12-13-2012 02:18 PM
i am trying to find out what is the best thing to do to establish busines credit.
i am the owner of my business, i ve used cash to do everything and its time i use business credit.
i have my Dnb Number. (i have 0 trade lines) the dnb calls me every day for credit builder but i dont feel like paying if i can build my credit myself.
What im asking is what cards / where is approving now adays?
has anybody on the board applied for credit cards,office depot,etc ,with no trade lines and been approved?
i want to start applying BUt i dont want to make the wrong decsion. any help will be highly appreciated.
12-13-2012 06:01 PM
Welcome to the forums Chevydriver!
First off please ignore DNB. You can do this yourself. Either way it's going to take time. Do this the right way and you will reap the rewards as your business grows.
May I ask what type of business? What kind of purchases will you primarily be making? If you don't need office supplies or shipping supplies the standard Uline and Quill account will do you no good. How is your personal credit? If you are in decent shape you can always get a business credit card with a personal guarantee. Many people try to avoid this but in reality it's about the only way to get a hold of real working cards for your business. Do you have a good relationship with a bank for your business? They want to help and would be a good place to start relationship building as they can see your cash flow over time, and that helps when you ask for a card.
I know where you are, I have run a primarily cash based business for years. Always felt good to know I had no debt but now I am working by using the credit extended to me by the card issuers and sitting on my cash until the bills are due. There are benefits too if you spend a lot each year. Many reward cards offer nice points and miles as rewards simply for using the card. BE aware the interest is rather high on reward cards so don't carry a balance of the rewards are negated.
Post more info and I am sure you will get lots of advice.
12-13-2012 09:04 PM
You will get approved with them with no business history.. If you need actual credit cards then look at Cap One or something like that but Cap reports to personal. If you don't need actual credit cards then just focus on those and check back in a month and we can guide you on from there.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.