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New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
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Here to help as much as I can and maybe pick up some new info

I own and operate a few successful businesses and I'm very experienced in building business credit. Hopefully I can help some people out here and also learn some thing new. I spent years over at Creditboards but decided to move on from there. A lot of trolls over there and every one thinks they know everything but no one likes to share just take and take. I see a few familiar names on here from there but those are the more sharing type I'm sure.

Valued Contributor
Epcot
Posts: 2,784
Registered: ‎10-10-2012
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Re: Here to help as much as I can and maybe pick up some new info

Welcome to the forum. I have found most here are friendly, knowledgeable and willing to help! :smileyhappy:

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
0

Re: Here to help as much as I can and maybe pick up some new info

Credit boards was like that at one time years ago but a lot of the good members are gone and the newbies are just to lazy to search for basic answers to questions or to listen to what us veterans know from experience . 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Here to help as much as I can and maybe pick up some new info

Welcome!

New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
0

Re: Here to help as much as I can and maybe pick up some new info

Thank you!

Mega Contributor
Creditaddict
Posts: 19,991
Registered: ‎10-23-2007
0

Re: Here to help as much as I can and maybe pick up some new info

Business Credit has "evolved" so much since I really worked the steps in the past... I think that's why we see so litte about it these days because there just isn't that much exciting things to share and talk about!

The folks that could get approved for American Express or now more so it seems the Chase ink stuff are not really usually the business credit builders that are trying to get the store cards, and a few different MC or Discover products like Sams, Costco Store, Key Bank, HD, etc.

 

It's REALLY hard and rare to see these get approved in last couple years with no PG and get high limits.

 

:smileyhappy:

Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
0

Re: Here to help as much as I can and maybe pick up some new info

I totally agree with what you said.. Key Bank was really the last true business credit card you could get without a PG.. Like you said it is a little boring with the traditional Net 30's and such. You can still get a traditional credit card without a PG but you need the business history and very good files. For some though it may almost be impossible especially if you don't require a lot of spending on your business.. I think over the next couple of years we will see a non PG card or two come out but they will be very high lower limit cards something like a Premier Bank card. 

Established Contributor
scenery_guy
Posts: 958
Registered: ‎07-24-2012
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Re: Here to help as much as I can and maybe pick up some new info

Nice to have you here. I have a question - with all of the available business credit cards now days should I be seeking net 30 accounts from my vendors? I work in manufacturing on a small scale (raw construction materials most of my purchases) and spend about $250,000 to $300,000 a year. Most of that with private suppliers (not Home Depot or Lowes - actual lumber suppliers and paint suppliers). 

 

I have been taking advantage of AMEX points and cash back from Chase INK and always PIF monthly. My credit lines have been adequate as I generally have cash on hand to cover any purchases needed. Chase seems to be willing to cover increases as needed, and AMEX is AMEX, who knows if the purchase will be approved or declined so I still call when spending $10,000 or more at one time. 

 

With that being said I'm fine with PG as a sole proprietor. No doubt my main vendors would gladly offer me net 30 with discount for early pay (2% net 10). Would I be better off taking the 2% and tracking multiple local accounts or taking the Chase Ink cash and AMEX points? 

 

Thanks for any advice. 

New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
0

Re: Here to help as much as I can and maybe pick up some new info

[ Edited ]

Well the first thing I will say that I tell any business owner is that you should have a formal company (LLC or Corp). You must have very good credit having those accounts so I would think you would want some protection of that and your personal assets.

 

From just a pure business credit building stand point it would be better to use the Net 30 accounts and pay early if you can get those to report. If they don't report on their own this is one of the few times where the DNB credit builder actually does some good. With accounts in the hundreds of thousands reporting you will be in your way of obtaining real  business credit cards with out a PG and actual loans with out a PG. Thus getting your name off company accounts. You never know what could happen down the road.

 

Now with that said since your a sole prop and as you know no matter what you do your responsible for all your company debt I wouldn't even bother do that just do which ever saves you the most amount of money.

Mega Contributor
Creditaddict
Posts: 19,991
Registered: ‎10-23-2007
0

Re: Here to help as much as I can and maybe pick up some new info

You would have to way it out and see what works out to better rewards or cash back for you.  What is also going to work better for your vendor... not sure I would always care about their costs but if you are a larger client for them, the two of you might be able to figure out best for both.

otherwise Id probably take the rewards and the credit building and keep using the amex and chase.  I would get LLC going but either way, the amex and the chase are not showing up on credit but you go try to get other cards with these companies and believe me, they will be taking note of what you are spending on them and I would be shocked if it didn't reflect in the approvals of others! I also would not worry about an amex and over $10k if this is an ongoing thing, the internal computer will push your internal limit up and up as long as you keep charging and paying!

 

Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:

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