Business credit building from scratch.

[BRBiz]

OD isn't a starter account and likes to pull Experian.

 

Fleetcor backed cards are generally easy to get..a Fuelman card is universal card but not as universal as. WEX card but good for starters.

[BRBiz]

So I applied for a Lowes AR Card and knew I would be denied but I wanted to see who they are pulling, if they still pull Equifax or if they also pull Esperian like Amazon. But the letter I received was interesting, they didn't pull any one but said it was declined because they couldn't verify the phone number. Maybe that's a first step for them before they actually pull your credit and if they can't verify the number then they don't pull.

[donnaneedscredit]

 

 

Approved for Fuelman fleet card..$3k

Approved for Cumberland farms Fleet card..Unknown limit

 

Only have two reporting on DNB and Experian shows a trade (Uline) but no dollar amount.

 

This is a NEW corporation / business right? And your getting approvals in the range of $3k to $40K ? Wow that is great, sounds like the "old days" of business credit.

Do you think this is realistic for all new businesses or is there something in your history that is assisting with the approvals?

Thanks and great work.

 

I'm just getting started again.

 

 

Yes new business from March of this year. I haven't used anything from my other companies to help the approvals along, basically just doing it like any one else would. But keep in mind many factors go into getting approved besides the credit it self.

 

Right !! Ok thanks so much for the reply -

[PresidentPMG]

first question, are you PG'ing any of these accounts.

second, if you don't mind sharing, what revenue number are you reporting

lastly, I thought you were denied reliable in march? and who is OD?

[BRBiz]

first question, are you PG'ing any of these accounts.

second, if you don't mind sharing, what revenue number are you reporting

lastly, I thought you were denied reliable in march? and who is OD?

All non PG

Not sure if I have been asked a number yet.. But I always answer that honestly.. this year will be over one million. Believe it or not that really doesn't help or hurt when applying for credit.. The number can really never be checked unless financials are requested.

I was denied reliable.. But I think because they set the account up it was just transferred to OD as a bill to account. OD is Office Depot

[TAMI1113]

WOW! GREAT CONVO. BUT I NEED ADVICE. THIS IS WHAT OUR S-CORP HAS CURRENTLY (JUST INCORPORATED IN NOV 2014):
$150K+ IN COMMERCIAL VEHICLE LOANS FROM CHRYSLER CAPITAL

$50K+ IN ONE COMMERCIAL VEHICLE LOAN FROM ALLY

$6K LINE OF CREDIT W/ WEX FLEET SERVICE

THIS IS OUR ONLY BUSINESS CREDIT. TRIED TO APPLY FOR $12K FOR A LAWN MOWER (YES $12,000 FOR A STUPID LAWN MOWER) FROM SYNCHRONY BANK AND THEY NEED "CREDIT REFERENCES". ALL 3 LENDERS "DO NOT VERIFY CREDIT TO OTHER CREDITORS, COMPANY POLICY". NEEDLESS TO SAY I LOST MY NORMAL CALM DEMEANOR ON THEM...

WAS INFORMED TO ENROLL W/ D&B. AFTER A PHONE CONVO W/ THEM I FEEL LIKE I WAS BEING "SOLD" A GYM MEMBERSHIP AND DID SOME RESEARCH ON THEM AND REVIEWS ARENT FAVORABLE. SO, AT THIS POINT I REALLY NEED A "CREDIBLE" (LOL) BUSINESS CREDIT REPORTING AGENCY. ANY SUGGESTIONS?

THANKS

TJ

[hyschmied]

WOW! GREAT CONVO. BUT I NEED ADVICE. THIS IS WHAT OUR S-CORP HAS CURRENTLY (JUST INCORPORATED IN NOV 2014):

$150K+ IN COMMERCIAL VEHICLE LOANS FROM CHRYSLER CAPITAL

$50K+ IN ONE COMMERCIAL VEHICLE LOAN FROM ALLY

$6K LINE OF CREDIT W/ WEX FLEET SERVICE

THIS IS OUR ONLY BUSINESS CREDIT. TRIED TO APPLY FOR $12K FOR A LAWN MOWER (YES $12,000 FOR A STUPID LAWN MOWER) FROM SYNCHRONY BANK AND THEY NEED "CREDIT REFERENCES". ALL 3 LENDERS "DO NOT VERIFY CREDIT TO OTHER CREDITORS, COMPANY POLICY". NEEDLESS TO SAY I LOST MY NORMAL CALM DEMEANOR ON THEM...

WAS INFORMED TO ENROLL W/ D&B. AFTER A PHONE CONVO W/ THEM I FEEL LIKE I WAS BEING "SOLD" A GYM MEMBERSHIP AND DID SOME RESEARCH ON THEM AND REVIEWS ARENT FAVORABLE. SO, AT THIS POINT I REALLY NEED A "CREDIBLE" (LOL) BUSINESS CREDIT REPORTING AGENCY. ANY SUGGESTIONS?

THANKS

TJ

 

Tami, go read posts from BrBiz. He has written out step by step what to try when building business credit. Not an overnight process but can be done starting with the creditors listed.

Don't pay for anything with D & B, you just need to build a credit file with them organically.

[TAMI1113]

THANK YOU!!!

[BRBiz]

Approved for Speedway unsure of the CL at this time.. This could be a back door way into WEX (If you want in).. I dealt with a sales rep the whole time and did a paper application.

[tetal]

Approved for Speedway unsure of the CL at this time.. This could be a back door way into WEX (If you want in).. I dealt with a sales rep the whole time and did a paper application.

 

 

Is that the universal card? I wanted to apply for an Exxon fleet card but they use Wex and I applied for a Wex card directly but they wanted me to PG it.

[DeanColeINTL]

This is such a great thread. it’s so funny because I used to work for Fleetcor. LOL!!!! Now I am building a Business Consulting firm and guess what I am specializing in. LOL!!! Yeap Business Credit. But anyway. I wanted to ask. BRB Why didn't you use a Virtual Office when you got started ? When you go through AUS (Automatic Underwriting Systems) They pull for Business Address and a lot of time that will flag you for a denial right off the back. And also. I have been in the Underwriting department and seen underwrites do google searches on businesses when they have to do a manual underwrite and seen them counter with a deposit request or a lower credit limit or even deny accounts because on google earth the address shows up as a residence. I know it is possible to get approved because you are. congrats to my man. however I was just wondering why you used he home vs a virtual office .

[BRBiz]

 

Approved for Speedway unsure of the CL at this time.. This could be a back door way into WEX (If you want in).. I dealt with a sales rep the whole time and did a paper application.

 

 

Is that the universal card? I wanted to apply for an Exxon fleet card but they use Wex and I applied for a Wex card directly but they wanted me to PG it.

 

No but if opens the door thats ok, but will they later shut it down? I will see?

[PresidentPMG]

Did you have anything reporting when you applied for sunbelt? And do you know if they report to any bureau?

[BRBiz]

Did you have anything reporting when you applied for sunbelt? And do you know if they report to any bureau?

No I didn't.. They don't report any place.

[BRBiz]

So today my Fuelman card reported to DNB and Experian, nothing on Equifax though. Reported at $500 on DNB and $400 on Experian.

[BRBiz]

WOW! Here we go! $5000 instant approval from Amazon!

 

Amazon really never had many if any instant approvals but lately that seems to happen a lot.

[londonena]

OD isn't a starter account and likes to pull Experian.

 

Fleetcor backed cards are generally easy to get..a Fuelman card is universal card but not as universal as. WEX card but good for starters.

Thank you I got approved for Fleetcor for $1,200. Is there a way that I can track my business credit such as Credit Karma or anything similar site?

 

Sent from my SCH-I545 using Tapatalk

[BRBiz]

 

OD isn't a starter account and likes to pull Experian.

Fleetcor backed cards are generally easy to get..a Fuelman card is universal card but not as universal as. WEX card but good for starters.

Thank you I got approved for Fleetcor for $1,200. Is there a way that I can track my business credit such as Credit Karma or anything similar site?

Sent from my SCH-I545 using Tapatalk

You can see your D&B file for free via D&B iupdate

Equifax and Experian you both need to pay to see.. Experian isn't that bad, $129 for the year. Equifax is price I believe $39.

[londonena]

I have been denied credit on some accounts recently , is requesting a free credit report the same as requesting a personal ?

 

Sent from my SCH-I545 using Tapatalk

[BRBiz]

I have been denied credit on some accounts recently , is requesting a free credit report the same as requesting a personal ?

Sent from my SCH-I545 using Tapatalk

Kinda.. They aren't required to give you a report but usually do. That's with Experian and Equifax.. You can also check their business sites and do a search for your company to see if a file even exists and if so it will tell you if you have trade lines or not..

 

 

http://www.experian.com/small-business/small-business-credit.jsp

 

https://sb.econsumer.equifax.com/bizdirect/companySearch.ehtml?advancedSearch=true

[londonena]

Ok , I tried applying for a business loan and credit through Wells Fargo and was denied as my file is to thin.

 

I will take a look at the links soon.

 

Sent from my SCH-I545 using Tapatalk

Edited August 20, 2015 by londonena

[success63]

So today my Fuelman card reported to DNB and Experian, nothing on Equifax though. Reported at $500 on DNB and $400 on Experian.

Did you to the online application? Is so did you PG?

I started the app online and ignored the personal section but it wouldn't let me continue unless I filled out the personal info.

[BRBiz]

 

So today my Fuelman card reported to DNB and Experian, nothing on Equifax though. Reported at $500 on DNB and $400 on Experian.

Did you to the online application? Is so did you PG?

I started the app online and ignored the personal section but it wouldn't let me continue unless I filled out the personal info.

Yes I did the online app, if you don't meet the min. number of employees or years in business it makes you fill in the PG section.

[success63]

 

 

So today my Fuelman card reported to DNB and Experian, nothing on Equifax though. Reported at $500 on DNB and $400 on Experian.

Did you to the online application? Is so did you PG?

I started the app online and ignored the personal section but it wouldn't let me continue unless I filled out the personal info.

Yes I did the online app, if you don't meet the min. number of employees or years in business it makes you fill in the PG section.

 

Gotcha, thanks

[BRBiz]

Little up date.. Applied for revolving Amazon.. Got a Letter denied, could not verify business name! Funny I already have the Net account.

 

Applied again Lowes, denied due to time in business and Experian score.. So all Synchrony backed cards appear to be pulling Experian now instead of Equifax which will help more people get approved..

 

All the Amazon reported to Equifax so far.. Interesting though they put the trade under our trade name and not the legal name so I will have to get that corrected.. That could be the issue with verifying the name.

Edited September 15, 2015 by BRBiz