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nikuk

My shelf corp, let me show you it.

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I am in a scheduled lull of activity (gardening I suppose) at the moment so I might as well offer yet another recap thread. I hope it may help - though I don't know that anything here is groundbreaking. This is my 2nd business entity and as far as that goes is a B2B services company.

 

12/2015 - Getting started.

  • Bought a LLC dated 10/2012.
  • Filed name change with sec of state.
  • Got an FEIN.
  • Business checking / savings / debit card. Also opened a Paypal account.
  • Using a public record address for the sec of state records (physical address) and a virtual office mail address.
  • Setup a virtual 800# service.
  • Bought a domain & forwarded @doamin email to personal email.
  • Put up a 3 page website on the domain.
  • Submitted into to listyourself; google places; and a couple others.
  • Submitted to iupdate.dnb for a DUNS which was just issued.

1/2016 - Formalities

  • The DUNS shows the business was created in 1/2016 because the system didn't find a record with sec of state - gonna see about correcting this next week.
  • The company already had a experian file, but it was under the former name. Submitted a validation to update to reflect the name change (as shown on the sec of state website) to current.
  • No Equifax file - no surprise
  • Sent off 8832 to IRS to elect C Corp tax. Going to use the company for benefits, payroll, and retained earnings (after spending down).

1/2016 - Let's go!

  • Approved for:
    • MSC Direct ($500 NET30)
    • Uline (NET30)
    • Quill (NET30)
    • Grainger (NET30)
    • Amsterdam (NET10)
    • UPS (NET30)
    • Capital One Spark PG'd ($1,000)
  • Declined:
    • FedexOffice
  • "Pending" Apps
    • Sunbelt Rentals
    • Newegg NET55 (got greedy, I know :( )

 

Just to be sure I placed $75-100 orders with MSC; Uline; Quill; Grainger; & Amsterdam. Even bought a $12 tracking with UPS. I have already paid 4 of those, I'm waiting on the invoice to be cut for the last 2 and will pay them.

 

 

The plan now is to try and sit on my hands.

  • 1/19/2016 - Check on D&B file update
  • 1/25/2016 - Get some contact details changed on vendor accounts to reflect mailing addresses, etc. Expecting to pay the last couple of opening invoices.
  • 1/30/2016 - Check on Experian file update. If updated then probably setup monitoring service for the year. Curiosity killed the cat and all... supposedly can submit tradeline info too.
  • 1/30/2016 - check and see if Equifax has picked up on the Cap One yet. If so then consider setting up monitoring with them too.
  • 2/2016 - Setup Wells Fargo Secured, and possibly Kabbage (i've used them before in another business)
  • 3/2016 - Depending on progress, look at app WEX, Staples, Dell, Home Depot - potentially with PG.
  • 6/2016 - Depending on progress, look at app Amex Simply Cash, Chase INK, Amazon / Newegg (Synchrony), or other "tier 3" accounts. Absolutely no PG.
  • 1/2017 - Be able to (whether we do it or not) get standalone (no PG) approvals for auto & equipment leases.
Edited by nikuk

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Oh, and the only reason that I app'd CapOne already is because I know it reports to commercial Exp & Equ, and once I discovered that this corp has a Exp file I figured why not. Yes it's a PG, and I DO have a (2) personal CapOne cards; a different business CapOne Spark; and this corp's checking is with CapOne. I was pleasantly surprised when it went through, and that helped me make the planned timeline more aggressive.

 

Also, along the same lines, is there ANY point in waiting on app'ing Wells Fargo? I basically expect to go with a $1k secured, but I'm on the fence about whether or not there is any benefit to waiting.

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In my honest opinion I dont think its going to go as planned.

 

First of all, the name change is a killer in building business credit, you would of been better off keeping the name and doing a DBA, well to late for that.

 

Wells Fargo wont do nothing for you cause it doesn't report, find a credit union in your area, and by the way they will HP your personal.

 

I don't think you will be ready in month 3 for all those vendors.

 

Month 6, Amex doesnt report, Chase u have to PG, Newegg maybe but still have not seen if they report. Amazon, i don't think so.

 

 

 

Sent from my iPhone using Tapatalk

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When some vendors/creditors see a name /ownership change they will just go off of that date that it was changed but some people and computers wont catch it.

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Surprised that WF doesn't report, I thought I'd read here (and that other site) that it did. Will look into, thanks.

 

Appreciate the info on the name change.

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Done Wells Fargo and it doesnt. Look into NASA or a local credit union

 

 

Sent from my iPhone using Tapatalk

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In my honest opinion I dont think its going to go as planned.

 

First of all, the name change is a killer in building business credit, you would of been better off keeping the name and doing a DBA, well to late for that.

 

Wells Fargo wont do nothing for you cause it doesn't report, find a credit union in your area, and by the way they will HP your personal.

 

I don't think you will be ready in month 3 for all those vendors.

 

Month 6, Amex doesnt report, Chase u have to PG, Newegg maybe but still have not seen if they report. Amazon, i don't think so.

 

 

 

Sent from my iPhone using Tapatalk

Why do you recommend doing a DBA?

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Thanks for the info on NASA - have added it to the "to-do" list.

 

Small update -

Experian has updated the company name & address to reflect the sec of state records (what I wanted them to be) and still shows:

 

Business Type: Corporation Experian File Established: November 2012 Experian Years on File: 4 Years Years in Business: More than 4 Years

 

Still going to wait a few weeks before submitting anything to them, or app'ing.

Edited by nikuk

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The CRAs will report the change however its been said in the Business Credit building world that name changes are not optimal for building credit. Im not saying you wont get vendors because in one of my testing corps I have one that has a name change. I get vendors on the account but the reason behind not doing the name change comes to play with funding. My testing on this corp is not for funding so i wouldn't know, so your goals will only dictate how far you take this corp.

 

 

Sent from my iPhone using Tapatalk

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while I was on a roll with another entity, app'd 1/21 & got the letter today. Approved for New Egg Net55, $4k .

 

"We were unable to assign a higher credit line for the following reasons:

total amount of credit available on trades

age of oldest account"

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Oh, I also got approvals for a Lending Club LOC with PG, didn't take it; as well as an Upstart IL, didn't take it.

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