New Business Seeking Business Credit

bburney · 12-17-2007, 04:26 PM

I have just started by own company, I have registered with D&B, but haven't received my number yet.

Any suggestions on where I should start trying to establish business credit. My company is a LLC, we are about a month old.

Thanks

Enigma · 12-18-2007, 02:00 AM

Does the LLC operating agreement authorize its members to take the LLC into debt?

Does the LLC have a business checking account?

Dose the LLC have customers? positive cash flow? business telephone number that is listed in the white pages?

If yes, then apply for a Staples or Office depot/max card.

apexcrsrvc · 12-28-2007, 02:43 AM

Personal credit history is the driving factor in most business applications. Contrary to popular belief, a Paydex means nothing without a sufficient FICO score.

What are yours and that of any other officers?

bburney · 01-15-2008, 08:09 PM

I have been approved for Staples and waiting on a decision from Office Depot. UPS approved me for a account. I was turned down by Dell and Home Depot.

Any other suggestions, Vikings, Quill wants me to pay up front for the order before they will approve me for credit.

Also do you know how many lines of credit do I need to have to get a high Paydex score?

Thanks
Bernard

Enigma · 01-16-2008, 12:21 AM

Order something small from Viking and or Quill and do as they ask, this is normal for them.

Go with what you have. Use it wisely. Order small things, pay before the due date and your Paydex will reflect your good payment history.

bburney · 01-18-2008, 11:23 AM

Just approved for Office Depot, only $250 but its a start.

Thanks all for your help. Office depot asked a lot of questions for only 250 credit limit.

So far I have been approved for Staples, UPS, Office Depot.

apexcrsrvc · 01-21-2008, 01:19 AM

Nebs, Uline, and Reliable report to DnB.

chuff1026 · 03-10-2008, 10:56 PM

Quote:

Originally Posted by apexcrsrvc

Personal credit history is the driving factor in most business applications. Contrary to popular belief, a Paydex means nothing without a sufficient FICO score.

What are yours and that of any other officers?

thats not totally true
whats the goal with the business credit?
i have built a few hundred thousand in business credit without any PG's.

j94109 · 03-16-2008, 05:51 PM

Quote:

Originally Posted by chuff1026

thats not totally true
whats the goal with the business credit?
i have built a few hundred thousand in business credit without any PG's.

Hi,

Can you provide any more information on how you accomplished this?

I own a C-corp, 2.5 years in business, Paydex of 80 and gross receipts of about $750k p.a. We don't have and haven't used any credit to build the business to this point, and I have no idea what the starting point is to get credit without providing a personal guarantee (other than supplier credit of which we have substantial amounts...).

We are seeking about $250k for expansion and launching a new product line.

Hedwig · 03-17-2008, 12:25 AM

I doubt that chuff will be back. Seemed like he was trying to spam, and when he couldn't get a link posted, he left.

He was only here the one day, never been back.

apexcrsrvc · 04-10-2008, 11:45 AM

Chuff was full of Chit.

mohabubmiah · 06-08-2008, 06:07 AM

im new to this please help,,, i just started a company llc ho w i start building credit?

Enigma · 06-10-2008, 02:31 AM

Quote:

Originally Posted by mohabubmiah

im new to this please help,,, i just started a company llc ho w i start building credit?

Are you selling your product? Do you have income? Are you showing a profit?

What type of business is it?

Enigma · 06-10-2008, 02:33 AM

Quote:

Originally Posted by j94109

Hi,

Can you provide any more information on how you accomplished this?

I own a C-corp, 2.5 years in business, Paydex of 80 and gross receipts of about $750k p.a. We don't have and haven't used any credit to build the business to this point, and I have no idea what the starting point is to get credit without providing a personal guarantee (other than supplier credit of which we have substantial amounts...).

We are seeking about $250k for expansion and launching a new product line.

Are you profitable? Have you talked to your banker?

Kevin5x5 · 09-17-2008, 10:03 AM

Getting business credit is like putting together a puzzle without having a picture on the box. It is doable but very difficult when you do not have a frame of reference. You can get $10,000's in credit without having to use a personal guarantee or reference your social security number.

It sounds like you have your foundation down but like most people you do not know where to go from there. By foundation I mean you have:
1. LLC or Corporation
2. Business License
3. Tax ID/EIN from the IRS
4.Listed phone number of business w/ directory assistance
5. Fax Line
6. Business Checking Account
7. Dunns Number

These are all things major creditors look for to know that you are a legit business. You are ready to go after you have these things the problem is that you need to know where to go to and what they require. I have an article posted at an ezine that explains a lot of this.
You need to find companies that will give you a line of credit or credit card on a signature AND report to Dunn & Bradstreet so you can get enough to generate a paydex score. Once you get a credit card/credit line with them you need to spend a minimum of $60 so they will report you to Dunn & Bradstreet.

MORTGAGEVILLA · 09-17-2008, 11:35 AM

can you please share wich credit cards/credit lines you know that will report to DnB, Thanks your response is greatly appreciated.

c-corp 2002
Duns#,biz line,biz license,bank acc,tax id
net30 quill,uline,nebs,reliable,fedex/kinkos
cc staples 750 office depot 2000 walmart 1500 valero, citgo fleet
denied tiffany,home depot,dell

Kevin5x5 · 09-20-2008, 10:33 AM

You can reapply at places you were rejected at 6 months later. By then you should have a better credit rating.