are certified with dnb right on their website..got a new on guys! Thanks milesb..it appears you need to call them to place an order the phone number I found is 818-385-1381

Happy Hunting! Also what is a foreign directory listing? And sorry to hear about the Dirty GE lady,she defintly is dispicable. I can't Stand when people who are in positions at company's that are responsible for helping the consumer decide to abuse the responsibiltiy they have..makes me sick!


sorry didn't know how to add a link for the new tradeline reporting company here goes!.... here

[milesb]

This is the strategic network solutions we are talking about...the website is www.stntsol.com the coupon code gives you some sort of discount..

Anytime mr. Cash...I have a couple more but I am checking them out still along with that gboogie no money down thing...So far so good with that....Anybody know of any good banks on the west coast that are up and coming? As far as offering a good credit product? Im looking for a small bank chain to expand in this climate. Try and catch them coming up..lol

Is this the Strategic Network Solutions you were talking about? There are more than 3 'Strategic Network Solutions' on Google. They've got some great 'strategic partners', but I don't understand how to buy anything from them.

A quick update. Things are not looking up.

Fail #1

The PayPal credit card thing was really bothering me, so I called up GE Money Bank (they're the ones behind the PayPal Plus credit cards). I spoke to a manager there and asked whether the Paypal Plus card was PG or Non-PG. Because if it was PG, then I would stop caring about not being issued a card. She very rudely told me it was Non-PG, so of course I decided to reapply. My application was accepted this time around.

"Great!" I thought.

The PayPal card came in the mail a few days later but, lo and behold, the name on the card was my personal name, not my business name. Pretty frustrating but maybe that's just how it is with them, I thought. Well, I go to activate the card and it turns out the only way to activate it is to enter your personal Social Security #.

So at that point the red flags are really going up. I had to enter my personal SSN to apply for the card and they're requiring me to enter it again to activate it. On top of that, the card has my personal name on it, and I received an alert from Experian that my personal credit score was checked by GE Money Bank around the time I applied for the card.

I am 95% confident that a certain ever so nice and friendly manager at GE Money Bank lied to me to get me off the phone.

And it gets better. Because after I canceled the card, I received a letter in the mail about how the credit bureaus were alerted of my decision to cancel. That can't be to my benefit.

Fail #2

I decided to take the plunge and purchase a foreign directory listing for my business cell #. I was told that my number would be listed in 411 shortly thereafter. I have no idea what is going on with that but it's been over 10 days now and my cell # is still listed as a cell phone number in the 411 listings, and my business still isn't listed there. I haven't called 411 to check on this, but 411.com is still showing the phone # I purchased the foreign listing for as a cell phone and nothing else.


The only good news I can report is that my personal credit scores are >720, so at least I'm still OK on that front.

I checked out the strategic network solutions and they are the second listing on a google search..they are certified with dnb right on their website..got a new on guys! Thanks milesb..it appears you need to call them to place an order the phone number I found is 818-385-1381

Happy Hunting! Also what is a foreign directory listing? And sorry to hear about the Dirty GE lady,she defintly is dispicable. I can't Stand when people who are in positions at company's that are responsible for helping the consumer decide to abuse the responsibiltiy they have..makes me sick!


sorry didn't know how to add a link for the new tradeline reporting company here goes!.... here

[saddie]

Hi All,

I've been reading post on this site for over a year now and I just decided to join. I have a question pertaining to starting a new Pet Apparel Company in the State of New Jersey. I already have a company name and EIN #. I'm so confused about the next that it's kind of discouraging. Can anyone help?

[nycluv]

Hi All,

I've been reading post on this site for over a year now and I just decided to join. I have a question pertaining to starting a new Pet Apparel Company in the State of New Jersey. I already have a company name and EIN #. I'm so confused about the next that it's kind of discouraging. Can anyone help?

Hi saddie, i too have been a long time reader and just joined! id start just by reading the step by step posts....it seems like the posts directly above this one are very informative......take note of the newer companies that are now reporting to dnb and experian

[mrbklyn67]

how long does it usually take to build a solid business credit file?

[mrbklyn67]

Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.


1. You name your company

2. You incorporate (can this be C, S, or LLC, does it matter which one)

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

4. Obtain a business telephone line at home using business name and
have it listed in the business pages and directory assistance.

5. Get a mail box at Aim Mail Center using the real mail address not p.o.
box number. Get your phone bill forwarded to this address.

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER (using business or home address?)

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

6. Apply for credit.

Thanks

What is this Aim mail center?

You are right. Most of the info here is great but a lot has changed with time. I got myself a good e-book recently that said pretty much of the latest ways to do things. New economic order has brought in new operational methods. You need to be careful with companies promising you all sorts and unless anyone has a first hand experience dealing with one, I will like to know.

Yes the info is dated since the recent changes. I am starting a corp from scratch and will be posting my progress. If you start one maybe we can all do the same. I think that will help update the new issues. From my experience so far you only learn by doing it. we can share info and help each other.

How long does it usually take to build a strong business credit file milesb?

[walnutspeanuts]

Hello from a newbie! Ive been learning quite a bit about biz credit here on the blog. Hopefully i can continue to learn foolproof biz credit techniques and eventually add to the discussions! Thanks for all the info! WalnutsPeanuts

[woowoo]

I love CB. I have used it for cleaning up DH and my own credit reports.
Now that I have build up the courage to start a small biz from home this biz forum
has given me a wealth of information.
I can't believe I used up all my time reading during my fulltime job. LOL

[Gboogie America]

North carolina is also a very good state to incorporate in. Taxes are very low and there is no franchise(in business) tax either.

[Gboogie America]

how long does it usually take to build a solid business credit file?

The time it takes varies. There are alot of variables involved and the length of time it would take one business would marginally different from another. Because of the current financila climate banks have deemed some businesses to be less lendable then others. But to give you an average gauge, 6 months is typically long enough to at least get you going no matter what sic code your business is under

[Gboogie America]

Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.


1. You name your company

2. You incorporate (can this be C, S, or LLC, does it matter which one)

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

4. Obtain a business telephone line at home using business name and
have it listed in the business pages and directory assistance.

5. Get a mail box at Aim Mail Center using the real mail address not p.o.
box number. Get your phone bill forwarded to this address.

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER (using business or home address?)

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

6. Apply for credit.

Thanks

What is this Aim mail center?

You are right. Most of the info here is great but a lot has changed with time. I got myself a good e-book recently that said pretty much of the latest ways to do things. New economic order has brought in new operational methods. You need to be careful with companies promising you all sorts and unless anyone has a first hand experience dealing with one, I will like to know.

Yes the info is dated since the recent changes. I am starting a corp from scratch and will be posting my progress. If you start one maybe we can all do the same. I think that will help update the new issues. From my experience so far you only learn by doing it. we can share info and help each other.

Please, keep us updated with your progress. I am right behind you in the process. Hopefully, we can all update the board with more accurate info...

For step 3 i would change how you obtain you ein number. I would suggest calling the toll fre number on the irs website instead. This will give you an ein number with a different prefix. Some vendors automated application software picks up on the fact that the ein number was acquired online. Though a small fact, some software is designed to put more scrutiny on those prefixes. The 3 methods of obtaining an ein is through fax,phone,or online. Each method gives you a different prefix. I would also like to add something to the second number 4 on the list. If you do decide to get the free dnb number make sure that you are incorporated or an llc and make sure that you complete the ccr and orca registrations.

Hope this helps

[Gboogie America]

Thank you to the moderators for allowing me to post. I promise i will not violate your rules.

[mrbklyn67]

Thanks Mr Boogie for replying I appreciate it.. I have a question is there a website that can help me in building my business credit? There a lot of websites that promise you this and they but I'm a little unsure since I'm new to this.

how long does it usually take to build a solid business credit file?

The time it takes varies. There are alot of variables involved and the length of time it would take one business would marginally different from another. Because of the current financila climate banks have deemed some businesses to be less lendable then others. But to give you an average gauge, 6 months is typically long enough to at least get you going no matter what sic code your business is under

[dirbox23]

Hi there,

I've spent the last month reading this board and I want to thank all of you for the invaluable information you've provided here. I am trying to identify the definitive undisputed step by step method of establishing biz credit and needing some guidance on the areas I missed. Here's what I got:

1. I establish a finance sounding company, enterprise, etc.
2. I obtain an ein # from the IRS
3. I establish a C (corp) in nevada
4. I take my docs and ein an biz docs open a biz bank account
5. I get a DUNS number and credit builder
6. I establish a biz phone line at another address
7. I start applying for office credit

Questions: What address do I use and how does that work with the phone line? I understand mailbox etc doesn't work well with DUNS. Which bank is recommended? Why is it recommended I don't use my home address even if I am running a home-based biz? I thank you in advance for your input.

Steps:
Business type
Address, zoning requirements met
Filings/ secretary of State
Articles of incorporation
Minutes of meetings
A corporate kit, Stock certificates
A corporate seal Corporate
Bylaws A corporation checklist
Registered agent service
Certificate of good standing
Federal tax Id number
Business phone
411 listed in all the business directories
Business license
Business checking account
Business merchant account
Registered At All Bureaus.
Dun number & Dbi self monitor
Dun Bradstreet financial
Dun Bradstreet financial rating
Add Business Trade Lines
80 Paydex score
Lender Compliant
Business Plan


Build your business credit using these steps and you will be lender compliant to get your business loan.
business type = pick a type of business they loan money to, Not business consulting marketing etc, you will never get a loan
Address, zoning requirements met = make sure not to lie about your business address and weather your commercialy zone or residentualy zoned, underwriters and dun bradstreet do the same check, they go to the city recorders office and punch up your partial number and this tells every bit about your business address. A fast check is to type it into your google search and see how many business come back to that address. do not use a mail box rentel or p.o. box
Filings/ secretary of State = incorporate and this seperates your personal credit from your business credit. you want to get your certificate of good standing
Articles of incorporation = these come after you file
Minutes of meetings = make sure to do these
A corporate kit, Stock certificates = make sure to issue your stock certificates
A corporate seal Corporate = comes in your corporate kit you order
Bylaws A corporation checklist = make sure to do these
Registered agent service = you do this when you file
Certificate of good standing = last get your Certificate of good standing
Next: build your business credit file in this order
Federal tax Id number = get this online at the Irs
Business phone = make sure this is a land line phone from your local phone company
411 listed in all the business directories = this means you can pick up the phone and dial 411 ask the operator for abc company at Abc address , city ,state & zip code and they reply here is your number
Business license = business license, any certifications or certificates for the type of business you are
Business checking account = with your business name, address and phone number printed on the check as well as your banks information
Business merchant account = this shows a foundation for your business and you can get merchant loans, get it weather you use it or not
Registered At All Bureaus. = experian for example: when your first trade lines is reported to them this is the start date of your business, If your five years old and experian got wind of your business yesterday it will state on your credit report that your business is one day old and we have no knowledge of this business before then.
Dun number & Dbi self monitor = get your dun number and buy in to there program , if you don't anything that reports on your business will sit in a separate data base until you do, anybody running a credit check will see a incomplete file and no score
Dun Bradstreet financial = they give you an online link to add these and if you don't you will have an incomplete credit file and will never get a loan
Dun Bradstreet financial rating= R1 rating is the best and this is your goal.
Add Business Trade Lines = start getting your business trade lines, it takes 3 trade lines to get a paydex
80 Paydex score = is your goal and high recommended credit limit someone extends you
Lender Compliant = now your lender compliant
Business Plan = very important to shine above anyone else to get a loan

[biz3000]

Would Aim Mail be good for business start ups? I have read and researched and I am getting mixed opinion about using the mail center for my business. Any advice?

[Brndnh721]

Would Aim Mail be good for business start ups? I have read and researched and I am getting mixed opinion about using the mail center for my business. Any advice?

Not sure what they are but you don't want to use a UPS store or anything like that.. The virtual addresses are iffy at best. If you can find one that doesn't show up so much on google then you should be ok. But ones like Regus just have so many people in location it sticks out as a virtual office.
The best thing to do is use your actual address and like I always say you want a real land line for your business so you would need to use the real address so the addresses match up.