Re: New Business Credit Journey! ULine Net 30 Terms in one hour!

LadyJ2010 · ‎10-30-2012

princechristian

Glad I found this forum. I'm doing the same thing. I've been able to start Net 30 accounts with the following companies with no PG:

- Reliable

- Strategic Network Solutions (starts at $1000 credit line for $60 or more in purchases)

- DEMCO

- NEBS

- ULine

- Quill (still pending after making purchases for 3 weeks)

Also got a business cc from Capital One. Didn't like using my PG, but none of the banks will give you a cc without it these days.

Challenge now is reporting the trade reference to Duns for those that don't do automatic reporting. Hope to get a paydex score within the next 60 days. I'll keep you posted. Good Luck.

hawaii12 · ‎04-23-2012

I have already received my EIN but want to do my articles for my LLC this week. I ask this question because I currently reside in one state and want to start the business in another state. I will move to the business location next year but in the meantime I want to get started establishing the business credit. I want to do this right. So do we have to get physical location right now? Can we do virtual office?

Starting Score: EQ 507 TU 559 EX 524 06/28/12 Discharge Ch.7
Current Score: EQ551 TU 662 EX 629 12/10/12
Goal Score: 780 across the board

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princechristian · ‎07-20-2012

I would have been more patient before PGing that business CC unless you desperately needed it. The point of building business credit is, as you know, is a process. No PGing is ever required if the process is done properly. Setting up your company properly, obtaining the Net 30s, then moving up to GAS cards, then revolving credit...

Grainger is definitely another Net 30 that reports that you could get....

Quill gave me credit easy... Call them! Thats what I had to do.. Also for the other Net 30s, be sure to understand that you do NOT have to continue making purchases for them to report, as one purchase every few months is good enough..

Yes that will be a challenge and will take time OR money. Lol.. Good Luck! And good job again..

Revolvers: FP Gold $300, FP Platinum $300, Applied Bank Business $500, Kay Jewelers $500, Fingerhut $400, Gettington $300

Installers: KHEAA student loan, Dealer Funding LLC auto loan x2, Crescent Bank auto loan, Acceptance Loan Co personal loan x2

Negatives: 1 collection - 2010 $307, Auto lates - 2 30 days, 60 day, 2009 / 3 30 days, 60 day, 2012

princechristian · ‎07-20-2012

hawaii12 wrote:
I have already received my EIN but want to do my articles for my LLC this week. I ask this question because I currently reside in one state and want to start the business in another state. I will move to the business location next year but in the meantime I want to get started establishing the business credit. I want to do this right. So do we have to get physical location right now? Can we do virtual office?

Tough question! You will definitely need an address to get Net 30s, but later if you have a new address that would likely prevent any credit from being extended. Do you plan to lease an actual physical business location??

Revolvers: FP Gold $300, FP Platinum $300, Applied Bank Business $500, Kay Jewelers $500, Fingerhut $400, Gettington $300

Installers: KHEAA student loan, Dealer Funding LLC auto loan x2, Crescent Bank auto loan, Acceptance Loan Co personal loan x2

Negatives: 1 collection - 2010 $307, Auto lates - 2 30 days, 60 day, 2009 / 3 30 days, 60 day, 2012

newdaddy113 · ‎04-28-2013

Hello princechristian any updates on your Business credit Journey? I just started my journey today. Have you been able to establish more credit?

Project17 · ‎11-21-2012

Here are some tips..
If you don't have a actual office space use the address you actually work from like your home.. There is no issues with using a home address for your business as this is becoming more and more the norm. Only a few companies won't grant terms because your a home based business and this is mostly because they tend to service larger bulk customers.

DON'T use a virtual address! Lenders and CRA's keep a database of these virtual addresses because they are often used by people looking to defraud lenders. So this a long with other odd factors may cause your company to get flagged or just denied business. Lenders don't really mind home based businesses and know where to find you if they have to.

Try to NOT to use a cell phone or especially a prepaid phone for a main office number.. Any one can easily google the number and see its a cell number and which company it belongs to. Use any other number Ring Central Google etc.

Start with the basic starter accounts as mentioned.
Quill
Grainger
Reliable (may not be as easy any more)
Strg. Solutions

Once you have 3 or 4 trades start focusing on quality over quantity.. Meaning don't worry about having a lot of trades reporting just build the ones you have.. Having a $1k or $5k trade reporting speaks a lot more about your ability to repay then 10 $50 trades. And don't worry about what your paydex score if you even have. Just make sure everything is reporting paid within terms, even a few days beyond isn't a big issue and is actually normal. The score is seldom used by lenders since most just pull the info and creat their own score.

If you have use for certain accounts you could easily have $20k plus in biz credit within a few months.

Project17 · ‎11-21-2012

Hawaii,

If you already got your EIN what address did you use?

Is the EIN for the LLC you haven't started already? If it is you did it backwards, you never get your EIN before forming the company. Your already off to a bad start!

Project17 · ‎11-21-2012

And before people start asking, obtaining a real business credit card (visa,MasterCard, etc) is not a option for your every day small business with out a PG no matter what any one tells you. You need a very long business history, a min of $1,$5 or $10 million plus in revenue and very high trades ($100k +) on your reports to even be considered.