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The new guide to establish business credit.

Business Credit How to DNB PG

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#1 stroked89coupe

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Posted 03 October 2011 - 08:36 PM

Updated: 04/16/2013
 

This is what worked for me. Use it only as a guide. I think it can really help people that want to know the general process of how things work in the ''new age'' of establishing business credit.

 

Ok if you want to get some business credit it's NOT going to be instant. If you look in my signature where it lists my trades you can see exactly how much I have and who has extended me credit. Starting from the top. Left to right. Is the order they were obtained. So you can look at it as ''Easiest'' to Hardest'' if your just starting out.

 

The first thing you need to do is sign up with google places using your business name and information.. 411 directory. White pages online. Yellow pages online. Superpages online. And any other directory you can find. It's hard to get listed with 411 but it's a must if you want credit. A lot of times before businesses will extend credit they will verify the business information by searching for the phone number on 411. Getting listed on 411 will take a cupple of months. Unfortunatly thats just how long it takes. 411 Get's their information from other ''Sources'' as well as accepting submissions through their own site.. By signing up for everything above it will not only help you get listed quicker but it will help you receive more business when people search for ''Towing company's'' ect. Trust me. The phone will start ringing off of the hook.

Next. Sign up with DNB. https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm;jsessionid=3F4AA5AD50A26625D629DEC76E03D8EB.app2  DNB can automaticly create a file for you if you have been in business for a while (Similiar to how 411 works, You don't have to actually sign up with them but you can still get listed. (Just takes longer). It's best if you sign up with DNB before they create a file for you. If they create a file with incorrect owner information it may be hard for you to get in at that time because you won't be able to ''verify'' the correct information they have on file, Which may be incorrect.

 

DNB has a credit file for your business and reports ''Trade lines'' (Net 30's, Net 7's, Some revolving,Net 14's ect) and your payment history from company's that CHOOSE to report to DNB. DNB mainly handles NET accounts. Revolving accounts are usually reported to Experian or Equifax . These are the only 3 business credit reorting agencies that you need to worry about.
DNB is FREE! DNB is FREE! I can sign on and look at my payment history, Change company information and dispute tradlies that are not mine (Happens occasionally. If they are reporting good leave them. If they are derogatory dispute them) at any time through IUPDATE. DNB will call you every month or after you sign on through IUPDATE and try to tell you that you have to buy a credit package from them for you to get any credit ect. WRONG! They will tell you that 14 business have tried accessed your credit file but enless you have this package they won't be able access your file.You won't realize it at first but almost every time they call you they will be attempting to sell yo something. You won't realize it untill after they are talking with you for a cupple of minutes. Do yourself a favor and simply ask them to take you off of their calling list. If not expect to hear from them at least once a month or everytime you check your file on DNB. They will lie to your face and try to sell you the shoes you walked in the door with. I am fine with selling things, but not lying in an attempt to sell things.

 

With the old E-Update (Before they changed it to IUPDATE) you had to call in to get access to be able to login online to view anything. If this is still the case AGAIN they will try to say that you have to buy a credit package to be able to veiw anything about your company through IUPDATE. Tell them as many times as it takes.... "' No thanks I'd jut like access to IUPDATE''. DNB gives sales people a bad rap. They will lie to your face. They will probably tell you it can't be done anymore without paying for one of their packages. If you can't get anywhere call back and talk to someone else.

 

Next you can start calling the companys listed in my signature. Again starting from left to right. Some will ask to pre-pay for 90 days .You may be able to get your credit file going quicker if they do give you the prepay option and you decide to take it. Some won't ask at all. I choose not to prepay for those that asked. Which was ULINE. Grainger is one of the easiest accounts to get. You can usually get it as long as you are listed with the Secratary of State. Even if you don't have any other business credit. Usually they will start you off with a 1000.00 Credit line. It's best to place an order of about 75.00 or above that way it reports as 100.00 (It's usually rounded up). 50.00 trade lines are ok but 100's or above look better. Don't buy stuff you don't need enless you just have that money to waste. Some companys take months to report. Some take weeks.

 

Grainger and quill are the quickest to report (Out of thetrade lines that I have). They usually report within weeks. Some of the trades in my signature ask for a DNB number and some do not. They can find you on DNB even if you don't give them one by simply searching using their software. The company's in my signature are company's that I know of that REPORT to DNB with the EXCEPTION of global industrial and Pep boys (Does not report) and ULINE (Which does report but they asked me to pre-pay for 90 days and I said no thanks). A lot of other companys offer NET accounts but don't report. Usually those are smaller company's.

 

Once you start viewing your report online you will have a good idea on whats going on and when you can move to the next step. I try to order from everyone about every 2-3 months. That way the information stays current. I did this especially when I first started up. The trades will stay on your DNB report for about two years with no activity. So that means really you only need to order once from any giving company that does report to DNB. DNB will refresh the info listed on your report with any new info reported by creditors. So if you purchase 1000.00 from quill and then two months down the road you purchase a small 50.00 order, that 50.00 order will soon replace the 1000.00 trade amount that is being reported. Not good when trying to build credit.

 

 
And for anyone wondering, I never had over 100.00 trades reporting when building business credit in the initial stages. My higest cl on DNB was 250 (but showed 750 because there were three 250 trades stacked because they reported under the same catagory to DNB but were infact three different trades.) So if someone tells you that you have to make sure that 1 and 2 thousand dollar trades are reporting then come tell them to read this thread.
And for those of you wondering about Experian and Equifax CRA's that I mentioned earlier (The only other two major business CRA's out there) there's a little trick on checking your progress with them. Experian no longer shows the number of trades the business has and now only shows if the business has one or more trade lines and does not give a specific number. Equifax still shows the business info and how many trades are currently reporting.
Once you actually have a file with them you know you are on the right path.

Experian - http://sbcr.experian...Bbusrep_marquee

Equifax - http://www.equifax.c...it-report/en_sb

Any questions about ANYTHING? Post up here and let me know! I will be more than happy to help. 


Edited by stroked89coupe, 12 November 2013 - 09:18 AM.




#2 corpcreditn

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Posted 03 October 2011 - 11:31 PM

Nice work ! This is a great start for eveybody that is serious about building their business credit...

#3 FCRAfun

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Posted 04 October 2011 - 12:53 AM

Great new post! It's so important to take the baby steps when starting with a new company. Document everything, being well organized will help you for life!

#4 DadofThree

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Posted 04 October 2011 - 07:22 PM

Great new post as I help my brother grow his business credit.

He has been in business for a little over a year now. I went thru your list in the first post. The following have been done already...

Signed up and now have his D-U-N-S number


I checked and his business is already listed on the following sites

Google Places, 411, Whitepages.com, Superpages.com



So my reading and research will continue tomorrow evening. But I must say looking at the D&B file we were shocked. Only 2 tradelines listed and very very low credit :( . That is why we are trying to reasearch and learn. We pay out roughly $20,000 to $25,000 a month to our vendors and there not even listed :cry2: . Hoping to change all that... Thanks for the thread!!!! Gotta love CB



.

#5 stroked89coupe

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Posted 04 October 2011 - 08:07 PM

Glad it could help some of you.


DadofThree. If it makes you feel any better. Every one on my DNB is 100.00 or under (One is 50.00 that is actually not even mine. But it's in good standing so i'm not going to dispute it) with the exception of two. Which are not above 750.00



It can still be done with 100.00 and under credit lines on DNB!!!

#6 alplouis

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Posted 06 October 2011 - 09:53 AM

This is what worked for me. Use it only as a guide. I think it can really help people that want to know the general process of how things work in the ''new age'' of establishing business credit.



Ok if you want to get some business credit it's NOT going to be instant. If you look in my signature where it lists my trades you can see exactly how much I have and who has extended me credit. Starting from the top. Left to right. Is the order they were obtained. So you can look at it as ''Easiest'' to Hardest'' if your just starting out.


The first thing you need to do is sign up with google places using your business name and information.. 411 directory. White pages online. Yellow pages online. Superpages online. And any other directory you can find. It's hard to get listed with 411 but it's a must if you want credit. A lot of times before businesses will extend credit they will verify the business information by searching for the phone number on 411. Getting listed on 411 will take a cupple of months. Unfortunatly thats just how long it takes. 411 Get's their information from other ''Sources'' as well as accepting submissions through their own site.. By signing up for everything above it will not only help you get listed quicker but it will help you receive more business when people search for ''Towing company's'' ect. Trust me. The phone will start ringing off of the hook.

Next. Sign up with DNB. https://iupdate.dnb....okup.htm</span> DNB can automaticly create a file for you if you have been in business for a while (Similiar to how 411 works, You don't have to actually sign up with them but you can still get listed. (Just takes longer). It's best if you sign up with DNB before they create a file for you. If they create a file with incorrect owner information it may be hard for you to get in at that time because you won't be able to ''verify'' the correct information they have on file, Which may be incorrect.


DNB has a credit file for your business and reports ''Trade lines'' (Net 30's, Net 7's, Net 14's ect) and your payment history from company's that CHOOSE to report to DNB. DNB only handles NET accounts. Revolving accounts are usually reported to Experian or Equifax. These are the only 3 business credit reorting agencies that you need to worry about.


DNB is FREE! DNB is FREE! I can sign on and look at my payment history, Change company information and dispute tradlies that are not mine (Happens occasionally. If they are reporting good leave them. If they are derogatory dispute them) at any time through IUPDATE. DNB will call you every month or after you sign on through IUPDATE and try to tell you that you have to buy a credit package from them for you to get any credit ect. WRONG! They will tell you that 14 people have accessed your credit file but enless you have this package they won't be able access your file.You won't realize it at first but almost every time they call you they will be attempting to sell yo something. You won't realize it untill after they are talking with you for a cupple of minutes.


With the old E-Update (Before they changed it to IUPDATE) you had to call in to get access to be able to login online to view anything. If this is still the case AGAIN they will try to say that you have to buy a credit package to be able to veiw anything about your company through IUPDATE. Tell them as many times as it takes.... "' No thanks I'd jut like access to IUPDATE''. DNB gives sales people a bad rap. They will lie to your face. They will probably tell you it can't be done anymore without paying for one of their packages. If you can't get anywhere call back and talk to someone else.


Next you can start calling the companys listed in my signature. Again starting from left to right. Some will ask to pre-pay for 90 days .You may be able to get your credit file going quicker if they do give you the prepay option and you decide to take it. Some won't ask at all. I choose not to prepay for those that asked. Which was ULINE. Grainger is one of the easiest accounts to get. You can usually get it as long as you are listed with the Secratary of State. Even if you don't have any other business credit. Usually they will start you off with a 1000.00 Credit line. It's best to place an order of about 75.00 or above that way it reports as 100.00 (It's usually rounded up). 50.00 trade lines are ok but 100's or above look better. Don't buy stuff you don't need enless you just have that money to waste. Some companys take months to report. Some take weeks.

Grainger and quill are the quickest to report (Out of thetrade lines that I have). they usually report within weeks. Most everyone in my signature asks for a DNB number. They can find you on DNB even if you don't give them one by simply searching using their software. The company's in my signature are company's that I know of that REPORT to DNB with the EXCEPTION of global industrial and Pep boys (Does not report) and ULINE (Which does report but they asked me to pre-pay for 90 days and I said no thanks). A lot of other companys offer NET accounts but don't report. Some other companys that DO report but are not listed in my signature are....( I still can't get these because of certain unknown reasons)

Ikea
Office Depot

Once you start viewing your report online you will have a good idea on whats going on and when you can move to the next step. I try to order from everyone about every 2-3 months. That way the information stays current. I did this especially when I first started up.


And for those of you wondering about Experian and Equifax CRA's that I mentioned earlier (The only other two major business CRA's out there) there's a little trick on checking your progress with them. Both of these CRA's automaticly made a file for me by getting information through their ''sources'' this happend even before any trades started reporting. If you want to check to see how many trades you have reporting on EX or EQ you can simply search for your business and it will show you. Once you actually have a file with them you know you are on the right path.

Experian - http://www.experian....dit.jsp?mlt=bca

Equifax - http://www.equifax.c...ness/home/en_sb



Any questions about ANYTHING? Post up here and let me know!


Good information. However, you did mentioned anything about uploading financials to dnb. Have you done that yet? This could be critical step towards trying to get larger credit lines with bigger vendors.

#7 stroked89coupe

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Posted 06 October 2011 - 01:39 PM


This is what worked for me. Use it only as a guide. I think it can really help people that want to know the general process of how things work in the ''new age'' of establishing business credit.



Ok if you want to get some business credit it's NOT going to be instant. If you look in my signature where it lists my trades you can see exactly how much I have and who has extended me credit. Starting from the top. Left to right. Is the order they were obtained. So you can look at it as ''Easiest'' to Hardest'' if your just starting out.


The first thing you need to do is sign up with google places using your business name and information.. 411 directory. White pages online. Yellow pages online. Superpages online. And any other directory you can find. It's hard to get listed with 411 but it's a must if you want credit. A lot of times before businesses will extend credit they will verify the business information by searching for the phone number on 411. Getting listed on 411 will take a cupple of months. Unfortunatly thats just how long it takes. 411 Get's their information from other ''Sources'' as well as accepting submissions through their own site.. By signing up for everything above it will not only help you get listed quicker but it will help you receive more business when people search for ''Towing company's'' ect. Trust me. The phone will start ringing off of the hook.

Next. Sign up with DNB. https://iupdate.dnb....okup.htm</span> DNB can automaticly create a file for you if you have been in business for a while (Similiar to how 411 works, You don't have to actually sign up with them but you can still get listed. (Just takes longer). It's best if you sign up with DNB before they create a file for you. If they create a file with incorrect owner information it may be hard for you to get in at that time because you won't be able to ''verify'' the correct information they have on file, Which may be incorrect.


DNB has a credit file for your business and reports ''Trade lines'' (Net 30's, Net 7's, Net 14's ect) and your payment history from company's that CHOOSE to report to DNB. DNB only handles NET accounts. Revolving accounts are usually reported to Experian or Equifax. These are the only 3 business credit reorting agencies that you need to worry about.


DNB is FREE! DNB is FREE! I can sign on and look at my payment history, Change company information and dispute tradlies that are not mine (Happens occasionally. If they are reporting good leave them. If they are derogatory dispute them) at any time through IUPDATE. DNB will call you every month or after you sign on through IUPDATE and try to tell you that you have to buy a credit package from them for you to get any credit ect. WRONG! They will tell you that 14 people have accessed your credit file but enless you have this package they won't be able access your file.You won't realize it at first but almost every time they call you they will be attempting to sell yo something. You won't realize it untill after they are talking with you for a cupple of minutes.


With the old E-Update (Before they changed it to IUPDATE) you had to call in to get access to be able to login online to view anything. If this is still the case AGAIN they will try to say that you have to buy a credit package to be able to veiw anything about your company through IUPDATE. Tell them as many times as it takes.... "' No thanks I'd jut like access to IUPDATE''. DNB gives sales people a bad rap. They will lie to your face. They will probably tell you it can't be done anymore without paying for one of their packages. If you can't get anywhere call back and talk to someone else.


Next you can start calling the companys listed in my signature. Again starting from left to right. Some will ask to pre-pay for 90 days .You may be able to get your credit file going quicker if they do give you the prepay option and you decide to take it. Some won't ask at all. I choose not to prepay for those that asked. Which was ULINE. Grainger is one of the easiest accounts to get. You can usually get it as long as you are listed with the Secratary of State. Even if you don't have any other business credit. Usually they will start you off with a 1000.00 Credit line. It's best to place an order of about 75.00 or above that way it reports as 100.00 (It's usually rounded up). 50.00 trade lines are ok but 100's or above look better. Don't buy stuff you don't need enless you just have that money to waste. Some companys take months to report. Some take weeks.

Grainger and quill are the quickest to report (Out of thetrade lines that I have). they usually report within weeks. Most everyone in my signature asks for a DNB number. They can find you on DNB even if you don't give them one by simply searching using their software. The company's in my signature are company's that I know of that REPORT to DNB with the EXCEPTION of global industrial and Pep boys (Does not report) and ULINE (Which does report but they asked me to pre-pay for 90 days and I said no thanks). A lot of other companys offer NET accounts but don't report. Some other companys that DO report but are not listed in my signature are....( I still can't get these because of certain unknown reasons)

Ikea
Office Depot

Once you start viewing your report online you will have a good idea on whats going on and when you can move to the next step. I try to order from everyone about every 2-3 months. That way the information stays current. I did this especially when I first started up.


And for those of you wondering about Experian and Equifax CRA's that I mentioned earlier (The only other two major business CRA's out there) there's a little trick on checking your progress with them. Both of these CRA's automaticly made a file for me by getting information through their ''sources'' this happend even before any trades started reporting. If you want to check to see how many trades you have reporting on EX or EQ you can simply search for your business and it will show you. Once you actually have a file with them you know you are on the right path.

Experian - http://www.experian....dit.jsp?mlt=bca

Equifax - http://www.equifax.c...ness/home/en_sb



Any questions about ANYTHING? Post up here and let me know!


Good information. However, you did mentioned anything about uploading financials to dnb. Have you done that yet? This could be critical step towards trying to get larger credit lines with bigger vendors.



I agree. But have not done so yet.

#8 alplouis

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Posted 10 October 2011 - 10:25 AM



This is what worked for me. Use it only as a guide. I think it can really help people that want to know the general process of how things work in the ''new age'' of establishing business credit.



Ok if you want to get some business credit it's NOT going to be instant. If you look in my signature where it lists my trades you can see exactly how much I have and who has extended me credit. Starting from the top. Left to right. Is the order they were obtained. So you can look at it as ''Easiest'' to Hardest'' if your just starting out.


The first thing you need to do is sign up with google places using your business name and information.. 411 directory. White pages online. Yellow pages online. Superpages online. And any other directory you can find. It's hard to get listed with 411 but it's a must if you want credit. A lot of times before businesses will extend credit they will verify the business information by searching for the phone number on 411. Getting listed on 411 will take a cupple of months. Unfortunatly thats just how long it takes. 411 Get's their information from other ''Sources'' as well as accepting submissions through their own site.. By signing up for everything above it will not only help you get listed quicker but it will help you receive more business when people search for ''Towing company's'' ect. Trust me. The phone will start ringing off of the hook.

Next. Sign up with DNB. https://iupdate.dnb....okup.htm</span> DNB can automaticly create a file for you if you have been in business for a while (Similiar to how 411 works, You don't have to actually sign up with them but you can still get listed. (Just takes longer). It's best if you sign up with DNB before they create a file for you. If they create a file with incorrect owner information it may be hard for you to get in at that time because you won't be able to ''verify'' the correct information they have on file, Which may be incorrect.


DNB has a credit file for your business and reports ''Trade lines'' (Net 30's, Net 7's, Net 14's ect) and your payment history from company's that CHOOSE to report to DNB. DNB only handles NET accounts. Revolving accounts are usually reported to Experian or Equifax. These are the only 3 business credit reorting agencies that you need to worry about.


DNB is FREE! DNB is FREE! I can sign on and look at my payment history, Change company information and dispute tradlies that are not mine (Happens occasionally. If they are reporting good leave them. If they are derogatory dispute them) at any time through IUPDATE. DNB will call you every month or after you sign on through IUPDATE and try to tell you that you have to buy a credit package from them for you to get any credit ect. WRONG! They will tell you that 14 people have accessed your credit file but enless you have this package they won't be able access your file.You won't realize it at first but almost every time they call you they will be attempting to sell yo something. You won't realize it untill after they are talking with you for a cupple of minutes.


With the old E-Update (Before they changed it to IUPDATE) you had to call in to get access to be able to login online to view anything. If this is still the case AGAIN they will try to say that you have to buy a credit package to be able to veiw anything about your company through IUPDATE. Tell them as many times as it takes.... "' No thanks I'd jut like access to IUPDATE''. DNB gives sales people a bad rap. They will lie to your face. They will probably tell you it can't be done anymore without paying for one of their packages. If you can't get anywhere call back and talk to someone else.


Next you can start calling the companys listed in my signature. Again starting from left to right. Some will ask to pre-pay for 90 days .You may be able to get your credit file going quicker if they do give you the prepay option and you decide to take it. Some won't ask at all. I choose not to prepay for those that asked. Which was ULINE. Grainger is one of the easiest accounts to get. You can usually get it as long as you are listed with the Secratary of State. Even if you don't have any other business credit. Usually they will start you off with a 1000.00 Credit line. It's best to place an order of about 75.00 or above that way it reports as 100.00 (It's usually rounded up). 50.00 trade lines are ok but 100's or above look better. Don't buy stuff you don't need enless you just have that money to waste. Some companys take months to report. Some take weeks.

Grainger and quill are the quickest to report (Out of thetrade lines that I have). they usually report within weeks. Most everyone in my signature asks for a DNB number. They can find you on DNB even if you don't give them one by simply searching using their software. The company's in my signature are company's that I know of that REPORT to DNB with the EXCEPTION of global industrial and Pep boys (Does not report) and ULINE (Which does report but they asked me to pre-pay for 90 days and I said no thanks). A lot of other companys offer NET accounts but don't report. Some other companys that DO report but are not listed in my signature are....( I still can't get these because of certain unknown reasons)

Ikea
Office Depot

Once you start viewing your report online you will have a good idea on whats going on and when you can move to the next step. I try to order from everyone about every 2-3 months. That way the information stays current. I did this especially when I first started up.


And for those of you wondering about Experian and Equifax CRA's that I mentioned earlier (The only other two major business CRA's out there) there's a little trick on checking your progress with them. Both of these CRA's automaticly made a file for me by getting information through their ''sources'' this happend even before any trades started reporting. If you want to check to see how many trades you have reporting on EX or EQ you can simply search for your business and it will show you. Once you actually have a file with them you know you are on the right path.

Experian - http://www.experian....dit.jsp?mlt=bca

Equifax - http://www.equifax.c...ness/home/en_sb



Any questions about ANYTHING? Post up here and let me know!


Good information. However, you did mentioned anything about uploading financials to dnb. Have you done that yet? This could be critical step towards trying to get larger credit lines with bigger vendors.



I agree. But have not done so yet.


Did you have to PG for the LOWES revolving account?

#9 stroked89coupe

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Posted 10 October 2011 - 10:39 AM

I will never PG anything for my business. And right now scores are in the 400's PRE filing for BK. So PG's would not even be an option for me right now. But to answer your question no.

#10 alplouis

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Posted 15 October 2011 - 09:30 AM

I will never PG anything for my business. And right now scores are in the 400's PRE filing for BK. So PG's would not even be an option for me right now. But to answer your question no.

"I will never PG anything for my business." Really? That's a BOLD statement to make. I'm not sure how much experience you have in Building Business credit or what your goals are but if your going to be applying for any Bank Cash Cards, then PG is a must.

#11 stroked89coupe

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Posted 15 October 2011 - 06:28 PM


I will never PG anything for my business. And right now scores are in the 400's PRE filing for BK. So PG's would not even be an option for me right now. But to answer your question no.

"I will never PG anything for my business." Really? That's a BOLD statement to make. I'm not sure how much experience you have in Building Business credit or what your goals are but if your going to be applying for any Bank Cash Cards, then PG is a must.


I work hard to make my current business ''Creditworthy''. I personally don't belive in mixing business credit with personal due to the liability that I may face on the personal side of things if something goes south with the business thats above and beyond my control. Thats just how I am.


Will I be able to get loans for the business without PG'ing for it? Depends on a lot of factors really but mainly on profit and loss sheets and tax returns. If you meet what they require usually you can get loans without a PG.


I may PG a vehicle that I use for the business but thats about as far as I will go. I actually know someone that got approved for ford through business only credit. Ford required bank statements and so forth and so on but he did get approved for 65,000 without a PG. It can be done is my point.



What do you mean by bank cash cards? Like debit cards or what?

Edited by stroked89coupe, 15 October 2011 - 06:30 PM.


#12 alplouis

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Posted 15 October 2011 - 07:20 PM



I will never PG anything for my business. And right now scores are in the 400's PRE filing for BK. So PG's would not even be an option for me right now. But to answer your question no.

"I will never PG anything for my business." Really? That's a BOLD statement to make. I'm not sure how much experience you have in Building Business credit or what your goals are but if your going to be applying for any Bank Cash Cards, then PG is a must.


I work hard to make my current business ''Creditworthy''. I personally don't belive in mixing business credit with personal due to the liability that I may face on the personal side of things if something goes south with the business thats above and beyond my control. Thats just how I am.


Will I be able to get loans for the business without PG'ing for it? Depends on a lot of factors really but mainly on profit and loss sheets and tax returns. If you meet what they require usually you can get loans without a PG.


I may PG a vehicle that I use for the business but thats about as far as I will go. I actually know someone that got approved for ford through business only credit. Ford required bank statements and so forth and so on but he did get approved for 65,000 without a PG. It can be done is my point.



What do you mean by bank cash cards? Like debit cards or what?



By Cash Cards I mean unsecured lines of credit from banks.

#13 alplouis

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Posted 15 October 2011 - 07:24 PM



I will never PG anything for my business. And right now scores are in the 400's PRE filing for BK. So PG's would not even be an option for me right now. But to answer your question no.

"I will never PG anything for my business." Really? That's a BOLD statement to make. I'm not sure how much experience you have in Building Business credit or what your goals are but if your going to be applying for any Bank Cash Cards, then PG is a must.


I work hard to make my current business ''Creditworthy''. I personally don't belive in mixing business credit with personal due to the liability that I may face on the personal side of things if something goes south with the business thats above and beyond my control. Thats just how I am.


Will I be able to get loans for the business without PG'ing for it? Depends on a lot of factors really but mainly on profit and loss sheets and tax returns. If you meet what they require usually you can get loans without a PG.


I may PG a vehicle that I use for the business but thats about as far as I will go. I actually know someone that got approved for ford through business only credit. Ford required bank statements and so forth and so on but he did get approved for 65,000 without a PG. It can be done is my point.



What do you mean by bank cash cards? Like debit cards or what?


You have Lowes, Amazon revolving. Did you have to PG on either?

#14 cmedia

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Posted 16 October 2011 - 02:29 AM

Alplouis, I have the Amazon and Lowes revolving and i did not PG them either. My file is similar to stroked's (in business 1 year) it can be done.

#15 stroked89coupe

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Posted 16 October 2011 - 08:12 AM

Alplouis, I have the Amazon and Lowes revolving and i did not PG them either. My file is similar to stroked's (in business 1 year) it can be done.



No PG on anything. As I've said before it would be a deal breaker if they got a hold of my SS number right now considering i'm about to file for BK this next week. I could be wrong but I imagine with the correct amount of supporting documents (Bank statements,Tax Returns,Profit and loss statements, Business plan ect) you could in fact get an unsecured loan from a bank. I'm not there yet. And I imagine all banks are different.

#16 legalhustla

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Posted 17 October 2011 - 09:58 AM

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

#17 stroked89coupe

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Posted 18 October 2011 - 10:43 AM

If you follow the steps listed in this thread with any phone you will be fine. I did all of this with a cell phone. It's more convient to be able to receive calls where ever I am. So your perfectly fine with doing it with a cell phone.


I would recomend you get a UPS Mail box that has a street address like you mentioned. I'm about to do this for the second business i'm going to start up in about 8 months. I don't want my addresses for this business that I already have to get mixed up with the business i'm going to start up.

On another positive note getting that UPS address will be a commercial address. So you will get discounted shipping rates on incoming packages. You may also be labled a higher ''risk'' by some companys for having a residential address. Which means you could be declined on some applications or not granted a real high credit limit.


You could get away with having a residential address like me (It's easier to have all of the payments come to my residence as thats usually where I invoice all of my payments.) but I would not try it with an apartment.



#18 alplouis

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Posted 18 October 2011 - 11:20 AM

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.

#19 alplouis

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Posted 18 October 2011 - 11:23 AM


Alplouis, I have the Amazon and Lowes revolving and i did not PG them either. My file is similar to stroked's (in business 1 year) it can be done.



No PG on anything. As I've said before it would be a deal breaker if they got a hold of my SS number right now considering i'm about to file for BK this next week. I could be wrong but I imagine with the correct amount of supporting documents (Bank statements,Tax Returns,Profit and loss statements, Business plan ect) you could in fact get an unsecured loan from a bank. I'm not there yet. And I imagine all banks are different.


Interesting stuff. All banks are different. Some are more lendable than others. Good to see folks contributing to the forum. I wish that more entrepreneurs would Chime in with their experiences. Let's keep that dialogue going guys.

#20 stroked89coupe

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Posted 18 October 2011 - 11:41 AM


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.


Good point about the reporting with ATT and Verizon. And to clarify this can be done with cell phones also (As far as the reporting to DNB goes.) To be honest I'm not sure if it applies to landlines or not. I don't know if you have experience with the landline and were refering to that in your above comment.


And FWIW I was listed in 411 using my cell phone in about 3 months. By following the steps in the first post on this thread.



Thanks for everyone's input.

#21 alplouis

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Posted 18 October 2011 - 08:18 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.


Good point about the reporting with ATT and Verizon. And to clarify this can be done with cell phones also (As far as the reporting to DNB goes.) To be honest I'm not sure if it applies to landlines or not. I don't know if you have experience with the landline and were refering to that in your above comment.


And FWIW I was listed in 411 using my cell phone in about 3 months. By following the steps in the first post on this thread.



Thanks for everyone's input.


Yes. I am clearly aware of the cell phone listing in 411. I have done this with my corps. Listing with 411, yellow pages and superpages is key. It may take some time to get listed fully but it works for me.

#22 troppixx

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Posted 21 October 2011 - 06:48 PM

Should I call Grainger and Unline and ask specifically to open a Net 30 account with them? Uline has a PDF application that can be faxed in but they want other trade references?

#23 stroked89coupe

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Posted 21 October 2011 - 08:24 PM

Grainger.....

http://www.grainger....pen_account.pdf



Uline.....

http://www.uline.com...aspx?FAQ_ID=104



If you dont have any other trade refrences just put down your bank information or leave it blank.

Edited by stroked89coupe, 21 October 2011 - 08:26 PM.


#24 Durnit

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Posted 21 October 2011 - 08:40 PM

Thanks for this thread! I just started working on my business in July. I've got everything together and will be sending in funds to the secretary of state for my LLC. I used the links you provided and I already have 1 trade reporting on both Ex and Eq. Wish i knew who it was, because I'm not applying for any net30's until the state accepts my paperwork. I may have to break down and purchase the reports.... Maybe

#25 troppixx

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Posted 21 October 2011 - 08:55 PM

Grainger.....

http://www.grainger....pen_account.pdf



Uline.....

http://www.uline.com...aspx?FAQ_ID=104



If you dont have any other trade refrences just put down your bank information or leave it blank.


Awesome! Thank you! :-)





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