I finally took the plunge and started building business credit for new startup. Actually I formed the company 5 years ago but in hybernation. I have decided to make it active and start building things around it.
I am in Gardening and rebuilding my personal credit. Absolutely no PG or HP on my Personal Credit reports for Business Credit.
So far
I got the DUNS number setup. Not sure if I should get a new mobile phone under new business name. Some Tradelines should start reporting the activity soon. Hoping to have Paydex score by end of this year. I got the Business Checking with Azlo and US Bank. Business Investment account at US Bank. SEP-IRA with US Bank. In the process of setting up small business payroll.
I got Net30 accounts from
Crown Office Supplies
CEO Creative
Uline
Grainger
Quill
I got approved for and waiting for the card
5 Star Processing Mastercard ( $300 Credit Limit)
Wex ExxonMobile Fleet Card. ( $500 Security deposit)
I applied for and got instant decline from Dell Business Credit ( Understandable)
I applied for BP Business Solutions Mastercard. They want $500 min security deposit and 1:1 credit limit. $10/month account fees. I am not sure if I want to move forward or just drop it. I suppose I can take $100/$150 in monthly fees for a tradeline. Not sure.
What is your experience with Wells Fargo Secured Business Card. I do not like the idea of having to keep a Wells Checking or Savings account to obtain their Secured Credit Card. What do you think? Looks like this card can grow in limit with additional deposit. $25 AF is not too bad for the convenience of Major card and its reporting to D&B. Should I take a plunge and get the Wells Secured Business Card?
Wex has tCheck Business Mastercard. There is no Monthly fees or any other fees like BP Mastercard. This is not a bad offer. BP we can use their Mastercard only for Gas. But tCheck we can use it any place that accepts Mastercard. Should I apply for it now or wait 3 months and let other Tradelines start reporting. If I apply now they might ask me to put a deposit together. I do not mind doing it but I want to start avoiding it.
I am debating if I should go with Wells or tCheck. With tCheck I do not have to worry about maintaining the Checking or Savings account with Wells. There are rewards on Wells but not on tCheck.
Hopefully more wins to come soon for my new startup.
