business credit question

[mscsinc]

Hi there,

been reading the forum a lot and have some questions.

I incorporated my DBA last september, so it's turning 1 year old right about now.

I had a very unpleasant experience with BBT when I tried to open my business accounts with them. I was told that along with my chk acct, i SHOULD apply for a bus. credit card, especially my 720 FICO, and got examples of people with lower scores being approved recently. Anywho.... two HP later from them I got a denial. The checking acct. was a disaster, as I was still getting holds put on deposits 2 months and 20k after opening it.

Long story short, closed everything and took it to BOA.

before I even opened accts with BOA, I applied for a buss credit card with them and got approved for 5900.

after oening the accts, I applied to AMEX simply cash and also got approved for 8k.

Now... I just received an offer for ink cash and decided to apply and got an instant approval for 12 k.

I know all these have a PG, but are they helping with the buss. credit at all?

I just checked d&b and they only have the old dba on file, not the corp. I checked experian and they do have it, but nothing is reporting as far as I can see, and it shows a score of 23.

I keep reading through the treads here and understand the whole 30 net starters, but was wondering since I'm not in a hurry building the corp credit, are the PG credit cards going to help establish the corp credit history to the point of not needing a PG one day?

Thanks in advance.

[myjourney]

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@mscsinc wrote:

Hi there,

been reading the forum a lot and have some questions.

I incorporated my DBA last september, so it's turning 1 year old right about now.

I had a very unpleasant experience with BBT when I tried to open my business accounts with them. I was told that along with my chk acct, i SHOULD apply for a bus. credit card, especially my 720 FICO, and got examples of people with lower scores being approved recently. Anywho.... two HP later from them I got a denial. The checking acct. was a disaster, as I was still getting holds put on deposits 2 months and 20k after opening it.

Long story short, closed everything and took it to BOA.

before I even opened accts with BOA, I applied for a buss credit card with them and got approved for 5900.

after oening the accts, I applied to AMEX simply cash and also got approved for 8k.

Now... I just received an offer for ink cash and decided to apply and got an instant approval for 12 k.

I know all these have a PG, but are they helping with the buss. credit at all?

I just checked d&b and they only have the old dba on file, not the corp. I checked experian and they do have it, but nothing is reporting as far as I can see, and it shows a score of 23.

I keep reading through the treads here and understand the whole 30 net starters, but was wondering since I'm not in a hurry building the corp credit, are the PG credit cards going to help establish the corp credit history to the point of not needing a PG one day?

Thanks in advance.

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Welcome to the forum 

Sorry about the BBT thing they can be jerks at times. They tried to charge me for business deposit slips.....say what let me get this right ...you want me to pay you to put my money in your bank? Good luck with that. What CFO came up with that? It lasted about a week before probably myself and I'm sure others business owners threaten to close accounts

Anyway yes the cards you have now will help build your business credit files 

I know they will surely report to EX,EQ business CR's

Not many still report to D&B but some still do

[mscsinc]

thank you for your reply.

I actually just went to quill, grainger and apped for accounts.(sent feedback to grainger asking for net 30 after placing order).

I am almost sure that Amex simply cash doesn't report and neihter does BOA Buss. cash rewards, otherwise I would have seen at least a file for my corp.(but there is none, just for the dba, but since the tax id is different, I suppose they don't know about it yet)

We'll see what happens in the future... hopefully Ink WILL report to dnb, or maybe one of the TLs I mentioned will get approved and will start that file with dnb....

[mscsinc]

Update: I just got approved for Amex buss. gold rewards AND for lowes from AMEX.(i know, with PG)

Where does that put me?

[myjourney]

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@mscsinc wrote:

Update: I just got approved for Amex buss. gold rewards AND for lowes from AMEX.(i know, with PG)

Where does that put me?

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Congarts 

It puts you in a great spot and really not needing the net 30 accounts if some don't come through...

I found Grainger to be approved easier if in store ......they called in it and asked that it be expedited while I waited and I didn't make any purchases that day

[mscsinc]

I was sent the application form to print/fill/fax over to the closest store... will do that when I get aa day off, but it might be a while... just got "hit" with a couple of jobs that need done"yesterday"...

Thanks for the reply!

[mscsinc]

UPDATE:

got my Lowe's Amex today, CL $8100.

got approved for Quill net 30 and Grainger net 30(not sure about them but I have the option to invoice my account when checking out, so I suppose they are extending credit to me)

got Exxon Mobile gas card AND QuikTrip universal gas card (after applying I realized they're both backed by WEX). 1500 CL for Exxon and  don't know about the other one yet.

I an still to receive my Amex Gold in the mail and my Ink cash ( CL 12000)

So that should be about enough TL beside my already existing BOA buss. credit(CL $5900) and my Simply Cash from Amex (CL 8000)...

[myjourney]

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@mscsinc wrote:

UPDATE:

got my Lowe's Amex today, CL $8100.

got approved for Quill net 30 and Grainger net 30(not sure about them but I have the option to invoice my account when checking out, so I suppose they are extending credit to me)

got Exxon Mobile gas card AND QuikTrip universal gas card (after applying I realized they're both backed by WEX). 1500 CL for Exxon and  don't know about the other one yet.

I an still to receive my Amex Gold in the mail and my Ink cash ( CL 12000)

So that should be about enough TL beside my already existing BOA buss. credit(CL $5900) and my Simply Cash from Amex (CL 8000)...

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Congrats you are well on your way now to a healthy business file