New, but need some help.

[Cleaningitup2016]

I made the mistake of not coming here first and reading before going in head first.

I applied for quite a few business credit products, so I hope that didn't ruin anything.

I didn't even know what a Duns number was, but recently applied for one, so here is what all I applied for.

Chase Ink: Wanted a PG.

Staples Commercial Account: Wanted a PG.

Amazon Net 55: Could not locate my business credit report (more on that later).

Shell Commercial Card: Denied.

ULine: Approved for net 30.

Quill: Approved for net 30.

Gemplers: Wanted a duns, (did not know what that is).

But here is the kicker, there is a TON and I mean a TON of conflicting information online. Here are some things I found and wanted some clarification as to its truthfulness. These were all found on business credit sites.

1. Tradelines have to be over $250 to report. (I really need to know to answer to that.)

2. Duns is rarely used anymore and not worth even getting.

3. Getting a biz credit card without a PG is impossible anymore.

4. Getting a biz loan without a PG is impossible anymore.

5. Using your own address on a application will cause it to be denied.

6. Applying for too much biz credit at once (like I made the mistake of) will raise a red flag and shut you off from applying for any in the future.

7. Will Uline and Quill send me an invoice in the mail?

I will have more questions soon, I must say biz credit is much more confusing than personal credit!

[Creditaddict]

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@TimGodsil wrote:

I made the mistake of not coming here first and reading before going in head first.

I applied for quite a few business credit products, so I hope that didn't ruin anything.

I didn't even know what a Duns number was, but recently applied for one, so here is what all I applied for.

Chase Ink: Wanted a PG.

Staples Commercial Account: Wanted a PG.

Amazon Net 55: Could not locate my business credit report (more on that later).

Shell Commercial Card: Denied.

ULine: Approved for net 30.

Quill: Approved for net 30.

Gemplers: Wanted a duns, (did not know what that is).

But here is the kicker, there is a TON and I mean a TON of conflicting information online. Here are some things I found and wanted some clarification as to its truthfulness. These were all found on business credit sites.

1. Tradelines have to be over $250 to report. (I really need to know to answer to that.)

2. Duns is rarely used anymore and not worth even getting. - TRUE

3. Getting a biz credit card without a PG is impossible anymore. FROM MAJOR BANKS (CHASE, BofA, CAP1, AMEX) - TRUE

4. Getting a biz loan without a PG is impossible anymore. BASICALLY TRUE UNLESS YOU HAVE MULTIPLE YEARS AND PROBABLY $100'S THOUSANDS IF NOT MILLIONS IN REVENU

5. Using your own address on a application will cause it to be denied. NOT AT ALL!!!

6. Applying for too much biz credit at once (like I made the mistake of) will raise a red flag and shut you off from applying for any in the future. NOT AT ALL

7. Will Uline and Quill send me an invoice in the mail? YES

I will have more questions soon, I must say biz credit is much more confusing than personal credit!

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[Anonymous]

CA is correct. The only thing I might quibble with is #6. Since most of the credit we apply for as business owners pulls our personal profile, applying for a bunch can have a negative impact on our ability to get more. Although that impact will be minor since, in most cases, only the inquiry and not the account will show up in the personal profile.

[FocusedAndDetermined]

I concur withh previous responders.  #5 made me giggle on a number of levels. With the number of homebased businesses growing by the day, why would it be an issue?

Rather than being an obstacle it should be a plus, since it drastically reduces overhead costs.

[Creditaddict]

#6 I was addressing if no pg.

And yeah my business isn't home based but all my biz docs are sent to home so that makes them want me to use home address when applying... I actually get denied when I use business address!!!

[Creditaddict]

Business credit verification has similarities to personal... Matching info causes less flags and an address means nothing more than an address unless they are doing commercial/residential check on it but I just don't think they care as long as it matches credit reports and state filings

[Anonymous]

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@Creditaddict wrote:
#6 I was addressing if no pg.

And yeah my business isn't home based but all my biz docs are sent to home so that makes them want me to use home address when applying... I actually get denied when I use business address!!!

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I've been using my business address for everything for so long, it's never been an issue whether applying for business or personal. It's the first address that appears in my personal profile.

[FocusedAndDetermined]

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@Creditaddict wrote:
Business credit verification has similarities to personal... Matching info causes less flags and an address means nothing more than an address unless they are doing commercial/residential check on it but I just don't think they care as long as it matches credit reports and state filings

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Agreed!  The information supplied must be consistent.  A slight deviation can cause a rejection.

[Cleaningitup2016]

#1 remains yet unanswered.

Thanks for the help. I read on a couple sites that using your home address for business causes red flags, something about "Virtual office".

[Anonymous]

I have many $50 to $150 trade reports on my D&B.