FORD, GMAC, ETC.

[ZicMan]

For those of us with autoloans...how does it report on your DNB File?

 

I thought it was odd that on 2 of my Ford Loans they report as NET30 and on another it reports as PROX.

 

How does your auto loans show on your file?

 

*not a big deal, we have never had any issue in getting anything because of the NET30 status but just curious...

Edited July 29, 2010 by ZicMan

[jessicarabbit206]

I was just approved for a business loan to buy a '09 used truck through Ford. WOOHOO!!!

 

I can't believe it!! We've had our D&B number for several years, but hadn't ever really looked at our report... until a few months ago.

 

We recently acquired a $1500 staples CC and $25K Dell. Besides that, I was fairly certain that we had the equivalent of a business "thin file." I don't know much about it, so maybe someone can help me shed some light on what earned us the approval?

 

It's a construction company, and we have a few suppliers that report (at least I think).

 

They only pulled D&B, and required no PG. We do not have the credit builder service. The APR is 9.49%, which is tier 1 according to the finance paperwork. The finance manager told me that high business default rates have driven the APRs up.

 

Our paydex is 79 (last I checked).

 

What do you guys think?? I could paste my D&B report from a few months ago if it will help. I can call D&B and get a new one, if necessary.

 

TIA!!!

 

Jessica

Edited August 17, 2010 by jessicarabbit206

[BRBiz]

I was just approved for a business loan to buy a '09 used truck through Ford. WOOHOO!!!

 

I can't believe it!! We've had our D&B number for several years, but hadn't ever really looked at our report... until a few months ago.

 

We recently acquired a $1500 staples CC and $25K Dell. Besides that, I was fairly certain that we had the equivalent of a business "thin file." I don't know much about it, so maybe someone can help me shed some light on what earned us the approval?

 

It's a construction company, and we have a few suppliers that report (at least I think).

 

They only pulled D&B, and required no PG. We do not have the credit builder service. The APR is 9.49%, which is tier 1 according to the finance paperwork. The finance manager told me that high business default rates have driven the APRs up.

 

Our paydex is 79 (last I checked).

 

What do you guys think?? I could paste my D&B report from a few months ago if it will help. I can call D&B and get a new one, if necessary.

 

TIA!!!

 

Jessica

 

Did Ford want to see paper work for income? How much was the loan for?

[bosshaug]

Congrats! Please share the loan stipulations that Ford requires for approval.

[jessicarabbit206]

Congrats! Please share the loan stipulations that Ford requires for approval.

 

Gladly! Are you referring to the terms of the loan agreement, or something else?

[jessicarabbit206]

I was just approved for a business loan to buy a '09 used truck through Ford. WOOHOO!!!

 

I can't believe it!! We've had our D&B number for several years, but hadn't ever really looked at our report... until a few months ago.

 

We recently acquired a $1500 staples CC and $25K Dell. Besides that, I was fairly certain that we had the equivalent of a business "thin file." I don't know much about it, so maybe someone can help me shed some light on what earned us the approval?

 

It's a construction company, and we have a few suppliers that report (at least I think).

 

They only pulled D&B, and required no PG. We do not have the credit builder service. The APR is 9.49%, which is tier 1 according to the finance paperwork. The finance manager told me that high business default rates have driven the APRs up.

 

Our paydex is 79 (last I checked).

 

What do you guys think?? I could paste my D&B report from a few months ago if it will help. I can call D&B and get a new one, if necessary.

 

TIA!!!

 

Jessica

 

Did Ford want to see paper work for income? How much was the loan for?

 

They did not ask for financials or tax returns, if that's what you're referring to. The finance manager said the approval was based on D&B pull. That's kinda why I was hoping someone would look at my file for me... I know a lot about personal credit, but business credit is still really shaky for me.

 

The loan is for 18K.... the finance manager also told me that ford weighs payment history on in-house commercial loans very heavily when considering future applications for commercial financing.

 

 

D&B File:

 

Company Summary

 

Currency: Shown in USD unless otherwise indicated

Score Bar

 

D&B Rating DS

Credit Limit - D&B Conservative 15,000.00

PAYDEX® 79

Financial Stress Class 3

Commercial Credit Score Class 2

D&B Company Overview

 

This is a single location

 

Chief Executive XXXX XXXX, MEMBER

Year Started 2000

Management Control 2005

Employees 2

SIC 1542

Line of business Nonresidential construction

NAICS 236220

History Status INCOMPLETE

 

D&B PAYDEX®

 

D&B PAYDEX® 79

 

Lowest Risk:100;Highest Risk :1

When weighted by amount, Payments to suppliers average 2 days beyond terms

 

D&B 3-month PAYDEX®

 

3-month D&B PAYDEX®: 79

 

Lowest Risk:100;Highest Risk :1

When weighted by amount, Payments to suppliers average 2 Days Beyond Terms

 

Financial Stress Score Class

 

Financial Stress Score Class: 3

 

Lowest Risk:1;Highest Risk :5

Commercial Credit Score Class

 

Commercial Credit Score Class: 2

 

Lowest Risk:1;Highest Risk :5

Public Filings

 

The following data includes both open and closed filings found in D&B's database on this company.

Record Type Number of Records Most Recent Filing Date

Bankruptcies 0 -

Judgments 0 -

Liens 0 -

Suits 0 -

UCCs 1 10/01/08

The public record items contained herein may have been paid, terminated, vacated or released prior to todays date.

 

 

Predictive Scores

 

Currency: Shown in USD unless otherwise indicated

Credit Capacity Summary

 

This credit rating was assigned because of D&Bs assessment of the companys creditworthiness. For more information, see the

 

D&B Rating Key

D&B Rating : DS

The DS rating indicates that the information available does not permit D&B to classify the company within our rating key.

Sales: 300,000.00

Number of Employees Total: 2

Payment Activity:

(based on 11 experiences)

Average High Credit: 1,042

Highest Credit: 2,500

Total Highest Credit: 7,450

 

 

 

D&B Credit Limit Recommendation

 

Conservative credit Limit 15,000

Aggressive credit Limit: 25,000

 

Risk category for this business : LOW

 

 

This recommended Credit Limit is based on the company profile and on profiles of other companies with similarities in size, industry, and credit usage.

Risk is assessed using D&Bs scoring methodology and is one factor used to create the recommended limits. See Help for details.

 

Financial Stress Class Summary

 

 

 

The Financial Stress Score predicts the likelihood of a firm ceasing business without paying all creditors in full, or reorganization or obtaining relief from creditors under state/federal law over the next 12 months. Scores were calculated using a statistically valid model derived from D&Bs extensive data files.

 

The Financial Stress Class of 3 for this company shows that firms with this class had a failure rate of 0.24% (24 per 10,000), which is lower than the average of businesses in D & B's database

 

 

Financial Stress Class : 3

 

(Lowest Risk:1; Highest Risk:5)

Moderate risk of severe financial stress, such as a bankruptcy, over the next 12 months.

 

Probability of Failure:

Among Businesses with this Class: 0.24 % (24 per 10,000)

Financial Stress National Percentile : 61 (Highest Risk: 1; Lowest Risk: 100)

Financial Stress Score :&nbsp 1498 (Highest Risk: 1,001; Lowest Risk: 1,875)

Average of Businesses in D&Bs database: 0.48 % ( 48 per 10,000)

 

 

The Financial Stress Class of this business is based on the following factors:

Limited time under present management control.

UCC Filings reported.

Notes:

The Financial Stress Class indicates that this firm shares some of the same business and financial characteristics of other companies with this classification. It does not mean the firm will necessarily experience financial stress.

The Probability of Failure shows the percentage of firms in a given Class that discontinued operations over the past year with loss to creditors. The Probability of Failure - National Average represents the national failure rate and is provided for comparative purposes.

The Financial Stress National Percentile reflects the relative ranking of a company among all scorable companies in D&Bs file.

The Financial Stress Score offers a more precise measure of the level of risk than the Class and Percentile. It is especially helpful to customers using a scorecard approach to determining overall business performance.

 

 

 

Norms National %

This Business 61

Region: PACIFIC 52

Industry: CONSTRUCTION 49

Employee range: 1-9 52

Years in Business: 3-5 39

This Business has a Financial Stress Percentile that shows:

 

Lower risk than other companies in the same region.

Lower risk than other companies in the same industry.

Lower risk than other companies in the same employee size range.

Lower risk than other companies with a comparable number of years in business.

Credit Score Class Summary

 

The Credit Score class predicts the likelihood of a firm paying in a severely delinquent manner (90+ Days Past Terms) over the next twelve months. It was calculated using statistically valid models and the most recent payment information in D&Bs files.

 

The Credit Score class of 2 for this company shows that 4.6% of firms with this classification paid one or more bills severely delinquent, which is lower than the average of businesses in D & B's database.

 

Credit Score Class : 2

 

Lowest Risk:1;Highest Risk :5

Moderate risk of severe payment delinquency over next 12 months.

Incidence of Delinquent Payment

Among Companies with this Classification: 4.60 %

Average compared to businesses in D&Bs database: 20.10 %

Credit Score Percentile : 79 (Highest Risk: 1; Lowest Risk: 100)

Credit Score : 511 (Highest Risk: 101; Lowest Risk:670)

 

 

The Credit Score Class of this business is based on the following factors:

No record of open suit(s), lien(s), or judgment(s) in the D & B files.

Notes:

The Credit Score Class indicates that this firm shares some of the same business and payment characteristics of other companies with this classification. It does not mean the firm will necessarily experience delinquency.

The Incidence of Delinquent Payment is the percentage of companies with this classification that were reported 90 days past due or more by creditors. The calculation of this value is based on an inquiry weighted sample.

The Percentile ranks this firm relative to other businesses. For example, a firm in the 80th percentile has a lower risk of paying in a severely delinquent manner than 79% of all scorable companies in D&Bs files.

The Credit Score offers a more precise measure of the level of risk than the Class and Percentile. It is especially helpful to customers using a scorecard approach to determining overall business performance.

All Credit Class, Percentile, Score and Incidence statistics are based on sample data from

 

 

Norms National %

This Business 79

Region: PACIFIC 52

Industry: CONSTRUCTION 51

Employee range: 1-9 58

Years in Business: 3-5 50

 

This business has a Credit Score Percentile that shows:

Lower risk than other companies in the same region.

Lower risk than other companies in the same industry.

Lower risk than other companies in the same employee size range.

Lower risk than other companies with a comparable number of years in business.

Trade Payments

 

Currency: Shown in USD unless otherwise indicated

D&B PAYDEX®

 

The D&B PAYDEX is a unique, weighted indicator of payment performance based on payment experiences as reported to D&B by trader references. Learn more about the D&B PAYDEX

 

 

 

Timeliness of historical payments for this company.

 

Current PAYDEX is 79 Equal to 2 days beyond terms ( Pays same as the average for its industry of 2 days beyond terms )

Industry Median is 79 Equal to 2 days beyond terms

Payment Trend currently is Unchanged, compared to payments three months ago

 

 

Indications of slowness can be the result of dispute over merchandise, skipped invoices etc. Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed.

 

 

 

Total payment Experiences in D&Bs File (HQ)

11

Payments Within Terms (not weighted) 94 %

Trade Experiences with Slow or Negative Payments(%) 4.55%

Total Placed For Collection 0

Average High Credit 1,042

Largest High Credit 2,500

Highest Now Owing 1,000

Highest Past Due 50

 

D&B PAYDEX® : 79

 

(Lowest Risk:100; Highest Risk:1)

When weighted by amount, payments to suppliers average 2 days beyond terms

3-Month D&B PAYDEX® : 79

 

(Lowest Risk:100; Highest Risk:1)

Based on payments collected over last 3 months.

When weighted by amount, payments to suppliers average 2 days beyond terms

D&B PAYDEX® Comparison

 

Current Year

 

PAYDEX® of this Business compared to the Primary Industry from each of the last four quarters. The Primary Industry is Nonresidential construction , based on SIC code 1542 .

 

 

Shows the trend in D&B PAYDEX scoring over the past 12 months.

 

7/09 8/09 9/09 10/09 11/09 12/09 1/10 2/10 3/10 4/10 5/10 6/10

This Business 80 77 79 79 78 78 80 80 80 79 79 79

Industry Quartiles

Upper . . 80 . . 80 . . . . . .

Median . . 79 . . 79 . . . . . .

Lower . . 69 . . 67 . . . . . .

Current PAYDEX for this Business is 79 , or equal to 2 days beyond terms

The 12-month high is 80 , or equal to GENERALLY WITHIN terms

The 12-month low is 77 , or equal to 5 DAYS BEYOND terms

 

 

Previous Year

 

Shows PAYDEX of this Business compared to the Primary Industry from each of the last four quarters. The Primary Industry is Nonresidential construction , based on SIC code 1542 .

 

 

 

 

Previous Year 06/08

Q2'08 09/08

Q3'08 12/08

Q4'08 03/09

Q1'09

This Business UN 80 80 80

Industry Quartiles

Upper 80 80 80 80

Median 79 79 79 79

Lower 69 68 68 69

 

Based on payments collected over the last 4 quarters.

Current PAYDEX for this Business is 79 , or equal to 2 days beyond terms

The present industry median Score is 79 , or equal to 2 days beyond terms

Industry upper quartile represents the performance of the payers in the 75th percentile

Industry lower quartile represents the performance of the payers in the 25th percentile

Payment Habits

 

For all payment experiences within a given amount of credit extended, shows the percent that this Business paid within terms. Provides number of experiences to calculate the percentage, and the total credit value of the credit extended.

 

 

$ Credit Extended # Payment Experiences Total Amount % of Payments Within Terms

Over 100,000

50,000-100,000

15,000-49,999

5,000-14,999

1,000-4,999

Under 1,000

0 0

0%

0 0

0%

0 0

0%

0 0

0%

3 6,000

100%

4 1,300

81%

Based on payments collected over last 12 months.

 

For all Payment experiences reflect how bills are met in relation to the terms granted. In some instances, payment beyond terms can be the result of disputes over merchandise, skipped invoices etc.

 

Payment Summary

 

There are 11 payment experience(s) in D&Bs file for the most recent 12 months, with 8 experience(s) reported during the last three month period.

The highest Now Owes on file is 1,000 . The highest Past Due on file is 50

Below is an overview of the companys currency-weighted payments, segmented by its suppliers primary industries:

 

Total

Revd

(#) Total

Amts

 

Largest High Credit

Within

Terms

(%) Days Slow

<31 31-60 61-90 90>

(%) (%)

Top Industries

Nonclassified 2 5,000 2,500 100 0 0 0 0

Whol farm/garden mach 1 1,000 1,000 100 0 0 0 0

Fire/casualty insur. 1 500 500 100 0 0 0 0

Whol plumb/hydronics 1 500 500 50 50 0 0 0

Hvy const eqpt rental 1 250 250 100 0 0 0 0

Mfg industrial valves 1 50 50 100 0 0 0 0

Misc publishing 1 0 0 0 0 0 0 0

Other payment categories

Cash experiences 3 150 100

Payment record unknown 0 0 0

Unfavorable comments 0 0 0

Placed for collections:

With D&B 0 0 0

Other 0 N/A 0

Total in D&Bs file 11 7,450 2,500

 

 

Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed.

 

Indications of slowness can be result of dispute over merchandise, skipped invoices etc.

Detailed payment history for this company

 

Date Reported

(mm/yy) Paying Record High Credit

 

Now Owes

Past Due

Selling Terms Last Sale

Within

(month)

05/10 (001) 0 0 0 Cash account 4-5 mos

04/10 Ppt 1,000 100 50 1 mo

Ppt 500 500 0 1 mo

Ppt 50 0 0 2-3 mos

Ppt-Slow 30 500 0 0 2-3 mos

03/10 Ppt 2,500 1,000 0 1 mo

Ppt 2,500 0 0 6-12 mos

(008) Satisfactory . 250 0 0 1 mo

09/09 (009) 100 Cash account 1 mo

04/09 (010) 50 Cash account 1 mo

05/08 Ppt 0 0 0 1 mo

 

 

Payments Detail Key: red - 30 or more days beyond terms

Payment experiences reflect how bills are met in relation to the terms granted. In some instances payment beyond terms can be the result of disputes over merchandise, skipped invoices etc. Each experience shown is from a separate supplier. Updated trade experiences replace those previously reported.

Public Filings

 

Currency: Shown in USD unless otherwise indicated

Summary

 

The following data includes both open and closed filings found in D&B's database on this company.

 

Record Type # of Records Most Recent Filing Date

Bankruptcy Proceedings

0 -

Judgments 0 -

Liens 0 -

Suits 0 -

UCCs 1 10/01/08

The following Public Filing data is for information purposes only and is not the official record. Certified copies can only be obtained from the official source.

 

UCC Filings

 

Collateral General intangibles(s) - Leased Computer equipment - Leased Equipment

Type Original

Sec. Party BANK OF THE WEST, WALNUT CREEK, CA

Debtor XXXX

Filing No.

Filed With SECRETARY OF STATE/UCC DIVISION, OLYMPIA, WA

 

Date Filed 2008-10-01

Latest Info Received 10/10/08

 

 

The public record items contained herein may have been paid, terminated, vacated or released prior to today's date.

 

Special Events

 

Currency: Shown in USD unless otherwise indicated

Special Events

08/11/2009

The name and address of this business have been confirmed by D & B using available sources.

 

 

History & Operations

 

Currency: Shown in USD unless otherwise indicated

Company Overview

 

Company Name: XXXX

Street Address:

Everett , WA 98204

Phone: XXXX

History Is incomplete

Present management control 5 years

Annual Sales 300,000

History

 

The following information was reported: 05/08/2010

 

Officer(s): XXX XXXX, OWNER

 

DIRECTOR(S) :

THE OFFICER(S)

 

Corporate Details unavailable.

 

Business started 2000.

 

XXX XXXX. Work history unknown.

 

 

Business address has changed from Everett, WA, 98204 to Everett, WA, 98204.

Operations

 

05/08/2010

Description: Contractor of nonresidential buildings, specializing in new construction of commercial or office buildings.

 

Terms are on a retainer plus additional billings, contractual basis, on a fee basis, net 30 days and require a deposit with remainder billed monthly. Has 20 account(s). Sells to general public, retail, commercial concerns and government.

 

Employees: 2 which includes officer(s).

Facilities: Rents premises in building.

SIC & NAICS

 

SIC:

 

Based on information in our file, D&B has assigned this company an extended 8-digit SIC. D&B's use of 8-digit SICs enables us to be more specific about a company's operations than if we use the standard 4-digit code.

 

The 4-digit SIC numbers link to the description on the Occupational Safety & Health Administration (OSHA) Web site. Links open in a new browser window.

 

1542 0101 Commercial and office building, new construction

 

NAICS:

236220 Commercial and Institutional Building Construction

 

 

Financials

 

Currency: Shown in USD unless otherwise indicated

 

Company Financials: D&B

 

 

D&B currently has no financial information on file for this company.

You can ask D&B to make a personalized request to this company on your behalf to obtain its latest financial information by clicking the Request Financial Statements button below.

 

Additional Financial Data

 

Since this report was provided, I have updated our file with 2 more management/members, and acquired the 2 TLs mentioned in my original post. We've used about 1K of the 1500 staples line and $700 from the 25K Dell line. I know they're both reporting, because Ford mentioned the TLs during the application process.

[milesb]

sweet

[Guest Mark Johnson]

I was just approved for a business loan to buy a '09 used truck through Ford. WOOHOO!!!

 

I can't believe it!! We've had our D&B number for several years, but hadn't ever really looked at our report... until a few months ago.

 

We recently acquired a $1500 staples CC and $25K Dell. Besides that, I was fairly certain that we had the equivalent of a business "thin file." I don't know much about it, so maybe someone can help me shed some light on what earned us the approval?

 

It's a construction company, and we have a few suppliers that report (at least I think).

 

They only pulled D&B, and required no PG. We do not have the credit builder service. The APR is 9.49%, which is tier 1 according to the finance paperwork. The finance manager told me that high business default rates have driven the APRs up.

 

Our paydex is 79 (last I checked).

 

What do you guys think?? I could paste my D&B report from a few months ago if it will help. I can call D&B and get a new one, if necessary.

 

TIA!!!

 

Jessica

 

Wow that's amazing! Congrats ! I didn't think Ford financed used vehicle that's good info to know as well, thanks for posting the DnB file it really helped.

[MainSt.]

Good post to show that credit is still available! Looks like they mainly went off age because your file is rather thin, but congrats!!

[Guest sfsllc]

We are in the process of buying a 2011 F250 and financing with Ford Credit. Amount financed is $45k. We bought our first Ford financed through Ford in april ($25k) of this year and one additional in June 10 ($30k). We PG'd the first two and Ford requested it on this vehicle as well. I was a bit dissapointed but maybe they want more experience with us. We are a very strong company financially.

 

Here are our stats:

 

In business since 2004

Incorporated in 2009

80 Paydex

2A2 rating ($750k - $999k in assets and more than 20 employees.)

$25k Highest credit reporting

8 Payment experiences reporting.

DNB Credit Limit recommendation : Conservative, $25k. Aggressive, $45k.

[BRBiz]

We are in the process of buying a 2011 F250 and financing with Ford Credit. Amount financed is $45k. We bought our first Ford financed through Ford in april ($25k) of this year and one additional in June 10 ($30k). We PG'd the first two and Ford requested it on this vehicle as well. I was a bit dissapointed but maybe they want more experience with us. We are a very strong company financially.

 

Here are our stats:

 

In business since 2004

Incorporated in 2009

80 Paydex

2A2 rating ($750k - $999k in assets and more than 20 employees.)

$25k Highest credit reporting

8 Payment experiences reporting.

DNB Credit Limit recommendation : Conservative, $25k. Aggressive, $45k.

Well you bascially helped us figure out what they really look for and that is time in business, they wanted a PG mostly likely because you inc'd in 2009 and the other company had a thinner file but alot longer in businss with a longer history of repayment and operating a business.

[milesb]

Now the million question is how do we get around that time in business hurdle?

 

 

We are in the process of buying a 2011 F250 and financing with Ford Credit. Amount financed is $45k. We bought our first Ford financed through Ford in april ($25k) of this year and one additional in June 10 ($30k). We PG'd the first two and Ford requested it on this vehicle as well. I was a bit dissapointed but maybe they want more experience with us. We are a very strong company financially.

 

Here are our stats:

 

In business since 2004

Incorporated in 2009

80 Paydex

2A2 rating ($750k - $999k in assets and more than 20 employees.)

$25k Highest credit reporting

8 Payment experiences reporting.

DNB Credit Limit recommendation : Conservative, $25k. Aggressive, $45k.

Well you bascially helped us figure out what they really look for and that is time in business, they wanted a PG mostly likely because you inc'd in 2009 and the other company had a thinner file but alot longer in businss with a longer history of repayment and operating a business.

[BRBiz]

Thats a little tricky but I have noticed places that require a certain time in business if they use a automated system to process your app you may be able to get around it if your business credit file goes back before your inc'd date. One example is HSBC/Northern Tool when you do there online app they use a computer system for auto approval or denial and on my D&B file they have listed my file start date of 2007 even though I inc'd in 2009 but it started when I was a sole prop. The inc date is on the report correctly and that is what HSBC wants is two years inc'd but I think when the system pulls the info it takes that date. My buddy got approved that way also with a similar file. And I'm sure other places may pull it the same way.

[milesb]

They shot me a card but hardly no limit on this corp...like 250 but ill build on it.. I think thats GE bank right? But we need to find a way around this new gotta be in biz for 3 years thing. I know theres a way. Same as how we found all the other tricks they shut down. There is always a loop hole somewhere...Im on a mission to find it..lol...not misuse it though Just to help get us back rollin..

 

Thats a little tricky but I have noticed places that require a certain time in business if they use a automated system to process your app you may be able to get around it if your business credit file goes back before your inc'd date. One example is HSBC/Northern Tool when you do there online app they use a computer system for auto approval or denial and on my D&B file they have listed my file start date of 2007 even though I inc'd in 2009 but it started when I was a sole prop. The inc date is on the report correctly and that is what HSBC wants is two years inc'd but I think when the system pulls the info it takes that date. My buddy got approved that way also with a similar file. And I'm sure other places may pull it the same way.

[cleanmaster]

Am going to apply for ford... I will let you guys know what happens

[jessicarabbit206]

Good post to show that credit is still available! Looks like they mainly went off age because your file is rather thin, but congrats!!

 

Thanks, I'm workin' on it!

[alpha12]

Good post to show that credit is still available! Looks like they mainly went off age because your file is rather thin, but congrats!!

 

Thanks, I'm workin' on it!

 

 

Good job!! Truly an Inspiration

[alpha12]

Thats a little tricky but I have noticed places that require a certain time in business if they use a automated system to process your app you may be able to get around it if your business credit file goes back before your inc'd date. One example is HSBC/Northern Tool when you do there online app they use a computer system for auto approval or denial and on my D&B file they have listed my file start date of 2007 even though I inc'd in 2009 but it started when I was a sole prop. The inc date is on the report correctly and that is what HSBC wants is two years inc'd but I think when the system pulls the info it takes that date. My buddy got approved that way also with a similar file. And I'm sure other places may pull it the same way.

 

 

Sounds like good advice to me! Thanks, so they pull when your file is created, HSBC? Not necessarily when you Inc'd if I'm correct in what your stating..

[BRBiz]

Thats a little tricky but I have noticed places that require a certain time in business if they use a automated system to process your app you may be able to get around it if your business credit file goes back before your inc'd date. One example is HSBC/Northern Tool when you do there online app they use a computer system for auto approval or denial and on my D&B file they have listed my file start date of 2007 even though I inc'd in 2009 but it started when I was a sole prop. The inc date is on the report correctly and that is what HSBC wants is two years inc'd but I think when the system pulls the info it takes that date. My buddy got approved that way also with a similar file. And I'm sure other places may pull it the same way.

 

 

Sounds like good advice to me! Thanks, so they pull when your file is created, HSBC? Not necessarily when you Inc'd if I'm correct in what your stating..

 

Yes, it may just be a glitch in there system but I always put my business start date not my inc since that is when I really started doing business.

[Valu Muzik LLC]

I am curious to know which specific Ford Dealer you guys were successful with since I have been trying to finance a vehicle here in LA for a few weeks and all the dealers have been hostile so far including the Ford dealers. I have a 80 Paydex score and been in business since 1996. Incorporated in 2007. Everyone is asking for PG and 3 years audited tax returns for the business

[cleanmaster]

I wish I could help.. I tried ford with no luck.. am in LA as well. am still looking. Man if i could start a car dealership. and finance people with new corps as long as they had a paydex.. with a small down payment. you could clean up. i really need a truck. for my commercial cleaning business. and am having a hard time. getting one

[BRBiz]

I wish I could help.. I tried ford with no luck.. am in LA as well. am still looking. Man if i could start a car dealership. and finance people with new corps as long as they had a paydex.. with a small down payment. you could clean up. i really need a truck. for my commercial cleaning business. and am having a hard time. getting one

 

You would be out of business in about two months!

[cleanmaster]

I should have said just the people here on the board.. I think people that are trying to build credit, wont want to mess up the business credit. so they would pay. i would report to both dnb and experian. yes its a risk, but hell being in business for your self is risk!

[BRBiz]

90% of small businesses fail within the first two years. That is very high risk! Once you get past the two year thing you should be good, thats why so many like to see young business in business for atleast two years.

[Panhead]

has anyone tried gmac? i tried a few months ago and got shut down, if you call one of there business choice dealers get a hold of a salesman and tell them to fax u over a business app, usually theyll send u and old gmac app with a "tax id or ss" box, put the tax id in (obviously). been llc since sept 09 only had 3 reporting with an 80 paydex, said i need to be in business another year or pg it to get them to even look at it....