cancel
Showing results for 
Search instead for 
Did you mean: 

1st time Business Credit app spree--great success

tag
Aspireto850
Established Contributor

1st time Business Credit app spree--great success

Since I've learned so much on this site, it's only right that I share the outcome of my recent app spree? First, here a quick backstory:

  • Business started in 2013
  • Have used personal credit only to secure financing for business
  • Opened a D&B at the very beginning but never put much thought into the credit building component... big lesson learned
  • Tired of banks/financial institutions continuing to have me personally guarantee 'cuz we have no established business credit"

So, fast forward to May 2018---for the first time I started reading the Business Credit section of this forum and learned so much primarily as it relates to which companies will do No PG's and here are my results. 

 

APPROVALS:

 

  • ExxonMobile- $2000 CL
  • Shell-$2000 CL
  • Sam's Club Store-$3000 (we app'd for the Sam's MC but was given the store only)

DECLINATIONS:

 

  • Amazon-declined (but learned it was because they could not verify business address...working to get that updated and will re-apply)
  • Office Depot- came back pending with need for more info; sent requested phone bill but was later declined
  • Best Buy-declined (I'm thinking either no established credit or address)
  • Home Depot-declined (learned from a kind rep that it may be something we could dispute. Told me to wait for the declination letter and call back if the info was incorrect. So I'm thinking it's the address issue again)
  • Driven Mastercard- wants a PG since we have no established credit on file with D&B and EQ

So all-in-all a pretty decent start. While we didn't get everything approved; the declinations taught us a great deal so I appreciate those just as much. Learning is Growing!!!!!

 

Sometimes I think building business credit may be harder than personal credit. Thanks for all of the no-PG guidance and advice as it helped us to secure the 3 approvals we did get. We will wait 60-90 to let these report & address to get updated and will try again.

 

Any additional thoughts or suggestions you have for no PG approaches please let me know. 

 

This forum is awesome--truly a blessing.

 

Thanks Everyone...gotta run...need go use my Shell Gas Card to fill 'er up for the weekend. Ya'll said they report quickly so need to get the tradeline working!!! Smiley Happy

 

 









Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: 1st time Business Credit app spree--great success


@Aspireto850 wrote:
  • Tired of banks/financial institutions continuing to have me personally guarantee 'cuz we have no established business credit"
 

This isn't going to change with a few NoPG accounts.  It might change with a multiple of 7 figures of revenue.

Message 2 of 7
Aspireto850
Established Contributor

Re: 1st time Business Credit app spree--great success

Thanks Inverse. I'm not the credit grantor and therefore not privy to their internal scoring but feel confident that revenue is not our issue as we overly exceed requirements.

 

Best.









Message 3 of 7
pizza1
Community Leader
Super Contributor

Re: 1st time Business Credit app spree--great success

Congrats on your success, and wish you luck in the biz credit game! I also think its much harder than personal!
Message 4 of 7
redpat
Senior Contributor

Re: 1st time Business Credit app spree--great success

If you ever want a credit line with a bank you are going to need a PG.  In addition any CC w/ BOA, Chase, Amex or Citi require a PG.  Amex Corporate card’s don’t require a PG.

 

If you really need working capital and want to borrow at prime rates a Bank is the best way to go.  Why should they take all the risk if your business fails and you don’t have enough collateral to pay them back.  They are lenders not your business partners.

 

I never had a problem PGing bank line of credit for $250k for business working capital needs.  Commercial lending is a different animal vs. personal consumer lending.

 

You should develop a relationship with your business bank.

 

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 5 of 7
TXX
New Member
New Member

Re: 1st time Business Credit app spree--great success

Can you reference where your utilization and CBs scores were when you started the spree. It would be a great help.

Message 6 of 7
Aspireto850
Established Contributor

Re: 1st time Business Credit app spree--great success

I had no business credit established; therefore, utilization was 0. Paydex, from 1 small tradeline, was 80 and Experian was 83.

 

 









Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.