2- $5,000+ Vendor Accounts New Business

[FirestarGroup]

Hello, I am a new user to the forums. I thought I would post my personal experiences with building business credit.

 

Personal: 590-600 FICO, no positive trade references last 8 years, collections, child support, all incorrect data that I am working to have removed. No tax liens, foreclosures, or BK's.

 

I have a 4+ year old corporation. The corporation had $0 credit or trade references.

• 2/2413/ purchased DnB Credit Builder Program for $69/month that allowed 4 trade references.
• 3/2/13 Opened a new business checking account with Chase Bank. (still have Wells Fargo accounts)
• 3/4/13 Received DUNS number and credit profile.

PayDex - 0

Commercial Credit Score - 700 Class 3

Financial Stress Score - 1725 Class 4

Supplier Evaluation Risk - 7

Credit Limit Recommendation - Class 2 15k - 30k

• 3/5/13 Placed $50 order with Quill. Net30 Account
• 3/5/13 Placed $50 order with Nebs Net 10 Account
• 3/5/13 Placed $50 order with Seton Net 10 Account
• 3/5/13 Placed $50 order with Rapidforms Net 20 Account
• 3/5/13-/3/15/13 Received order from vendors
• 3/16/13 Paid all invoices in full.
• 3/18/13 Received update from DnB

Paydex - 0

Commercial Credit Score - 452 Class 2

Financial Stress Score - 1503 Class 3

Supplier Evaluation Risk - 4

Credit Limit Recommendation - Class 1 15k - 30k

• 3/19/13 Submitted 2 references to DnB for verification. Waited on other 2 to make sure I did it correctly.
• 3/25/13 Received offer from Business Marketing Services for $5,000 Credit Line. Applied and received $7,500 Credit Line. They report to DnB and will also report as Trade Reference for other vendors. It is my understanding that they report the credit limit to DnB not just the amount ordered. I ordered business cards from them, paid 30% down with up to 5 month terms on balance. Will update when they post to DnB. Thus far the entire process from application to order was simple and easy to follow. www.bizmarketing.com for more information.
• 3/29/13 Applied for Business Credit Line from Inter-Tech Communications received a $5,000 Credit Limit. Similar to Business Marketing Services. Will need to place an order before Credit Line will be reported. They also claim to report Credit Limit not just order size. Must speak with Credit Supervisor to complete setup of account. Will update as necessary. I don't have the link for the website. I found them listed on another credit forum.
• 4/4/13 Contacted DnB as to trade references not being verified. Was told that it would take up to 45 days to report. I do have 1 trade reference reporting for $50. I believe that this is from DnB from the credit builder monthly payment program. I cannot verify that as it does not show the vendor, but it is showing as positive. I have been waiting on DnB to create PayDex Score before moving onto the other recommended accounts from other posts.

Any feedback or suggestions would be greatly appreciated. I would like to know how my DnB profile compares to others who are trying to build business credit.

[BRBiz]

The credit builder is a huge waste of money..it's only useful if your looking to add trade references for large trades $10k+.

 

Stick with what your doing minus the credit builder and your off to a good start.. One thing I will add is quality over quantity in terms of trades.. Having one $1K trade is better then having 20 $50 trades..

[FirestarGroup]

Thank you Brndnh721. I have heard that it is a waste of money. I purchased it initially to speed up the process of receiving the DUNS number. At present they are the only reporting trade reference. Once, these other two vendors report, I will feel better as they are larger lines of credit.

 

I have received the Fleet Application for Pep Boys. I did not see a PG nor SS# requirement. Does anyone have any experience in applying for credit with them?

 

Also, how does my DnB credit recommendation stack up against others and do vendors/creditors even pay attention to this number?

[stroked89coupe]

Welcome to the community.

 

I have a lot of experience with PEP Boys.

 

It's now underwritten by WEX. This changed about 2 years ago. There is no PG requirement for WEX unless you do not meet their credit standards. They will then ask you for a PG if this happens. DNB's Credit Recomendation can weigh heavily with certain lenders, Mainly smaller ones. The pep boys or Jiffy lube is a good starter card to get your foot in the door with WEX.

 

 

Be sure to check this thread out. It has a lot of valuable information in it and may give you some insight on who to apply for next.

 

http://creditboards.com/forums/index.php?showtopic=476200

Edited April 5, 2013 by stroked89coupe

[stroked89coupe]

I will say this. From experience. I have never had any single tradeline report over 250.00. And I have gotten ABOUT as far as you can get in the business credit world now-a-days with how things are with not PG'ing anything. All in a year and a half. There is no point in purchasing things you don't need from vendors with established credit accounts, and there is no need to focus on high dollar purchases and making those report to the business CRA's in an attempt to build business credit as LARGE amounts are just not needed. By the time your looking into business loans will be a time your business credit profile's are not used much by lendors in terms of approving those loans. This will be a time where personal credit is the deciding factor. If you pursue you options to this point your going to be transitioning from mainly using business credit to almost always using personal credit.

 

 

Thats just the way things are now unfortunatly..... If you have any other specific questions please let me know. I will be glad to help.

Edited April 5, 2013 by stroked89coupe

[BRBiz]

Thank you Brndnh721. I have heard that it is a waste of money. I purchased it initially to speed up the process of receiving the DUNS number. At present they are the only reporting trade reference. Once, these other two vendors report, I will feel better as they are larger lines of credit.

 

I have received the Fleet Application for Pep Boys. I did not see a PG nor SS# requirement. Does anyone have any experience in applying for credit with them?

 

Also, how does my DnB credit recommendation stack up against others and do vendors/creditors even pay attention to this number?

If you bought it just for getting the number faster then you really wasted your money.. You are seldom asked for your number and really don't need it for anything. You don't have to even register for a number, once some one reports a trade for you it will be generated. From what I have seen what they show for recommended credit limit etc. is a joke and almost no one will go off of that. Most of what you see is for your info. Most creditors simply pull the info and generate a score in their own system. The paydex score is also a waste for the same reason. As long as your trades show paid within terms or pretty close your good dont be concerned about it. You won't see your paydex for months but that doesn't stop you from getting approved with companies.

 

As mentioned Pep Boys is WEX but your not ready for that yet. Get a decent size trade on your report and then apply. They are pretty easy to get approved for. I would just go for the WEX card it self so you can use it for gas and other places including Pep Boys and then if you want get a Pep Boys card. But I will go back to the quality thing if you have one card you can use for gas, Pep Boys and other automotive purchases then use the heck out of it. It doesn't make sense to spread out purchases on multiple cards when building business credit when you could just use one.

[BRBiz]

I will say this. From experience. I have never had any single tradeline report over 250.00. And I have gotten ABOUT as far as you can get in the business credit world now-a-days with how things are with not PG'ing anything. All in a year and a half. There is no point in purchasing things you don't need from vendors with established credit accounts, and there is no need to focus on high dollar purchases and making those report to the business CRA's in an attempt to build business credit as LARGE amounts are just not needed. By the time your looking into business loans will be a time your business credit profile's are not used much by lendors in terms of approving those loans. This will be a time where personal credit is the deciding factor. If you pursue you options to this point your going to be transitioning from mainly using business credit to almost always using personal credit.

 

 

Thats just the way things are now unfortunatly..... If you have any other specific questions please let me know. I will be glad to help.

You absolutely don't want to just buy things for for credit building purposes. You buy what you need but you don't want to spread out purchases all over the place meaning you don't need 3 or 4 office supply accounts or 5 gas cards. You may not have had any trades over $250 but that's why it took so long to get approved for certain accounts. If you actually use the accounts you get approved you can easily get to $20k plus in only a few months.

[GR8WhiTE]

Welcome to the community.

 

I have a lot of experience with PEP Boys.

 

It's now underwritten by WEX. This changed about 2 years ago. There is no PG requirement for WEX unless you do not meet their credit standards. They will then ask you for a PG if this happens. DNB's Credit Recomendation can weigh heavily with certain lenders, Mainly smaller ones. The pep boys or Jiffy lube is a good starter card to get your foot in the door with WEX.

 

 

Be sure to check this thread out. It has a lot of valuable information in it and may give you some insight on who to apply for next.

 

http://creditboards.com/forums/index.php?showtopic=476200

I have experience with Pep Boys too!!!

[stroked89coupe]

 

I will say this. From experience. I have never had any single tradeline report over 250.00. And I have gotten ABOUT as far as you can get in the business credit world now-a-days with how things are with not PG'ing anything. All in a year and a half. There is no point in purchasing things you don't need from vendors with established credit accounts, and there is no need to focus on high dollar purchases and making those report to the business CRA's in an attempt to build business credit as LARGE amounts are just not needed. By the time your looking into business loans will be a time your business credit profile's are not used much by lendors in terms of approving those loans. This will be a time where personal credit is the deciding factor. If you pursue you options to this point your going to be transitioning from mainly using business credit to almost always using personal credit.

 

 

Thats just the way things are now unfortunatly..... If you have any other specific questions please let me know. I will be glad to help.

You absolutely don't want to just buy things for for credit building purposes. You buy what you need but you don't want to spread out purchases all over the place meaning you don't need 3 or 4 office supply accounts or 5 gas cards. You may not have had any trades over $250 but that's why it took so long to get approved for certain accounts. If you actually use the accounts you get approved you can easily get to $20k plus in only a few months.

 

 

I consider where I got in a year and a half to be pretty far ahead of the game. For obtaining business credit now a days anyway. I have to say, I do use all of the accounts I have received, on a regular basis and the highest limit I have now is with GECRB on my lowes account. Which is just under 10K. Usage, like you say IS important when determining the amount of the CLI but I think you and me both know that with these lenders, They have a lot to loose. Going from an opening credit line to over 20K in a cupple of months just seems impracticle for any lender.

 

 

Although I am sure it HAS happened. Especially in the past.

[stroked89coupe]

 

Welcome to the community.

 

I have a lot of experience with PEP Boys.

 

It's now underwritten by WEX. This changed about 2 years ago. There is no PG requirement for WEX unless you do not meet their credit standards. They will then ask you for a PG if this happens. DNB's Credit Recomendation can weigh heavily with certain lenders, Mainly smaller ones. The pep boys or Jiffy lube is a good starter card to get your foot in the door with WEX.

 

 

Be sure to check this thread out. It has a lot of valuable information in it and may give you some insight on who to apply for next.

 

http://creditboards.com/forums/index.php?showtopic=476200

I have experience with Pep Boys too!!!

 

 

Nah.....

 

 

 

 

 

 

Where have you been hiding at?

Edited April 8, 2013 by stroked89coupe

[BRBiz]

 

 

 

I will say this. From experience. I have never had any single tradeline report over 250.00. And I have gotten ABOUT as far as you can get in the business credit world now-a-days with how things are with not PG'ing anything. All in a year and a half. There is no point in purchasing things you don't need from vendors with established credit accounts, and there is no need to focus on high dollar purchases and making those report to the business CRA's in an attempt to build business credit as LARGE amounts are just not needed. By the time your looking into business loans will be a time your business credit profile's are not used much by lendors in terms of approving those loans. This will be a time where personal credit is the deciding factor. If you pursue you options to this point your going to be transitioning from mainly using business credit to almost always using personal credit.

 

 

Thats just the way things are now unfortunatly..... If you have any other specific questions please let me know. I will be glad to help.

 

You absolutely don't want to just buy things for for credit building purposes. You buy what you need but you don't want to spread out purchases all over the place meaning you don't need 3 or 4 office supply accounts or 5 gas cards. You may not have had any trades over $250 but that's why it took so long to get approved for certain accounts. If you actually use the accounts you get approved you can easily get to $20k plus in only a few months.

 

I consider where I got in a year and a half to be pretty far ahead of the game. For obtaining business credit now a days anyway. I have to say, I do use all of the accounts I have received, on a regular basis and the highest limit I have now is with GECRB on my lowes account. Which is just under 10K. Usage, like you say IS important when determining the amount of the CLI but I think you and me both know that with these lenders, They have a lot to loose. Going from an opening credit line to over 20K in a cupple of months just seems impracticle for any lender.

 

 

Although I am sure it HAS happened. Especially in the past.

I didn't mean a single account but numerous accounts.. I was over $20k in a few months just recently on the new biz but I also used all the accounts to the max.

[GR8WhiTE]

 

 

Welcome to the community.

 

I have a lot of experience with PEP Boys.

 

It's now underwritten by WEX. This changed about 2 years ago. There is no PG requirement for WEX unless you do not meet their credit standards. They will then ask you for a PG if this happens. DNB's Credit Recomendation can weigh heavily with certain lenders, Mainly smaller ones. The pep boys or Jiffy lube is a good starter card to get your foot in the door with WEX.

 

 

Be sure to check this thread out. It has a lot of valuable information in it and may give you some insight on who to apply for next.

 

http://creditboards.com/forums/index.php?showtopic=476200

I have experience with Pep Boys too!!!

 

 

Nah.....

 

 

 

 

 

 

Where have you been hiding at?

Been staking out Pep Boys headquarters haha. I've been in and out of the board (a lot of newbie topics lately). Waiting to see where to apply to next. Trades have been posting which is great, BUT some have been maxed out to show my limits (which is not great haha) but in about another month or so I should have about 18-20 trades with 5k being the highest limit.. but I need to pay down some debt before applying anywhere else. Patience is key, let's see what happens.

[stroked89coupe]

 

 

 

 

I will say this. From experience. I have never had any single tradeline report over 250.00. And I have gotten ABOUT as far as you can get in the business credit world now-a-days with how things are with not PG'ing anything. All in a year and a half. There is no point in purchasing things you don't need from vendors with established credit accounts, and there is no need to focus on high dollar purchases and making those report to the business CRA's in an attempt to build business credit as LARGE amounts are just not needed. By the time your looking into business loans will be a time your business credit profile's are not used much by lendors in terms of approving those loans. This will be a time where personal credit is the deciding factor. If you pursue you options to this point your going to be transitioning from mainly using business credit to almost always using personal credit.

 

 

Thats just the way things are now unfortunatly..... If you have any other specific questions please let me know. I will be glad to help.

You absolutely don't want to just buy things for for credit building purposes. You buy what you need but you don't want to spread out purchases all over the place meaning you don't need 3 or 4 office supply accounts or 5 gas cards. You may not have had any trades over $250 but that's why it took so long to get approved for certain accounts. If you actually use the accounts you get approved you can easily get to $20k plus in only a few months.

 

I consider where I got in a year and a half to be pretty far ahead of the game. For obtaining business credit now a days anyway. I have to say, I do use all of the accounts I have received, on a regular basis and the highest limit I have now is with GECRB on my lowes account. Which is just under 10K. Usage, like you say IS important when determining the amount of the CLI but I think you and me both know that with these lenders, They have a lot to loose. Going from an opening credit line to over 20K in a cupple of months just seems impracticle for any lender.

 

 

Although I am sure it HAS happened. Especially in the past.

I didn't mean a single account but numerous accounts.. I was over $20k in a few months just recently on the new biz but I also used all the accounts to the max.

Oh ok I gotcha.

[killove]

WOW, I feel like the guy on Limiteless when he realized he could use more of his brain!!! questions for this thread.

 

biz NFCU credit card- who do they report to? personal and/or biz

 

What should I do next?

 

I've read I should cash advance 75% (I have $10k limit) put in into biz checking and pay back slowly

I've read take same cash advance get a secured card...

I've also read get cash advance and add some personal cash and get a 12 month CD and borrow against it...

 

This may be wrong thread (please for give if it is) Since I've already got approved for this should I still go to one of those fancy pencil, notebook, bubble wrap companies since I still have no PD?

[stroked89coupe]

Navy's business card reports to business DNB for sure. When using a CD to build credit the BEST way would not be from a cash advance but from funds already available. The ideah behind it is the same and it does work. Just like on the personal side.

[killove]

That sucks, if I had funds available I wouldn't need credit Could I build credit without money? any ideas?

[BRBiz]

WOW, I feel like the guy on Limiteless when he realized he could use more of his brain!!! questions for this thread.

 

biz NFCU credit card- who do they report to? personal and/or biz

 

What should I do next?

 

I've read I should cash advance 75% (I have $10k limit) put in into biz checking and pay back slowly

I've read take same cash advance get a secured card...

I've also read get cash advance and add some personal cash and get a 12 month CD and borrow against it...

 

This may be wrong thread (please for give if it is) Since I've already got approved for this should I still go to one of those fancy pencil, notebook, bubble wrap companies since I still have no PD?

The cash advance is a trick to doing what your talking about but not the best since your paying for it with fee's and what ever else on the advance. Your better off just building biz credit the old fashioned way with starter accounts and working your way up.

 

If some one was dead set on using that method I would recommend skipping keeping the money in the bank thing since only so many actually check your bank rating which is the reason for doing that and open a secured credit card or loan.

 

What is your main reason for building business credit?

[BRBiz]

Navy's business card reports to business DNB for sure. When using a CD to build credit the BEST way would not be from a cash advance but from funds already available. The ideah behind it is the same and it does work. Just like on the personal side.

If your 100% sure they report to DNB then you should update your how to thread since you indicate that DNB only reports Net accounts and Navy is a revolving acount. Don't want to be giving out inaccurate information since that would be a violation of the TOS.

[killove]

Main reason is to compete on a bigger scale, not get in personal debt, have access to a few 100k in order to have the ability and money to joint venture when I have good feeling about it

[killove]

Got a Chase Ink limit of $8,000 with a soft pull. I'm trying to get $25,000 biz credit by January so I don't have to user personal credit card. Open to all suggestions.

[stroked89coupe]

Got a Chase Ink limit of $8,000 with a soft pull. I'm trying to get $25,000 biz credit by January so I don't have to user personal credit card. Open to all suggestions.

 

No Kidding? A SOFT pull? Wow!

 

 

What were your scores like if you don't mind me asking.

 

 

 

Congrats!!

[killove]

 

Got a Chase Ink limit of $8,000 with a soft pull. I'm trying to get $25,000 biz credit by January so I don't have to user personal credit card. Open to all suggestions.

 

No Kidding? A SOFT pull? Wow!

 

 

What were your scores like if you don't mind me asking.

 

 

 

Congrats!!

low 700's

[killove]

Texaco gave $600 Mastercard soft pull, Amazon Line no PG (not sure limit), wating to here from cap one spark. I'm basically using a scaled down version of supercreditman. i have $80k personal credit which I have limited balance. I'd like triple that for business with or without PG, or hard/soft inquiries as long as biz doesn't report on personal (other than inquiry) board vets, does this sound realistic?

[BRBiz]

I'm assuming you have other Chase products and that would explain the soft pull.. Correct?

[GR8WhiTE]

 

Got a Chase Ink limit of $8,000 with a soft pull. I'm trying to get $25,000 biz credit by January so I don't have to user personal credit card. Open to all suggestions.

 

No Kidding? A SOFT pull? Wow!

 

 

What were your scores like if you don't mind me asking.

 

 

 

Congrats!!

And my dumb @ss gets pulled hard for a SECURED card haha