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

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

Anonymous — Wed, 26 Sep 2012 19:08:38 GMT

Hi All,

Since NO ONE seems to be active with Business Credit these days I will try to continually post and update my journey of building business credit for my company!

So far...

June 2012 - Obtained business license and EIN issued

July 2012 - Leased physical office location, created website, obtained business cell phone line

August 2012 - Obtain DUNS# (FREE, just filled out online, received call verifying info, politely turned down product offers, attempts to upsell, received # few weeks later)

September 2012 - Received ULine and Reliable Net 30 terms, Quill still pending (The only 3 choice so far.)

My short terms goals...

October

-Obtain 2 more Net 30 accounts next month

-Obtain business landline, even if virtual

-Obtain business checking account

November

-Hopefully 4-5 Net 30s reporting

-Hopefully obtain a padex score

December

-Obtain 2-3 level 2 business credit accounts

-Such as Staples, Office Depot, etc

-Obtain 1(ONE) business CC

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

Anonymous — Fri, 28 Sep 2012 14:11:31 GMT

I would like to add that with ULine and Reliable, I simply placed order online, filled out company info, and submitted! Actually had my items the very next day! Did not think it would be that easy.

Would like to also mention all cost I have incurred...

Business license: $119, live in Alabama, consulting business

Websites: $10 a month, yes TEN dollars for my .COM, but web marketing is actually my business

EIN & DUNS#s: FREE!

Business phone number: FREE, via Google voice, all calls forwarded to business cell line(but actually can be answered with google voice app), I plan to get a dedicted landline within 2 months but figured I'd save the $20-$40 for now

Business cell line: $5, yes FIVE dollars a month, simply added a line to my existing plan

Business office: $279mth, although there are physical business 'address' locations for as low as $79mth

Just thought I'd share for those who are starting with no sense of direction, just like me last year...

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

Anonymous — Fri, 28 Sep 2012 14:14:55 GMT

Basically trying to say that with a startup cost of around $250, and monthly cost of $100, and a dream, anyone can start a business! Although my monthly cost are $300... Lol..

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

quarius — Tue, 02 Oct 2012 16:58:28 GMT

@Anonymous wrote:
Hi All,

Since NO ONE seems to be active with Business Credit these days I will try to continually post and update my journey of building business credit for my company!

So far...

June 2012 - Obtained business license and EIN issued
July 2012 - Leased physical office location, created website, obtained business cell phone line
August 2012 - Obtain DUNS# (FREE, just filled out online, received call verifying info, politely turned down product offers, attempts to upsell, received # few weeks later)
September 2012 - Received ULine and Reliable Net 30 terms, Quill still pending (The only 3 choice so far.)

My short terms goals...

October
-Obtain 2 more Net 30 accounts next month
-Obtain business landline, even if virtual
-Obtain business checking account

November
-Hopefully 4-5 Net 30s reporting
-Hopefully obtain a padex score

December
-Obtain 2-3 level 2 business credit accounts
-Such as Staples, Office Depot, etc
-Obtain 1(ONE) business CC

Im interested to know more about getting this started for me. Was thinking of starting business to also get business credit and thought it was much more than it was. Any chance i can just use my own address to start my own business versus paying a monthly fee for this? I also heard u have to pay for duns, where do u go for this thanks?

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

gogoman1 — Thu, 04 Oct 2012 00:04:34 GMT

hey id like to share this with you im also establishing business credit so far ive gotten quill and reliable as well as grainger and ive gotten strategic network solutions so far stratecic has already reported to d and b im waiting for quill,reliable and grainger ive done orders totaling 67 dollars each with each of my vendors i have not gotten approved for uline for they want me to prepay now this is what id like to ask does uline report prepayment at all do you know get back to me when you can or anyone who may have an answer to this thanks

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

Anonymous — Thu, 04 Oct 2012 14:36:58 GMT

DUNS# is free! Directly from D&B website, just politely turn down the upsells.

Also, these are merely the baby steps... Does get more complicated with financials, UCC filings, etc

Simply obtaining an 80 or above paydex score isn't enough these days...

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

quarius — Thu, 04 Oct 2012 18:48:07 GMT

@Anonymous wrote:
DUNS# is free! Directly from D&B website, just politely turn down the upsells.

Also, these are merely the baby steps... Does get more complicated with financials, UCC filings, etc

Simply obtaining an 80 or above paydex score isn't enough these days...

Ok whats the harder part? Im planning on getting at least the name and llc settup in the next few weeks. I also read that starting this up i could just use my home address? What do u think about it, since its just going to be me as the owner right now? I also read that i could put some money in a bank as collateral to help boost the process for faster business credit. Im pretty much thinking of starting some kind of investment style business.

Oh prince i will check this thread daily just because i know u said that its kind of a dead part of the forum. Hopefully we could share ideas to get the most out of building good business credit.

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

Anonymous — Fri, 05 Oct 2012 13:54:40 GMT

Yes hopefully the guy who taught me all I know will chime in on here, businesscreditamerica, but your very first steps are to set your business structure properly. Could hinder things down the road if this part isn't done right.

This thread is very helpful as well

http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

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

Anonymous — Fri, 05 Oct 2012 14:04:01 GMT

Just got approved for Quill Net 30! Was originally declined and asked for prepayment because.. I accidently hit my home address!!! CSR just told me on phone that if your address is showing as residential area then its an automatic decline. Lol.. He simply changed and extended standard $250 net 30.

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

quarius — Fri, 05 Oct 2012 16:49:06 GMT

@Anonymous wrote:
Yes hopefully the guy who taught me all I know will chime in on here, businesscreditamerica, but your very first steps are to set your business structure properly. Could hinder things down the road if this part isn't done right.

This thread is very helpful as well
http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

Yeah thanks thats what i was planning on going by when i start up. Saw it in the sticky

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

Anonymous — Tue, 30 Oct 2012 21:11:39 GMT

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.

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

hawaii12 — Tue, 06 Nov 2012 07:08:35 GMT

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?

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

Anonymous — Tue, 06 Nov 2012 14:30:02 GMT

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..

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

Anonymous — Tue, 06 Nov 2012 14:34:31 GMT

@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??

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

newdaddy113 — Tue, 30 Apr 2013 05:06:50 GMT

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

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

Anonymous — Fri, 03 May 2013 01:13:43 GMT

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.

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

Anonymous — Fri, 03 May 2013 01:34:56 GMT

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!

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

Anonymous — Fri, 03 May 2013 01:40:00 GMT

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.