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Hello Everyone: I have not posted to this forum but have been on CB for over a year (Unofficially). Honestly, I have been so focused on my Personal Credit, that I have not given much thought to my Business Credit. However, I had planned to app for a few business cards on my upcoming spree on November 9, 2014 (yes I have a date planned to coincide with TU B*, and updated reports, lol). I would greatly appreciate any and all comments/opinions regarding any pointers on my strategy. I had considered PG anything needed. I definitely want to app for the Barclay's US Airways Biz CC and perhaps the Chase depending on the sign-up bonus at the time. I also wanted to app for the Citi AA Biz CC along with a few store cards (Lowe's, Staples, Dell, and Amazon). However, I don't want to worry about any AA from the Biz apps, as I will have to worry about it on my personal side as it is, lol. If I have to limit myself, I'd probably would want to app for the cards I have the best chance to get approved for and again, I am not opposed to PG, tho I realize that is not in my best interest. My file is particularly thin, I have a Cap1 Sparks Classic reporting for over a year with an orig $1k CL>$1200>$1700>$4k, which showed up this month. My personal FAKOS are TU 768 (TU +) EQ 706 (EQ Complete) EX 700 (EX Direct). Corporation has been in business since 1998, EIN and D&B#. Title of President as W-2 Employee, above avg income, Revenue and Sales are decent (both 7 figures), I do not want to provide Tax Returns, personal nor business (dealing with IRS on back taxes). I have a few small upcoming projects on REI's (approx. $30k - $40k spend) that I have cash for but thought about using a Lowe's or Home Depot Biz CC if it was possible to get approved. So, being that I am gearing up for an App Spree, what recommendations would you have as far as cards to app for?Should I PG any at all? What should I stay away from with such a thin file? Am I being to optimistic or unrealistic about even being ready to apply for cards from the "Big Boys" (Citi, Chase, US Bank)? I thank you all in advance for your help!
This reference I am about to post is in no way targeting any specific member or actions. Just a real world example on what can and did happen...... http://creditboards.com/forums/index.php?showtopic=504817 Lets discuss some other ideas on negative affects this can have.....
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.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.