Few tips for biz credit

[apexcrsrvc]

1) You're going to need a 680 min. for any real lines outside of Net 30's,

2) Duns and Bradstreet is not worth paying. Get a few Net 30's such as Uline, Nebs, Reliable, etc., and pay early. You'll self populate a file and get a 80. Even then, it's used to a marginal extent. Personal scores rule the day.

3) Once you get a 680 personal score, get some business credit cards and build an Intelliscore with Experian Smart Biz Reports. A lot of folks pull them.

4) Don't fall for the ads that say we can do this that and the other without a personal score and you don't need a PG. They're lies.

5) Most important, work on your personal scores. When they get there, get an EIN and go for biz credit (if you have a biz). You don't need an LLC, S or C corp to secure biz credit or even lines of credit. The 680 is the most important thing.

Any other propaganda is a scam . . .

[cameroncreditguy]

I agree, with you, it is very difficult to get anything without a personal guarantee untill you have established your business credit for at least 3 years- other than that it is tough.

Cameron

[jlynn]

Die Spammer Die!

[cameroncreditguy]

Quote:

Originally Posted by jlynn Die Spammer Die!

well well aren't we awefully fussy today- someone make you upset? I am here to try and help - not sell anything

[jlynn]

Quote:

Originally Posted by cameroncreditguy well well aren't we awefully fussy today- someone make you upset? I am here to try and help - not sell anything

I'm fussy every day when someone's first post includes a link to their website. I'm sure you won't mind if I post a link to my income producing site on your website. I don't imagine I really need to ask your permission, it should simply be OK, right? - Free of charge of course.

[drivel]

Quote:

Originally Posted by jlynn I'm fussy every day when someone's first post includes a link to their website. I'm sure you won't mind if I post a link to my income producing site on your website. I don't imagine I really need to ask your permission, it should simply be OK, right? - Free of charge of course.

Hannah asked me to link to this website for her business:

www.Ibuyandsellweiners.com

[jlynn]

Quote:

Originally Posted by drivel Hannah asked me to link to this website for her business: www.Ibuyandsellweiners.com

I've lost Hannah, I think she must really be in the Congo...

[apexcrsrvc]

Weiners . . . it's still funny to hear.

[kojack]

what about the company's that offer business tradelines? Or the ones where you can buy a 2+ yr old shelf corp? Would someone with around a 700 fico get a noticeable advantage if applying for the same business cards and LOCs than just starting from scratch..
thanks

[ulther]

I strongly recommend that anybody who wants to run their own business take at least two, and possiblly three accounting/business courses. This allows you to look at your business in a way that lets you plan for things like getting credit and how you spend/earn your money.




\

[Hedwig]

Not only should you take accounting, but also finance, economics, and business law.

[fturner19]

Business Credit isn't hard to obtain if your company is in compliance with what the credit card companies underwriters requires of the company. Some things that a company should have before you start applying for credit.

1. Business should be "INCORPORATED"
2. Business should have a Corporate Kit & Seal
3. Business needs "RESOLUTIONS" (For signing on behalf of company),(Attorney In Fact),(To Open Bank Account/s) and (Applying for credit for the company)
4. Business Should have a "EIN"
5. Business should have a Landline Phone Number...NO CELL PHONES.
6. Business number should be listed in 411
7. Business should have a completed D&B profile.
8. Business should have a 80 PAYDEX & RATING with D&B
9. Business should be listed with "EQUIFAX", "EXPERIAN","CREDIT.NET"
AND KROLL
This is just some of the things that a business needs in place before someone starts applying for any Major Credit Cards or Lines of Credit.
Once these things are in place the company with be in compliance with the underwriters check list.

F. Turner
Business Management Consultant

[Aimanzul]

I am new and I mean no disrespect. Just my opinion.

For one I do believe that you SHOULD buy a Dun & Bradstreet package. You might not need to initially BUT as soon as you can afford to, get something. I prefer their more expensive one.

The simple reason is (and I can go into detail) : D&B is a pain to deal with - the best way to get in their good graces is to pay for something. Yes the packages are overpriced BUT it does make life a little easier. At times, a lot easier.

Thank you.
AimanZul

[Aimanzul]

By the way I am a new MEMBER not new at business credit !

[Qtip]

Quote:

Originally Posted by Aimanzul I am new and I mean no disrespect. Just my opinion. For one I do believe that you SHOULD buy a Dun & Bradstreet package. You might not need to initially BUT as soon as you can afford to, get something. I prefer their more expensive one. The simple reason is (and I can go into detail) : D&B is a pain to deal with - the best way to get in their good graces is to pay for something. Yes the packages are overpriced BUT it does make life a little easier. At times, a lot easier. Thank you. AimanZul

Duns and Bradstreet is a rip off, All you need is get net 30's with accounts that report and you will get the same score that you would by paying them. Kind of surprised someone recommending their service packages, first and foremost what they do not tell you;

The people that you will add as creditors trough their package must already be listed and a company that reports. So if they must be listed and be a company that reports why not establish business with companies that report and get the number the old fashion way?

Save your cash...

[Aimanzul]

Quote:

Originally Posted by Qtip Duns and Bradstreet is a rip off, All you need is get net 30's with accounts that report and you will get the same score that you would by paying them. Kind of surprised someone recommending their service packages, first and foremost what they do not tell you; The people that you will add as creditors trough their package must already be listed and a company that reports. So if they must be listed and be a company that reports why not establish business with companies that report and get the number the old fashion way? Save your cash...

You raise an interesting point. First of all this is just my opinion so I hope this does not turn into some type of match lol

You are assuming that a score is the be-all end-all, it is NOT.

Setting up business credit these days is not the same as it used to be. The aim should be long term and to set up a business in such a way that your business file is looked at a lot more than your personal credit. Look at larger established corporations they do not have there chairman's credit pulled every-time they require financing. far too many people rush to apply for credit cards as soon as they get a Paydex score.

Now instead of spending another 3 pages on this ....I will say is this: To establish business credit the way I think one should these days I believe that we would have to speak to D&B many many times. In fact i believe (ideally) getting a CPA to fax them certain docs will also speed things up. So having said that, to make life easier it is best to get one of their products when your budget allows it. Of course it is over priced ...WAY OVERPRICED....but to me what is even more expensive is waiting for a simple answer that really delays what we are trying to do...GET BUSINESS CREDIT ULTIMATELY CASH LINES OF CREDIT.

I will only go into detail if I am asked a direct question....but YES YOU ARE RIGHT YOU DO NOT REALLY NEED TO, AT LEAST NOT INITIALLY.....

Peace.
Aimanzul

[jason swarn]

Wow, someone who knows what they are doing..I just got here so I don't mean anything towards anyone else,but couldn't help but notice when I first came into the thread there is a member at the very top,saying how you should be apply for corporate accounts using your personal information!!

Now normally I wouldn't entertain such a statement,but this blew my mind that someone found it easier to PG everthing instead of taking the necessary steps to build corporate credit the right way.

With all do respect the purpose of getting corporate credit in my eyes is to seperate everything from your personals. As well of the fact that everyone knows (at least I thought) that corporations get much higher lines of credit than individuals.

Anyway no disrespect,but good luck to you big guy,I hope that you search the threads and see that there is a much better way to do things. It's really not That Hard,but you must study and put in some work to get it together. Peace

[jason swarn]

Is anyone still on these boards...i'm a newbie and I just don't see that many topics with recent dates..someone help! I would like to interact with like minded people (credit,credit,credit) to gain more knowledge,to help and be helped,so far the only things I can find on the Internet that's not tryng to rip me off or make money off me, is boards like this one, and one guy teaching all aspects of biz credit for free at gboogie.net..someone get back to me please!!!!

[Hedwig]

There are people around, but not all the time.

Feel free to spread the word about our site and invite your friends to join!