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The new guide to establish business credit.
stroked89coupe posted a topic in Business CreditUpdated: 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.com/pdp.aspx?pg=sample&hdr=pp&link=5502&offercode=EXPSBpdebr-t&intcmp=EXPSBbusrep_marquee Equifax - http://www.equifax.com/small-business/credit-report/en_sb Any questions about ANYTHING? Post up here and let me know! I will be more than happy to help.
Removing PG from Amex Business Gold
tetal posted a topic in Business CreditHi, I have a Amex Business Gold card and wanted to know if it is possible to ask for the personal guarantee to be removed?
*** Back dating my corp***
tyjohn posted a topic in Business CreditI'm go to finally imcorperate an I would like to know how to back date my corporation, In looking to back date it about 2yr. Could anyone offer any advice.
How many of yall have never been an Amex cardholder, but applied STRAIGHT for the Simply Cash Business card, or even post up if you applie straight for any business card? Now that I can finally get an Amex, I dont really want/cant benefit from any of the personal cards at all. I CAN benefit from the Simply Cash, though.... 1. it wouldnt pop up on my reports as a new account! 2. would help me build my business credit too! 3. FINALLY "start the clock ticking" for my evil master Amex backdating plan muahahahahaaaa 4. NO AF Win/Win/Win/Win As for the rest of the cards.... 1. Green: Not a big fan of AFs, especially when theres no cash back, and only 1 point per dollar/2 points on Amex travel purchases, unless you travel a LOT. Id have to spend $9500/yr just to get the $95 AF "back" in points. Unless you buy $4750/yr in travel straight from the American Express website.(never happening). Even then, you're still just BREAKING EVEN, and you have to buy from Amex with those points right? Eh, their prices cant beat places like cheaptickets.com etc can they? Im rambling.... 2. BCP: 6% on groceries would be nice, *but I eat out every day, as I am always on the go, and even if I bought groceries, Id have to buy $1250 in groceries a year just to break even. Anything after that would be benefit or "profit" as I call it lol. Sure the first years free, but I've got at least a good 25-30 years left in me so I figure *Maybe later when I have kids to feed(I dont), or have time to cook(Kitchen isnt even in existence anymore, remodeling), or something. After Im spending $200/mo at the grocery store I would definately get this card though. Im naming my first born child: "Cash Back" haha 3. Travel related cards(HHonors, AA, Starwood, etc): I did a lot of traveling already, I want to rest lol. Again *maybe later when Im "rich" lol 4. Costo: We dont have one in south Texas. 5. Blue: 2.5% isnt bad, but I already have a 5% card that gives me cash back towards a new GM car and I *ALWAYS buy GM so...yeah. 5% GM card all day. That pretty much covers the entire lineup, since obvjously, if I wont pay $95 for a Green, I wont pay $450+ either Im just saying, The Simply Cash is the only card I actually would 100% use and like, forever. So I want to pull the trigger, but Im not sure on the standards, I have Pendfed $9500, a CU $7500, 1997 file start date, 5 years AAOA, 7% Util, DTI 10%-15%, high 700s across the boards....so I dont know why they WOULDNT approve me, but I am curious anyways as to what you guys may have experienced.
Mysterious "Cash Account" on DnB Report
ta4141 posted a topic in Business CreditHello all! A little history, I've been in business for 2-years. Just recently began researching building my business's credit. I logged into the iUpdate DnB website to obtain my business's DnB report, and was shocked to see an item listed, even though I have not previously applied for anything in the past. My business had ZERO credit. It listed it as a 'Cash Experience' with the "largest high credit" of $750. It contains no information on it's payment in terms of the days until it was paid. Below this, it states under "Payment Details" that it was reported on 5/13 with nothing stated under "now owes" or "payment due". It just states that mysterious $750 amount as the high credit. It has the Selling Terms listed as "Cash Account", and has the last sale as "within 1 mo". (should i be scared?) Is this a mistake by Dnb?? I have no clue as to what this could be or even how to find out what it could be! Thanks in advance!
Redwood Credit Union, B of A, and Wells Fargo
quietbookkeeper posted a topic in Chexsystems HelpI have been lurking in this forum for a while, just signed up because I was to forward this information to you folks who could use it I have two corporations. for the purpose of this post I will call one Corporation A and the other Corporation B Personally I am on chex systems from monthly bank fees adding up after I stopped using the account 3 years ago. Last year in June when I formed Corporation A (a C-Corp) and received an EIN from the IRS, I applied with B of A online for a corporate account. It was approved. They called and asked me to come in to do the signature cards (I sent the articles, etc online by pdf when applying) Three Months Later they closed the accounts after an internal review (was not overdrawn and had a $9,000 balance). Took 21 days to get the money from the account. ****Sneaky feeling it was from a report Wells Fargo made on me personally --This Year I formed Corporation B (a C-Corp) and received an EIN from the IRS, I applied for a Redwood Credit Union account in branch and was approved. They did not ask for my social security number when I went into the branch. Just my license. Have had NO PROBLEMS what so ever and just out of curiosity, I pulled up the pdf application from redwood credit union for business accounts. It says that they Please See Image From my Blog with RCU Application Screen Shot
how to get $15,000 for start-up
bizminded posted a topic in Business CreditGreetings. I'm new to credit boards and looking for advice for my new business. I'm starting a real estate whole selling business and I need about $15000 to start up. I've been looking into a few personal lines of credit and loans but none are at the amount I need to get started. Also the APR seems to be to high. Are there any recommendations on how I might be able to secure this start-up capital for my business. Thanks.
We are dealing with a bank that has threatened to foreclose on a mortgage my husband and I hold on a business property he uses for his dental practice. The mortgage had been 90 days overdue for the several months. Today (Tuesday, June 4th), the bank called my husband and told him that if he did not bring the mortgage current by Thursday, June 6th, they would initiate foreclosure proceedings. They refused to offer or discuss any program or otherwise work with us. Years ago, we had paid extra into the principal of the loan so that we a few years ahead of schedule for paying off the loan. However, the bank rejects this line of reasoning demands that we bring the number of payments up to date. We did not take out the mortgage with this bank; the original bank was acquired by a chain. The mortgage was obtained with help from the Small Business Administration. We suspect that the bank has ulterior motives in trying to foreclose on us. We suspect that this bank would like to acquire the property because it is in a prime location on a state road in the heart of the natural gas fracking industry in our state. The property itself could not be used for fracking, but it is in a good location for a business that could serve the industry. The bank has been in the habit of doing nasty things to us. For example, we would receive letters claiming that they were calling the loan because my husband’s life insurance (a requirement for the mortgage) was not paid up when this was not the case. This bank also had been in the habit of taking money for payment of the mortgage from a business account we have with them (also a requirement of the mortgage) at different dates during the month, not the date we had agreed upon, and without warning, often interfering with our ability to make payroll or pay other obligations. Furthermore, the account that they would take from is in the name of the corporation my husband started whereas the mortgage is in his and my names (my name is not on the corporation because it is a professional corporation or PC). The practice has suffered financially because of a former office manager whom we know mismanaged finances and whom we (and our current accountant) believe embezzled a large quantity of money over the years. The local police investigated but claim that they could not find evidence of theft or embezzlement. Several times we were told that the police were ready to make an arrest, and they just needed to do another check of the evidence. Then we would be told that the evidence didn’t hold up to scrutiny. Along with the loss of money, the embezzlement got us in trouble with the IRS because the former office manager did not send in checks for payment of the payroll taxes for several quarters. This person intercepted mail and phone calls, so we were in the dark about this (and about debts to vendors). After the person left, we found drawers full of checks my husband had signed that obviously had never been mailed. The primary problem here is preventing foreclosure on this business property. We have made a big investment in this property, paying over $300,000 over the years, and thepractice is a key source of our income. We are attempting to borrow money from friends and relatives to prevent the foreclosure. Any advice regarding dealing with the bank regarding the foreclosure would be welcome.
Need To Establish Biz Credit - PLEASE Help
Knowledge Kick posted a topic in Business CreditI really need to establish credit in the name of my business. Please tell if I can be approved for anything at this point, or what my chances are. I started an LLC in 2009. This was in college, and part time, so the business never had any significant revenue. However, I recently scaled everything up, full time, and have been successful. I'm now at the point where the business is at $10,000-$15,000 per month in revenue. The history of this increased revenue is only a few months old right now, so it's not reflected on any tax returns yet. Now that my expenses per month are in the thousands, it would be really nice to get some credit for this using a business credit card. My personal credit isn't awful, but not great either. The last two FICO scores I received were 620 from BMW in December 2012 and 615 from American Express in February 2013. Based on my personal credit and the business revenue, will I be approved for any business credit if I apply right now? If so, where should I apply? This means a lot to me and I really appreciate the help. Thanks, Steve