New Business.. How to start building

[Anonymous]

Happy Holidays to you all! 

I have started a new business and I would like to start building business credit.  I have ordered from Uline with their Net-30.  I was approved very easily.  What other Net-30 options do I have that approve easily until I can establish business credit?  I would love to be able to qualify for major companies in the future.  I greatly appreciate yor help.

Bri

[mchang124]

one of the big things to make sure you do, which it sounds you may have, is get an EIN with the IRS. a few net30 accounts from places you will actually shop from like ULine, Granier, Quill, Staples, Amazon, tiger direct, etc is a good place to start. You need to have at leats 6 payment experiences (meaning you've purchased something and paid it back right away) to help establish your paydex score. 

Now, if you have good personal credit (at least 720ish), you can PG (personally guarantee) applications. another option is a secured business card thru a bank like Wells Fargo (required a business checking account and a min of $500 daily balance)

[WayneSki]

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@mchang124 wrote:

Now, if you have good personal credit (at least 720ish), you can PG (personally guarantee) applications. another option is a secured business card thru a bank like Wells Fargo (required a business checking account and a min of $500 daily balance)

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This is the best and least expensive route to go. If you don't have decent personal credit, definitely work on that. Regardless of what you may hear about business credit....you'll need personal credit at some point.

[Mjhall85]

Depending on your business grainger is a good one. They approved me with very little info for 1000 line on Net 30. Best of luck on your new business!

[yoli68]

Thank you for the information, my business not so new but business credit is...

I have opened and paid accounts with 

Staples $800

Crown Office Supply $1500

Emedco

Sam's Mastercard $1K

BP Solutions $4K

Summa Office Supply $2K

All with no personal guarantee, it's not much but very helpful and a good start

Any others to get us going?

[Anonymous]

How do you go about applying for staples with no pg?