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B of A business credit - I have some history, but now what?

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B of A business credit - I have some history, but now what?

 

In 2017 I opened an LLC so I could go flip a house or two.  Lost money, but not catastrophic.  Everybody got paid ontime.

 

Now at the time I wasn't really interseted in building business credit, but I has legalzoom set up the LLC and at checkout, I hit the option to apply for a Bank of America account and I got business credit of $11K.  I mean, you couldn't imagine anything that simple.

 

I don't guess that is somehow tied to my personal credit... is it?  Or maybe it is, looking back in hindsight.  I mean, I am guessing they just ran my credit score while they had me on the phone, talking to the Legal Zoom rep.  Anybody else had a similar experience?

 

But I have used it and for 2+ years now I have been making payments on time.  It is currently highly utilized (not maxed but it gets close at times) and I would want to pay it down before requesting an increase, but I just wanted to gather some intel on this going forward.  Maybe I will request a line increase in 2020, or maybe I can leverage this pay history somehow.  

 

Is it true B of A doesn't really reqort to D&B and EQ?

 

 

Message 1 of 42
41 REPLIES 41
Valued Contributor

Re: B of A business credit - I have some history, but now what?


@HoustonWestside77084 wrote:

 

Is it true B of A doesn't really reqort to D&B and EQ?


Don't know.  Have you ever tried the D&B free credit signal or a one month EQ biz for $19.99?  You could start there to see. NAV will list EQ, Exp, D&B as well.

"LEAVE A MESSAGE AT THE BEEP"
Message 2 of 42
Valued Member

Re: B of A business credit - I have some history, but now what?

 

Thanks LauraC 

 

I did try Nav since making this post and nothing showed up.  I'll look into those other ones.

Message 3 of 42
Valued Contributor

Re: B of A business credit - I have some history, but now what?

The one, my favorite, biz cb I find most reliable is Exp.  It's $179/year...I feel it's the most comprehensive and picks up the most info.  Not saying all tl's report to them, cuz they don't, but I believe they are most widely used. I know I had a hp by cap1, that doesn't report to them, yet they did show the hp.  So I use it with a good grip on my biz profile.

"LEAVE A MESSAGE AT THE BEEP"
Message 4 of 42
Established Member

Re: B of A business credit - I have some history, but now what?

The vast majority of small business credit cards are Personal Guarantee (PG) and their approval is based off of your personal credit. 

 

Based on this thread, it does not appear that BofA reports small business credit cards to D&B or EQ/EX. Luckily though, they do not report to your personal credit report either:

 

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

 

If your personal scores are good and you have maintained any and all BofA accounts in excellent standing, I see no reason why a CLI would be an issue. 

Message 5 of 42
Valued Member

Re: B of A business credit - I have some history, but now what?

 

LauraC and BCO thank you both for your helpful responses.

 

I ran a NAV report and it came back empty.  So none of the major credit I had showed up.  Nothing there at all, actually.  I feel that the Experian report will come up empty as well, and in fact I think it did when we ran the Nav report.  So I will get a few more basic trade lines open and then circle back to this $179 EQ option, which sounds like value.

 

It isn't just the $11K from Bank of A.  I had, in fact, a Hard Money loan for a house flip that I completed in 2018, paid that as agreed, and of course that doesn't show up (I think I read somewhere that real estate credit doesn't show up anyway, maybe that is just with DUNS).  I mean that was $150K.  I'm sure that would look nice on a report somewhere, but... well.  I don't guess I could submit that anywhere, could I? 

 

Of course I never claimed by business with D&B until just a couple weeks ago.  Not even sure that is relevant, however, if nobody would have reported anything anyway.

 

My Bank of A line increase is going to happen only when my financials truly support.  I was a finance guy in my past life (financed large yellow iron machines that dig and push and load, etc.) and I think I have a pretty fair idea what that process might look like.  Plus my credit has deteriorated in a big way since then (bottomed out last year, now well on my road back to recovery).  But that aside, I think given that we all agree that my $11K bank line does involve a PG, then I'll keep it as reserve capital, but I'm not all that keen to lobby for increases in it.  Maybe at some point, I'll ask but I won't make it a focal point.  I'll seek to augment that with other lines that do not involve a PG.


But **bleep**, it sure would be nice to leverage the good track record that I do have, so help open up some other lines.

 

 

Message 6 of 42
Valued Contributor

Re: B of A business credit - I have some history, but now what?

You can do a free search on Exp Biz for you business.  If it comes up, great!  I'd still hold off.  Since D&B (your number I assume) is only a couple of weeks old you are right in holding off on purchasing any reports.  Did you already try the "Free" D&B credit builder 7 day trail or maybe it's the credit signal...sorry brain far+.  My point is once you start seeing movement through D&B they will give you periodic updates.  We've been in business a long time so I don't really understand the dunns number process, I didn't even know we had one til I tried their free Credit signal/builder-whatever it is. Plus you CAN update your biz info. for free.

So I/We have pg and no pg.  I don't care one way or the other....our business is us so no biggie.  

I followed the thread in biz credit for acquiring tl's and lawdy it was awesome....picked a little tl here and one there and within a few months we have us some good scores and business credit now. 

But as far as the sale of the house in 2018 and having it report somewhere; haven't a clue.  I guess if you were a licensed realtor or something but I just don't know.

Have you read this post? It sure helped me

https://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

 

"LEAVE A MESSAGE AT THE BEEP"
Message 7 of 42
Valued Member

Re: B of A business credit - I have some history, but now what?

Anybody can buy & sell a house - no need for a license, no need to be a realtor.  That's just a marketing / sales / handholding job.  Love them, but would never want to do that for a living.

 

Yes I started this LLC in August 2017.  Bought that house in Oct 2017.  Struggled through it, but finally got it done.  Sold it in April 2018 (closed in May).  Best day ever.

 

EQ Biz didn't find me.  D&B number is still new.

 

I'll hold off, but might try to revisit later.  For now I'll just keep doing the Quill/Granger/Uline dance and get a few of those gimme TLs going.

 

Question - is it really that big of a deal to have a website and separate phone number and all that?  I mean this is probably always going to be a homebased business - no plans to have a storefront and no need for it.  I suppose I could put together a site quick enough (I do have others) and just document that house flip project, with photos etc., to lend credibility.  It is just a couple bucks for that.

 

 

Message 8 of 42
Valued Contributor

Re: B of A business credit - I have some history, but now what?


@HoustonWestside77084 wrote:

Anybody can buy & sell a house - no need for a license, no need to be a realtor.  That's just a marketing / sales / handholding job.  Love them, but would never want to do that for a living.  Sorry, my thought was that that might be the only way to have that sale on your report, like if you were registered/licensed with the state and sales/revenue were reported that way.  Wasn't suggesting you do that just trying to answer your question about where you could submit that $150k sale.  That sure would be nice.

 

Yes I started this LLC in August 2017.  Bought that house in Oct 2017.  Struggled through it, but finally got it done.  Sold it in April 2018 (closed in May).  Best day ever. I bet it was, we've done a few.

 

EQ Biz didn't find me.  D&B number is still new.  Yeah, you'll have to wait awhile.  Just check that free D&B and they'll email you free updates.  Won't be much info. but it WiLL be something.

 

I'll hold off, but might try to revisit later.  For now I'll just keep doing the Quill/Granger/Uline dance and get a few of those gimme TLs going.  Also, try Staples and Lowe's Pro.

 

Question - is it really that big of a deal to have a website and separate phone number and all that?  I mean this is probably always going to be a homebased business - no plans to have a storefront and no need for it.  I suppose I could put together a site quick enough (I do have others) and just document that house flip project, with photos etc., to lend credibility.  It is just a couple bucks for that.  We don't and DH would call it a waste if we did have a website.  So NO, it's not necessary.  A job based phone is though.  We have a home office with a home phone number for fax machine and then his cell phone is too.  We used Comcast bundle; later switch to AT&T.  

 

 


 

"LEAVE A MESSAGE AT THE BEEP"
Message 9 of 42
Valued Contributor

Re: B of A business credit - I have some history, but now what?


@BearsCubsOtters wrote:

The vast majority of small business credit cards are Personal Guarantee (PG) and their approval is based off of your personal credit. 

 

Based on this thread, it does not appear that BofA reports small business credit cards to D&B or EQ/EX. Luckily though, they do not report to your personal credit report either:

 

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

 

If your personal scores are good and you have maintained any and all BofA accounts in excellent standing, I see no reason why a CLI would be an issue. 


I love that link, use it all the time.   Also, I ask for cli's all the time.  The worst: A Big Fat Nope!  Good Luck OP!

"LEAVE A MESSAGE AT THE BEEP"
Message 10 of 42
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