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Update me on the last couple years....


losartworks
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The last post in this topic was posted 4575 days ago. 

 

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As some of you know I used to be quite the regular here and in 08 had some family issues come up which ultimately send me to another state. I have been settling in with things over the last year or so. I started a new business since I had to move so far and my family issues forced me to end my last endeavor to properly address my kids and their needs.

 

Anyway, in the floundering economy I am assuming the biz credit arena has shrunk up a bit. I have done some light reading here, but am ultimately just looking for a few updates regarding a few creditors. Kind of get a feel for how things are at present.

 

Now I assume the no SSN/PG required bank cards are things of the past. at least I've read enough to know the HDMC is now history (bet some of the faux businesses really hated to see that plumb dry up!). key bank I believe I read is also history. Did Citibiz eliminate their 4 biz cards or just make them much more personal score focussed to get in the door? Not overly concerned about the bank cards since I hated the interest back when I had them all.

 

How is Dell approaching the newer S Corps? any approvals? if so what are they giving out to the 'barely have a paydex or no paydex crowds? anything tangible? I know Citi has walked away from Dell, but is CIT still backing them? also their internal credit department... anyone scoring anything from them? I don't need hardware as much as I need things that they sell that aren't Dell branded.

 

I believe I read that Best Buy is no longer in the HSBC fold? if so did they end their corp cards or where they picked up by another creditor? same question for Costco?

 

creditors still pulling DnB and Experian biz as their main 2 biz CRAs? or has equifax become a major player in the last couple years? Duns still acting slimy as usual? or do they have new tricks to try to make you buy yourself a good credit file? Ive never bought a thing from them, but obviously know they are notorious for freezing your file if you don't play ball with their sales drones at times.

 

Does Key Bank still do a leasing program? As I recall that was very easy to get into. probably gone too I guess or at least new criteria to get in the door?

 

any other info on changes in the last couple years is welcome. I've been out of the credit arena since 08, and while I am not looking to get a bunch of accounts with this biz I now have, I know you have to walk the walk and take some accounts you don't even need. I have functioned with this biz ok without credit, but things now are getting a little tighter and need to jump back in the pool. any net 30 building blocks that were good for reporting a couple years ago drop off ? I dont really want to deal with those if they are no longer reliable. Citi still giving away Staples just for having a biz line listed through directory assistance? or have they gotten harder as well. Office Depot too?

 

thats enough for now. If any of the holdovers from years past came refresh me a bit I would like an update. or of course newer folks I dont know are welcome to chime in too. Just don't give me the newbie talk about reading and reading more. As you can tell with my post count and probably reading posts I have been involved in from the past, that I have been there and done that years ago and was just looking for any status updates on some of the creditors that when I was last active may have changed their tune a bit as far as getting in the door or reporting.

 

Much obliged and good to be back.

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As some of you know I used to be quite the regular here and in 08 had some family issues come up which ultimately send me to another state. I have been settling in with things over the last year or so. I started a new business since I had to move so far and my family issues forced me to end my last endeavor to properly address my kids and their needs.

 

Los,

 

It is great to see you posting again!!! Things have not been the same without you. Glad to hear that life is settling down a bit for you.

 

I don't know about others, but with the economy floundering I've pretty much just been maintaining what I have vs. actively pursuing anymore credit, but I'll add whatever two cents I can think of.

 

Now I assume the no SSN/PG required bank cards are things of the past. at least I've read enough to know the HDMC is now history (bet some of the faux businesses really hated to see that plumb dry up!). key bank I believe I read is also history. Did Citibiz eliminate their 4 biz cards or just make them much more personal score focussed to get in the door? Not overly concerned about the bank cards since I hated the interest back when I had them all.

 

no SSN/PG is pretty much a goner. HDMC is in fact history, and from what I can tell HD still hasn't lined up an alternative for Biz CC with the HD brand (Lowes has a new Amex though). Key's underwriting is moving to Elan from Citi so new KeyMC can still be had but they'll require a PG now (I gather from others posts that they may or may not actually pull personal credit depending on the strength of the biz credit they find). Citi still has CitiBusiness for sure (I can't speak to the others) and its definitely gonna be personal score driven. If you were gonna give in to any bank card Bank Atlantic would be a good starting point because of gracious credit lines and no interest starting promotions.

 

How is Dell approaching the newer S Corps? any approvals? if so what are they giving out to the 'barely have a paydex or no paydex crowds? anything tangible? I know Citi has walked away from Dell, but is CIT still backing them? also their internal credit department... anyone scoring anything from them? I don't need hardware as much as I need things that they sell that aren't Dell branded.

 

I never felt a need for the Dell, and most of the newbies haven't figured out how to work the Dell process ever since Citi dropped out, thus there is not much recent experience to share. The constant is that CIT is quirky and phone verification is critical when you place your order or they'll shut your account down.

 

I believe I read that Best Buy is no longer in the HSBC fold? if so did they end their corp cards or where they picked up by another creditor? same question for Costco?

 

no new HSBC BB accounts, but Costco is still alive and kicking.

 

creditors still pulling DnB and Experian biz as their main 2 biz CRAs? or has equifax become a major player in the last couple years? Duns still acting slimy as usual? or do they have new tricks to try to make you buy yourself a good credit file? Ive never bought a thing from them, but obviously know they are notorious for freezing your file if you don't play ball with their sales drones at times.

 

Despite all the prognostications that Equifax is bound to become bigger player in the Biz Credit arena it seems like the status quo is still in effect. GEMB and bank CC's seem to still be the only ones looking at or reporting to EQ for the most part. So EQ Biz files are still sparse, EXP Biz files are still incorrect (and it takes forever to get them to correct), and DnB is still just as slimy as usual and likely still the biggest player. DnB hasn't had to develop any new tricks because the same suckers in a rush to build Biz Credit files still fall for the old tricks :-)

 

Does Key Bank still do a leasing program? As I recall that was very easy to get into. probably gone too I guess or at least new criteria to get in the door?

 

Don't have any clue about this one but would love to hear any info from someone.

 

any other info on changes in the last couple years is welcome. I've been out of the credit arena since 08, and while I am not looking to get a bunch of accounts with this biz I now have, I know you have to walk the walk and take some accounts you don't even need. I have functioned with this biz ok without credit, but things now are getting a little tighter and need to jump back in the pool. any net 30 building blocks that were good for reporting a couple years ago drop off ? I dont really want to deal with those if they are no longer reliable. Citi still giving away Staples just for having a biz line listed through directory assistance? or have they gotten harder as well. Office Depot too?

 

The only thing that has changed is that some of the traditional net 30's nowadays might want you to prepay your first order, but whether you prepay or bill to an account they'll still report. Staples isn't quite as easy as before, but for the most part if you have you DnB and EXP files in place, directory listing in place, and at least something reporting to your file it will be pretty easy to get. However, they will take at least 6 months before they'll ever report anywhere so its nothing to worry to much about unless you actually need the account. OD is still nominally harder that Staples.

 

Once you get your credit files all setup it might not be a bad idea to start out with the usual net 30's and some gas cards Valero, BP, and Shell. Once those simmer you'd probably be best suited to keep us posted about what changes you notice compared to your last go around. We all know credit has restricted but I suspect that with a methodical approach you will still do fairly well with building. Hope to keep seeing you around!! Maybe some other older posters will come out of lurking mode :-)

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thanks for the update. pretty much as I suspected.

I am not really actively seeking any bank cards because the interest is always cut throat. not that it isnt with branded store cards of course, but thats all I really need. Something trial and error has taught is that getting accounts just for the sake of it is a rather pointless pursuit.

 

I only ask about Dell because they can get some pieces I need. I don't need any computers really, but they do have the ability to special order some other things as I've learned in the past, but I need at least 10k with them to dance with them as I recall getting to talk to a human who knows anything there is very hard and sales reps, if you find the right one, can make things happen, while others couldn't push through financing for a flash drive!

 

I dont mind prepaying a net 30 to get in the door. but would just as soon not because Im guessing those orders dont get reported as they are not actual extensions of credit and you have to place multiple orders.

Sounds like Staples hasn't deviated much from their reporting practices. they were taking 6 months to report for years.

Oh, how I remember the pains of starting from scratch. last time I was doing this as some of you may have read, I was using a 20 year old business and things were relatively easy to get into.

well, since Im much more specific and limited in the accounts I now seek it should be ok since I dont want any bank cards.

 

are Lowes and HD both now Paydex mandatory? they used to be all over the map as to their criteria and patterns were hard to pinpoint.

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Hello Los,

 

Long time no see. I only drop in here about once a week as there is little action.

 

I figured that you were busy repossessing equipment from all those failed businesses after the crash <_<

 

As I'm sure you're aware there is virtually no real business credit available. Even banks that advertise LOCs and leases are not approving most applicants. Key is still offers leasing but they're in such dire financial shape that it will take a miracle to prevent their total failure. I wouldn't count on a non PG lease from them any time soon and I bet that their rates have increased. I have seen some posts with Marlin leasing selling leases at an effective apr of 30%. There are still the usual net30s, gas cards , and store cards available but I see little benefit in having any of them as the rates tend to fluctuate between 20 - 30%. This rate is uber sub prime in a credit market where the prime rate is 3.25%. Dell is still lending money if you have a decent file but their rates are ridiculously high. When Citibank pulled out of Dell we received a pre-approved offer from DFS. Our Citi terms were $50K limit at 10% interest. The DFS offer carried a 20% interest rate. Dell service has also gone to the crapper in the past few years. It seems that we were assigned a new rep almost monthly with the reasoning that our old rep was promoted, and this was with the large accounts team. (The Dell translation: promoted = terminated.) We buy very little from Dell now and only if the item is a hot deal.

 

If you need a product or service that a Net30 creditor offers I would apply for credit but I wouldn't jump through any hoops to get it. At present, having a thick business file gets one nothing. I have added a few credit unions to my portfolio but these cards / LOC are 100% based on personal. Our business LOCs remain intact but we haven't received any cli in a long time. HDMC closed our $40K card. Citi Biz increased our rate so i closed it. GE cut us from $15K to $5K so I closed it. Closed the gas cards too as the rate was too high with no rewards. For most purchases we try to use a rewards card for 1.5 - 2% cashback. This cashback arrives tax free and is better than floating the money for 30 days.

 

With this health care bill being passed by those left wing loons it's going to result in higher taxes and increased costs for new businesses. I have made our businesses very lean in the past few years and I don't see us doing any hiring or expansion. It just doesn't make sense to put all ones assets and personal credit on the line for marginal after tax profits.

 

These socialist politicians are going to force all the wealth to leave the US and I may be one of them. Are you in Northern WA state now? If so, how do you like it?

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Hey Craigg

 

Good to hear from you too. Sounds pretty much as I predicted and feared. Which I guess is why I didn't dive back into the credit pool when I started my new venture.

Key leasing is hanging by a thread no doubt. I remember how insanely easy it was to score a $50k lease from them. like half a page app and they sure weren't using my personal. that is a shame.

I've been reading a lot of contradicting information about Dell lately. Seems in fact that they are super fickle. I'd surely like to score a $20-25k line from them (short term of course) but I don't have the file I once had. I am just plain not interested in LOCs or bank cards given the interest and hoops to jump through. the last gravy train rolled through long ago in the form of the early years of Citibiz and HDMC (its no wonder they ended that one with all the folks going through the loop hole and having ten cards at 5 figure limits each!).

I should like to know if anyone is fluking out and scoring 5 figure Dell credit on newer businesses there days

 

Anyway, you ask if I am in north WA? nope. I did about 8 years near Seattle. Now I will ask you knowing you and I have the same political feelings... Would you intentionally live in Seattle if you had to?? My ex bottomed out on the bottle and left. I took the kids and walked. I moved back to the mid west. Where things make a little more sense if you catch my drift.

You know, as profiting as I'm sure my old business would be doing these days, it came with a heavy moral price tag. I don't miss it. I miss the money, but not the job. I now focus on whats most important and thats my kids.

 

I noticed the board has definitely slowed down. Wish it could all be blamed on me trying to keep the scammers and trolls at bay by calling them out and engaging in battle with them, but sadly I think we all know the true reason things have cooled down a lot in the last couple years.

 

Keep your chin up. what goes around comes around. I see a crash and burn happening.

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