topic Re: Formed New LLC in October 2017 in Business Credit

Formed New LLC in October 2017

Kasuito39 — Sun, 17 Dec 2017 08:14:09 GMT

Formed new LLC in October, 2017. So far
I've the following Business Credits.
Uline -Net 30
MSC - Net 30 ($500)
Wilmar - $1000
SupplyWorks - $1000
Venturelogix - Net 30
Spark Business - $500
Global industrial - Net 30
Quill - Denied Net 30 regarless of them
billing me for the first order.
Grainger- Denied me credit due to not having a DUNS number.
Experian is reporting a 85 score and 1 tradeline.
Equifax not reporting any tradelines.
I ordered my DUNS on 11/28/2017.Does anyone know whether its advisable to go with the D&B credit builder? D&B offered me one for $599.
Also should i continue to apply for Vendor Business credit? PG is not an option for me.

Re: Formed New LLC in October 2017

Anonymous — Sun, 17 Dec 2017 11:56:03 GMT

There is no reason to use the D&B credit builder product. Your report can grow organically for less than $600 of overpaying for things you actually need.

As for PG... I went and read your other posts. What is you real goal in business credit? It will help us understand what you are really looking for. Otherwise you are likely to get poor advice.

Re: Formed New LLC in October 2017

Kasuito39 — Sun, 17 Dec 2017 14:36:21 GMT

@Inverse thanks for your post. Great question. Besides being able to obtain Business credit from others when you build a solid business credibility company, business credit can help provide my company with funding leverage which is a great option to use for expansion. In addition, I would like to build a solid business that can "stand alone" in the business credit space without having to rely on personal funding sources.

Re: Formed New LLC in October 2017

Anonymous — Sun, 17 Dec 2017 19:44:46 GMT

I guess I was looking for something a little less nebulous and a little more concrete with my question.

Re: Formed New LLC in October 2017

Kasuito39 — Mon, 18 Dec 2017 01:14:57 GMT

@Inverse my conscious is very clear that I'm determined to build a business that can rely on its self in both the credit resource space and profit space. I'm not sure what answer you were looking for but it shouldn't be what you wanna hear but what the owner's mission is whether good or bad. Building a business starts from the ground up keeping in mind however long it may take. By the way has any of you out there been able to recently build your business from ground up while incorporating business credit?

Re: Formed New LLC in October 2017

Anonymous — Mon, 18 Dec 2017 05:14:50 GMT

I think he was looking for something like "I want to be able secure a 50k loan" or "be able to finance a new vehicle or building" or something along those lines so he could offer more tailored advice, rather than a general statement.

I wish you luck, I'm in the same boat as you, just a couple months behind.

Re: Formed New LLC in October 2017

Kasuito39 — Mon, 18 Dec 2017 05:29:35 GMT

Go figure.....so why not just come out and state that if this is the case.

Re: Formed New LLC in October 2017

Anonymous — Thu, 21 Dec 2017 03:44:25 GMT

@kasuito actually im with inverse on this. Your question/answer is rather confusing and long, but I will take a wild guess.

If PG is out of the question, then you will have to resort to building your business credit rather slowly by initially counting on the vendors you are already with.

PG is actually not that bad and if you have a good personal credit, getting business credit in visa/mastercard/amex form is really not that difficult, even if your business is new.

Most banks will not grant you visa/mastercard credit without PG unless you have a great relationship with your local bank or if you can prove them you have enough collateral or business income to give them leverage.

Re: Formed New LLC in October 2017

Kasuito39 — Fri, 22 Dec 2017 13:53:17 GMT

Thanks everyone for your input.
Does anyone know whether FedEx Kinkos reports to the Credit Bureaus? I needed to to use there shipping services and applied for there NET 30 account and to my surprise they instantly approved me for $15000. No one in the store seemed to know whether or not they report. I called the commercial customer line and i got run around with most not being unable to answer a basic question.

Re: Formed New LLC in October 2017

Kasuito39 — Sat, 03 Feb 2018 13:13:55 GMT

Quick update on recent approvals and progress:
1. Quill - Net 30
2. Grainger - Net 30
3. BP Business Solutions Universal Fuels Management Master Card - 500 CL
4. Vista Print - Net 30
5. Closed Venturelogix account. Rip off. Never reported anywhere even after 3 months subscription and timely payment (paid 7-10 days early).
6. Received Duns number 5 days ago
7. Experian Business score at 91
8. Paydex score not reporting yet, hoping soon.
9. No PG on my BP MC & CO Spark approvals. Very impressed with this.
10 . Off to the garden until Paydex is generated in order to fully move to the revolving step.

Re: Formed New LLC in October 2017

Shelia141 — Wed, 14 Mar 2018 09:24:22 GMT

How did you apply for the BP Mastercard? Online, fax, or calling?

New to the boards! What is CO Spark?

Re: Formed New LLC in October 2017

Kasuito39 — Thu, 15 Mar 2018 04:45:01 GMT

I applied online and then i received a call the next day to very my income. Please note, BP starts off as Net 14 and after a few months of activity and timely payments, they graduate to a net 30.

As for CO Sparks it means Capital One Sparks issued by Capital One Bank. This business card reports to both the personal and business credit agencies even though its an easy approval.

Re: Formed New LLC in October 2017

Getnupthere — Thu, 22 Mar 2018 15:37:55 GMT

If CO Spark is reporting on your personal credit then that means you gave thrm your ss #. So you pg it.

Re: Formed New LLC in October 2017

Kasuito39 — Fri, 30 Mar 2018 19:54:38 GMT

Yes CO was a PG and it reports to both my personal and business

Re: Formed New LLC in October 2017

Kasuito39 — Fri, 30 Mar 2018 20:11:20 GMT

Approved for the following busines lines

Chevron and Texaco for $500.

Grainger approved me for $500

BP Fleet MC Increased to $700 (automatically)

Declined for Amazon (Second time)

D&B Paydex Score is 80 (Finally)

Experian Intelliscore is 78 (One tradeline reporting)

Equifax dont know score but one tradeline is reporting

It takes alot of patience to build business credit for a start up especially when you are rebuilding your consumer credit.

Re: Formed New LLC in October 2017

Anonymous — Sat, 07 Apr 2018 07:19:13 GMT

Eagerly following your progess.

I too formed an LLC very recently (MARCH 28, 2018)

My credit file is very thin (0 credit score) as I'm actually a Canadian citizen building a credit profile in the US. I have a US VISA (8 months old) and US Amex (1 month old) with $5K limit each; I'm awaiting response for another US VISA in the next few days. All these cards were applied for & approved based on my Canadian credit history with TD Bank, RBC Georgia and Amex Global Transfer.

Does anyone know How long will I have to build my personal Amex history to get approved for a business Amex?

Re: Formed New LLC in October 2017

Kasuito39 — Sat, 07 Apr 2018 12:03:45 GMT

Mr Tee716 - Well IMO, approval of business credit is based on a few factors including credibility and compliance of your entity. If you've great consumer credit you can leverage it to fast track acquiring initial business creditcards like Amex. (PG). You may google Amex preapprovals to see if your business will be approved. If you are not preapproved, you may need to go the business vendor route or try another business credit card. Check out Nav.com and use it as tool to check what business credit your company may qualify for. Good Luck!

Re: Formed New LLC in October 2017

Anonymous — Wed, 11 Apr 2018 22:02:47 GMT

Out of curiousity, what type of products did you buy from these vendors?

I'm having a hard time finding products to buy that I can actually use.

Re: Formed New LLC in October 2017

Anonymous — Wed, 11 Apr 2018 23:04:16 GMT

@Anonymous wrote:
Out of curiousity, what type of products did you buy from these vendors?
I'm having a hard time finding products to buy that I can actually use.

I'm sure you can use toilet paper.

Re: Formed New LLC in October 2017

Kasuito39 — Thu, 12 Apr 2018 00:27:42 GMT

Yap batteries, toilet paper, paper towels, Envelopes, office stationery, cleaning supplies, multipurpose microfiber cloths and light bulbs are my favourites.