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ladyoneal357
Posts: 1
Registered: ‎10-26-2009
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Re: Business Credit 101

Thanks for the information, it was very helpful. can you send me a list of the vendors that use the NET30. I didnt see the list that you were talking about?

 

Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
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Re: Business Credit 101

 


ladyoneal357 wrote:

Thanks for the information, it was very helpful. can you send me a list of the vendors that use the NET30. I didnt see the list that you were talking about?

 


 

 

Welcome to the forum, ladyoneal357!

 

A list of Net 30 vendors is a portion of the very first post in this thread by member Tuscani.

 

Here's the link.  Look to the second section in that post, entitled "Establishing Business Credit".

 

Hope this helps, and good luck!

Regular Contributor
Nonaii
Posts: 246
Registered: ‎06-02-2008
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Re: Business Credit 101


Uborrow-Upay wrote:

 


ladyoneal357 wrote:

Thanks for the information, it was very helpful. can you send me a list of the vendors that use the NET30. I didnt see the list that you were talking about?

 


 

 

Welcome to the forum, ladyoneal357!

 

A list of Net 30 vendors is a portion of the very first post in this thread by member Tuscani.

 

Here's the link.  Look to the second section in that post, entitled "Establishing Business Credit".

 

Hope this helps, and good luck!


 

 

Yep, it's a redirect back to the first page of this very thread. :smileyhappy:  there is some very good information in the initial thread.......... some of it is outdated  ( 12-04-2007 12:16 PM)  though.   

 

LadyOneal, Uborrow-UPay is right, those are great net term accounts..... but be careful if you're only using them to establish business credit.  Not all of those will report to anyone.   From personal experience:

 

- Fedex\Kinkos   (for my company, LLC established April 2008, only:  DOES NOT REPORT.  got it around June 2008, has never reported to DnB or Experian; was told by a rep that if a request was made then they would report.  I sent in a faxed report and followed up with a snail mail.  Never received a response back by fax, snail or email regarding the matter. I'm assuming, now, that the 'request' had to be made by DnB or Experian or whomever, not by my company.   Others may have it reporting, who got net terms before I did.  Others may also have it reporting who got net terms after I did.  As always, mileage may very.)

 

- Quill   (for my company only:  does NOT report to DnB, will have to check Experian.  We made a purchase June 2008.  Quill started to change up their net term policies around August 2008, where you had to make several prepaid purchases before getting invoice terms. Some folks reported that just by ignoring their phone call followup, their company's goods were shipped out anyway.  My personal experience is: they cancelled TWO of my orders instead of shipping them out anyone.  One of those orders was listed as 'pending' for a year!   What I heard through the online grapevine regarding this?  Quill will not set up immediate net terms if the address is to an apartment.  My home business is based from my apartment.  When I read that -- and I apologize for not remembering the name of the poster, or where, who relayed that information -- things fell into place for me.   Mileage, as usual, varies.

 

(addendum:  corporate express used to be a reporter as well.  but at the time I attempted to set up net terms with them, June 2008, they had stopped all shipping to home businesses, and were referring people to a non-reporting substitute they were affiliated with.  I haven't kept up with their policies since then, or whether they report for anyone or don't post economic fall out. YMMV.)


- ULine  (for my company only:  started a relationship with them last summer 2008; reports to DnB, have not checked with Experian.  A certain poster at a forum which I'm not sure if it can be named here, otherwise I would give him the credit he deserves, relayed information a couple months ago about difficulty in figuring out ULine's reporting date.  This certain poster stated he does (hundreds? thousands?) of dollars worth of business with Uline, however high amount ALWAYS reports as $0.  For my own business, I have net terms with ULine, but I too am always reported as $0.    I don't know how that appears to creditors who may check DnB.  Does anyone have the answer.  but at least they report.   I saw some anecdotal forum reports that ULine had significantly tightened up their net term policies since August 2008.  Check with them. YMMV.)

 

- Nebs  (for my company only:  started a relationship with them summer 2008.  great product.  does not currently report to anyone..   others who established accounts before my company did have had them report.  No one who has established net terms with them, since my company set up an account with them,  has ever had them report.   Again, great products, but don't use them if you're just looking for someone to show up on DnB or Experian or Equifax Business.)


- Reliable   (for my company only:  started relationship with them summer 2008.  did not report cash terms to DnB  because we did not make the minimum $50 purchase.  I'd have to look in my records to see what type of net account they are, because they weren't net 30 when I was with them. But they will report cash and net terms.... you just have to make a significant enough purchase for them to do so.  Unless things have changed. YMMV.)

 

- Office Depot   (we never attempted to set up an account with them.   We were going to wait a year for other starter accounts to establish themselves in our reports, for a better CL down the road.  We did get a come on about 6 months ago, about the time the Office Max fiasco was going down, asking us to set up a revolving account.  The company did not meet the years in business (like 3) nor the revenue (like $1million) to set up a nonPG account.  I will say, I am happy that they gave their criteria up front.  There's no reason to hide things like that from potential customers. I don't like wasting inquiries.  It wastes their time, and mine.  But I'm sorry I can't tell you whether or not they report.  YMMV.)

 

- Gemplers   (established a relationship in late 2008.  for my company, yes it does report.  Another who does report, and reports promptly, is Graingers.  for my company it was easy to set up net terms by phone for both companies.  Others have reported it hasn't been easy at all.  YMMV.)

  

- Interstate Battery  (have never established a relationship with them.  did not need their product.  others can say whether they have for them.  ymmv, and good luck.)

 

 

Also, from the first page that caught my eye:

 

Staples has net terms, but Staples hasn't been the easiest starter account you can get for your company in over a year.   Staples does not report for my company.   I established net terms with them June 2008.  In May 2009 I was informed that I could not get a credit limit increase because my account was set up without a PG and Staples had restructured their credit program, and my company was showing up as not meeting their credit criteria for non-PG, however they offered a brand new card with possible higher limit than 750 if I closed my current business revolving and gave a PG.  I said no thanks.  At least Staples didn't completely close out the account.  I was told by a rep that Staples will only report if three monthly payments are made in a row.  That satisfied me because I had never had to make three monthly payments in a row to Staples.  I have since then.  It's still not showing up on my DnB.  I have not checked Experian.   Others have also reported Staples never reporting.  I do not know if it has to do with PG versus non-PG, or when accounts were set up, or something completely esoteric or even random.   Because it's not the amount of the payments/charges that is causing the discrepancy between whose companies get Staples to report and whose do not.  YMMV.  If you can get them, good for you. :smileyhappy:

 

Gas cards:  I had to wait 6 months before I was approved for any gas card.  The Citi backed cards were good to me at that point (October 2008).  Chevron has told me no twice.   BP told me no.  I do currently also have a Universal Fleetcorp card with Mastercard -- pg -- but its terms are net 7, and if you don't pay up on time, there's a $75 late fee :smileywink:   I got a reversal because of technical issues at the site  we had been writing back and forth about.   Also, you can only use IE to access the website!   Otherwise, it's an ok card and has some discounts attached.   I like the Citi cards............... but they do not report for me, and I was told last year, they would not report but they were looking into.  Apparently other people had been told that a year before I had asked about.  So I don't look to them ever reporting.  Oh well.  

 

 

Anyway, my general advice is:   pay attention to the date of advice you're given.  Do not order from a company just to get someone to report, especially now in this environment.  3 years ago, Bags and Bows was a reporter.   It hasn't been for a year and half now though.   DO order from a company you need product from and who you feel gives you a great deal.   Take me and Quill, I could do the prepay 5 to 6 orders, but their stuff is hella expensive compared to other companies I could order from.  If I absolutely needed to establish business credit, I would do it.  Maybe.  But I'd be royally p.o.'d to find out that after all that prepaying they still wouldn't report.   So you don't want to be in that situation.

 

Good luck on getting your business credit established.  It does get easier the older your company becomes.

 

Also, don't pay attention to paydex.   That's pre-economy melting down advice.   It's nice, but not as nice as a 'rating'.  Don't send financials to get that rating if your financials are not strong.  It'll come in time, anyway (we had to wait a year and a half for our rating, but it did happen.) 

 

Also,  Experian sucks to work with.  Just grit your teeth if they screw up, because they will :smileywink:  It's inevitable.   They'll also eventually fix it.  Even if it takes months to do so.  Just work with them.

Valued Member
bos
Posts: 26
Registered: ‎11-28-2007
0

Re: Business Credit 101

FYI Amazon,Sears commercial one,Staples,Superfleet lowes and reliable report to dnb,equifax and experian biz
Bp business solutions report to dnb and equifax. Best buy biz report to Dnb,Gemplers report to Dnb,Uline report to
experian,Sprint pcs report to Dnb
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
0

Re: Business Credit 101

[ Edited ]
Nice post, Nonaii!  Thank you for your personal experiences with these vendors!  You too, bos!
Message Edited by Uborrow-Upay on 10-29-2009 09:55 AM
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Business Credit 101

Just wanted to say thank you to everyone; this thread is a huge help in building my business credit.:smileyhappy:

 

I just started building this month and so far I had gotten 3 net 30 accounts ULine, Gempler's and Reliable. I also got a Pending from Quill & Grainger; they want me to pay for a few orders then maybe a net 30 account later.

 

Does anyone know since I have these net 30's how much orders should I place with each company for my paydex score to generate? Or will my paydex score generate now since I have 3 trades with single orders?

 

Thank you,

 

chnceit


$100K in Credit
Last Credit Card App: 11/16/13
Member
iamcally
Posts: 8
Registered: ‎11-03-2009
0

Re: Business Credit 101

I just went to dnb.com and searched for my company by phone #.  It came up with the previous owners name not mine.  I can find nothing on my company.  I've been an S Corp since 2003.  Have an actively used company cc as well as Fedex and other Net30 accounts.  I've tried searching by name and by address as well.  Can't find my company.  Is it even possible that nothing has been sent to DNB?

Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
0

Re: Business Credit 101

Hi, iamcally!

 

Have you tried to do an eupdate on the company info that you did find at DNB?  If you haven't, then try that.  It will also most likely trigger a call from DNB to you to verify some info on your company (and, of course, they'll try to sell you something, too).

 

You may also want to check to see if you are on Experian business reports (smartbusinessreports dot com).  Search for your company name there, and see what pops up.

 

Not every vendor reports Net 30 accounts, or credit card accounts, for that matter.

 

Let us know how you make out.

Member
Aiman
Posts: 24
Registered: ‎06-15-2011
0

Re: Business Credit 101

Sad but not unusual. Do you have a Duns number ?

New Member
lornapcc
Posts: 1
Registered: ‎04-15-2011
0

Re: Business Credit 101

Thanks! Great points on D-U-N-S review and credit reports


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