Newer Business no credit where to start

[johnnie23g]

I started a business in 09. I have not gotten any business credit, where would be a good place to start that does not require a PG with the account. I am set up as a LLC so I do not want to cross business and personal at all.

[Creditaddict]

---

@johnnie23g wrote:

I started a business in 09. I have not gotten any business credit, where would be a good place to start that does not require a PG with the account. I am set up as a LLC so I do not want to cross business and personal at all.

---

Its possible but kind of slow and long process if you are not willing to PG 1 or 2 accounts to get going.

But I believe most recent success I have read showed opening some Net 30 accounts with like Quill... then "MAYBE" Staples would give you small credit Line.

You have to figure out if it's worth it or needed to confirm D&B file to get a score and don't forget you have Experian report also, maybe Equifax too.

then if you have score and report, you can start heading to Key Bank, Sams, Amazon, costco, Home Depot... depending what kind of business and needs

Chevron, Shell....

I would check posts within last 12 months heading down the list on this "Business Credit"

[SamsungHDTV]

---

@johnnie23g wrote:

I started a business in 09. I have not gotten any business credit, where would be a good place to start that does not require a PG with the account. I am set up as a LLC so I do not want to cross business and personal at all.

---

If you're business is well established and does well in annual sales and net returns, ask your business banker if they offer a credit card that has no personal liability. Also ask if they will underwrite the card by your business cash flow. 

[johnnie23g]

Thanks guys. I normally just use cash I really dont need the credit but would like to have it just in case i need it in the future for expansion. My LLC produces fairly good revenues as it is the holding company for a few smaller companies. This is my second year with these businesses , the first year i produced 750k in revenue.

[Creditaddict]

---

@johnnie23g wrote:

Thanks guys. I normally just use cash I really dont need the credit but would like to have it just in case i need it in the future for expansion. My LLC produces fairly good revenues as it is the holding company for a few smaller companies. This is my second year with these businesses , the first year i produced 750k in revenue.

---

Since you already have the relationship with Amex, I would take a look at one of their Business Cards! and they don't report to credit unless defaulted.

[Anonymous]

Before you apply with the companies  on step 2 and up make sure you have the bases cover first. Make sure you are incorporated with the state first,  have a EIN number, have a DUNS number, have your company name listed in the phone book or 411, and have a company website with your with a email this is a must. If you have your a financial statements upload them to Dnb Iupdate, its easier to get higher limits and a higher rating thru Dnb if you upload your info but thats just up to you. Dont buy anthing from Dnb you can up load your stuff for free thru there website.

Step 1

If I was you I would start with these and place simple order of cheap items. Even if they are like $5 the companies will round them up reporting as $50, anything over $60 not including shipping will report as $100 on DnB. Order from these companies once or twice then you can go for gas cards.

Uline (experian/Dnb)

reliable (Experian/Dnb)
grainger (Dnb)
Gemplers (Experian)
Quill (Experian) You would need to order something over $50 for them to report

FedEX Office and FedEX Shipping (Epxerian)

Its no need to go for the big dogs like Staples or Amazon because you they will not approve you unless you have a credit cards reporting.

Step 2

TechDepot (Experian)

Wright Express(net 26)

Exxon ( net 30)

Chevron (net 30)

Strategic Network Solution (Experian) Place an order $60 or more

Interstate Batteries

Step 3

Midas (net 30)

Staples (go for revolving if not, try net 30)

Jiffy Lube (net 30)

O'reillys

BP (net 30)

CONCO (net 30)

Office Depot (go for revolving if not, try net 30)

Step 4

apply for revolving, if your not approved go for net 30

Amazon

Lowes

Sears

Best Buy

Ikea

Northern Tool

Radio Shack

Step 5

Sams Club Mastercard

Home Depot Mastercard

Key Bank Mastercard

Dell Leasing

Apple Leasing

[Creditaddict]

If you want absolutely no credit signed for by you then the steps above are the best options.

I always needed the Amex though because nothing else would handle the monthly spending I needed.

[Anonymous]

Hi johnnie23g,

The hands-down biggest and most common mistake entrepreneurs make is using personal credit to finance their businesses.

As you mentioned to protect your LLC and financial security, don't use your personal credit to finance your business activities. Instead, take action to secure credit in your company's name - WITHOUT risking your personal assets, lowering your personal credit score, without a personal guarantee.

You will need to create a strong foundation to get the banks to recognize you to approve for lending aka compliance. Once your in compliance, you can now start by registering into the proper credit agencies (doesn't work like personal credit how it automatically reports) and then set up some vendor credits that report to these bureuas. After a billing cycle or two, you will be able to increase your business score to obtain credit cards which will get you that much closer to Bank Credit and Funding that you are looking for your business.

[Creditaddict]

OOPS, Posting Companies and direct names not okay don't think!!!

especially with it being your first post....