Old Business New To Credit - Road Map & Suggestions Needed

[hackersmovie]

Hey folks, second post on the forums here, so glad I found them.

I have a business that is 10 years old and I have always paid cash, for everything. Going into 2023 we are gearing up for a big expansion and will require a BLOC. To get started building credit I've opened the following accounts:

• NAV - for monitoring/tradeline
• eCredible - to help report more to Equifax Business/tradeline
• BP Solutions Mastercard (PG) - 1k CL
• Phillips 66/Conoco/76 - (Synchrony) - 1k CL
• Sunoco Corporate Card (Citibank - PG) - 1k CL
• Amazon Net 30 (doesnt' report?) - 7.5k CL
• Dell Financial Services (reporting unknown to me) - 10k CL
• Uline - 1k CL (ordering over $100 monthly)
• Quill - 1k CL (ordering over $100 monthly)
• BofA Unlimited Cash Business Advantage (PG) - 6.5k CL

I've opened all this in just about the last 30-60 days. I also should mention I was DC BK CH7 in March of this year.

The company scores are:

• 80 Paydex
• 91 Intelliscore
• 380 Business Delinquency
• 164 SBSS

I expect the Business Delinquency to come up a lot soon as there is only 1 tradeline reporting at the moment.

I have good relationships (read "deposits and multiple accounts") with Truist and BofA on both the personal and business sides. I'm looking to get 50-100k BLOC in June which is why I am pushing so hard now to get my "ducks in a row".

Questions:

1. Is there anything else I should be doing?
2. Has this been too much too fast?
3. Any potholes to look out for with business credit moving forward?

Thanks in advance for your help/info.

[WayneSki]

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@hackersmovie wrote:

Hey folks, second post on the forums here, so glad I found them.

I have a business that is 10 years old and I have always paid cash, for everything. Going into 2023 we are gearing up for a big expansion and will require a BLOC. To get started building credit I've opened the following accounts:

• NAV - for monitoring/tradeline
• eCredible - to help report more to Equifax Business/tradeline
• BP Solutions Mastercard (PG) - 1k CL
• Phillips 66/Conoco/76 - (Synchrony) - 1k CL
• Sunoco Corporate Card (Citibank - PG) - 1k CL
• Amazon Net 30 (doesnt' report?) - 7.5k CL
• Dell Financial Services (reporting unknown to me) - 10k CL
• Uline - 1k CL (ordering over $100 monthly)
• Quill - 1k CL (ordering over $100 monthly)
• BofA Unlimited Cash Business Advantage (PG) - 6.5k CL

I've opened all this in just about the last 30-60 days. I also should mention I was DC BK CH7 in March of this year.

The company scores are:

• 80 Paydex
• 91 Intelliscore
• 380 Business Delinquency
• 164 SBSS

I expect the Business Delinquency to come up a lot soon as there is only 1 tradeline reporting at the moment.

I have good relationships (read "deposits and multiple accounts") with Truist and BofA on both the personal and business sides. I'm looking to get 50-100k BLOC in June which is why I am pushing so hard now to get my "ducks in a row".

Questions:

1. Is there anything else I should be doing?
2. Has this been too much too fast?
3. Any potholes to look out for with business credit moving forward?

Thanks in advance for your help/info.

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Those net 30 accounts, Nav/Ecredible accounts and gas cards won't help you get a 50-100K BLOC...But your banking relationship, revenue and good personal credit will.

[ejbarraza]

You should look to open a business checking account with US Bank, PNC, Citizens, BMO, Wells Fargo, or Chase and deposit large sums of money to show reciprocity. Go in branch and talk to a relationship manager to state your case and explain what it is that your trying to accomplish. Depending on where you live you should consider CDFI's or credit unions.

[hackersmovie]

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@ejbarraza wrote:

You should look to open a business checking account with US Bank, PNC, Citizens, BMO, Wells Fargo, or Chase and deposit large sums of money to show reciprocity. Go in branch and talk to a relationship manager to state your case and explain what it is that your trying to accomplish. Depending on where you live you should consider CDFI's or credit unions.

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I did just open an account with BMO as well and transferred a chunck of cash there. I met with my local business banker at BofA and he actually came up with a good plan which also included me going to other banks!  Thanks for the input so far, greatly appreciated!

[ejbarraza]

You should do some research on your local banks and which credit bureaus they pull. Since I am also looking for BLOCs I have identified Cathay Bank, Orange County's Credit Union, Chase, and Farmer's Insurance Group FCU pull Experian. Citizens Bank, NIH FCU, and PNC soft pull Equifax. Wells Fargo can be an Experian soft pull if you go in branch and open a business account otherwise its a hard pull. SECU MD, BofA, BMO, and US Bank hard pull TransUnion. FYI this is based on my data points and location which is SoCal.