Business Credit 101

[Poquelin]

I'm having a hard time locating a phone company that will set up a remote call forwarding number as described in this article. The AT&T rep as well as century link tell me that they have to install a landline at the location of my virtual office. My virtual office doesn't allow for a landline to be installed at their location. They have their own lines to rent me but then I won't get a utillity bill because the number belongs to the virtual office and they just rent it to me. 

Can anybody who I can call to set up a Remote Call Forwarding Number that is managed at the phone company but lists my company name and my virtual office address in the 411 directory? I'm having a hard time finding one.

I appreciate any information you can give me.

Thank you,

Poquelin 

[SuperbCreditOnTheWay]

I use a Google Voice number and SendMyCall (routing calls to different people) for my business number and I used a site called ListYourself to get my number in the 411 directory. It took about  2 days before my number started showing up.

[Poquelin]

That's a good question. I want to know that myself. I went ahead and got a virtual office, after I read the original article in this thread and even the virtual address I Got didn't work when I was setting up my account with D&B because they recognized it as a virtual address and kicked it out. I ended up listing my home address after all with D&B. 

Imjus as as soon prefer to use my home address for everything but Tuscany's article makes it sound as if it will hurt your chances of getting approved for business credit. 

[Poquelin]

I think Johnson is asking about running the business from home in terms of applying form business credit not in terms of legally operating from one's home. Lots of people do that.

anyway, that's my take on his post.

[silver_idle]

---

@Poquelin wrote:

That's a good question. I want to know that myself. I went ahead and got a virtual office, after I read the original article in this thread and even the virtual address I Got didn't work when I was setting up my account with D&B because they recognized it as a virtual address and kicked it out. I ended up listing my home address after all with D&B. 

Imjus as as soon prefer to use my home address for everything but Tuscany's article makes it sound as if it will hurt your chances of getting approved for business credit. 

---

Virtual office as in a UPS/FedEx address or a virtual office from a building? Who did you go through? Is your business registered with this address as well as with it being updated with the IRS?

[Poquelin]

I used a virtual office company I found on Google when I searched for virtual office and my zip code. The company is called Davinci. WhenI was applying for my DUNS # it identified it as a virtual office and wouldn't let me move forward. So I listed my home address and it took it. I then called the IRS and changed my address back to my home address. Prior to Davinci I had gotten a UPS store mail box and 2 days later I found the article that started this thread which basically says creditors have flagged all UPS store address and won't be the best for business credit applications and it recommends a virtual office instead. so I went and got the Davinci office address. I don't know how it will work with business credit apps but it didn't work with D&B. 

Incidentally, I went back to UPS store and tried to cancel and get my money back. I paid a year up front and they pointed out that the contract states that the payments are fully earned. So I only used it for 2 days but I'm stuck with it for a whole year. Keep that in mind if anybody is thinking about getting an UPS store address.

[Imperfectfuture]

---

@Poquelin wrote:

That's a good question. I want to know that myself. I went ahead and got a virtual office, after I read the original article in this thread and even the virtual address I Got didn't work when I was setting up my account with D&B because they recognized it as a virtual address and kicked it out. I ended up listing my home address after all with D&B. 

Imjus as as soon prefer to use my home address for everything but Tuscany's article makes it sound as if it will hurt your chances of getting approved for business credit. 

---

I believe it was MyJourney or Irish80 whom came in and said the rules from this thread don't apply anymore.  Rarely do creditors report to D&B anymore, due to high fees.  The majors only report if you have delinquencies.  The goto are the national small business credit report (I think that is what it's called), eq and ex business credit.  You pay more for your reports, but you don't get upsold with D&B.  Unless you are an established corporation, at least 50k to 250k revenue, with a few employees, and several years with store front, you will need to PG your credit cards.  The virtual office is a flag now for cc companies, they don't care if as sole proprietor you have home office.  This is how most of us get started anyway, unless we are buying an existing business.

No need for the llc, there are benefits with state taxes if you don't llc too soon, and also more government benefits.  You don't even need a separate phone when starting, though that will have to be in my game plan.  Decide on the best federal tax systems, and can file with state as not running for awhile.  My bank recommends even keeping the checking in personal account for sole proprietorship, when earning under a certain amount.  I have two accounts now with my CU, though could open a separate one with Alliant, with separate savings, and contribute to RoTh for investments (only change to SEP when big enough).

Take it slow, and enjoy the process.  The Amex SimplyCash is perfect for start ups, especially if your scores are good, and you are already in with Amex.  In a year or so, apply with Chase, if the business has filled out more.  Spoke with Chase rep today, and they have ways of finding out your business credit experience with Amex, even though Amex doesn't report to eq nor ex.

[Poquelin]

Thanks imperfectfuture.

I guess I was captivated by all the information posted in the original post of this thread that I didn't think about the fact that it was written in 2007. That's 8 years ago. 

I appreciate all the information.

[silver_idle]

---

@Poquelin wrote:

Thanks imperfectfuture.

I guess I was captivated by all the information posted in the original post of this thread that I didn't think about the fact that it was written in 2007. That's 8 years ago. 

I appreciate all the information.

---

I do find it weird how some places like SBA offer information on getting a virtual office a few years ago (https://www.sba.gov/blogs/how-virtual-office-creates-professional-corporate-image) but some companies like D&B flags it. I may give it a try myself because worse case they reject the address, but many, including myself, do not want to have their home address as their principle. Even though its ok in some cases, I simply do not want to spend thousands on a office, and using your home address can lead to piercing of the corporate veil if you are ever sued since you and the business entity are not truly separate. I did hear that some companies rents out real offices in the building of which you can use (similar to virtual offices, but is a real office you can pay for per month, without sharing to others), or floors of a building. This can help but you must also think of the cost too (maybe +$600/month).

Again, take it slow as it was stated. When I started my first llc, I did use my home address for a few months then moved to a virtual office with no issues with D&B, or creditors. I also had rented a small office space, which I did use 90% of the time. I do plan on doing the samething again in May or June when I get things fully jump started, but while im waiting for that day, im doing my research on different offices, how things changed between 2012 to now, and would advise you to do your research too. 

[Poquelin]

Yes. Well the way I'm doing it now is I use my home address for IRS and credit applications and bank accounts. I use the virtual office address for business license and LLC registration and to put on business cards and letterhead. I prefer people not showing up at my house unless they really research. 

So far I've gotten 3 equipment leasing approvals for a total of $44,500 although Inhad to PG so the virtual address was probably not a factor because they also had my home address.