How to build business credit

[Anonymous]

Thanks for the reply 

[Anonymous]

lindsaydruart you seem to have a lot of knowledge on building business credit have you ever heard of the company Tru build to build credit or should we do it  ourselves?

[lindsaydruart]

Do it yourself. There are so many companies willing to take your money for 5 minutes of work you can do yourself. Applying for things starts your file even if you are declined so just do it yourself and garden your business credit a bit.

[SouthJamaica]

Update 5/17/16

Thanks for all the good advice folks. I guess I have some business credit now.

Here's what I've got now, not sure who actually reports to what, but somebody must be reporting something somewhere:

Cap One Spark (since 2012)

Amex Bus Plat (since 2014)

In 2016 added:

Office Depot

Quill

CleanitSupply

NewEgg Net55

Amazon Net55

NewEgg Net30

Amex Simply Cash 

[Anonymous]

quick question:   when trying to get a paydex score, do i need to have experiences reporting from 3-5 DIFFERENT vendors?  or can i re-order wiht the same vendors I've already ordered with and still get a paydex score?   Just not clear on this and have received confilicting information about it outside of this forum.

thanks.

[myjourney]

Different vendors 

[Anonymous]

So one vendor (or one tradeline) cannot give you more than 1 payment experience is that true?

So if you have 10 vendors/tradelines and pay on those bills, that meant you have 10 payment experiences?

[BronzeTrader]

Good thread. But it depends on what business you are running. For some folks who are sole proprietaries, you do not really need to build up all stated here. You need the credit if you need to borrow money. There is cost in setting up all the credit.

If you are a simple realtor, you do not need any the above. A simple business checking account is all you need.

But you run a real estate business with 10+ properties, or apartment complex, then definitely you need credit. Then it is truely a business.

[surferchris]

Good thread and thanks for the great information !

[Anonymous]

I just read this advice and although I wasn't in this previous dialogue, I am going to follow this plan - I've printed it and posted it on my wall.

I have a question, though, I was hoping you'd know how to answer.

I am finally forming my company as an LLC in NY, after building it for about 6-9 months, as a very little guy. I have a short but very good personal history (I've made note of your caution to not PG, btw), if I were to follow this plan you laid out, would there be any roadblocks I'd run into since the business is new? I have the patience if necessary to wait.

Thanks.