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The new guide to establish business credit.

Business Credit How to DNB PG

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378 replies to this topic

#76 stroked89coupe

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Posted 26 January 2012 - 09:18 PM


FWIW I applied when I was at the half way mark of what is currently in my sig and both demanded a credit card on file with 90 days of shipping history... I said no thanks!!!!



I have a question, do you have a rating with DNB? Did you submit all of your financial information to DNB?



As in rating... What do you mean? Like a paydex? If so then yes usually everyone has a paydex after about 3-5 trades report. The thing is I can not see my paydex but I know I have one because dnb told me I did when they called me and were trying to sell me something. I have never and will never submit any financial statements to dnb.

Hope that helps



#77 stroked89coupe

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Posted 26 January 2012 - 09:24 PM

This is an incredible list! Thank you so much for writing this out.

Does anyone have any experience with obtaining credit for a virtual business? I run my business from home but also have office space in San Francisco.


No problem! I'm glad it has helped so many people out! As far as the virtural business that's pretty much the same as doing it for a home based or commercial business. Your just going to have to pick an address you want to use and stick with for a while. Once credit is estiblished you can always change the address that is on file with every one.

But really there is no difference in the way things should be done in your case. Endless I mis understood something you were trying to say.

#78 Nocturnal

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Posted 26 January 2012 - 09:27 PM



FWIW I applied when I was at the half way mark of what is currently in my sig and both demanded a credit card on file with 90 days of shipping history... I said no thanks!!!!



I have a question, do you have a rating with DNB? Did you submit all of your financial information to DNB?



As in rating... What do you mean? Like a paydex? If so then yes usually everyone has a paydex after about 3-5 trades report. The thing is I can not see my paydex but I know I have one because dnb told me I did when they called me and were trying to sell me something. I have never and will never submit any financial statements to dnb.

Hope that helps

Thanks! I signed up for the DNBi self monitoring a while back and about a few days later received a phone call from a sales person trying to sell me the credit builder. The person basically said I have to go through a background check and verify all of this information and that I won't have a paydex or rating until I do that. I told the person I'd try my best to get around to doing it but could not do it right now.

I then started to search on the forums and it appears that some people do get a rating of their business after sending in financial information but that meant sending in prior years tax returns and various accounting information.

But it seems that you have had great success without the majority of that stuff they were talking about. That is all :)



#79 stroked89coupe

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Posted 27 January 2012 - 10:39 PM

Yeah buddy..... Don't buy anything from DNB. Purchasing reports from EQ or EX would be much more worth while than DNB. You can see all you need to for free through DNB. I will NEVER send anything to DNB regarding financials. To be quite honest the only person who would have any business seeing those would be a loan officer...... :)

#80 Ismail

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Posted 30 January 2012 - 09:26 PM

i did not know that you can get Net 30 days credit with the following companies to build your business history and payments with D&B. Let me know which one is true???

Jiffy Lube afleet
Wright express
Pep Boys Fleet
Lowes
Staples
Office depot.


Are these done after you established your paydex score 80 with DNB OR before that to build your credit??

Thanks in advance!!!

#81 stroked89coupe

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Posted 30 January 2012 - 11:22 PM

i did not know that you can get Net 30 days credit with the following companies to build your business history and payments with D&B. Let me know which one is true???

Jiffy Lube afleet
Wright express
Pep Boys Fleet
Lowes
Staples
Office depot.


Are these done after you established your paydex score 80 with DNB OR before that to build your credit??

Thanks in advance!!!



Jiffy lube, Wright Express and Pep Boys Fleet are all underwritted by the same company... Which is Wright Express. I got my first 500 jiffy lube gas card through wex after I had Quill,Gemplers and grainger reporting right at 100 each on DNB (65.00 purchases report as 100.00) Three months later I got a card branded just by WEX in the amount of 1500.00


So to answer your question.... You would likley have to have at least what I stated above reporting on DNB to be approved for a gas card. But a paydex may not be required. You results may vary.


Right now you and anyone else with limited business credit history need to shoot for a gas card. They open up a LOT of DOORS leading to future REVOLVING credit (The stuff everyone wants).


The trades listed in my signature were obtained ''first to last'' in the order of ''Left to Right'' under each catagory ''Net 30's'' and ''Revolving Accounts''


Go in THAT order and you should be able to make some progress.

Edited by stroked89coupe, 30 January 2012 - 11:26 PM.


#82 Ismail

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Posted 31 January 2012 - 09:36 PM

Thanks A lot!!!


Wright express
Pep Boys Fleet
Lowes
Staples
Office depot.


Are these done after you established your paydex score 80 with DNB OR before that to build your credit??

Thanks in advance!!!
[/quote]


Jiffy lube, Wright Express and Pep Boys Fleet are all underwritted by the same company... Which is Wright Express. I got my first 500 jiffy lube gas card through wex after I had Quill,Gemplers and grainger reporting right at 100 each on DNB (65.00 purchases report as 100.00) Three months later I got a card branded just by WEX in the amount of 1500.00


So to answer your question.... You would likley have to have at least what I stated above reporting on DNB to be approved for a gas card. But a paydex may not be required. You results may vary.


Right now you and anyone else with limited business credit history need to shoot for a gas card. They open up a LOT of DOORS leading to future REVOLVING credit (The stuff everyone wants).


The trades listed in my signature were obtained ''first to last'' in the order of ''Left to Right'' under each catagory ''Net 30's'' and ''Revolving Accounts''


Go in THAT order and you should be able to make some progress.
[/quote]

#83 President Skroob

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Posted 05 February 2012 - 10:55 PM


Hello everyone I have a question.

Can you explain to me about what I should do regarding phone lines and addresses? Like can I use my cell phone and my apartment, or do I need to use like att business phone line and like a UPS Store address? What is the best way to go? My business is an internet business pretty much. Please let me know because I want to do the right thing before printing up my business cards and flyers.

Thanks


I would get a business phone number with either ATT/Verizon/Sprint. Get the basic service. The good thing is that they will report your payments to DNB and your business will be listed in 411 which most vendors/creditors want to see. It's okay to use your apartment address but make sure you use suite # instead or apartment. If your budget is right, get a PO box and this will be your mailing address. I don't that these steps are the best way to go, however this is what worked for me. Good luck.



My business phone line is with Vonage - does that help me at all?

#84 stroked89coupe

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Posted 06 February 2012 - 08:58 AM

It would be helpfull to sign up with some kind of information source, Such as 411 yellow pages ect. What this will do is speed up the process of getting ''Listed''. By doing it this way you should be good in about 2 or 3 months.


Try searching for your business with 411. http://www.411.com/





Being listed is not as important as it once was and has really no impact on obtaining credit, but should be something every business does.

#85 Nocturnal

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Posted 21 February 2012 - 05:05 PM

Just received word from idnb self monitor that I have hit a paydex of 80. I have 3 reports now. It looks like the latest was a cash instance and I believe it was from my order with ULine.

Also got the Wright Express net 30 card so that should start reporting I hope soon. I am looking to get at least 5 before I do anything else major.

#86 stroked89coupe

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Posted 21 February 2012 - 08:35 PM

Awesome! Wex took about 2 months to report. But it WILL show up! Keep us updated.

#87 Nocturnal

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Posted 22 February 2012 - 09:04 PM

Hey stroked, do you know what cash handling is when it is reported to DNB as opposed to a service like telecommunications etc?

#88 Nocturnal

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Posted 22 February 2012 - 09:36 PM

Hey Stroked, another quick Q, you said you saw a different reference code when you applied for Amazon, what in particular was different? I just applied for net 30 and received a nabxxx code. Good or bad?

#89 stroked89coupe

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Posted 23 February 2012 - 10:22 PM

Hey stroked, do you know what cash handling is when it is reported to DNB as opposed to a service like telecommunications etc?



A cash experience? Usually that means that you were not extended credit, But bought something from someone who reports to dnb. So they reported your transaction with them. I have one or two myself. They don't seem to give any additional specific info other than what you are seeing.

#90 stroked89coupe

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Posted 23 February 2012 - 10:25 PM

Hey Stroked, another quick Q, you said you saw a different reference code when you applied for Amazon, what in particular was different? I just applied for net 30 and received a nabxxx code. Good or bad?



Sure,


I did see a different refrence code and don't remember quite what was different about it. But It was different than what everyone else was seeing. If that helps lol. I don't remember it being like your's. Call in to get a decision on it though. And let us know how it turns out. If you need anything else feel free to let me know.

#91 RepoMan31

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Posted 24 February 2012 - 08:14 AM

Stroked89Coupe:::: Hi, I am new on here and trying my best to learn from all of you experienced pros but I still have alot of questions and I was wandering if its possible to be able to speak to you directly in some form or fashion so that i may pick your brain so to speak. If that is possible please let me know because you seem to be well versed in this matter. Thanks, RepoMan31

#92 stroked89coupe

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Posted 24 February 2012 - 10:26 AM

Sure shoot me a PM or Private Message

#93 beekrock

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Posted 12 March 2012 - 06:03 PM

Do any of you guys have links to these Net 30 account applications? I can't seem to find any. :search:


Stroked- I know you mentioned that you will never PG any business accounts, but what if one was to PG several revolving accounts right off the bat? Could you use those accounts to establish instant credit and secure other non-PG revolving accounts and then close the PGed ones?

On an unrelated note, I saw you have both a Lowes Accounts Receivable card AND a revolving store card. You have one listed as a Net 30 and one as revolving in your signature. Is one card easier to get than the other? I just filled out an app for one of those, but I forget which one since I thought they were both revolving.

#94 New School

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Posted 13 March 2012 - 02:00 PM

Thanks for the updated info Stroked.... I kind of figured things would change since i first started looking into Biz credit back in 2007 .... only thing i'm wondering is are people still using virtual offices because i remember there was a time that creditors were looking out for those and mailbox etc./ups box users and "red flagging" applicants ... last thing i heard was it was best to just use your home address ...

also ... anyone still using "virtual phone numbers" as main numbers to list in 411 ... you know like the VOIP type phones .... i was thinking about magicjack ...


thanks again for this post you're awesome :)

#95 stroked89coupe

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Posted 13 March 2012 - 08:14 PM

Do any of you guys have links to these Net 30 account applications? I can't seem to find any. :search:


Stroked- I know you mentioned that you will never PG any business accounts, but what if one was to PG several revolving accounts right off the bat? Could you use those accounts to establish instant credit and secure other non-PG revolving accounts and then close the PGed ones?

On an unrelated note, I saw you have both a Lowes Accounts Receivable card AND a revolving store card. You have one listed as a Net 30 and one as revolving in your signature. Is one card easier to get than the other? I just filled out an app for one of those, but I forget which one since I thought they were both revolving.


It's possible that would work as long as it reports as it should. I'm not firmiliar with how anything that is PG'd reports. I actually both of the cards at the same time. I reconed the limit on both of them from 500 to 1500 also.



What applications were you looking for specifically?

#96 stroked89coupe

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Posted 13 March 2012 - 08:18 PM

Thanks for the updated info Stroked.... I kind of figured things would change since i first started looking into Biz credit back in 2007 .... only thing i'm wondering is are people still using virtual offices because i remember there was a time that creditors were looking out for those and mailbox etc./ups box users and "red flagging" applicants ... last thing i heard was it was best to just use your home address ...

also ... anyone still using "virtual phone numbers" as main numbers to list in 411 ... you know like the VOIP type phones .... i was thinking about magicjack ...


thanks again for this post you're awesome :)



I don't think there would be any issues using any kind of address to be honest. Personally I have used my home address. So I can say that for sure works. The VOIP phone will work just the same as a cell phone. Just put that voip number out there the same way I described and you will have no issues.

#97 beekrock

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Posted 13 March 2012 - 10:18 PM


Do any of you guys have links to these Net 30 account applications? I can't seem to find any. :search:


Stroked- I know you mentioned that you will never PG any business accounts, but what if one was to PG several revolving accounts right off the bat? Could you use those accounts to establish instant credit and secure other non-PG revolving accounts and then close the PGed ones?

On an unrelated note, I saw you have both a Lowes Accounts Receivable card AND a revolving store card. You have one listed as a Net 30 and one as revolving in your signature. Is one card easier to get than the other? I just filled out an app for one of those, but I forget which one since I thought they were both revolving.


It's possible that would work as long as it reports as it should. I'm not firmiliar with how anything that is PG'd reports. I actually both of the cards at the same time. I reconed the limit on both of them from 500 to 1500 also.



What applications were you looking for specifically?




It seems like every company's website has credit cards available, but there is never any mention of Net 30 accounts. Are the credit cards that are due in full each month considered Net 30? I went into Home Depot the other day and asked their credit counter clerk if they offer Net 30 and the chick looked at me like as though I asked her a question on quantum theory. I explained to her what it was and how it worked and she said that they've never offered anything like that (yet they offer a paid-in-full-each-month card).



About the Lowes cards -- I don't have a Paydex score yet. Should I try to apply for both cards?


This is by far the most informative biz cred thread ever created! Thanks so much for making/maintaining it. You should write a book!

#98 stroked89coupe

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Posted 14 March 2012 - 10:11 PM



Do any of you guys have links to these Net 30 account applications? I can't seem to find any. :search:


Stroked- I know you mentioned that you will never PG any business accounts, but what if one was to PG several revolving accounts right off the bat? Could you use those accounts to establish instant credit and secure other non-PG revolving accounts and then close the PGed ones?

On an unrelated note, I saw you have both a Lowes Accounts Receivable card AND a revolving store card. You have one listed as a Net 30 and one as revolving in your signature. Is one card easier to get than the other? I just filled out an app for one of those, but I forget which one since I thought they were both revolving.


It's possible that would work as long as it reports as it should. I'm not firmiliar with how anything that is PG'd reports. I actually both of the cards at the same time. I reconed the limit on both of them from 500 to 1500 also.



What applications were you looking for specifically?




It seems like every company's website has credit cards available, but there is never any mention of Net 30 accounts. Are the credit cards that are due in full each month considered Net 30? I went into Home Depot the other day and asked their credit counter clerk if they offer Net 30 and the chick looked at me like as though I asked her a question on quantum theory. I explained to her what it was and how it worked and she said that they've never offered anything like that (yet they offer a paid-in-full-each-month card).



About the Lowes cards -- I don't have a Paydex score yet. Should I try to apply for both cards?


This is by far the most informative biz cred thread ever created! Thanks so much for making/maintaining it. You should write a book!


There is a reason that lady is being paid 7.85 an hour. And it's not to be informative.

Any account that is due in full monthly is considered a net 30 account in out book. Several company's have different term amounts. For instance a local chemical supply store only offers net 15 terms. And I have heard on here that a fuel company ( maybe Valero) on here offers similar less than net 30 terms. Some people may not be firmilliar with net accounts but any account that is due in full is a net account wether it is net 14,15,30 or some other term amount.

A lot of time you can get these company's to pull different reports. Dnb is a weak report for us. We have a paydex but we only have about 6 trades reporting and most of them are 100 and under. Experian and equifax on the other hand usually show everything dnb does plus all of the revolving accounts. I have asked citi and ge to pull another report after being denied by what was in dnb. What's your files look like? Trade amounts and how many reporting on each? Length of time in business? You can always try and apply. Having a denial is not near as credit impacting score wise in the business world as it is in the personal credit world. I'm glad this thread has helped you some. If there is anything I can continue to help you with I'd be glad to do so.

#99 beekrock

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Posted 15 March 2012 - 09:51 AM

Thanks, Stroked. I've had my company for over 4 years, but my business credit is still in its infancy. I applied for several Net 30s this past week, so hopefully I have some new account soon. Right now I only have Quill.

BTW, does it have an impact either way how much a company reports each month? For example, is it better for credit building purposes if Grainger were to be reporting $1000 than just $100? I realize that you'd be spending more, but is it better for your Paydex or when you're applying for revolving accounts?

#100 BENJAMINH98

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Posted 15 March 2012 - 05:45 PM

I noticed that you wrote that you couldn't get Uline in the beginning, but Quill was fairly easy.

I found the exact opposite to be true. Uline gave me Net terms immediately, but Quill is asking for 90 days of prepay.

Grainger also was very easy.





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