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Step by step help please....

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Hi everyone,

I am trying to start a biz (home-based) and have read many postings in this forum.  I just want to know if I'm taking the right course of action.

 

1. Create my biz; incorporate

2. I obtain an ein # from the IRS

3. Open Biz Bank Account

4. Get a biz phone line and have it listed in directory assistance

5. Get a DUNS number (should I not buy creditbuilder?)

6. Apply for cell phone

7. Start applying for credit

 

Someone mentioned using a mailbox address at "Aim Mail Center" w/o the PO Box#... Would Mailboxes Etc. work if I don't refer to it as a box (i.e. 5555 Fake St. Suite 444)?  Is there a reason why I should not use my home address?  Will I really be eligible to obtain cell phones just after I create my corp?  How long should I wait before applying for cell phones, the 5 trade references that I need for Paydex, etc.?  How long shoud I wait before I apply for bigger credit?  Is it true that being declined several times won't hurt biz credit the way it hurts personal credit?  Also, being that I'm creating a home-based business and won't really have too many employees(me, myself, and I at the moment), would that hurt my chances of obtaining a Paydex and business credit?  I'm not sure if it's true but I heard that in order to get a Paydex, you must have at least 10 employees as well as have financial statements proving that your company makes X-amount of dollars per year.  Does D&B really ask for all that?  I also heard that D&B will also sometimes send their field officers to check out a company and make sure all info is accurate.  Will they really send field officers to find out?  Has anyone experienced any of the thigs I just listed?  How many employees do each of you have?  I know it's a lot of questions but I feel like for every question that I see answered, two more pop up in its place.  Any help would be appreciated.  Thanks in advance!

 

MAA

 

 

In the same situation here....I don't even have any clients yet, but I DO have the business account. I'm still in the process of getting together a business plan for my home business.

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I had my wife call viking today because of a mix up with our account numbers. I thought that it may have been a problem since D&B still shows 0 reporting. We have had our viking account over 1yr but still they have never reported. 500 is our limit over there & we have never order over that. The rep told my wife that regardless of the mishap with our account no.s that viking does not report to D&B unless we request an item or items from them over our credit limit, then and only then our credit will be pull which from that point D&B will be involved simply because D&B will determine what our increase will be if any at all. :good: I could be wrong but I have read the opposited here on CB.

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I am new to the board and was hoping that someone could direct me to how I can start applying for credit for my small business. I have been reading about Duns and I have no idea what that is. Is there a glossary for the terminology on Business credit? Sorry if I am posting in the wrong area.. so any help on where I should look for a guide on how to apply for credit for a beginner starting a new busines would be greatly appreciated.

Thanks

Andrea

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Someone posted info. RE Viking reporting. Please indicate where it is located on their site. I can not find it anywhere. I have called the Reps tell me that they only report. I have purchase from D&B for over 1yr they have never reported. :)

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This is from Vikings website under the Credit FAQ section.

 

Credit References

 

Does Viking Office Products provide credit references?

 

Indirectly. We report all customer credit history to Dun & Bradstreet and Experian Business Information Solutions. We ask that all customers requesting credit references contact these credit bureaus at the numbers/Web sites below:

 

Dun & Bradstreet 1-800-234-3867

or visit them on the Web: Dun & Bradstreet

Experian’s Web site: Experian Business Information Solutions

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Could I just do an LLC status instead of the C Corp to start off great business credit?

 

I'm running on a shoe string budget here. I asked a tax attorney and he said for easy filing do a LLC single member status which is nearly equivalent to a sole proprietor buisness.

 

Here's my list:

 

 

1. Establish your Business name (enterprises etc.)

2. Employee Identification# (free online)

3. Open the LLC ($175 in all)

4. Open a business checking account (Bnk of America economy=14.99 monthly)

5. Get a Dunn & Bradstreet# (free online)

6. Get the Dunn & Bradstreet credit builder ($199 if I beg)

7. Establish a business phone line with at another address?

8. Establish the phone listing in the white pages

9. Apply for business credit. (The 5 starters you have graciously provided)

 

Let me know if i've missed something.

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Well it use to be that in NV the fee for INC was nearly nothing, and then there was no taxes or very little to pay for your Inc Co.  So it was a great way to Inc for cheap and avoid major tax hits.  But they have recently changed that and it is basically the same as other states now, and the complications of having your Company incorporated in NV does not outweigh the benefits. 

When did NV start collecting state taxes? Did you mean they increased fees?

 

There are still a few states however that this is not the case, I think New Jersey??? and many are still incorporating there, but I don't know for sure which ones.

So, is it advantageous for business owners from states like NJ to incorporate in NV? What regulations/requirements do states like NJ have that make it advantageous to incorporate in NV?

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Could I just do an LLC status instead of the C Corp to start off great business credit?

 

I'm running on a shoe string budget here. I asked a tax attorney and he said for easy filing do a LLC single member status which is nearly equivalent to a sole proprietor buisness.

 

Here's my list:

 

 

1. Establish your Business name (enterprises etc.)

2. Employee Identification# (free online)

3. Open the LLC  ($175 in all)

4. Open a business checking account (Bnk of America economy=14.99 monthly)

5. Get a Dunn & Bradstreet# (free online)

6. Get the Dunn & Bradstreet credit builder ($199 if I beg)

7. Establish a business phone line with at another address?

8.      Establish the phone listing in the white pages

9.      Apply for business credit. (The 5 starters you have graciously provided)

 

Let me know if i've missed something.

 

 

You do not need credit builder

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Vendors Report to Bureaus & Provide Trade Reference.  To obtain a paydex score (credit score) you need 5 trade references.  Apply at the vendors listed below.

 

http://www.officefuel.com (Office Supplies)

 

This link seems to be taking to some affiliate site. Not the real business site. Anyone know status of this business or correct website address?

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Can anyone tell what i doing wrong when trying to establish business credit..

 

I got my dun #

my llc is registered

my business phone is created

it is listed in 411

i have a business address..

 

I applied for lowes, citi bank and office depot and was turned down...

 

HELPPPPPP!!!

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Can anyone tell what i doing wrong when trying to establish business credit..

 

I got my dun #

my llc is registered

my business phone is created

it is listed in 411

i have a business address..

 

I applied for lowes, citi bank and office depot and was turned down...

 

HELPPPPPP!!!

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Can anyone tell what i doing wrong when trying to establish business credit..

 

I got my dun #

my llc is registered

my business phone is created

it is listed in 411

i have a business address..

 

I applied for lowes, citi bank and office depot and was turned down...

 

HELPPPPPP!!!

Did you not read the Step by Step post that you asked this question in? It shows you step by step what to do. First of all you applied for those cards without first starting out with the net 30 accts to build a history. You need to open accounts with Uline, Viking, Nebs,and Reliable etc first. Order items and pay the invoices off. After awhile the acct history will start to show up in Duns and Experian then start applying for Lowes and Office Depot etc.

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:) Hi all-

 

I am new to this site and have read through some of the information posted. I have noticed that all of you have a plethora of information. It's amazing! Anyway, I have a file, which DNB calls "support" file. I am only able to update my contact information over the phone and I can't do anything else with my file. The representative said that in order for me to add financials, trade references, etc. to my file, I would have to upgrade, which would cost $500. The only way around that was to find a company that would launch an investigation, if the information in my profile was incomplete (when applying for credit). In this case, I would be contacted by a DNB representative who would request all of the information needed to complete my file free of charge to me. My question is, does anyone know a company that I could request credit from, (which they would find an incomplete file when checking my business credit) would launch an investigation?

 

Thanks for your help in advance, Sadiqa

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Hey there Sadiqa, welcome to the site, your right there is sure an abundance of info these guys and gals are helping us out with. I really dont have any posts yet, I just watch certain topics and have them sent to my email. So far I have been procrastinating on getting my business name and credit going. Kind of a dumb thing to procrastinate on I should say B) .

 

Anyway, I had seen a couple posts back, not sure if this topic, but I have seen a couple guys or gals reply to someone talking about the $500 builder package, I am pretty sure thats what this D&B guy is trying to get you on. I just wanted to chime in and tell you that I have a seen a couple replies to others asking about it saying they do not need to do that, you just have to start certain accounts, and follow the outline someone here has provided.

 

******THIS WAS A QUOTE FROM A POST ABOVE....NOT TRYING TO INFRINGE..LOL*******

Did you not read the Step by Step post that you asked this question in? It shows you step by step what to do. First of all you applied for those cards without first starting out with the net 30 accts to build a history. You need to open accounts with Uline, Viking, Nebs,and Reliable etc first. Order items and pay the invoices off. After awhile the acct history will start to show up in Duns and Experian then start applying for Lowes and Office Depot etc.

******I PUT THE QUOTE KEY ON EACH END OF THE PASTE BUT IT DIDNT WORK*****

I guess I did it wrong..

 

This was from a post just above yours. I think some are missing the key detail right in the beginning which is setting up the 30 day nets which eventually get your info in D&B like you are looking for. You may want to look a little further into the "credit builder" so you understand what the D&B guy was trying to UPGRADE you too.

 

I was going to start my process here soon too, I have just stayed 1099 with the service I offer now and left it at that, but I definately want to start business credit. SO i guess a good question to ask in regards to not taking the "credit builder, which I understand pretty much makes it possible to start applying for like Office depot and Lowes right away, without waiting for the Viking etc. to start you file. How long after the first ivoice is started should we start applying? I will also dont want to answer becuase I know this this question had to be answered here already...But here go's. I was big on rebuilding my personal credit used PG to pull my reports daily and know where I was. Is there something similar that we can pull our D&B everyday, or at least every month??

Edited by Champion80

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:D Thank you! Thank you very much for your response. I was starting to think that you all were unable to see it.

 

1. I established a company, enterprise, etc.

2. I obtained an ein # from the IRS

3. I establish a LLC in nevada in 2001

4. I opened a biz bank account with BOA approx. 3 years ago

5. I have a DUNS number

6. I established a biz phone line

7. I applied for office credit and got approved at Home Depot (w/ PG), Staples (w/o PG), Citibank (w/o PG), and FEDEX (w/o PG). Each account being opened for a minimum of 2-3 months.

 

I applied for Home Depot and gave PG before I began reading this site. And I am certain that they are currently reporting. It is my understanding that I should obtain the fifth trade reference. Once I do that, will DNB request my financials, etc. so that I can complete the file?

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Just reading over the info provided and have a question for Jessica. I have incorporated in Nevada because I was told that the reason one should incorporate in Nevada is because Nevada doesn't share information with the IRS, not because of the filing fees. Please clarify why one would be directed to incorporate in their own state because it is cheaper over privacy or is it that Nevada now shares information.

 

:good: Gems

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The step by step help thread is really intended as a reference thread.

 

To get your questions noticed, the best thing to do is to start your own thread - you can do that by going back to the main business credit forum http://creditboards.com/forums/index.php?showforum=27 and click on the blue icon on the upper right of the page, it says "new topic." t_new.gif

 

To use the formatting such as quotes and italics, highlight the text you want to format, and click on the appropriate icon from the selection showin just above the text box (where you type). It formats for you.

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antonio00761

 

I deleted your post with the spam in it, as it's against our TOS I'm giving you one verbal warning post spam again and you'll be limited as to how you can post here!

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hello, I have enjoyed reading on this topic as i have just entered into a new business. However i think my situation may be different than some here. I am in the contracting business, am i able to still use the the information provided to build my corporate credit or would i have to use different types of vendors to do so. Granted many of the credit providers listed carry items that we use, will that help with my vendors whom supply strictly contractors? I am not to aware of credit issues, so if my question seems to be on the not too intelligent side please let me know.

 

Great forum! There are not too many places a new business can turn to for help, unless the are willing to part with some money. Thank you to whoever came up with this idea.

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hello, I have enjoyed reading on this topic as i have just entered into a new business. However i think my situation may be different than some here. I am in the contracting business, am i able to still use the the information provided to build my corporate credit or would i have to use different types of vendors to do so. Granted many of the credit providers listed carry items that we use, will that help with my vendors whom supply strictly contractors? I am not to aware of credit issues, so if my question seems to be on the not too intelligent side please let me know.

 

Great forum! There are not too many places a new business can turn to for help, unless the are willing to part with some money. Thank you to whoever came up with this idea.

 

 

Calvin,

Best advice is to keep reading, the wealth of info in the past threads is truly unreal. If you read it, take notes on how others did it, and come up with a good bizz plan, Before you know it. You'll be getting credit offers from every one. As to the other Question, On the main bizz board section, 140 pages of them, LOL, You can go read the past posts , We have painters, home builders, etc,etc,etc... They should be able to help you out also. You also are very right this place is GREAT and in my book it's the number 1 place to learn how to use bizz credit "THE RIGHT WAY" . Good Luck and keep reading......

 

DREW

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I got my business license but I am getting the dba done.....

 

Trying to determine my next move....

 

gotta get the EIN and state tax id nbr......

 

but one plm...... I have a previous EIN and I dont know how to close it... and I dont want to apply for another one unless there isnt no rule on how many EIN a person can have at a time?????

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what the pro and cons of CREDITBUILDER with D&B?

 

i noticed some of yall are saying we dont need it.....but for those who want to check it out....what would

a person be getting in return for purchasing creditbuilder?

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