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**BIZ CREDIT** Business Credit Building... The Mother Thread


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965 replies to this topic

#26 willgator

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Posted 28 July 2003 - 08:25 PM

just doing my part............bumpppppppppppp



#27 BizCredit

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Posted 29 July 2003 - 08:13 PM

OK, felt the urge...

Applied for LOWES, same financier (GE Capital) as the Home Depot Card..

Approved for $2,000! no PG!

the app asked me how much I plan to spend a month, I wrothe $1,000.

I don't know if that is why they approved me for 2k, maybe it was because of that, or because they know that they just approved me for the home depot card this past week?

Monitor (17" flat) and laptop arrived already from dell, CPU of desktop came today and we were not home... the'll re-deliver tomorrow.

( I have a longish theory about why lowes only approved 2k, but I'll digress for now, unless it's of interest to someone in particular.)

#28 Ty

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Posted 29 July 2003 - 09:39 PM

Good evening how are you?

Quick question, basically you have your business credit for three months then you were able to get a home depot and lowes card............

how many trade lines did you have on your business credit report before you applied and how many months of many payments.

I just got my business setup and I would really like to know exactly how to get theese two cards.

I'm into Real Estate.


Thanks,

#29 bee bee

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Posted 29 July 2003 - 10:57 PM

For the people who got approve, did you guys actually have physically running businesses prior to your incorporation?

I thought purchasing a shelf corporation would be beneficial but if my current/future business has not be in previous operation it seems like the "age" is meaningless. I want to do my upmost to build a strong company foundation. Currenly my efforts will take me a lot further than my personal credit [ :) FT college student + recovering debt issues] in building business credit history.

Has anyone had luck with finance companies, ie American General, et al.?

#30 M23

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Posted 29 July 2003 - 11:02 PM

I called Dell eight times today, twice I got through to CS reps in the U.S.A. (The other six reps were in India, I always ask "What country are you in?," when I cannot understand their accent.)

The two American reps told me they would need a PG if the company does not have a D&B file. They wanted a SS# and Driver's License number to apply. I think my DH will try Dell again after he pays the D&B Credit Builder fee. He did get the Staples biz card with no PG, his company structure is sole proprietor with separate federal tax ID number.

#31 bee bee

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Posted 29 July 2003 - 11:09 PM

his company structure is sole proprietor with separate federal tax ID number.


I could be wrong but Dell might have also requested a PG because he is not incorporated.

(btw, I need to hurry up and Inc. before the gold-mine success at Staples halts LOL)

#32 pdiack

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Posted 30 July 2003 - 06:43 AM

I thought I'd just pass my experiences on D&B's creditbuilder service. I applied for it a month ago and supplied 7 vendors as requested. It turns out only 1 of the 7 actually supplied info (1st the vendors have to have a D&B # themselves, 2nd they have to comply with D&B's request). So, with only 1 creditor reporting anything my D&B file was considered "incomplete" - I had to do a PG with Dell - I'm guessing this is why. Anyway, not satisfied with paying the $399 and getting this - I called yesterday and the rep said let me take a look at the tapes and found 4 creditors that reported but just hadn't been matched up. So, viola - now I have 5 vendors reporting and got a paydex of 80 assigned!! I think the credit builder service is well worth it , but keep bugging them until you get your paydex score assigned.
:D

BTW - I have a 2nd LLC that I started just last month - faxed incorporation papers, business license, and phone bill along with the application and got the same $750 approved via Staples - so I'm guessing Staples is quite lenient on their requirements.

#33 bee bee

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Posted 30 July 2003 - 08:44 PM

I was browsing through another forum and found a poster state he received a Captial One Business card with no PG or SSN required, merely the EIN. I know a grand is not a lot of money for the average business but it can be a way to build confidence with other business credit card services.

Has anyone went the international route?

#34 jonesing

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Posted 31 July 2003 - 01:32 AM

I'm curious about the DnB process. I see that they are requesting the phone number of the business. How did you swing that for a brand new start-up? Use your home's 2nd line? Use a TracFone type cell phone? Seems to be a catch-22: can't get biz phone service without DUNS number but can't get DUNS credit file going without a biz phone listing. Plus, FedEx won't issue a billing number without a biz phone listed in 411.

#35 bizdebt

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Posted 31 July 2003 - 01:42 AM

BHMH, excellent info! I was under the impression that ALL small business credit accounts must be personally guaranteed! I personally guaranteed one for a friend's business sometime ago, and I'm still paying for it now. :lol:

I didn't know much about DNB, but you've pretty much wrote a step-by-step instructions on how to do this correctly. I have my own C corp now (just me, DH, and a couple of genius programmers) , and have been using my personal credit to finance it. I would love to transfer everything over to just be under the business name, but was clueless about how this could be done. I'm so glad I ran into your post! Hope you don't mind if I ask questions later...

Thanks again for the great info!

-----------------

#36 bizdebt

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Posted 31 July 2003 - 02:04 AM

OK, it's only been a few minutes now, and I've already thought of a question. What kind of vendors can I add to the DNB's CreditBuilder?

The business is turning 2 years old tomorrow! We've established great relationships with all of our vendors. But, I'm just not sure which ones would help us the most in building our business credit. Here is a listing of some of them:
1. Verizon (business phone)
2. Blue Cross Blue Shield (health insurance)
3. Fedex
4. DSL.net (T1)
5. Viking (office supplies)
6. McBee (check printing)
7. The Hartford (business and workers comp insurance)
8. Pettit Management Inc (our landlord)
9. MCI (long distance service)
10. Deerpark (water delivery service)
11. PEPCO (electric company)
12. WSSC (water company)

Thanks in advance for your help.

-----------------

#37 pdiack

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Posted 31 July 2003 - 06:43 AM

DNB only needs 5 payment histories to generate a paydex - so you don't even need 5 vendors (mine was done with 3 vendors). I certainly don't know - but I'd guess fedex, viking and verizon are your best bet - but if you go with creditbuilder - you can supply quite a few if you like.

#38 pdiack

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Posted 31 July 2003 - 06:46 AM

Quick question for those of you who have biz credit cards - how much does the DNB score impact the approval vs your personal score. Everywhere i"ve looked I see people getting approved with 700+ scores - mine are 660-690 depending upon report - so I'm anxious to apply for a card - but not sure I'll get it and don't want to waste an INQ until my scores bounce up to 700.

Any thoughts?

#39 bee bee

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Posted 31 July 2003 - 09:39 AM

mine are 660-690 depending upon report


With a paydex of 70-75 or greater, I could not imagine them disapproving you for a card because of your current score. At best, it might affect the credit limit or interest rate in the beginning. In the credit card arena, they want to see how you handle your business and credit history over time. If you made timely payments historically and a good income to debt ratio, having higher personal credit scores on top of a solid paydex score will likely the lower interest rates and increase credit limits.

I have gathered this information just from reading many others experiences in obtaining corporate credit.

#40 pdowning

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Posted 01 August 2003 - 10:01 AM

bump..

#41 BizCredit

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Posted 01 August 2003 - 11:03 AM

I'm curious about the DnB process. I see that they are requesting the phone number of the business. How did you swing that for a brand new start-up? Use your home's 2nd line? Use a TracFone type cell phone? Seems to be a catch-22: can't get biz phone service without DUNS number but can't get DUNS credit file going without a biz phone listing. Plus, FedEx won't issue a billing number without a biz phone listed in 411.


I don't think that is correct.

Some States (Like NY) will open you a biz phone with an EIN only.

Some states (Like NJ) want a biz opened two years... OR they will open the account using your personal credit.

I am not sure if they would open a line w/o a SS# in NJ if the corp was 2+ years old, but had no credit history.

#42 blueridge

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Posted 01 August 2003 - 07:05 PM

Regarding approval of Biz cards and LOCs....it is our experience that lenders really want to see a Paydex of 80 (or very close to it). My father's company was approved for a smaller line (with AMEX) than otherwise would have been possible because they had a Paydex of 71 (this is according to a representative and another person who knows AMEX approval criteria).

We have had numerous approvals for cards with personal scores from 680-720 and a Paydex of 80. However, some of the larger LOCs (Wells Fargo Biz LOC and Textron Biz LOC) have been unavailable because we have not been with DNB for two years. We have only been with DNB for 9 months.

As someone mentioned earlier, some lenders (Bankone Biz and BofA Biz) use the Experian Business Report. Some of our tradelines report there automatically (we didn't set them up with Experian like we did with DNB). You can go to the Experian website and search for business reports (or something like that) and pay $8 or $20 for a report on your business (price depends on how much information they have on you). However, I know first hand the report that you get through the website is much less detailed than what the lender sees and the only way I know to get the full report is to send Experian your denial letter showing their report was used and you will be mailed the full report for free. If anyone else knows how to get the full Experian biz report withour a denial letter, please let me know.

#43 BizCredit

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Posted 03 August 2003 - 02:49 PM

here is a link to the longest (for now) biz credit thread on CN:

http://consumers.cre...30&pagenumber=1

#44 UPANDCOMMING

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Posted 03 August 2003 - 05:28 PM

I have seen all this credit from vendors how about credit card companies.

1. Citibank
2. Advanta
3. Capitol-One (????? I know but they do have a business division)
... I'm sure there are others.

I'm in the computer business and sometimes I like to buy equipment wholesale!!!

#45 BizCredit

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Posted 03 August 2003 - 05:30 PM

In regard to what someone posted about CrapOne, it seems to me that what he did had nothing to do with biz credit.

he simply tried that old speil of using his EIN as his social. He happened to do it on a Biz App.

however, that does not mean he got the visa with no PG.

#46 BizCredit

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Posted 03 August 2003 - 05:31 PM

I have seen all this credit from vendors how about credit card companies.

1. Citibank
2. Advanta
3. Capitol-One (????? I know but they do have a business division)
... I'm sure there are others.

I'm in the computer business and sometimes I like to buy equipment wholesale!!!


I dont understand exactly what you want to know.

names of companies that offer biz credit?

#47 BizCredit

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Posted 03 August 2003 - 05:32 PM

I forgot to add, at the biginning of this thread, that Yes, I opened a UPS account rightaway upon getting the biz phone line installed.

#48 DISPUTER

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Posted 03 August 2003 - 05:53 PM

So has anyone bought a car with biz credit with NO PG?

#49 ArmySarge6

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Posted 03 August 2003 - 06:03 PM

So has anyone bought a car with biz credit with NO PG?


Maybe a silly question, but what is PG?

#50 BizCredit

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Posted 03 August 2003 - 06:04 PM

PG= personal guarantee




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