Business Credit Report

[Anonymous]

Hi,

So I'm fairly new to business credit (about a year I've been in business as an LLC).

Currently have 5 open Business Credit Cards.

2 BofA
2 Chase
1 Amex

I went on Nav.com today to check my Business Report using their Free service.

For the Experian Report it gave me a "B" and for D&B it gave me a "?".

It said for D&B, "This company's payment history is currently too short for Dun & Bradstreet to generate a PAYDEX®. To start building your payment history, open at least 4 lines of business trade credit and make your payments on time. "

Any thoughts? I've had at least 4 Trade Lines reporting since March just opened a 5th this month.

[Anonymous]

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@Anonymous wrote:

Any thoughts? I've had at least 4 Trade Lines reporting since March just opened a 5th this month.

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Yes, I think you still you have lots of reading to do.  Start with the out of date stickies here and that should give you enough to try some searches.

Depending on your business, either or both of these reports can mean something or nothing to you and your current or potential creditors.

How many Active Trade Accounts are you showing on Experian Business?  That's the number in parentheses.

Does the name of your business by any chance start with the letter "B"?

Do you have anything showing under "D&B D-U-N-S® Number" on the D&B report from NAV?

How many Active Payment Tradelines?

How many Industries with Tradelines?

[Anonymous]

By active trade accounts do you means business credit cards?

If yes, the answer is 5 currently active.

Business does not start with a "B".

Nothing showing under D&B

The only business related trade lines we have are the 5 business credit cards nothing else, no net30's, nothing else related to business credit.

[Anonymous]

By Active Trade Accounts, I do not mean business credit cards.

My post above is asking for non identifying but specific information from your reports provided by NAV.

This will give us a better idea of what is actually reporting for you so we can help you decide how you want to proceed.

Your Experian Business Report from NAV will have a line that says

Active Trade Accounts: (THERE IS A NUMBER HERE)

[Anonymous]

I didn't purchase the full report I believe it only gives the summary free.

Here's what it says:

"Accounts on file: 1
Your business has tradeline accounts that are reporting to the Experian Business Credit Bureau and impacting your credit."

That's really strange because I've had 3 accounts (business CC's) reporting since January, another added in March, and another added in June.

What is meant by "Active Trade Accounts" though? There's no Business Lines of credit or anything except the business CC's.

[Anonymous]

I know for one that your Amex card doesn't show on the Experian business report.  At least mine doesn't.

Edit- and now that I think of it, neither does my BoA card.  Fairly sure only my Chase and Citi cards do.

[Anonymous]

Irish - Why would that be?

It makes no sense then because I was just denied a Wells Fargo Business LOC for this reason:

High Balance in relation to available credit on Business credit card.

My Chase card (the only one reporting) has never gone above 50% UT. Whereas my Amex and BofA have been at about 70% UT or more. But it's because they gave such low limits compared to Chase.

[Anonymous]

The following refers to business credit reports only for anyone that may happen in here by accident.

Only one of your Chase cards is reporting.  The other is too new to report.

Utilization is based upon the highest useage reported for most lines on your business report.

Some lines report actual limit (Amazon, NewEgg).  Your Chase cards will report highest useage as the "limit" with respect to utilization calculations.

Wells Fargo gave you a reason.  Whether that is the real reason or not, we don't know.

Its fairly well documented that the Amex cards don't report to EX or EQ.

BoA doens't report to EX and I have heard that some show them reporting on EQ, but I cannot verify it as mine do not.

Its also fair well documented that Bank Cards don't report to D&B, although you will find some members here that assert their cards report to D&B.

There is also SBFE (Small Business Financial Exchange).  It is a bit of mystery from what I can tell.  My understanding is that your business account balances may show up here in addition to business financial tradelines.  The advice I have read is keep at least $10K in your operating account.  Others have said a $50K is a magic number.

Hope that helps.  Like I said above, lots of reading to do on this stuff.