topic Re: Needing some help on new LLC and getting credit in Business Credit

Needing some help on new LLC and getting credit

Anonymous — Thu, 21 Aug 2014 01:31:51 GMT

Hi Guys

I have been in business for little over 3 years now but just moved my business into an LLC about an month ago( no business credit). When I try to apply for business credit cards they are asking me my SSN which I have EIN number but when I give it to them they say that dont work. My Personal credit isnt good at all any ideas to get business credit without using PG for my business. Because I thought by going LLC it was post to seprate your business credit away from personal credit.

I applied for the free DUNS number but I dont know if that is going to work at all for me.

Any pointers?

Re: Needing some help on new LLC and getting credit

myjourney — Thu, 21 Aug 2014 03:02:21 GMT

Welcome to the forum

Any credit cards you apply for business will require you to personally guarantee them by way of your personal credit / SS#

I invite you to visit our rebuilding forum to help with your personal credit to put you in a better position for business cards

Re: Needing some help on new LLC and getting credit

Anonymous — Thu, 21 Aug 2014 11:11:37 GMT

Would net30 accounts help me build up my business credit or not?

Re: Needing some help on new LLC and getting credit

myjourney — Thu, 21 Aug 2014 17:09:03 GMT

@Anonymous wrote:
Would net30 accounts help me build up my business credit or not?

Sure you can get some net 30 accounts to help build credit but it won't help you as far as credit cards unfortunately.

They will still require a PG using your personal credit.

Some easy net 30 accounts to get Grainger.....Fed Ex office...UPS.....WEX....This can all be obtained by way of your EIN and or DUN #

Re: Needing some help on new LLC and getting credit

Anonymous — Thu, 21 Aug 2014 21:58:05 GMT

So I tried to get an net30 with tigerdirect and I was turned down so any other easy net30 businesses that I can get?

Re: Needing some help on new LLC and getting credit

myjourney — Thu, 21 Aug 2014 23:05:51 GMT

@Anonymous wrote:
So I tried to get an net30 with tigerdirect and I was turned down so any other easy net30 businesses that I can get?

This is my view and just my view on how business credit has evolved over the course of the last 5 years

No longer do you need net 30 accounts to build business credit unless its a service your business will use anyways that reports.

No longer do you need say 4 accounts to establish a DUN tradeline score to get other credit based on your DUN file.

Now a days you can start directly with CC's if your personal credit is somewhat decent....say 600 score range and all business affairs in order.

The easiest CC to get IMHO is a CAP1 sparks cash for business of course there's a downside ....it will cost you 3 HP's

I started with a Grainger which I never used

Fed EX which I used maybe twice in 2 years

Wex Fuels which I used for the first 2 months

CAP1 card which I got the same month as all the above 3 accounts

Waited a year and applied for an Amex card ....approved

Only reason I don't have the INK card yet is i'm waiting on a monster bonus to come around and then I'm going for it but I get pre-approvals all the time in the mail from them

Re: Needing some help on new LLC and getting credit

Anonymous — Thu, 21 Aug 2014 23:12:28 GMT

Well see my personal credit is around 550-560 and I didnt go out and spend 130 dollars for an LLC for noting. So its looking that I am going have file BK on personal side in order to get my business going which I have been reading that you dont want to mix personal credit with business credit.

Re: Needing some help on new LLC and getting credit

myjourney — Thu, 21 Aug 2014 23:20:43 GMT

@Anonymous wrote:
Well see my personal credit is around 550-560 and I didnt go out and spend 130 dollars for an LLC for noting. So its looking that I am going have file BK on personal side in order to get my business going which I have been reading that you dont want to mix personal credit with business credit.

When they say mix they are referring to personal money and business money but now a days you'll have no choice but to mix personal info meaning SS# to get any CC's

Sorry but thats just how the game has evolved since all the lenders where burned during the credit crunch/down fall...

It's just a way of life now.

FYI there's credit after BK you just have to establish it as soon as possible....Again I invite you to visit our rebuilding and BK forums

Good luck I'll be pulling for you.

Re: Needing some help on new LLC and getting credit

CreditUnionFan — Fri, 22 Aug 2014 02:35:18 GMT

@Anonymous wrote:
Hi Guys
I have been in business for little over 3 years now but just moved my business into an LLC about an month ago( no business credit). When I try to apply for business credit cards they are asking me my SSN which I have EIN number but when I give it to them they say that dont work. My Personal credit isnt good at all any ideas to get business credit without using PG for my business. Because I thought by going LLC it was post to seprate your business credit away from personal credit.

I applied for the free DUNS number but I dont know if that is going to work at all for me.

Any pointers?

They're asking for your SSN and you can also supply your EIN.

The busiiness will grow credit over time, based on the EIN, but to get things going you will likely need to offer your SSN as a PG.

CapitalOne posts credit information on your personal report even for the business account. Other major issuers will use your personal credit report initially for the application, but will post only to your business credit file unless the business becomes delinquent.

Re: Needing some help on new LLC and getting credit

Mm587 — Thu, 28 Aug 2014 03:49:10 GMT

Time is on your side....i went from a personal 550 with 300CL to 705 with about 17K in credit in less than two years....takes time and patience and a committment to turning the credit corner....i read the rebuilding forums daily for a year and worked it slowly... it works@

Re: Needing some help on new LLC and getting credit

NY2014 — Thu, 28 Aug 2014 09:55:30 GMT

You can also try like AT&T Verizon for business without a PG only your EIN # if that helps I was approved for 10 lines with AT@T without PG New LLC

Re: Needing some help on new LLC and getting credit

Anonymous — Sat, 07 Mar 2015 20:24:02 GMT

Does wex fleet report to the credit bureaus? can you name a some business credit cards that report to D&B or equafax business?

Re: Needing some help on new LLC and getting credit

Anonymous — Sat, 07 Mar 2015 21:05:43 GMT

Chase just denied me the Marriott biz card a few days ago and upon talking to an analyst they said that I don't have any credit history.

I've been a sole prop for 3yrs (more of a hobby business) recently turned into an LLC last month.

the analyst at Chase was talking at lenght on getting a DUNS and having something report on my business even with me as a personal guarantor

I was app spreeing that day and AMEX gave me 2 biz cards off the bat.

Anyone have experience in this? best recourse?

Re: Needing some help on new LLC and getting credit

Anonymous — Sat, 07 Mar 2015 22:15:24 GMT

Which ones? What was your credit score?Did you PG it? Did they run your personal credit? I just started building biz credit also I just got a secured wells Fargo. .because my llc is 2 months old. Even though I have 720TU.

Re: Needing some help on new LLC and getting credit

Anonymous — Sat, 07 Mar 2015 23:16:51 GMT

@Anonymous wrote:
Which ones? Marriott business card
What was your credit score? EQ 745, TU 738, EX 729
Did you PG it? Yep.
Did they run your personal credit? Yep.

I just started building biz credit also I just got a secured wells Fargo. .because my llc is 2 months old. Even though I have 720TU.

I was app spreeing and my total haul for that day was $63k in new credit lines plus a $2k CLI.... not sure why Chase kept pushing the 'no business credit' reason. I've had 1 recon on it so far.... maybe I should try to recon again on Monday?

Re: Needing some help on new LLC and getting credit

silver_idle — Sun, 08 Mar 2015 12:04:42 GMT

@Anonymous wrote:
@Anonymous wrote:
Which ones? Marriott business card
What was your credit score? EQ 745, TU 738, EX 729
Did you PG it? Yep.
Did they run your personal credit? Yep.

I just started building biz credit also I just got a secured wells Fargo. .because my llc is 2 months old. Even though I have 720TU.
I was app spreeing and my total haul for that day was $63k in new credit lines plus a $2k CLI.... not sure why Chase kept pushing the 'no business credit' reason. I've had 1 recon on it so far.... maybe I should try to recon again on Monday?

You should look into building business only credit using net 30 accounts. Quill, Reliable, SNS, Uline, Print Country, Grainger, and several other companies are good for start. From there you would want to move to something like gas cards.

They could be saying you dont have any business credit base on the report they may be checking. Have you checked your DNB and Experian business report? You may be looking at one while they are checking the other. AMEX may check something else that they are not checking when it comes to business credit.

Re: Needing some help on new LLC and getting credit

Anonymous — Mon, 09 Mar 2015 01:39:27 GMT

Thanks for the list darius - I'll take a look at those items.

Nah, i definitely don't have anything reporting - turned it into an LLC a month ago - but for the sake of checking I did search with Experian and found nothing.

I applied for a free DUNS # and probably looking into a Staples corporate line to start. I'll have that report for a few months then try with Chase again.

I've read AMEX doesn't report to business credit - I'm assuming then that they take PG weight more than business.

Re: Needing some help on new LLC and getting credit

silver_idle — Mon, 09 Mar 2015 04:17:26 GMT

@Anonymous wrote:
Thanks for the list darius - I'll take a look at those items.

Nah, i definitely don't have anything reporting - turned it into an LLC a month ago - but for the sake of checking I did search with Experian and found nothing.

I applied for a free DUNS # and probably looking into a Staples corporate line to start. I'll have that report for a few months then try with Chase again.

I've read AMEX doesn't report to business credit - I'm assuming then that they take PG weight more than business.

If i recall, you to PG for staples corporate account. AMEX, as many said, does report to business credit, but doesnt to personal unless default. To get a AMEX corporate account without PG, there are requirements one must meet which many dont meet yet. Factors vary as to how you are approve when it comes to business vs personal report. It may be possible to have bad personal credit and still have great business credit and get approve (or denied) for revolving or loc when PG, all depending on the creditor, and how they look at things.

Re: Needing some help on new LLC and getting credit

Anonymous — Mon, 09 Mar 2015 14:00:37 GMT

@dariusc93 wrote:
If i recall, you to PG for staples corporate account. AMEX, as many said, does report to business credit, but doesnt to personal unless default. To get a AMEX corporate account without PG, there are requirements one must meet which many dont meet yet. Factors vary as to how you are approve when it comes to business vs personal report. It may be possible to have bad personal credit and still have great business credit and get approve (or denied) for revolving or loc when PG, all depending on the creditor, and how they look at things.

Really?! if so, awesome! I'm assuming to business EXP (they pull my personal EXP)

Re: Needing some help on new LLC and getting credit

Anonymous — Mon, 09 Mar 2015 14:06:46 GMT

Answered my own question... found a small discussion on the AMEX forums and here's a quote from an employee response:

beth@amex wrote:

Hi xxxxxx,

I hope you are enjoying the benefits of your Gold Delta SkyMiles Business Credit Card.

American Express reports information concerning OPEN accounts to the following Business Credit Reporting Agencies:

Small Business Financial Exchange (SBFE) - Reports both positive and negative information (this information is reported on the business entity, not our Basic Card Member.

Dunn & Bradstreet - Reports only negative information.

Any OPEN account that qualifies for unsatisfactory reporting may be reported to both the consumer and commercial credit bureaus; i.e. (Consumer) Experian, TransUnion, Equifax and (Commercial) Dun & Bradstreet and the SBFE (Small Business Financial Exchange).

I hope this answers your question. Please let me know if I can assist you any further.