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**BIZ CREDIT** Business Credit Building... The Mother Thread


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Well, my business has been Inc'd for several years now. In that time, I have done lots of things without any PG. Those include:

 

Leased 4 Company cars for the computer business through Ford (four Taurus SES models)

 

If you have a computer business, you can get LOC with the master distributors such as Synnex, Sumi, Tech Data, etc. I always buy cheaper merchandise than they offer due to having better resources, but they are an option for the computer business person.

 

Merchant terminals via Bank Atlantic, and Cardservice International.

 

Another good source of Business credit is Fidelity leasing. I have 75K with them, no PG.

 

Several telephone services (Nextel, Verizon, Sprint, etc)

 

Home Depot, Office Depot, Office Max, Lowes, all cards are CL between 2K-12.5K

 

Hmmmm, several other things that I can't think of at 4am! These are between my RE business and computer business.

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Yup! And let me clarify, I applied for a free DNB number. I did not pay the $399 to get one and establish a credit profile with the trade references. This is a virgin DNB number with no references or history. I have been in business for 12 years, but have never had credit in my business name.

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I walked into Sams ( I have a business membership) picked up the business credit app, and turned it in that afternoon. Approved me on the spot for $1000. I called Staples, had them fax me an app. I faxed it back in and was approved within 3 days with a $750 credit line. They said after I make 1 purchase and pay for it, I can immediatly get a increase on my Staples account. This is as a sole proprietor with no PG and a free DNB number with no history behind it.

 

Dell declined me withour a PG. I haven't persued that one any more.

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Hydra:

 

(wow, you come on at the craziest hours!)

 

Did ford check your Personal Credit History? just no PG?

 

I think we have to start diffrentiating between no PG and no Personal CR Check wehever we mention an account.

 

(I am telling theis to everyone on the board... :-))

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When I searched for Fidelity Leasing, I see Citigroup has acquired them. I'm baffled Citi did not seek a PG, unless your LOC was processed prior to the acquisition.

 

Auto Question: I am also curious as to how the application process procedure is for purchasing/leasing cars? Was any personal information required?

 

General Question: At what point, money or time wise, would PG's no longer be necessary for LOC's?

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Hypothetical scenario:

You need 5 or 7 references with D+B #'s to get a good D+B score, right?

 

We have how many posters in this thread with a D+B #? Get my drift?

 

 

I get your drift totaly. I think it takes more that to report to someone elses. But all the same email me Grendel. I would like to speak with you more.

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Yes, my fidelity acct is over two years old and is now taken over.

 

Here is a little info about my corp just for comparison. It may give you an idea of what you can be approved for based on your company financials being higher or lower.

 

4.25yr old S-Corp

 

8 employees

 

14.73M last year gross revenue with 29.4% net cash.

 

Inc'd in state of FL

 

AGR of 34%

 

Paydex of 92 as of May 03

 

DNB CCS - 607

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Just a thought, but it would be nice to have a "Business Forum" link listed on the "Main Forums" page to provide quick access to biz information like this.

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I am finding this thread and the one on Credinet fasinating. My question is what type of business would my husband get into. He is a painter and wanting to work for him self. Looks like it would either be a LLC or an S Corp? Am I right about this? Anyone have any advice? Thanks

baggs

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Hello again

 

Believe it or not, I have printed and read this thread at least 3 times. This is an excellent post.

 

I have some question and suggestions:

 

1- Now we all know that DNB needs 5-7 payments histories to generate a PayDex. Normally this is not a big deal for most of us, regular posters with established compagnies. The ONLY hick is that each of the 5-7 vendors (References) MUST ALREADY HAVE a DNB number.

 

Is there anyboby out there willing to act as a reference for one of my 2 companies: NACO (dba NetLogis) and MCI Canada, Inc ?

Interested parties willing to help out, may post here or email me directly. Thanks a bunch, in advance !!!

 

 

2- Let's all build up 3 mini-directories (with Names, Phone #, Direct Links AND Min / Max CL):

 

2-a: Banks providing Business Credit Cards and/or Business LOC WITH PG AND Personal CR check (Hard or Soft Inquiry, please specify)

 

2-b: Banks providing Business Credit Cards and/or Business LOC WITH PG BUT WITHOUT Personal CR check

 

2-c: Banks providing Business Credit Cards and/or Business LOC WITHOUT PG BUT WITH Personal CR check (Hard or Soft Inquiry, please specify)

 

2-d: Banks providing Business Credit Cards and/or Business LOC WITHOUT PG OR Personal CR check

 

Thanks Again to ALL for sharing and for your help

 

Bela

Tel: 518 298-4642

Email: bbelaba@NetLogis.com

Website: http://www.netlogis.com

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Bela:

 

being that I was the one that started this thread, can I take the liberty of your not posting your phone number, company names, out of the thread??

 

that can do you more damage then good...

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BHMH,

 

Thanks for your reply and concern

 

1- This is my personal phone # NOT my company's

2- I am NOT trying any disguised advertisement. NetLogis is a Charity Organization offering 100% FREE Down Payment to any Canadian or US Would-be Home Buyer. We are not selling anything.

 

If I broke any "rule" I apologize to all of you

 

Bela

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bela:

 

what I am saying, it, slt's just say that an employee of one of the personal or business CRA's happens to read this thread...or a disgruntled (remember "greg fisher"?) member.....

 

suddenly, any post you have made about your credit or biz credit struggle is sooooo easily attributable to you...

 

so, let's just say, hypothetically, that my firm would be willing to give positive information on your firm to help your credit rating, being that you are EXPOSED would make my firm LESS LIKELY to help ya out.

 

anyone agree with me??

(P.S. do a seach on CN for "this board is being watched")

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bela:

 

what I am saying, it, slt's just say that an employee of one of the personal or business CRA's happens to read this thread...or a disgruntled (remember "greg fisher"?) member.....

 

suddenly, any post you have made about your credit or biz credit struggle is sooooo easily attributable to you...

 

so, let's just say, hypothetically, that my firm would be willing to give positive information on your firm to help your credit rating, being that you are EXPOSED would make my firm LESS LIKELY to help ya out.

 

anyone agree with me??

(P.S. do a seach on CN for "this board is being watched")

 

 

Point taken

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Got my new corporation papers today!

 

bought it online, opened in 1989.

 

no DNB listing though....

 

and goody, I get to keep the old EIN :-)...

 

so, what do I do with it now?

 

and anyone familiar with where to get a decently priced registered agent out there? I understand the address has to be in the state of incorporation (which in not where I live)...

 

also, any info on if I can use the checking account of the corp? how does the bank where the corp was till now know to trust me?

 

also, anyone ever open a bank acct. in a bank not in the state the corp. was formed in? what do I need besides the seal to do so?

 

wanna get a phone line for the corp, but dont wanna hard pull on my CR! so I guess it's back to opening the corp phone line in NY...

 

hehe

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Hey - BHMH

 

Im wondering if you could recap this whole subject for numskulls like myself (assuming there are any others out there). Ive been reading these boads for a while and am now ready to act .

 

Ive been in business for about 10 years and want to finally get it right. Id like to redo everything, regularize my activities and put all my business assets into a corp and then proceed to build that business's credit with out a PG - how do I do it? Right now I feel like everything I own is on the line.

 

As far as building business credit should I just follow the steps you mention in your very first post on this thread.

 

Thanks for all the help you and others have provided - I finally feel like im getting somewhere and boards like this certainly help. :?

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gromit:

 

if you have vendors that you do business with that will answer dnb's questions, you should not have a problem.

 

as far as what type of corp to open... se an attornet for legal advice...

 

but if you want our laymen's opinions state what type of business you do...

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So your saying basically "yes - follow the steps I first outlined when you started this post? I have a few vendors I might be able to dig up for dnb. I basically have two businesses one is rental properties (where I dont make any money ) and the other is a computer related (where I make money). I suppose I dont really need to put them under the same corporation my main goal is to establish credit in the business name with out a PG.

 

thanks again.

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Gromit:

 

I am in the same two businesses you are. I have an S-Corp registered in FL and an LLC in OH and IL. For my computer hardware business, and S-Corp has worked out nicely and allows me to make nice contributions to my own retirement.

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