1st Synchrony Approval for business No-PG

[yoli68]

This is awesome news!! Congratulations

[CheapStq]

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@Peach331 wrote:

Hello All!

[...] I started building credit for my business in July of 2020. I’ve had my business for 10 years but I was never consistent with building credit for it. I had a D&B number for about 5 years but never did much with it. [...] Fast forward to July of 2020, this is when I started to be consistent with my credit building journey. I opened a $500 wells secured credit card (PG), started back up with Quill, opened a Uline account, and I opened a Supply Works account. I would spend around $100 with each company, pay them all off with the wells card, and then pay the wells card in full on the due date. [...] I tried Dell and was instantly approved for $7500 (No-PG). I tried Conoco/Phillips and received the 7-10 day message so I assumed it was a denial and didn't bother calling. But I checked my mail weeks later and found a Conoco/Phillips card in there with a $1500 limit! This is my first Synchrony card and it’s also No-PG! [...]

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Congratulations on the Amazon Business approval!  Sorry for necroposting, wanted to ask a clarification question you didn't happen to cover @Peach331.

As I understand it, unless I'm wrong...to get a no-PG LOC/card, you'd be using an EIN. 

However, the other key point, what is the legal structure of your business...I'm guessing LLC?  I assume not an S/C corp, and I'm guessing it's not simply SP, to avoid the PG/liability on accounts.

[Peach331]

Hi! Yes I have an LLC. They ask for the EIN when applying. There's usually a box you can check if you would like to PG. Leave it blank so that they don't run your credit. You have to include your SSN for verification purposes but they won't do a hard pull. 

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@CheapStq wrote:

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@Peach331 wrote:

Hello All!

I’ve learned so much from this forum so I just wanted to come share some good news for anyone else who might be searching. I started building credit for my business in July of 2020. I’ve had my business for 10 years but I was never consistent with building credit for it. I had a D&B number for about 5 years but never did much with it. As of July 2020 D&B showed a $100 trade line as the only thing ever reported but it didn’t tell me who it was with. It could’ve only been Quill because that was the only company I had used for credit in the past but it was used only maybe once or twice. Fast forward to July of 2020, this is when I started to be consistent with my credit building journey. I opened a $500 wells secured credit card (PG), started back up with Quill, opened a Uline account, and I opened a Supply Works account. I would spend around $100 with each company, pay them all off with the wells card, and then pay the wells card in full on the due date. I did this process consistently until the paydex score generated which happened at the end of October 2020. I was never able to see the exact Paydex score but Nav tells me I have an A for D&B, a B for Experian, and an F for Equifax. Not sure why I have an F but that’s what it says. Once I saw the score generate I started applying for Amazon cards (No-PG). I was denied. I waited until the end of November and tried again. Amazon gave me the 7-10 day message but when I called to check on it they couldn’t locate my application so I left it alone. I tried Dell and was instantly approved for $7500 (No-PG). I tried Conoco/Phillips and received the 7-10 day message so I assumed it was a denial and didn't bother calling. But I checked my mail weeks later and found a Conoco/Phillips card in there with a $1500 limit! This is my first Synchrony card and it’s also No-PG! I’m itching to try amazon 55 again since it’s synchrony but I’m going to allow the gas card to report a few times first. I’ll wait til about the third statement before I try. Just wanted to share! Thanks for all the pointers!

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Congratulations on the Amazon Business approval!  Sorry for necroposting, wanted to ask a clarification question you didn't happen to cover @Peach331.

As I understand it, unless I'm wrong...to get a no-PG LOC/card, you'd be using an EIN. 

However, the other key point, what is the legal structure of your business...I'm guessing LLC?  I assume not an S/C corp, and I'm guessing it's not simply SP, to avoid the PG/liability on accounts.

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[CheapStq]

Gotcha, thanks, appreciate it.  I've started this journey with a SP, and so far am fine with that and PGs, since I primarily am interested in avoiding personal issues like 5/24, more than the financial separation the LLC and no-PG accounts provide.  I have been trying to identify the tools and tips for going down that path in the future, when that time comes.