Home Depot Business Mastercard?

[Anonymous]

Nice to find a biz credit forum here finally, good work!  I've been over on another forum but am glad to be back here since I started with personal here.

Anyway, got my biz listed with D&B finally.  Right now it lists as;

Inc'd 2000

Annual Revenues: $1,500,000 (E)

Employees: 6

PayDex 80

3 Tradelines reporting

High Credit: $10k

Owed: $0

Most Recent Payment ($10k last month)

D&B is supposed to update with 7 or 8 other lines this week, some of them from vendors I've been paying monthly for over 4 years.

So my questions are:

1) Should I wait for the add'l tradelines to report or am I good as is?

2) They say PG helps to speed processing if rev <$2,000,0000.  What is the impact of saying $2,000,000 if D&B says $1,500,000 (close enough?)

3) Requested Limit. I'd like as much as possible, don't want to trigger delay.  If I ask for say $5k will they approve me for as much as they can anyway or cap at that? I'd like $10k - $15k

4) Does the fact that my Experian file is much thinner (since I used CreditBuilder to have D&B confirm vendors/age/etc) hurt, i.e. will they pull both and then use D&B?

Can I apply for a different card e.g. KeyBank right after?

[2wheel]

If you have been paying 4 years and you use the credit builder program they are (NOT) going to report 4 years of credit history they are going to only report the high balance and owes and current month. They do not go back into payment history with this service. Hope you wasent thinking they did because you will be upset.

It took me almost 2 years to get a line of credit with bank. I had 9 tradelines reporting and and a paydex of 83 with duns at the time. experian file had 5 tradelines and equifax 5 tradeline. You might be able to get a business line of credit but you might have to bring in all your financial records.

Message Edited by 2wheel on 04-18-2009 05:23 PM

[Anonymous]

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@2wheel wrote:
If you have been paying 4 years and you use the credit builder program they are (NOT) going to report 4 years of credit history they are going to only report the high balance and owes and current month. They do not go back into payment history with this service. Hope you wasent thinking they did because you will be upset.

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Oh   Well I'll still get multiple vendor history and high-line of $10k that should still make for a good file right (10 tradelines, $10k high line), 10 year old corp?

[2wheel]

Ya you will get credit for the years in business but the only problem is that they might come after you about being in business that long and seeing a thin file or new file. To get bigger lines I think you might see your bank and show financial records for the last 3 years and projected income for yext year have contracts and bids that you have won to show where the income is coming from But with 10 tradelines and 10 years in business you might get a respectible bank to loan money to you

I have 28 tradelines

.... looking at file now

28 tradelines reporting

highest credit 35k

now owes 9800

14 anticipated

13 net 30

1 public finance<<< still have no idea what this is 7500dollars

Message Edited by 2wheel on 04-18-2009 05:31 PM

[Anonymous]

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@2wheel wrote:

Ya you will get credit for the years in business but the only problem is that they might come after you about being in business that long and seeing a thin file or new file. To get bigger lines I think you might see your bank and show financial records for the last 3 years and projected income for yext year have contracts and bids that you have won to show where the income is coming from But with 10 tradelines and 10 years in business you might get a respectible bank to loan money to you

I have 28 tradelines

.... looking at file now

28 tradelines reporting

highest credit 35k

now owes 9800

14 anticipated

13 net 30

1 public finance<<< still have no idea what this is 7500dollars

Message Edited by 2wheel on 04-18-2009 05:31 PM

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Why will it be 'thin' if I have a 10+ ovendors showing?  Also I seem to remember when talking to my rep he definitley asked if I could supply at least 6 months of paid invoices on the vendors, and said they'd only report the last 18.  I can call and verify again but that is what he indicated.

[2wheel]

I would wait till they post on dnb file then see how they did it You are supposed to keep invoices and every 4 months send them to dnb for updates i have to do this with about 18 tradelines every 4 months since they dont really report all the time But If you are going to get the time It would be great ( Like I spoke about earlier i never used the program) so I dont know first hand I just helped a couple of business owners Iknow with this situation in the past. with 10 tradelines you wont have a ( thin file) but if they all are only reporting 1 payment history you wouldnt have a long payment history thats what I meant about being a thin file sorry for not Making that clear

Please let me know after they call your references and report to your BIR how it worked for you and your rep because I would like to hkeep that info for later use for my brother who is thinking about using it but I have discouraged him from spending the money to do it

[Anonymous]

I have developed a really good relationship with my rep from day one.  For my long term accounts I not only sent contacts/account #s, I sent screen shots of my log in info with account name/address (matching corp) plus payment summary going back 5 years. I also included log in info for them to go right to the site and verify as many months as they want. This in reply to his request for last 6 months.

[Anonymous]

Hey, how do u post your annual revenue on DNB? plz can you update me.