The new guide to establish business credit.

[londonena]

Is having a net 30 account better than just a business credit card? I am looking at office depot and they have two options a Business Credit Account and a Business Account. The Credit account is just like a credit card and the account you have to pay in full each month.

[BRBiz]

Not really, usually the Net is a little easier to get. If you notice the revolving is geared towards smaller businesses which tend to borrow and not pay in full while larger businesses pay their bills in full monthly usually.

[thablewprnt]

Please, I cant move forward. I read dozens of times that virtual offices are not a good idea. Use my home address, got it. But what if my home address is an apartment? Ive been told not to use "APT" but "Unit"... Ok, but cant lenders tell I'm in an apartment by using google? Also should I change my info with D&B to UNIT?

[BRBiz]

If lenders do "Google" the address they will see its a virtual or a apartment.. Lenders want a address where you can be found not a virtual place.

 

If D&B did their job it is already marked in your file that it's a residential address.

[thablewprnt]

Thanks BRBiz... No more being timid then. Full speed ahead!

[BRBiz]

The more legit your business the less problems you have.

[briand]

I have read that you should let the vendor accounts that report to create the DNB profile, but you are saying to set up online for free. I have net 30 account with Quill, Uline, Amsterdam, MSC Industrial and Grainger. I have been checking for them to report and nothing yet.

 

Should i do set up DUNS number free or wait til they report? What is the benefit either way?

[BRBiz]

No benefit really, trades don't report any faster.

[Mendel93]

What about the personal name? When applying for all those accounts could the personal name vary at each account?! Or does it have to be the same exact personal name?

 

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[supermarc]

what was the process or what do you think office depot looks at when they raised you limits from 1000 to 6000???

[A330Heavy]

How long does it take for trades to post to D&B?

 

They seem to report to Experian Business quickly, but reporting to D&B is taking forever (at least it feels this way ) 

 

 

[thesaintly]

I'm interested in starting an online business out of my home, selling services. My home will not be a place where I will meet with clients. I'd like to establish business credit for this new business, but would prefer to have a PO BOX instead of my home address on my business listings. Does having a PO Box/UPS Store box affect one's ability to acquire credit? Also, if I incorporate in a different state than where I physically live, does that affect one's ability to get business credit? I have a perfect, thick and older personal credit file for whatever it is worth. Thank you for your input.

[UMG]

On 9/8/2016 at 11:55 AM, briand said:

I have read that you should let the vendor accounts that report to create the DNB profile, but you are saying to set up online for free. I have net 30 account with Quill, Uline, Amsterdam, MSC Industrial and Grainger. I have been checking for them to report and nothing yet.

 

Should i do set up DUNS number free or wait til they report? What is the benefit either way?

The first thing you need to do before applying is have your duns number. The vendors that report to dun and Bradstreet can’t report on an unregistered company.

[Etionnin]

On 10/22/2011 at 5:55 AM, troppixx said:

 

Awesome! Thank you! :-)

Thanks for the excellent solution to my problem, now all the reporting will be done on time

[Sweethomemov]

On 3/15/2012 at 6:00 PM, stroked89coupe said:

Hey! who does Pep Boys fleet report too?

 

You will probably be denied by larger company's due to the fact there is not much information in regards to payment history. Years in business wise your good on anything from net 30's to vehicle financing. Like I said you can apply if you want. What your goal needs to be is Fuel accounts right now. Wright Express mainly as i've found them to be the easiest to work with. With a few net 30 accounts you are already in the door with them and your current years in business will be in your favor. Remember, Years in business is determined by when you registered with the secratary of state. Thats what all of these companys look to for verification.

 

 

Re read the first page and make sure you do similiar steps as to what I have suggested. Also check your dnb and ex and eq frequently for new accounts being reported as that dictates when you can make your next move with a higher approval chance. You do not have to pay for DNB.

 

It does have a huge impact on how much each trade reports to DNB. Huge. Some will deny you just based off of that. For instance we were denied by GE recently for equiment financing (Under 10K). And remember we have over 15k in non pg'd unsecured credit through these guys. They told me there was not enough activity on dnb. I messed up the financing later down the line with a slip up of our actual gross sales instead of what they required (3 million). So that ended everything right there. lol. But generally there will be no difference between a 100 dollar trade and a 1000 dollr trade. DNB actually sets a recomended credit line for you. So when company's check your dnb they see that. Wether they use that or their own scoring model varies. I can tell you most of the time that company's wont rely on another comapny to make financial decisions. But it is there and i would not be suprised if smaller companys used this from time to time. But the trade amount reported affects your paydex in no way shape or form. The higest trade we have reporting is a gas card through wex for like 700 bucks.

 

 

I would not recomend buying anything that you don't ned for credit building. If these places have something you need buy it from them instead of walmart. You may pay a cupple of more dollars for it but it's for a good cause.