Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
Re: Business Credit 101


uktaurusbulba wrote:
When you have a minimum of three TLs reporting for (I believe) five TOTAL reporting entries, you will generate a paydex score When you said this, does this mean if I have an Office Depot, Gemplers, and Staples accts and I conduct five transactions, I should get rated? Thanks. Robert


Hi Robert, once they report for five periods, you will get rated, so give it 60-90 days.
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Do what is true in spite of the consequences--your future is only as true as you are.
Contributor
uktaurusbulba
Posts: 96
Registered: ‎05-29-2007
Re: Business Credit 101
Byrdman, The Staples card I have has probably reported several times and Gemplers once. So after my first Office depot report, I should have a score? Thanks, Robert
Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
Re: Business Credit 101


uktaurusbulba wrote:
Byrdman, The Staples card I have has probably reported several times and Gemplers once. So after my first Office depot report, I should have a score? Thanks, Robert


Just as long as you mean three times or more by several, then you should register a score.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Contributor
uktaurusbulba
Posts: 96
Registered: ‎05-29-2007
Re: Business Credit 101
I heard that this loan is based off your experian score. Is that your personal one or the business's?
Regular Contributor
rebuilding
Posts: 178
Registered: ‎05-22-2007
Re: Business Credit 101
thank you so much for this excellent information. I am glad i stumbled upon this sticky! 
 
How would a DBA fit in the mix?  I am wanting to start a corp "xyz llc" and that corp will be part owner of several different businesses.  I will also have a couple of different businesses that I will do as a DBA.  should I establish all of this credit under the corp or could I use a dba??
 
Also, anybody have any experience or suggestions about incorporating in Nevada or Wyoming? lots of press about this... I am in Texas.
11/30/2009 TU 676 EQ 665 EX 654 (CU pulled)
5/14/08 TU 660 EQ 676 EX 623
9/5/07 TU 579 EQ 612 EX 546
Member
mrswayne
Posts: 12
Registered: ‎04-14-2008
Re: Business Credit 101
I went to these sites to try to build credit for our new business, and all of them wanted a ss#, no space for an ein#. Is there a certain way to get an app with ein space, or do you just put ein in space for ss?
 
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
Re: Business Credit 101


rebuilding wrote:
thank you so much for this excellent information. I am glad i stumbled upon this sticky! 
 
How would a DBA fit in the mix?  I am wanting to start a corp "xyz llc" and that corp will be part owner of several different businesses.  I will also have a couple of different businesses that I will do as a DBA.  should I establish all of this credit under the corp or could I use a dba??
 
Also, anybody have any experience or suggestions about incorporating in Nevada or Wyoming? lots of press about this... I am in Texas.


Rebuilding ... we're getting a bit OT here, but FWIW ...
 
You should consult an attorney.  An LLC is not a corporation.  It's a hybrid of a company and a partnership.  It has the protection of a corporation but the income flows to you as an individual (rather than through the corp).  It's a great structure for a small biz because your personal assets aren't at risk (the LLC doesn't own them), and you aren't subject to double taxation (corps. pay company income tax and employee tax).  It's very easy to set up a Delaware LLC. 
 
A DBA is not a separate entity; it's a business name owned by an LLC or corporation.  If you sign contracts, they would be in the name of "Rebuilding LLC, dba Rebuilding Pizza".
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Established Contributor
Jesedmotherof5
Posts: 537
Registered: ‎04-02-2008
Re: Business Credit 101
I just notced that LOWes declined due to a a Equifax report for my Business, anyone know how I can get t hat report? I thought it was only through Experian and Duns for Business credit.
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
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Valued Member
taylor01
Posts: 25
Registered: ‎04-30-2008
Re: Business Credit 101
GREAT GREAT GREAT POST!!! THANKS ALOT!
 
ARE THERE ANY MORE COMPANIES THAT YOU AN APPLY FOR ( INITIAL ACCOUNTS) OTHER THAN THE ONES LISTED?
New Visitor
lisals1111
Posts: 1
Registered: ‎06-25-2008
Re: Business Credit 101
have the requirements changed at all at innovative since the economy is not doing so well?