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roxy

Step by step help please....

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Alot of this information is outdated; for example, kinkos pulls from experian now.

 

And Kinkos is now FedEx Office...

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ok so i'm going to start on that journey again.... seems things have changed a lot since we first started... can anyone advise on what the new "rules" are as far as address (from home, virtual office, mailbox etc), phone number (can you get a cell instead of land line and have it listed in 411?) and where to incorporate... i'm in GA is it a good place to incorporate? also... i have an LLC and an INC that are both almost 3 years old (early 2010) and an LLC that is 1 year old with a Best Bank Business Account... the first two the LLC has 1 bad land line account from canceling the contract early so that one is in D&B the second one no file... the newest no file... which one would be the best to work on? they're all incorporated in GA

 

thanks so much for everything

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I have converted a spare bedroom into my Home Office. What would be the result if I listed my business address as my home address with the additional line of "Suite A"?

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I have converted a spare bedroom into my Home Office. What would be the result if I listed my business address as my home address with the additional line of "Suite A"?

Don't. Just use your normal address, no suite.

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You've done a great job. I would just recommend applying for different vendors(companies) that are registered with DNB to in order to have strong business credit. Also use your business address and not your home address whenever dealing with business credit.

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FYI Amazon,Sears commercial one,Staples,Superfleet and reliable report to dnb,equifax and experian biz

Bp business solutions report to dnb and equifax.

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There was a corporate shield that DE,NJ and NV use to offer, that is no longer so. If you owned a company in one of those states you were "protected" or not known to own the company. WY still offers this protection, I don't see the purpose of the average Joe having one of these companies now if you are a Bernie Madoff character this might be the avenue for you.

 

You need to ask yourself these important questions, why do you need a company in DE, NJ, WY, or NV? I am not being malicious in my asking, just trying to save you the headache. I and others like yourself "herd" it was a good idea to inc in one of those states. In GA we can start an LLC. and are not required to list any members so if I want to be anonymous I can and without all the extra drama and headache of trying to find a RA and creating and appearance of being INC'd somewhere else but operating where you "really"are.

 

There is no "real" tax reasons I can think of just more paperwork and headache but don't take my word for it research it for yourself, I have been there and done that and have the T-shirt to prove it. What you will find is people who want to sell you a shelf corp that are just in it because stupid people like myself exist and its some easy money.

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So, I have been in business for a little less than a year and I am trying to build business credit.

 

I was just approved for a Cap One card with my wife as PG and we were both denied for an Amex card.

 

I applied for Staples today and they gave me code #25. When i called they asked for PG.

 

After reading through your posts, I applied for a DB number...should get in in 30 days.

 

Should I wait until i receive my number to apply for new lines?

 

Which lines should I apply for?

 

Thanks for any help.

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So, I have been in business for a little less than a year and I am trying to build business credit.

 

I was just approved for a Cap One card with my wife as PG and we were both denied for an Amex card.

 

I applied for Staples today and they gave me code #25. When i called they asked for PG.

 

After reading through your posts, I applied for a DB number...should get in in 30 days.

 

Should I wait until i receive my number to apply for new lines?

 

Which lines should I apply for?

 

Thanks for any help.

 

 

there is a process that many on here choose to follow, it is outlined through the business building section. I'm still fairly new here, but have had some slight success so far. First you want to make sure you have your foundation down. I.E. Business legal structure setup, fed tax id, listed business phone line, then onto your D&B number.

 

Once you have all those down, you want to go for your starter accounts. The starter accounts are companies that will grant you net 30 account. There has been a disparity on the boards as to who is reporting these days and who is not. Some starter companies include Quill, Uline, Reliable, Grainger, US Plastics, Seton, Gemplers. It's kind of unknown which one of these companies does report and which doesnt. Once you have your D&B number(you are in there system) you want to start trying to get some of these accounts. Some will ask you to prepay and some wont, I guess it just depends on a number of factors. However, often times you need to play the game with them. Buy items you can use for your business, or you just need. Once you have 3 or 4 payments reporting, you should have your paydex 80(granted you pay on time). Don't go overboard with the apps, maybe 3 or so a month, you don't want your file flagged.

 

Once you have your 80 paydex, you will move on to tier 2 accounts such as gas cards. Then you want to move in on some store cards such as office depot, staples, sears etc. Make sure not to over do it on apps, you find a lot of different ways on how we approach it. Personally , I don't like doing over 3 apps per month. Also I don't do more than 2 citi backed accounts per month.

 

A lot of this is relative to your business, thats why some build faster and bigger than others, say for example you have a supplier who you've worked with for years, they might grant you a higher line on a net 30 accout, and if it reports it can boost up some of your scores.

 

But most importantly, you should read through this section of the boards. Tons of valuable knowledge and experience with many who are willing to help(though we've seen a slight decline in recent months).

 

Good Luck!

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Thanks for the promptness.

 

I formed an LLC last year in Feb and I am now trying to get credit through my business instead of using our own credit cards.

 

Should I wait for my DnB and then apply to office depot? I was told i needed a PG for staples...

 

If i call staples again can I convince them to issue me credit without PG, i got a # 25 response.

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personally, I'd have my foundation down.

 

Do you have a Duns #? Can you locate your business in their seach field? If you can , then you probably have a duns #

 

You don't really want to move onto store cards until after you have your paydex of 80.

 

Paydex 80 is usually created after 3-4 prompt payments. , some have a paydex 80 even without knowing it, because they may have had some companies reporting their payments.

 

Once you have your paydex 80, then you usually want to go to the next level such as gas cards, store cards etc.

 

 

You starter accounts are your accounts like quill, uline, etc.

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This is my first post after getting a TON of valuable information from you guys! I have an LLC setup with the state of CO since 3/2009, but had not done anything to build lines, etc. until recently. I found that I do have a D&B # (and got it free using the info from this forum :0) and an Experian file. I also used the listyourself.com site to list my biz phone.

 

I setup 'accounts' with Quill, Uline, USPlastics, and two others, but have some questions about this process. Does simply stating that I need a 'business account' and then listing my biz name get the reporting started or do I need to input my DUNS# or EIN somewhere?

 

Also, many people had mentioned getting 'net 30' terms insinuating they are being 'billed' instead of paying with a debit card on file with these companies. Does having a personal Debit Card listed with these companies not get your payment history, etc. reported to the appropriate places if setup as a business account? If so, how do I request the net terms - do I need to call them? Thanks everyone!

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This is my first post after getting a TON of valuable information from you guys! I have an LLC setup with the state of CO since 3/2009, but had not done anything to build lines, etc. until recently. I found that I do have a D&B # (and got it free using the info from this forum :0) and an Experian file. I also used the listyourself.com site to list my biz phone.

 

I setup 'accounts' with Quill, Uline, USPlastics, and two others, but have some questions about this process. Does simply stating that I need a 'business account' and then listing my biz name get the reporting started or do I need to input my DUNS# or EIN somewhere?

 

Also, many people had mentioned getting 'net 30' terms insinuating they are being 'billed' instead of paying with a debit card on file with these companies. Does having a personal Debit Card listed with these companies not get your payment history, etc. reported to the appropriate places if setup as a business account? If so, how do I request the net terms - do I need to call them? Thanks everyone!

 

some companies like uline and quill and your so-called starter account offer net 30's to some customers straight off the bat, others will ask you to prepay. Its a toss up if you prepay, some might report it as a cash experience on D&B, however you want a mix of revolving and net30 on your file. For uline, I ordered a catalog from them, so my co name is in their database, then setup an account online, then bought some items, then at the checkout , there was an option to be billed (upon credit approval). Quill is kinda in the same ballpark, except some say they have gotten a little harder to get. Get invoiced, pay the bill, wait some time. After 3 or 4 of these trades report you'll have your paydex.

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Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.

 

 

1. You name your company

 

2. You incorporate (can this be C, S, or LLC, does it matter which one)

 

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

 

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 (using business or home address?)

 

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

 

6. Apply for credit.

 

Thanks

What is this Aim mail center?

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Since the begining of this thread is pretty dated i wanted to make sure the steps are still correct.

 

 

1. You name your company

 

2. You incorporate (can this be C, S, or LLC, does it matter which one)

 

3. Obtain an ein # on-line immediately (Free of Charge) (using business or home address)

 

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 (using business or home address?)

 

5. Open a checking account - Bank of America is EXCELLENT (using business or home address?)

 

6. Apply for credit.

 

Thanks

What is this Aim mail center?

 

You are right. Most of the info here is great but a lot has changed with time. I got myself a good e-book recently that said pretty much of the latest ways to do things. New economic order has brought in new operational methods. You need to be careful with companies promising you all sorts and unless anyone has a first hand experience dealing with one, I will like to know.

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Just curious why do people here set up LLCs. I do understand that building credit is NOT the only reason to setup a company but I always felt that a C corp works best for business credit purposes.

Thank you.

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Was wondering if someone with knowledge on starting a small biz could chime in on this thread and update the info. Personally I am interested in opening a small biz in Rhode Island, where 100% of my sales would be online, is this possible?

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i was researching and came across a guy named gboogie saying you can start business credit with no money down. Anybody here heard of this guy? if you have please let me know..

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My goodness...slow down, Maaa!!

 

I can tell you that I have been following everything that is laid out in this thread and it works. In order to be better able to answer your questions, it might be helpful if you only asked a few at a time and used paragraphs. (sometimes it is hard to read one HUUGE paragraph)

 

The problem with using a Mailboxes Etc.. type of place is that it is already common knowledge by D& B and others, that it is a post office. I don't have an AIM mail center in my town, but I have a rather unique situation in that for some reason, my home is listed as a business address. I am not sure how that happened. I have been selling on eBay for a few years and ordering Priority Mail Boxes delivered to my door, maybe that's what did it...

 

If you have a mall in your town with a US postal store/post office combination, it might be a good alternative. Mall US Post offices often have addresses that do not trigger as being a post office. The reason is that the stores in the mall generally use the post office to receive their mail and for all anyone knows, you could be renting space at the mall.My local mall was going to be my backup, before I realized that my home was already a business address.

 

As far as the cell phones are concerned, I have not tried this yet. However, I would recommend using the same cell phone companies that others have had success with. After all, most companies have national policies.

 

Like you, my business will not have many employees. Posters on this board have made it possible for me to not have to "reinvent the wheel," when it comes to setting things up. (Payroll service, 411 listing, biz mailing address, etc...) The steps that were outlined really do work and things seem to progress rather quickly if you do follow them.

 

I always seem to have alot of questions, too. I have found out that this particular forum (Business Forum) does not always have alot of people available to answer questions. I guess that it is true that small business owners have to work alot more than 9-5 employees do, lol. It sorta limits the time that they can spend answering questions.

 

Although, I am newer to the "corporation arena," I do have alot of general business information that I am more than willing to share. If you should have any questions, feel free to PM me. Chances are if I don't know the answer, then I probably need to find it for the sake of my own business!

 

:8) ~Native~ :8)

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