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Business credit building from scratch.


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So as many of you know I tried this before just to see if the process of getting approved has gotten better and that was derailed by DNB..We know it has gotten better but let's see how much.   I jus

Hi everyone,   I'm new to this site, however, have been reading comments/forum for over 4 months. I too have got some serious questions regarding business credit and pg. I joined a program which w

Wow! Such a interesting thread and the group let it get cold.   There was a lot of good information on the thread as well as A lot of erroneous, incomplete, outdated, and just downright wrong info

  • 1 month later...

Wow! Such a interesting thread and the group let it get cold.

 

There was a lot of good information on the thread as well as A lot of erroneous, incomplete, outdated, and just downright wrong information given as well.

 

There is a lot of information out there noun on this subject and it's such a very important subject if you are building corporate credit.

 

I hope we can get this conversation rolling again. I can't believe the last updated post was in 2015.

 

I'll start off with looking for the latest information on the subject and relaying it back to this board. Stay tuned!

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  • 2 weeks later...

How old is your biz Falcon? And do you have lines posted?

 

My business is 10 years old.

 

I don't know how many lines I have, but not a lot. I sometimes order from Uline and I ordered once from Amsterdam. Last week, I received a promotional letter from National Pen, and ordered from them also, but I haven't received my products yet, so I haven't paid them so far. That's all I have basically.

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Two days ago, I started to fill out Fleet gas card application on their website, but when I was asked to fill out the personal information, I just stopped and closed the website. Today, I just received a call from Fleet rep, and he asked me to help finish the application. So, we started the application. He didn't ask anything about my personal information. After the application is filled, he said he will get back to me within 48 hours. He mentioned that they are reporting to DNB and asked me if that is a problem. I said no. Well, anyways, I guess I am going to get a fleet gas card with $5000 credit line.

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  • 4 weeks later...

Important!! Here is something to remember when you are building your corporate credit from scratch:

 

NEVER use your credit card or debit card to pay Dunn & Bradstreet. They will pull (soft pull) and regularly monitor your personal credit whether you are the owner or not. They will report your home address and other intelligence about you to their subdivision, Hoovers, and sell your information to the tune of up to $15,000 to anyone who wants it. Just go to www.hoovers.com and have their sales division take you through their whole sales presentation...

 

Remember that TransUnion shares information with D&B: https://www.allbusiness.com/dun-and-bradstreet-joins-forces-with-transunion-14456259-1.html

 

And then, if you personally have an issue with your personal credit; such as a bankruptcy for example, they will arbitrarily put that on the D&B Report and it will damage your corporation's credit profile. Experian does the same thing.

 

People often make the mistake in not properly segregating there corporation from their personal life. Then, you wonder why you are mysteriously denied certain loans/ lines of credit (corporate or personal)

 

Another thing: Stop listing your name and home address on the secretary of state. Again, if you do this, DnB can get a copy of your credit report along with any corporate lender.

There are many more pitfalls and trapdoors, so please be aware.

 

If you need that $50,000 - $250,000 with no personal guarantee, be VERY careful how you handle the secretary of state and DnB.

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  • 3 weeks later...

I've been using the Wex/7 Eleven fleet card for a while now; without noticing that they do not have a grace period to pay your monthly due bill, I have been paying it like around the 25th of every month; a real example my bill is due on the 22nd of each month with a cut off time of 3:30 pm; I thought it was at 6 pm; I just made the payment an hr ago; they will now proceed to report my payment as late on D&B; If you pay on the 23rd, is too late; they will report you late; crazy! Hate Wex cards!!

 

Here to the Gurus :wave: of our Forum: What's a good non-Wex fleet :wave: card with a grace period?

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  • 2 weeks later...

Important!! Here is something to remember when you are building your corporate credit from scratch:

 

NEVER use your credit card or debit card to pay Dunn & Bradstreet. They will pull (soft pull) and regularly monitor your personal credit whether you are the owner or not. They will report your home address and other intelligence about you to their subdivision, Hoovers, and sell your information to the tune of up to $15,000 to anyone who wants it. Just go to www.hoovers.com and have their sales division take you through their whole sales presentation...

 

Remember that TransUnion shares information with D&B: https://www.allbusiness.com/dun-and-bradstreet-joins-forces-with-transunion-14456259-1.html

 

And then, if you personally have an issue with your personal credit; such as a bankruptcy for example, they will arbitrarily put that on the D&B Report and it will damage your corporation's credit profile. Experian does the same thing.

 

People often make the mistake in not properly segregating there corporation from their personal life. Then, you wonder why you are mysteriously denied certain loans/ lines of credit (corporate or personal)

 

Another thing: Stop listing your name and home address on the secretary of state. Again, if you do this, DnB can get a copy of your credit report along with any corporate lender.

There are many more pitfalls and trapdoors, so please be aware.

 

If you need that $50,000 - $250,000 with no personal guarantee, be VERY careful how you handle the secretary of state and DnB.

 

Quick question about this.. what if you do business banking with the same bank you do personal banking?

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  • 2 months later...

 

I have a question on how things report to experian and other business credit bureaus. Do they just report the maximum due on an account each time the account reports or does it show the max trade line available? For example I have a 50k BJ's business mastercard but never come close to that limit each month. Does it show 50k trade line or say 5k trade line if that was highest ever reported for that trade line? If max trade line is reported would it benefit me to get a trade line at sunbelt even though I would never need to rent anything (I own a residential real estate sales company)

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Equifax is the only one that shows limits if they have that info, the other two just show the high amount used.

 

Would it count if you used the entire amount to maximum and then returned?

 

 

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Important!! Here is something to remember when you are building your corporate credit from scratch:

 

NEVER use your credit card or debit card to pay Dunn & Bradstreet. They will pull (soft pull) and regularly monitor your personal credit whether you are the owner or not. They will report your home address and other intelligence about you to their subdivision, Hoovers, and sell your information to the tune of up to $15,000 to anyone who wants it. Just go to www.hoovers.com and have their sales division take you through their whole sales presentation...

 

Remember that TransUnion shares information with D&B: https://www.allbusiness.com/dun-and-bradstreet-joins-forces-with-transunion-14456259-1.html

 

And then, if you personally have an issue with your personal credit; such as a bankruptcy for example, they will arbitrarily put that on the D&B Report and it will damage your corporation's credit profile. Experian does the same thing.

 

People often make the mistake in not properly segregating there corporation from their personal life. Then, you wonder why you are mysteriously denied certain loans/ lines of credit (corporate or personal)

 

Another thing: Stop listing your name and home address on the secretary of state. Again, if you do this, DnB can get a copy of your credit report along with any corporate lender.

There are many more pitfalls and trapdoors, so please be aware.

 

If you need that $50,000 - $250,000 with no personal guarantee, be VERY careful how you handle the secretary of state and DnB.

Quick question about this.. what if you do business banking with the same bank you do personal banking?

Simply open another business bank account elsewhere.

 

 

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Also dont use your home address for the business, period. Get a virtual office. Its cheap. If youre serious about the business and building a fgood financial future, then skip a few lattes or whatever, and put it into a proper business address!

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  • 7 months later...
On 1/22/2018 at 11:18 AM, kreditking007 said:

Wow! Such a interesting thread and the group let it get cold.

 

There was a lot of good information on the thread as well as A lot of erroneous, incomplete, outdated, and just downright wrong information given as well.

 

There is a lot of information out there noun on this subject and it's such a very important subject if you are building corporate credit.

 

I hope we can get this conversation rolling again. I can't believe the last updated post was in 2015.

 

I'll start off with looking for the latest information on the subject and relaying it back to this board. Stay tuned! 

I have really enjoyed reading this thread and think it has some really great information on it.  It would be good to get more some more good, recent posts here so that we have accurate info and know which things have changed etc.  I am just getting ready to start building credit on my Corp in March so I will try to post what happens with it as well.  I am trying to read up so that I do it right.

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