topic Re: Need help establishing business credit. in Credit Cards

Need help establishing business credit.

aftermath — Thu, 25 Sep 2008 18:27:26 GMT

Hello all. I followed all the steps and procedures on the Business 101 thread and obtained everything needed to establish a business.

I've incorporated, obtained EIN, opened up a business checking account, phone line, setup a DUNS number, etc.

From what I have read on the forums, Staples was an easy starter card to obtain without established credit. I applied, received a Code 26, I phoned in and was told I was denied and would receive a reason for the denail in the mail in 7-10 days.

What should I do next?

If I can't get approved for any business credit lines, how am I supposed to establish business credit?

Any suggestions on new business friendly credit companies?

Thank you all.

Re: Need help establishing business credit.

Creditaddict — Thu, 25 Sep 2008 18:32:45 GMT

What line of business are you in?

Any shipping needed?

something like Uline will establish credit for you on net 30

look to your vendors to get your business credit going, many net 30 accounts will repor to atleast experian or equifax and then you can get stuff like:

staples

office depot

dell

or else PG 1 credit card that will hopefully report to something

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 19:58:24 GMT

try uline - they have almost everything....pens...things like that.

wait for that letter from staples and see what it says....cause if staples declined you.....then office depot, HD, exxon/mobile.....any card issued by citi will probably do the same.......build up your DUNS account......cause i think all of the cards issued by citi (except for maybe HD) just look at DNB....i think HD looks at EX too.

here are some good biz threads:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=30614#M30614

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=110267&view=by_date_ascending&page=1

good luck

Message Edited by molly73 on 09-25-2008 02:58 PM

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 20:24:37 GMT

I don't know if that is true.

HD and Key look at Experian but the gas cards usually are DNB and/or Experian.

Office Depot may still approve if Staples doesn't. It has happened before.

I would start with the Net30s to build the DNB and I listed a few in a thread earlier today.

Reliable
Lab Safety
Interstate batteries
Successories (Bought myself a little CEO gift )
Uline

Nebs, Quill and whoever else is part of that company do NOT report anywhere.

Trying to remember some others...

If they have websites where you can pay then pay the bill like the next day if possible. If they report right away then you're on your way to a quick listing. Or pay as soon as the invoices come. Some companies report quickly while others may do it once a month or quarter like Lab Safety.

Message Edited by EddieX on 09-25-2008 04:24 PM

Re: Need help establishing business credit.

Creditaddict — Thu, 25 Sep 2008 20:42:32 GMT

I guess I got lucky I established during free for all credit days 3 years ago!

office depot was my first card the day i got my ein number for 2k!

dell little later for 10k

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 20:52:21 GMT

hmmmm...i thought key just looked at D&B.

get this....sams and walmart declined me.....but i got my lowes card today....they all look at ge i think!

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 21:01:59 GMT

Key is Experian. People always say DNB because that's supposed to be the MAIN credit bureau for business but a lot of companies don't even report there. My highest card on there is Staples and that was at $1000 when I was actually using the card but I do have a business Chase for $14,000 and M&T at $10,000, based on a PG and business Experian and Equifax.

Message Edited by EddieX on 09-25-2008 05:01 PM

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 21:26:14 GMT

Eddie....who is M&T?

still looking for other cc's that you do not have to give a pg for....but i guess key is the only one right now

Re: Need help establishing business credit.

Anonymous — Thu, 25 Sep 2008 21:53:25 GMT

Not sure how to answer that.

M&T is M&T ?

All I know is when I went to get my car they were the lender who approved me so I opened a bank account with them and just got the credit card like 2 months ago.

Not many non PG things left these days. And with the subprime mortgage crisis I wouldn't be surprised if anything unsecured dies off soon.