Business Credit

[ByrdMan]

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uktaurusbulba wrote:
When you have a minimum of three TLs reporting for (I believe) five TOTAL reporting entries, you will generate a paydex score When you said this, does this mean if I have an Office Depot, Gemplers, and Staples accts and I conduct five transactions, I should get rated? Thanks. Robert

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Hi Robert, once they report for five periods, you will get rated, so give it 60-90 days.

[uktaurusbulba]

Byrdman, The Staples card I have has probably reported several times and Gemplers once. So after my first Office depot report, I should have a score? Thanks, Robert

[ByrdMan]

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uktaurusbulba wrote:
Byrdman, The Staples card I have has probably reported several times and Gemplers once. So after my first Office depot report, I should have a score? Thanks, Robert

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Just as long as you mean three times or more by several, then you should register a score.

[uktaurusbulba]

I heard that this loan is based off your experian score. Is that your personal one or the business's?

[rebuilding]

thank you so much for this excellent information. I am glad i stumbled upon this sticky! 

How would a DBA fit in the mix?  I am wanting to start a corp "xyz llc" and that corp will be part owner of several different businesses.  I will also have a couple of different businesses that I will do as a DBA.  should I establish all of this credit under the corp or could I use a dba??

Also, anybody have any experience or suggestions about incorporating in Nevada or Wyoming? lots of press about this... I am in Texas.

[mrswayne]

I went to these sites to try to build credit for our new business, and all of them wanted a ss#, no space for an ein#. Is there a certain way to get an app with ein space, or do you just put ein in space for ss?

[masdeocho]

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rebuilding wrote:

thank you so much for this excellent information. I am glad i stumbled upon this sticky! 

How would a DBA fit in the mix?  I am wanting to start a corp "xyz llc" and that corp will be part owner of several different businesses.  I will also have a couple of different businesses that I will do as a DBA.  should I establish all of this credit under the corp or could I use a dba??

Also, anybody have any experience or suggestions about incorporating in Nevada or Wyoming? lots of press about this... I am in Texas.

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Rebuilding ... we're getting a bit OT here, but FWIW ...

You should consult an attorney.  An LLC is not a corporation.  It's a hybrid of a company and a partnership.  It has the protection of a corporation but the income flows to you as an individual (rather than through the corp).  It's a great structure for a small biz because your personal assets aren't at risk (the LLC doesn't own them), and you aren't subject to double taxation (corps. pay company income tax and employee tax).  It's very easy to set up a Delaware LLC. 

A DBA is not a separate entity; it's a business name owned by an LLC or corporation.  If you sign contracts, they would be in the name of "Rebuilding LLC, dba Rebuilding Pizza".

[Jesedmotherof5]

I just notced that LOWes declined due to a a Equifax report for my Business, anyone know how I can get t hat report? I thought it was only through Experian and Duns for Business credit.

[taylor01]

GREAT GREAT GREAT POST!!! THANKS ALOT!

ARE THERE ANY MORE COMPANIES THAT YOU AN APPLY FOR ( INITIAL ACCOUNTS) OTHER THAN THE ONES LISTED?

[lisals1111]

have the requirements changed at all at innovative since the economy is not doing so well?