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Business Credit Adventure (UPDATED)

Business Credit Adventure (UPDATED)

Never really thought about business credit the way you all do here.  I'll tell you my business credit develpment so far.

 

Bacground:

  • company established in 2002 but as sole-prop
  • converted at beginning of 2017 to LLC -- 2 members -- (on secretary of state registered, active, and in good standing)
  • property management and transportation
  • had a very thin D&B already established with only 1 trade reporting (albeit $10,000 and recent)
  • had a very thin Experian already established with 2 accounts reporting (old closed accounts)
  • had a very thin Equifax already established with 1 account reporting (old closed account)

Since I started this adventure around March 25, 2017 we have obtained the following accounts (without PG):

 

March, 2017:

  1. MSC Industrial (Net30) - $1,000 (probably won't order much more from them)
  2. Quill (Net30) - $1,000 (I actually use Quill every other week.  Their catalog is quite impressive.)
  3. Grainger (Net30) - $1,000 (started to use them for painting supplies although I now have Sherwin-Williams)
  4. FedEx Office Commercial (Net30) - No Limit (have not yet used them)
  5. Uline (Net30) - $1,000 (used them once, but I like Quill better -- don't tell Uline)
  6. SupplyWorks HD (Net30) - $1,000 (I am working on establishing with these guys, I like them for general supplies; they have a agreement with Home Depot for charging)
  7. Strategic Network Solutions (Net30) - $2,000 (just used as a credit builder)
  8. Sherwin-Williams PRO Commercial (Monthly/20th) - $2,500 (have some major jobs to do and will likely use this account over Home Depot)
  9. Sunbelt Rentals (Net30) - $25,000 (may need to rent equipment for upcoming work)
  10. Home Depot Commercial (Net60) - $1,000 (have already put through $650 and paid $350 of this; obtained Net60 by joining fuel rewards)
  11. CNRG Voyager Fleet (Net10) - $600 (have been using this but may start just using Shell/Exxon??
  12. CIT Direct Capital (Apple Financing instant approval) - $12,500 (purchased some Apple equipment on 24 month lease
  13. Shell Small Business - $1,000 (may become primary fuel card)
  14. Exxon-Mobil Business Card - $1,000 (will likely be back fuel card)
  15. Sunoco Corporate Card - $1,000 (Citi said yes, so it's now part of my credit portfolio)

June 2017:

  1. Staples Commercial and More $500 (net 30) - 6/2017

November 2017:

  1. Conoco Philips Fleet  $1,000 (revolving) - 11/2017
  2. Speedway Business Fleet Card $4,000 (revolving) - 11/2017
  3. Racetrac Elite Fleet Card $4,000 (revolving) - 11/2017
  4. Amazon Net55 (instant approval) $4,000 (net 55) - 11/2017
  5. Land's End Business $1,000 (net 30) - 11/2017
  6. Amazon Pay By Invoice $10,000 (net 30) - 11/2017

 

Total Credit Lines: $77,600

Time To Grow: 8 months (since March 2017)

 

Key Factors

  1. this is an established business
  2. Experian Profile of 15+ years old (Experian shows established 2002)
  3. Equifax Business Profile of 12+ years (Equifax shows established 2005)
  4. revenue is just under $500K/year (with 7 employees)
  5. Experian Profile had a score of 96 in March 2017! (that's nearly a perfect 100), now at 89 (12/2/2017)
  6. DBT (days beyond terms) is kept at 0 and we intend to keep our PayDex (D&B) above 80 at all times (curently at 79 due to Home Depot not applying a credit to an invoice which went 1 day beyond terms)
  7. We make it a point to pay 30 days before Net60 and 15 days before Net30 (to keep a PayDex above 80)
  8. Equifax Profile shows $8,494 of credit lines with $7,743 available and 6 accounts reporting
  9. Equifax Profile shows Single Highest Credit Extended is $4,000 (don't know if that's Amazon or Racetrac/Speedway)

 

Key Goals for Next 180 Days (Through June 2018)

  • obtain and maintain a 90-day "low 5" balance in my business account ($10K+)
  • garden until May 2018 (we'll see if it holds!)
  • put balances on most of the accounts (and pay of course)
  • try to get another $10K line reporting as $10K (see if Amazon Net55 will match Amazon Pay By Invoice)

 I attempted NewEgg, several revolving card (Home Depot, Lowes AR), Amazon, and WalMart.  Synchrony does not like me at all.  Citibank and CIT Bank have been the most friendly.  I believe that the seasoning has helped.

 

(I reposted this becuase the old thread somehow was rejected when I made a change.)

 

 

Message 1 of 8
7 REPLIES
Valued Member

Re: Business Credit Adventure (UPDATED)

Very impressive.  Thanks for sharing the detail and data. 

Current Scores Fico 8 - 12/17 EQ 659 TU 684 EX 660
NFCU CLOC $15,000 | NFCU Cash Rewards $5000 | Discover It $1250 | Capital One QuickSilver $500 | Walmart $400 | Wayfair $700 | Williams Sonoma $500 | Capital One Secured $200

Business Credit: Office Depot Business $1000 | Uline $500 | Quill $250
Message 2 of 8
Established Member

Re: Business Credit Adventure (UPDATED)

Thanks for the information,

in March I see you got too many approvals/cards . How many HP you got in your personal credit for that ?

Message 3 of 8
Established Member

Re: Business Credit Adventure (UPDATED)

I guess none of the march applications need credit enquiry , they just require DUNS.

Message 4 of 8

Re: Business Credit Adventure (UPDATED)

These are all no-personal guarantee (no-pg) accounts.  I did not provide my personal information other than my name and, for a few of them, my date of birth for Patriot Act reasons.  Not one of these are accounts are personally guaranteed.  I made it a point to only apply for no-pg accounts to truly separate my business from myself.

Message 5 of 8
Established Member

Re: Business Credit Adventure (UPDATED)

Got that bro, thanks.

Message 6 of 8

Re: Business Credit Adventure (UPDATED)

I asked Amazon Corporate Line Net55 (Synchrony) to match my $10,000 Pay By Invoice.  I get an email today that I have a new Amazon Corporate Line account (with a new last four digits).  So I called and it appears that they opened me another Net55 account with a $6,000 line of credit.  So, between the Pay By Invoice and the Net55 accounts, I have $20,000 in credit with Amazon ($10K Net30 and $10K Net55).  I am really going to garden now.

Message 7 of 8
Established Member

Re: Business Credit Adventure (UPDATED)

Congrats bro for Amazon CLI.

Message 8 of 8