Business Credit

[tqp-chris]

This is a very informative thread thanks.

I have a question. There are a few people who have talked about establishing accounts without PG. My question is did you apply for these WITHOUT filling in your social security #? Office Depot, Dell etc.

Does anyone have links or places to apply where you don't have to fill in your social? I was told not to put my social on anything otherwise they will pull my personal credit and mess up my corp. credit file.

[Nonaii]

Please take the following with a grain of salt: They can pull your personal even without your social security number. All they need is your name and your address. Don't enter your EIN number where it askes for social security number. Don't enter your birthdate. Fax in forms instead of going online if an application will not let you continue without inputting the above information. Cross out the relevant Personal Guarantee sections. Do write in your DUNS number and/or EIN number (if available) in the white blank space on your application. A social security number is your personal guarantee. I really hate that so many companies ask their employees to personally guarantee debts for the company. Just because it doesn't appear on your personal credit report, doesn't mean that you aren't legally responsible for those debts if something unforeseen should occur. Too many stories out there of people who have left companies, and months (or years) later there's a surprise for them on their personal credit report. You will not get Discover, Chase, BOA, whomever without a PG as a rule unless have a lot of volume with your bank and creditors; a personal relationship with your bank, if that's who you're going through, will also help tremendously. There are certain boards on the internet which are dedicated to giving free good advice about building and expanding business credit, none of which are able to be named here. But just do a search on google for non-PG business credit. Don't pay anyone to do what you can do for yourself. And absolutely don't pay Dun and Bradstreet, no matter how hard of a sell (inaccurate information intended to scare you, and all) their salespeople give you.

[SignGuyDino]

Hi.  I have been reading the information carefully.  I am coming into some money, not much but enough to pay off my debts.  I have been in contact with the SBA in the past and will be in touch as my credit rating improves over the months.

I want to incorpoate (I am in North Carolina), but I have having a difficult time finding any shared offices listed in or near Asheville.  Are there other options that are legit to establish my business address besides just renting out an office?  For example, could I use a room in my brother's house as my office for incorporation purposes? 

The business I was looking into by the way is a concession business.  Employee of one for now.  Selling desserts at malls, sporting events, fundraisers, and corporate events.

Thanks for helping the newbie.

Message Edited by SignGuyDino on 09-19-2008 06:22 PM

[poorcredit2010]

I having problems and I really need some advice, I need to get a loan for ecommerce store i Built and business is doing well but i cant get credit because i have companies stating that they reporting to DNB and they arent accepting because i havent purchased a report for $329  is this true do i have to purchase i read the info that was given and i waited it out but its been since july and still noone reporting- I need credit does any one know who can help me-I have Uline,Reliable,Nebs-Not reporting,Quill-I need one more any advice all the others stated i dont have enough credit history

[uktaurusbulba]

You can get a Duns number for free and then you need to work on the file by getting net 30s that report to d&b and experian. You should also have a business checking account and get 411 listed before applying. Hope this helps.

[gbreadman]

As a few extra net 30 options, I do occasional telecom work, and both Graybar as well as Cooper Electric Supply (the latter is located in PA, NY and NJ) seem to be very good candidates for initial net 30 credit accounts. 

Granted, I don't yet have experience with using their credit options (I've paid cash), but if I need electrical equipment (cross-connect wiring, wall-plates, etc.), they are usually my first stop.

Dan

[tonymaffoy]

i appreciat your heavier efforts regarding this issue.

wornderful,

keep it up.

[bos]

What companies can I establish business credit without using my personal credit? and do I need to use D&B credit builder program or any other company that promise to get you established?

[bos]

Where can I find a full list of companies with net30 terms?

[WishIKnewThen]

You don't need credit builder to start creating your business credit; however, a marginal few have found it helpful at adding vendors who may not report your credit line otherwise.  Through many, many nights of research, I have found that it seems than most advise against purchasing the CB program.

As far as a single list of net30, I haven't come across any comprehensive and current list, however searching by net30 here and contacting companies that offer the supplies or services you need and check if they offer net30 and report, proves a good starting point.

So far I have net 30 with:

Reliable - actually net 10, but they said I could work my way to net 30 after several timely payments

Quill

Gemplers

Grainger - I've had to prepay, but I read that they did to DNB a prepay for someone else

Bags and Bows

Teaching Stuff - they don't report though

ULine

I've yet to contact FedEx or UPS, but apparently they offer net30.

Also, Tech Depot offers net30 but won't for home-based businesses, Radio Shack offers net30, but I don't recall their position on home-based businesses.

Hope this helps.