2018 BUSINESS CREDIT STARTUP INFORMATION

[601flyguy]

Ppl are saying start with net 30 just to get accounts established. Since you already have a personal relationship with amex, im pretty sure they give you a business card with no biz credit. I'd try for the biz gold.

[csryang]

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@Anonymous wrote:

So you're saying I can get approved for an AMEX Business card, with no previous credit history for my business, and a late payment on my personal to amex last year? So why is everyone saying start with net 30? Yes you are right this was exactly what I'm saying. 

We need a 2018 Updated Version of building business credit from scratch, and in the correct order of doing things. They have a simlilar thing over at credit boards, but its from 2015. OK i will apply for the same amex you got approved for

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Yes, you "may" get approved for an Amex business card with no previous business credit at all. I had no business credit and was approved instantly without a hard pull. Keep in mind that Amex blue business plus is a "credit" card and Amex typically restricts their credit cards to 5 total so if you already have 5 or more than 5 Amex personal plus business credit cards (not counting charge cards), then you might not be approved for further Amex "credit" cards.

Requiring  "personal garantee"/pulling personal credit report for those without business credit history is the same with all credit card companies because almost all of business card application starts by asking your SSN/income and will typically pull your personal credit report. Usually they are hard inquiries from most banks but Amex for now will most likely only do soft inquiries. A late payment with Amex last year may hurt your chances but there will likely be no hard inquiry from Amex whether or not you get approved. So... why not trying it out with Amex?! 

Starting with Net30 accounts -- as far as I understand... it is so that you can start buidling business credit because you do not yet have business credit and you want to build business credit, right? After several months to several years, you should have business credit history that business application will likely no longer need your "personal ganrantee" any more -- meaning that they will only use your business' EIN/business credit history to determine credit limit/approval odds without asking for your SSN. However, this may be not be accurate as you pointed out that the "business 101" post is dated back in 2007.

I also think that personal ganratee will most likely be there for major business credit card applications because they seem to always ask for your personal information - SSN and personal income in a business card application. Therefore, I think having a business credit history or not, they will most likely still ask for personal ganrantee in the end. Maybe an expert can prove me wrong.... I was thinking that perhaps in the most ideal situation, once business credit is built up, they "might not" pull personal report despite asking for those personal information. Again, I am all new to business credit as well and hope someone with more experience can help clarify this and provide more datapoints. 

[Anonymous]

Ok they approved me for $2,000 . 

Was hoping for a higher limit but I will start there. I guess this is not bad sense I have no net30 accounts and a late payment on my personal. 

God is Good, 

[Anonymous]

Ok what about the Dun and Bradstreet thing? Is this something I should do also? 

[Anonymous]

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@Anonymous wrote:

Ok what about the Dun and Bradstreet thing? Is this something I should do also? 

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You just want to make sure you have an entry and your information is updated.  It doesn't cost anything to do that.

If you want some Net 30s, pick them where you can buy something you have to buy anyway like Toilet Paper, Garbage Bags, Lysol Wipes, Printer Paper

[601flyguy]

Congrats, 2k isnt bad at all. Use it and it'll grow.

[SouthJamaica]

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@Anonymous wrote:

Ok they approved me for $2,000 . 

Was hoping for a higher limit but I will start there. I guess this is not bad sense I have no net30 accounts and a late payment on my personal. 

God is Good, 

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Congratulations.

[Anonymous]

Ok let me ask this. Does the type of phone I have make a difference when running my business anymore? Over on Credit Boards they say get a grasshopper number etc. Can I use my Verizon Prepaid as my business number or is this bad or should I get some type of business phone line at my business which is a Car Wash? 

[Creditaddict]

You don't need any special phone number, just pick 1 and use it... cell phone is completely fine, even your personal phone.

Business credit is no different from personal when it comes to verifying who is applying and the business itself. if numbers, addresses match up in systems then it causes less flags internally.

If you received 1 Amex, you can probably receive 2 or 3. (Charge card and another credit card)

you can also ask for CLI to $6k on the new $2k card when you receive the card, if it's a no go, wait 61 days and request again.

[Revelate]

Just get one of the random virtual lines that forward to your personal phone.  Dozens of providers out there around $10/month, I've always used Freedom Voice personally but there's nothing intrinsic about them except they're cost competitive and they've worked over time for me without issue.

Really you just need to get the number published in the various white pages listings, and that's not hard to do.

Cause of the tax implications I'm doing this full monty style LLC taxed as corporation with this new service venture, previously I would've just a normal LLC or S-Corp, but, tax cut.

Now having to sort out payroll and real accounting system, ah well, cost of doing business in the modern era.