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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 I am also a contractor the type of biz credit you can find help with here has little to do with industry specific trades, of all the accounts I have to build houses and there are many the only won that reports is Home Depot. Only one trade company a window supplier even pulled my D&B file all of the other ones are more intrested in trade refrences from others in our industry. Not to dismiss the advice you get here for our biz tho there are lots of ways to add capitol with all the cards that you will find out about here. Good Luck and if you need any help feel free to ask.

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Hello I am very new to this what does PG stand for?

Maria

 

Maria:

PG= Personal Guarantee...which means if the bizz goes belly up, YOU still have to pay,

it helps newer folks to take the time and go read, " THE MOTHER THREAD"..

gOOD LUCK

 

 

DREW...

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Need some help here...

 

I have applied for a duns number - didn't get anything online

 

They called - told me that there wasn't any way to receive a duns number in 30 days for free anymore. Said I'd have to pay almost $200 to get one.

 

Did I do something wrong?

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How do you stablish a Corp. in NEvada? (LAS VEGAS)

 

I mean isnt ein for a corporation and getting a business license isnt enough?

 

Can someone tell me is there a way to get a cheaper license without having to have a lot of requirements? Just tell em that I want to offer services ? are they going to ask me for a shop address?

 

Here is information I compiled for you and others to review and get started. Best of luck to you.

 

Free Duns Number ? Go to site listed below:

 

https://sbs.dnb.com/secure/eupintro.asp?bhc...hcd2=1079765286

 

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.kinkos.com/products/accounts/legal.php (Kinkos)

 

http://www.dhl-usa.com/sbc/smbiz.asp?nav=sb (Airborne Delivery Services)

 

http://www.uline.com

 

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

 

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

 

Retail Credit Requirements

 

Accurate Office Supply ? (800) 325-2551 ? Requirements:

PG: No

Paydex: No

Net 30, revolving account, 3 trades and 1 bank trade. Call to have application faxed to you. Reports to D&B, but does not report to Experian.

 

Best Buy ? (800) 811-7276 ? Requirements:

PG: No

Paydex: Yes ? 65+

 

At least 2 years in business.

 

Chevron ? (888) 243-8358 Requirements:

PG: Yes

Paydex: No

 

At least 2 years in business, DNB check revolving acct ? net 30. Apply on-line. Reports to D&B and Experian.

 

Conoco, Inc. ? (800) 764-9500 ? Requirements:

PG: No

Paydex: No

Net 30-full balance, apply on-line located in 23 states, ask for locations. Reports to D&B and Experian.

 

 

*******New CONOCO phone number is 1-800-610-1961*********

 

Diners Club ? (800) 234-6377 ? Requirements:

PG: Yes

Paydex: No

 

Corporation accounts (minimum 5 cards) 3 years in business, $200,000 net worth, each card holder gives personal guaranty. Call to apply. Does not report to D&B or Experian.

 

Exxon Fuel ? (800) 438-3996 ? Requirements:

PG: Yes

Paydex: No

 

Net 30-full balance, 1 year secured or 3 years in business. Apply on-line. Does not report to D&B. Reports to Experian.

 

Fry?s Electronics ? (714) 688-3000 ? Requirements:

PG: No

Paydex: No

 

3 trades, 1 bank trade, net 30-full balance. Must submit financials and balance sheet before approval. Does not report to D&B or Experian

 

Grainger.com ? (310) 327-7370 ? Requirements:

PG: No

Paydex: No

 

Net 30-full balance. $1,000 min. credit limit, business license needed along with 1 bank trade and 2-3 other trades. Reports to D&B, but not to Experian.

 

Home Depot ? (800) 685-6691 ? Requirements:

PG: No

Paydex: No

 

2 years in business. Revolving account and/or net 30. Apply on-line. Reports to D&B and Experian.

 

JC Pennys ? (407) 788-4022 ? Requirements:

PG: No

Paydex: Yes

 

At least 6 months in business and paydex score required with no delinquencies. Call to apply. Does not report to D&B or Experian.

 

Kinko?s ? (800) 488-3705 ? Requirements:

PG: No

Paydex: No

 

Revolving account net 30, apply online, will check D&B number and verify business address. Reports to D&B only when requested by D&B. Does not report to Experian.

 

Lowes ? (800) 445-6937 ? Requirements:

PG: No

Paydex: No

 

Revolving account or net 30. 3 years in business. Reports to D&B only.

 

Macys ? (800) 933-6229 ? Requirements:

PG: No

Paydex: No

 

2 years in business and some credit history. Call to have application faxed to you. Reports to D&B and Experian.

 

Mobil Gas ? (877) 959-1007 ? Requirements:

PG: Yes

Paydex: No

 

Net 30-full balance, 1 year secured account or 3 years in business. Apply on-line. Reports to D&B and Experian.

 

Neiman Marcus ? (800) 685-6695 ? Requirements:

PG: Yes

Paydex: No

 

Must be in business 2 years and signer on account gives personal guaranty, call to have application mailed to you. Does not report to D&B, but does report to Experian.

 

Nordstroms ? (800) 964-1800 ? Requirements:

PG: No

Paydex: No

 

Net 30-full balance, 3-4 trades, verify 2 (trades should be net 30 accounts as well) call for application. Reports to D&B and Experian.

 

Office Depot ? (800) 729-7744 ? Requirements:

PG: No

Paydex: No

 

Revolving account, net 30. Must be incorporated. Print on-line and fax. Reports to D&B and Experian.

 

Office Max ? (877) 633-4236 ? Requirements:

PG: No

Paydex: No

 

Must have some credit history. Apply on-line. Payment has to be made after invoice is received. Reports to D&B and Experian.

 

Orchard Supply ? (408) 281-3500 ? Requirements:

PG: No

Paydex: No

 

Net 30, 3 trades with at least 3 months activity and 1 bank trade. Call to get application. Does not report to D&B or Experian

 

Phillips 66 Gas ? (800) 648-4199 ? Requirements:

PG: No

Paydex: Yes

 

Duns report pulled, 3 trades, 1 bank trade needed. Reports to D&B and does not report to Experian.

 

Radio Shack ? (888) 773-2435 ? Requirements:

PG: No

Paydex: No

 

Revolving Account, net 30. Reports to D&B and Experian.

 

Sears ? (800) 917-7700 ? Requirements:

PG: No

Paydex: No

 

2 years in business, revolving acct, net 30, call to get application faxed to you. Reports to: D&B and Experian.

 

Sinclair Oil Gas Card ? (800) 340-3466 ? Requirements:

PG: Yes

Paydex: No

 

At least 4 trades, net 30-full balance, personal guaranteed required from each cardholder. Does not report to D&B or Experian.

 

Speedway Super America Fleet Gas Card ? (800) 643-1948 ? Requirements:

PG: No

Paydex: No

 

Net 30-full balance, at least 1 year in business.

 

Staples ? (800) 669-5285 ? Requirements:

PG: No

Paydex: No

 

Revolving account net 30. Reports to D&B and Experian.

 

Texaco ? (800) 839-2267 ? Requirements:

PG: No

Paydex: No

 

Need some credit history. Apply on-line. Reports to D&B and Experian.

 

********Shell and Texaco are merging. Texaco is not issuing new credit until after the merge is complete.***************

 

Union 76 ? (800) 944-7676 ? Requirements:

PG: No

Paydex: No

 

2-3 trade references, 1 bank reference, duns check done on large businesses. Does not report to D&B or Experian

 

Wright Express Fleet Card ? (800) 395-0812 ? Requirements:

PG: Yes

Paydex: Yes

 

Some credit history, 3 years in business, net 26, full balance. Reports to D&B only.

 

Hello. When applying for this business credit after forming a new corp, do you have to prove income for your business or does no PG means you don't have to prove income? Thank You for all of your advise as it has encouraged me to become successful in building both business and personal credit the right way in this great country we live in!!

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Need some help here...

 

I have applied for a duns number - didn't get anything online

 

They called - told me that there wasn't any way to receive a duns number in 30 days for free anymore. Said I'd have to pay almost $200 to get one.

 

Did I do something wrong?

 

 

Get it from the government site. They'll issue it - who knows you might want to apply for a government grant or bid on a government job one of these days. :swoon:http://ccr.dnb.com/ccr/pages/CCRSearch.jsp

 

They will still try to sell you something - read up on how to talk to the D&B reps.

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Hello. When applying for this business credit after forming a new corp, do you have to prove income for your business or does no PG means you don't have to prove income? Thank You for all of your advise as it has encouraged me to become successful in building both business and personal credit the right way in this great country we live in!!

 

 

Usually, with net 30 accounts, they want to know how much stuff you plan to buy from them. If you apply for higher unsecured credit lines, they will want you to answer that question, and they might ask you for proof, if they think they need it.

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Hey guys, I registered to get a D&B number last night. A couple of questions, I've had my business since about November 05 and I have had a P.O. box and a cell phone. You say to setup a different mailing address, but not to use a P.O. box or something like mail box etc, however that is the only opt. we have around here. So is this going to hurt me?

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Here's a noob question ???

 

I have read through this thread trying to find a timeline of when about did those members whom have posted to be successfull in obtaining SB Credit apply for said credit from the time they applied for BK...

 

 

Has any member had experience in applying for SB Credit prior to discharge of BK? I filed Ch.13 and was in the process of opening my own business at the time already had clients but need to complete Dun's # and looking to C Corp. Im not sure how successfull I will be since now I have filed personal BK Ch.13?

Edited by @WRK

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WOW wyoming sure is NICE to Inc/LLC owners...... but for how long? :angel:

 

and it seem it looks better than Deleware????

 

gosh this is giving me a major headache...... lol :aggressive:

 

i am going to lunch now.......

 

be back later

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I got my DUNS number today and I've started applying for the 5 trade lines, the only ones I've applied for are Uline and I'm looking at Viking right now. On both I don't see a place to enter my DUNS number? Am I missing something somewhere?

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HI,

I have been reading through most of the topics here at CB for a few months now. Its a lot of information to absorb to make sure you follow the proper steps to establish business credit in a successful manner. But I do have af ew questions for the team :rofl: . Because now it seems the more I read the more I become confused on what exactly I should be doing to help grow my business credit.

 

First I will explain my current situation.

 

I started my biz 3/05

Got my D&B

Got my EIN

Have Biz phone

Have Biz Bank acct.

 

Credit thus far:

Staples-750 Net30, PG-No

Huntington Small Biz Plat PG-Yes

Chase Small Biz Plat Rewards PG-Yes

 

Current personal scores

Ex-701, TU-689, Eq-717

 

Now I have noticed where people are applying for net30, and revolving accounts immediately after starting their biz,and I would like to do the same but on most of the apps they say a PG is needed if not in biz for more than 2yrs. With me being in biz for only 1yr, is this a show stopper for me? I guess my question is what should my next move be in order for me to get away from PG'ing and get higher CL.

 

Can someone please help

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Do these steps have to be done in order? This is how I've done things so far:

 

1. Establish a business from the ground up (Sole Proprietor)

2. Used my social instead of getting an EIN since I have no employees

3. Applied for my DUNS

4. Working on filing for LLC (reserved my biz name, need to fill out paperwork & mail it in)

5. Apply for biz bank account

6. Obtain biz phone number (I'm hoping it will be ok to use my current provider Vonage??)

7. Start applying for biz credit

 

Will this work? I've already done steps 1 - 4. I hope I'm not screwing up.

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my advice for the new people is to start doing business with companies that will help you get where you want. If a company wont report my on-time payments to DNB, then I'll find someone else. Alot of people want to get tradelines fast, but you can't just go through asnyone.

 

TQ-- I'll tell you guys a secret. If someone tells you something crazy when you're applying for an account, call back. It's a call center, nobody will know!

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Hi there,

 

I?ve spent the last month reading this board and I want to thank all of you for the invaluable information you?ve provided here. I am trying to identify the definitive undisputed step by step method of establishing biz credit and needing some guidance on the areas I missed. Here?s what I got:

 

1. I establish a finance sounding company, enterprise, etc.

2. I obtain an ein # from the IRS

3. I establish a C (corp) in nevada

4. I take my docs and ein an biz docs open a biz bank account

5. I get a DUNS number and credit builder

6. I establish a biz phone line at another address

7. I start applying for office credit

 

Questions: What address do I use and how does that work with the phone line? I understand mailbox etc doesn?t work well with DUNS. Which bank is recommended? Why is it recommended I don?t use my home address even if I am running a home-based biz? I thank you in advance for your input.

 

1. You name your company first

 

2. You incorporate in Las Vegas

 

3. Obtain an ein # on-line immediately (Free of Charge)

 

4. Obtain a business telephone line at home using business name and

have it listed in the business pages and directory assistance.

 

5. Get a mail box at Aim Mail Center using the real mail address not p.o.

box number. Get your phone bill forwarded to this address.

 

4. Get a free Dunns number and DO NOT PAY FOR CREDIT BUILDER

 

5. Open a checking account - Bank of America is EXCELLENT

 

6. Apply for credit.

 

You can obtain cell phones immediately using the ein # with no pg.

You can obtain a credit card at Staples with a limit of $750.00 no pg.

 

Advertising removec by site admin

I WOULD NEVER OPEN A BUsINESS ACCOUNT AT BANK OF AMERICA. why give away all my hard money ???

 

Do your homework and set up an account at a bank that offer free business checking account and up to 1,000 free deposit. I know of one that I am about to establish. Fidelity Bank

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**I WOULD NEVER OPEN A BUsINESS ACCOUNT AT BANK OF AMERICA. why give away all my hard money ???**

 

Where would you open an account? B of A is actually giving me the worst time and now I am realizing its just not worth it and I am going to find another bank to deal with but I wanted some feedback first.

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well I am considering the following banks

 

Fidelity Bank (convience for me) and Washington Mutal (great service and doesnt hurt your bottom linme)

 

You want to deal with a bank that is convience for your business.

 

For Fidelity Bank check out their website

 

http://www.lionbank.com/

 

This is what sold me:

 

Totally FREE Business Checking*

It doesn’t get any more FREE or easier than this!

 

No minimum balance

No monthly service charges

Unlimited cash deposits monthly

1,000 FREE items per monthly statement†

FREE check images in your statement for easy record keeping

Easy to balance monthly statement

Totally FREE On-Lion eCash (Cash Management)

Totally FREE On-Lion iPay (Business Bill Pay)

Totally FREE VISA® Business Check Card

Only $50 to open

 

The 1,000 Free items per month is SOMETHING BOA would NEVER ever DO!

 

 

But WAMU kicks everybody butts!! LOL I may open a 2nd account there once my business grow... but check out their benefits...

 

http://www.wamu.com/business/accountchoice...ing/default.asp

 

No monthly fee, no matter what your balance <--- :good:

No transaction fees for checks written or deposited <--- :clapping:

 

So I hope that helps...

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Do these steps have to be done in order? This is how I've done things so far:

 

1. Establish a business from the ground up (Sole Proprietor)

2. Used my social instead of getting an EIN since I have no employees

3. Applied for my DUNS

4. Working on filing for LLC (reserved my biz name, need to fill out paperwork & mail it in)

5. Apply for biz bank account

6. Obtain biz phone number (I'm hoping it will be ok to use my current provider Vonage??)

7. Start applying for biz credit

 

Will this work? I've already done steps 1 - 4. I hope I'm not screwing up.

 

Natural... just a few suggestions...

 

GET AN EIN REGARDLESS!!! Because it establish your business as a SEPARATE entity. God forbid if anything happen to your business you dont want your personal assets taken away. Just cover your assets as well! SO YOU NEED IT FOR YOUR BUSINESS esp LLC!! IF YOU HAVE GREAT CONSUMER CREDIT then you are ahead of the game. It can be obtain for free from Uncle Sam's best friend the IRS bka as the Taxman!

 

Before you get the business checking account.. get the business phone line establish and make sure you register it with 411.. are you operating from a commerical address or from home...

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This info is so helpful! I can not believe how much I have learned in the past 24 hrs!!! :grin: So many companies try to charge soooo much money to help you establish a credit file..what a rip off! My friend paid over $1200 and only has 2 trade ref on his D&B

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to look at my paydex score, do i have to enroll in either "comprhensive insight report for 139", "business info report 85$", or "credit evaluator report for free" with subscription??? do you guys actually pay each month for subscription????

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can someone tell me if bellsouth reports to dnb and if so, how quickly do they being reporting?

 

thanks

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ok my launch day for my business is june 2 2006

 

I will have my business address with mail forwarding service in place

I will have a business 800 nbr from gotvmail.com using basic service feature

I will establish my inc in state of florida with the status of s corporation

I will get an EIN.

I will establish a Business Line in the form of the VOIP.

I will get a DUN nbr.

 

I will then establish the net 30 days accounts as per the advice from various posts I have seen on here.

 

Are FedEx and UPS and Airborne and DHL consider to be net 30? Are their requirment strict for startup?

 

I will then open 2 business bank account one for my operating funds, and reserves.

 

Once the business is generating income, I will then open 2 more business accounts ~ One for Payroll and One for Taxes and Unemployment and Self Employment taxes.

 

Operating Account = A/P

Reserves = A/R

Payroll = A/P

Taxes = A/P

 

Question - Should Expenses be deduct from the Operating Account?

 

After 30 days I will move up the ladder and I will apply for certain revolving accounts.

 

I will have a logo and the business will be trademark and copyrightprotected.

 

After 90 days I will attempt to apply for Prime Business Cards.

 

After a year I will go for LOC.

 

I am also looking into Federal Grants and SBA loans for my business as I do not wish to cede controls to the VC nor private investors.

 

I do have one angel investor but I am not trying to use his funds because he want a % of my business but I need to look into how to issue stocks to him because I dont need to get into trouble with the SEC. Right now I am considering a LLP with him. Because my ideas is too valuable for outsiders to be coming in and messing up a potential brand.

 

I already have to release one lawyer bec he want me to do a non for profit and I told him no because the service level that I experience at the non for profit was unacceptable and I do understand my competetion has the upperhand with the government but I am not trying to focus on their core therefore I have a niche but he disagree so I learn when you dont have team players that share your vision it best to cut them loose.

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Okay I'm new here. I've started following the list of items to do. I'm getting overwhelmed.

 

What did I do today?

 

We started our contractor licensing

Rented a street address box

Applied as an LLC in Arizona (we have to since we are applying for a license)

We should get our info to open a bank account in a few days

Will be getting our phone number tomorrow or Friday

I want to get a Duns number but can't figure out how to get it for free.

 

http://www.kinkos.com/products/accounts/legal.php (Kinkos)

 

http://www.dhl-usa.com/sbc/smbiz.asp?nav=sb (Airborne Delivery Services)

 

http://www.uline.com

 

http://www.viking.com (Office Supplies) This company goes to Office Depot

 

http://www.officefuel.com (Office Supplies) I don't see anywhere to apply for anything

 

 

What does this mean? VOIP.

What does this mean? LOC.

 

How long does it take before you can apply for a auto loan?

Credit cards?

 

I plan to move forward as agressive as we can.

 

Pamela :clapping:

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Okay I'm new here. I've started following the list of items to do. I'm getting overwhelmed.

 

What did I do today?

 

We started our contractor licensing

Rented a street address box

Applied as an LLC in Arizona (we have to since we are applying for a license)

We should get our info to open a bank account in a few days

Will be getting our phone number tomorrow or Friday

I want to get a Duns number but can't figure out how to get it for free.

 

http://www.kinkos.com/products/accounts/legal.php (Kinkos)

 

http://www.dhl-usa.com/sbc/smbiz.asp?nav=sb (Airborne Delivery Services)

 

http://www.uline.com

 

http://www.viking.com (Office Supplies) This company goes to Office Depot

 

http://www.officefuel.com (Office Supplies) I don't see anywhere to apply for anything

 

 

What does this mean? VOIP.

What does this mean? LOC.

 

How long does it take before you can apply for a auto loan?

Credit cards?

 

I plan to move forward as agressive as we can.

 

Pamela :blink:

 

 

 

VOIP - voice over internet protocol

LOC - line of credit

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Wow! You guys are like the cavalry! This thread is so helpful! I'll have to study and make sure I know all the terminology then apply it. Thanks!

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