Do i really need a DUNS number?

[TravellingNomad]

i am about to start my own business as a sole prop. eventually, i would like to apply for a business credit card. primarily to use for expenses when going to meet clients (gas, office supplies, etc). ive been doing a little reading online and i cant determine if i would need a DUNS number or not.

1. can you guys tell me if this is needed to apply for a simple business cc?

2. is this the business credit report banks would look at if applying for a cc?

3. since i am a sole prop, wouldn't i pretty much personally guarantee the cc so it would be my cr banks will be looking at if i apply for lets say a chase ink card?

any information would be appreciated. TIA!

[myjourney]

---

@TravellingNomad wrote:

i am about to start my own business as a sole prop. eventually, i would like to apply for a business credit card. primarily to use for expenses when going to meet clients (gas, office supplies, etc). ive been doing a little reading online and i cant determine if i would need a DUNS number or not.

1. can you guys tell me if this is needed to apply for a simple business cc? It's good to have. It's free and easy to get mostly used for Gov contracts but I have had to supply it for other contracts as well a hospital comes to mind.

Make sure to get a EIN/TIN this is a must as most apps will ask for it but SS# works too. 

And don't by any DNB products .....None.....Zip......Nada........$0

2. is this the business credit report banks would look at if applying for a cc? Yes they will check both personal and business CR's 

3. since i am a sole prop, wouldn't i pretty much personally guarantee the cc so it would be my cr banks will be looking at if i apply for lets say a chase ink card? Business CC's are guaranteed by you anyway and doesn't fall under the CC act ....which means either way they get their money Lol

The only company that reports on personal CR's is CAP1 might be another too (wells) 

All others will report to business CR's unless of default and then they'll hit both CR's 

any information would be appreciated. TIA!

---

[Creditaddict]

DO NOT PAY for anything DNB!!!

sure set it up or whatnot but do not pay to verify, build, monitor...

[TravellingNomad]

thanks for the info MJ and Credit!

i guess im just on the fence because when i was reading about it, like you mentioned MJ, that it's handy when having to land contracts. but i wouldn't be trying to bid for any contracts, government or otherwise. i'm actually just going to do financial planning (retirement/insurance) it as a part-time gig to supplement income from full time job. once i feel i have all the information i need regarding this personal venture, i will actually take the test to get licensed to sell insurance. so although it won't be a big business, i see some business expense in terms of fees to get licensed and any classes in the future that would benefit me in terms of this business.

so...with that being said and DUNS being a business credit report, will i get denied for business cc when i app in the future for not having a D&B profile?

and if i do set it up...will i get a lot of emails and calls from them selling me products that i wouldn't need?

oh and yeah i was reading stories regarding D&B csr's...they seem to be worse than a CA in trying to get money

[myjourney]

---

@TravellingNomad wrote:

thanks for the info MJ and Credit!

i guess im just on the fence because when i was reading about it, like you mentioned MJ, that it's handy when having to land contracts. but i wouldn't be trying to bid for any contracts, government or otherwise. i'm actually just going to do financial planning (retirement/insurance) it as a part-time gig to supplement income from full time job. once i feel i have all the information i need regarding this personal venture, i will actually take the test to get licensed to sell insurance. so although it won't be a big business, i see some business expense in terms of fees to get licensed and any classes in the future that would benefit me in terms of this business.

so...with that being said and DUNS being a business credit report, will i get denied for business cc when i app in the future for not having a D&B profile?

and if i do set it up...will i get a lot of emails and calls from them selling me products that i wouldn't need?

oh and yeah i was reading stories regarding D&B csr's...they seem to be worse than a CA in trying to get money

---

No 

DNB is just another CB but the good news is more and more lenders are using EX EQ business CB's 

IMHO those 2 will be #1 & #2 real soon if not already for business credit files 

[Creditaddict]

---

@myjourney wrote:

---

@TravellingNomad wrote:

thanks for the info MJ and Credit!

i guess im just on the fence because when i was reading about it, like you mentioned MJ, that it's handy when having to land contracts. but i wouldn't be trying to bid for any contracts, government or otherwise. i'm actually just going to do financial planning (retirement/insurance) it as a part-time gig to supplement income from full time job. once i feel i have all the information i need regarding this personal venture, i will actually take the test to get licensed to sell insurance. so although it won't be a big business, i see some business expense in terms of fees to get licensed and any classes in the future that would benefit me in terms of this business.

so...with that being said and DUNS being a business credit report, will i get denied for business cc when i app in the future for not having a D&B profile?

and if i do set it up...will i get a lot of emails and calls from them selling me products that i wouldn't need?

oh and yeah i was reading stories regarding D&B csr's...they seem to be worse than a CA in trying to get money

---

No 

DNB is just another CB but the good news is more and more lenders are using EX EQ business CB's 

IMHO those 2 will be #1 & #2 real soon if not already for business credit files 

---

Most likely any credit that you would apply for with the business like a Chase Ink or American Express Business Charge, etc. are all going to require you to PG anyway so they are not basing it off your business credit itself, but they may verify that you are a business and the address and phone match on business reports and then certain banks and cards would start to report to said business credit reports.

[TravellingNomad]

so i dont have to register with D&B. but it may help if i am registered because this is one of the many business reports they can check to verify if i really have a business. am i getting it right?  i have no problems getting registered, but before submitting, it asked me for the purpose of my request. the choices were govt contractor, state & local contractor, govt contractor (something), and VIBE. like i mentioned before, not going to be bidding for contracts govt, state, or otherwise. do you guys know what VIBE is? which one would i be choosing?

 also, how would i start to get a EX/EQ business credit profile? do i sign up for it like D&B? because i was skimming through EQ biz and it seems like i would have to pay. or is it like a personal cr where a profile gets generated once a cc is reported for my business? because from the sound of it, even though i get a biz cc, since iam personally guaranteeing it, the account will report in my personal cr. unless its a lender that will report the TL in the biz cr. am i getting it?

oh yeah...i went ahead and obtained a sole prop fed ein this afternoon...so at least that's one step towards trying to kick start this thing 

btw..thanks guys for all your input! really appreciate it.

[myjourney]

---

@TravellingNomad wrote:

so i dont have to register with D&B. but it may help if i am registered because this is one of the many business reports theybcan check to verify if i really have a business. am i getting it right?  YES

i have no problems getting registered, but what before submitting, it asked me for the purpose of my request. the choices were govt contractor, state & local contractor, govt contractor (something), and VIBE. like i mentioned before, not going to be bidding for contracts govt, state, or otherwise. do you guys know what VIBE is? which one would i be choosing? Doesn't matter which you select ....your a contractor by default 

 also, how would i start to get a EX/EQ business credit profile? do i sign up for it like D&B? Lenders will report 

because i was skimming through EQ biz and it seems like i would have to pay. or is it like a personal cr where a profile gets generated once a cc is reported for my business? Correct see above 

because from the sound of it, even though i get a biz cc, since iam personally guaranteeing it, the account will report in my personal cr. unless its a lender that will report the TL in the biz cr. am i getting it? Chase and Amex will report to business CR's only unless of default 

btw..thanks guys for all your input! really appreciate it.

---

[Creditaddict]

yeah D&B makes you usually pay to verify your business and create the account but you can get it created for free and just not be paying to verify activity and such.

EX AND EQ are like personal, they will create and grow on their own.

it's when you are seeking to get the Amazon, Home Depot, Shell, Staples, etc. type credit cards with NO PG that you have to care a little more about building and possibly monitor once in a while to verify correct... if you are going to PG a chase or amex card, then you don't need to worry about building the business credit because they are going off you only.

[myjourney]

---

@Creditaddict wrote:

yeah D&B makes you usually pay to verify your business and create the account but you can get it created for free and just not be paying to verify activity and such.

EX AND EQ are like personal, they will create and grow on their own.

it's when you are seeking to get the Amazon, Home Depot, Shell, Staples, etc. type credit cards with NO PG that you have to care a little more about building and possibly monitor once in a while to verify correct... if you are going to PG a chase or amex card, then you don't need to worry about building the business credit because they are going off you only.

---

Wrong they check business credit as well (just an FYI)

Example Amex checked my personal once on approval same day

They proceeded to check my business CR's twice once the same day of approval and again the next day

Business INQ's don't carry the same weight as personal so it wasn't a problem but they do check to see how business affairs are being run so to speak (bills paid)

They will however extend credit to people w/o business CR's setup yet if all other factors checkout Business name filed, company structure, business phone, EIN/TIN DNB # etc etc

Those things also start the process of building business CR's and are picked up on by EX EQ business when filed with federal or states Gov.

YMMV