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Posts: 161
Registered: ‎04-04-2011
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Net 30 Accounts Question

I am trying to establish more net 30 accounts so I can generate a Paydex score for my business.  My question is whether or not I actually need to buy something from one of the suppliers that report net 30 accounts to the business credit reporting companies.  Is it possible to simply just apply and get approved for a net 30 account or do you actually need to buy something and pay the invoice before the tradeline is reported?


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


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Posts: 30,743
Registered: ‎02-07-2013
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Re: Net 30 Accounts Question


tpatterson2k9 wrote:

I am trying to establish more net 30 accounts so I can generate a Paydex score for my business.  My question is whether or not I actually need to buy something from one of the suppliers that report net 30 accounts to the business credit reporting companies.  Is it possible to simply just apply and get approved for a net 30 account or do you actually need to buy something and pay the invoice before the tradeline is reported?


The TL itself will probably be posted to your business CR's however unless you make purchases the account will not show any activity

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Member
Posts: 161
Registered: ‎04-04-2011
0

Re: Net 30 Accounts Question

Gotcha.  The reason I ask is that I am trying to get 5 tradelines established on my D&B so I can generate a Paydex score.  So to confirm, having the tradeline itself counts toward the 5 tradelines needed to generate a Paydex, correct?  I don't necessarily have to have activity to have the tradeline count?


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


Take the FICO Fitness Challenge
Member
Posts: 30,743
Registered: ‎02-07-2013
0

Re: Net 30 Accounts Question

[ Edited ]

tpatterson2k9 wrote:

Gotcha.  The reason I ask is that I am trying to get 5 tradelines established on my D&B so I can generate a Paydex score.  So to confirm, having the tradeline itself counts toward the 5 tradelines needed to generate a Paydex, correct?  I don't necessarily have to have activity to have the tradeline count?


Open up tradeline business accounts. Office supply stores typically offer tradeline accounts. These are net-30 accounts that require full payment within 30 days. Stores such as OfficeMax, Quill and Viking report back to Dun and Bradstreet on the status of accounts. If you keep your accounts current and pay them every month, your business will begin to build credit.

 

From a small business publication

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

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