Business Credit

[princechristian]

Hi All,

Since NO ONE seems to be active with Business Credit these days I will try to continually post and update my journey of building business credit for my company!

So far...

June 2012 - Obtained business license and EIN issued

July 2012 - Leased physical office location, created website, obtained business cell phone line

August 2012 - Obtain DUNS# (FREE, just filled out online, received call verifying info, politely turned down product offers, attempts to upsell, received # few weeks later)

September 2012 - Received ULine and Reliable Net 30 terms, Quill still pending (The only 3 choice so far.)

My short terms goals...

October

-Obtain 2 more Net 30 accounts next month

-Obtain business landline, even if virtual

-Obtain business checking account

November

-Hopefully 4-5 Net 30s reporting

-Hopefully obtain a padex score

December

-Obtain 2-3 level 2 business credit accounts

-Such as Staples, Office Depot, etc

-Obtain 1(ONE) business CC

[princechristian]

I would like to add that with ULine and Reliable, I simply placed order online, filled out company info, and submitted! Actually had my items the very next day! Did not think it would be that easy. 

Would like to also mention all cost I have incurred...

Business license: $119, live in Alabama, consulting business

Websites: $10 a month, yes TEN dollars for my .COM, but web marketing is actually my business

EIN & DUNS#s: FREE!

Business phone number: FREE, via Google voice, all calls forwarded to business cell line(but actually can be answered with google voice app), I plan to get a dedicted landline within 2 months but figured I'd save the $20-$40 for now

Business cell line: $5, yes FIVE dollars a month, simply added a line to my existing plan

Business office: $279mth, although there are physical business 'address' locations for as low as $79mth

Just thought I'd share for those who are starting with no sense of direction, just like me last year...

[princechristian]

Basically trying to say that with a startup cost of around $250, and monthly cost of $100, and a dream, anyone can start a business! Although my monthly cost are $300... Lol..

[quarius]

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princechristian wrote:

Hi All,

Since NO ONE seems to be active with Business Credit these days I will try to continually post and update my journey of building business credit for my company!

So far...

June 2012 - Obtained business license and EIN issued

July 2012 - Leased physical office location, created website, obtained business cell phone line

August 2012 - Obtain DUNS# (FREE, just filled out online, received call verifying info, politely turned down product offers, attempts to upsell, received # few weeks later)

September 2012 - Received ULine and Reliable Net 30 terms, Quill still pending (The only 3 choice so far.)

My short terms goals...

October

-Obtain 2 more Net 30 accounts next month

-Obtain business landline, even if virtual

-Obtain business checking account

November

-Hopefully 4-5 Net 30s reporting

-Hopefully obtain a padex score

December

-Obtain 2-3 level 2 business credit accounts

-Such as Staples, Office Depot, etc

-Obtain 1(ONE) business CC

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Im interested to know more about getting this started for me. Was thinking of starting business to also get business credit and thought it was much more than it was. Any chance i can just use my own address to start my own business versus paying a monthly fee for this? I also heard u have to pay for duns, where do u go for this thanks?

[gogoman1]

 hey id like to share this with you  im also establishing business credit so far ive gotten quill  and reliable as well as grainger  and ive gotten strategic network solutions so far stratecic has already reported to d and b  im waiting for quill,reliable and grainger ive done orders totaling 67 dollars each with each of my vendors i have not gotten approved for uline for they want me to prepay  now this is what id like to ask does uline report prepayment at all do you know get back to me when you can or anyone who may have an answer to this thanks

[princechristian]

DUNS# is free! Directly from D&B website, just politely turn down the upsells.

Also, these are merely the baby steps... Does get more complicated with financials, UCC filings, etc

Simply obtaining an 80 or above paydex score isn't enough these days...

[quarius]

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princechristian wrote:

DUNS# is free! Directly from D&B website, just politely turn down the upsells.

Also, these are merely the baby steps... Does get more complicated with financials, UCC filings, etc

Simply obtaining an 80 or above paydex score isn't enough these days...

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Ok whats the harder part? Im planning on getting at least the name and llc settup in the next few weeks. I also read that starting this up i could just use my home address? What do u think about it, since its just going to be me as the owner right now? I also read that i could put some money in a bank as collateral to help boost the process for faster business credit. Im pretty much thinking of starting some kind of investment style business. 

Oh prince i will check this thread daily just because i know u said that its kind of a dead part of the forum. Hopefully we could share ideas to get the most out of building good business credit.

[princechristian]

Yes hopefully the guy who taught me all I know will chime in on here, businesscreditamerica, but your very first steps are to set your business structure properly. Could hinder things down the road if this part isn't done right. 

This thread is very helpful as well

http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

[princechristian]

Just got approved for Quill Net 30! Was originally declined and asked for prepayment because.. I accidently hit my home address!!! CSR just told me on phone that if your address is showing as residential area then its an automatic decline. Lol.. He simply changed and extended standard $250 net 30.

[quarius]

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princechristian wrote:

Yes hopefully the guy who taught me all I know will chime in on here, businesscreditamerica, but your very first steps are to set your business structure properly. Could hinder things down the road if this part isn't done right. 

This thread is very helpful as well

http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

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Yeah thanks thats what i was planning on going by when i start up. Saw it in the sticky