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Paydex Score Generated, Where to Go From Here

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chalupaman
Super Contributor

Paydex Score Generated, Where to Go From Here

I have some good news on my business credit. I checked Nav.com and I finally have a score and at least 4 accounts reporting to DNB now. I'm at an 80. The last Experian score I had was an 86/100, and my Equifax is the lowest out of all of them. I have tried applying for Amazon Net 55 in the past but I think they denied me for insufficient trade references. I just tried Dell and also denied again, so meh. 

 

I have Quill, Nav.com Business Boost, Uline, Summa Office Supplies, Crown, and several other business credit accounts to my business name and also just made my second round of purchases to the net 30 lines for Uline and Quill and paying those ASAP. What else should I look into from here? Thanks! 

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Paydex Score Generated, Where to Go From Here

Congratulations on obtaining paydex score and working towards your business credit. Do you have a business bank account? If not you could set one up with a bank of your preference depending on your future financial plans and goals. I set one up with Chase and so far I am happy with them. You would want to work on your personal score make sure it looks good at least on the north of 700 because most major banks will require a PG. You honestly don't need so many open net 30 accounts, the ones you have are already good enough to get the ball rolling. 

 

Message 2 of 6
chalupaman
Super Contributor

Re: Paydex Score Generated, Where to Go From Here


@Anonymous wrote:

Congratulations on obtaining paydex score and working towards your business credit. Do you have a business bank account? If not you could set one up with a bank of your preference depending on your future financial plans and goals. I set one up with Chase and so far I am happy with them. You would want to work on your personal score make sure it looks good at least on the north of 700 because most major banks will require a PG. You honestly don't need so many open net 30 accounts, the ones you have are already good enough to get the ball rolling. 

 


Yes. I currently have two business checking accounts with Bank of America. I have another LLC as well I'm a partner in. That was the first thing I did after getting the LLCs up and running was opening those accounts! Both LLCs I made in 2019 but one of the businesses I've had around much longer than that. 

 

And that's why I've been gardening lately. I'm so close to getting to that 700+ mark in terms of my personal FICO scores with the rebuilding I've been doing there and have a lot planned once that happens. I want to eventually have enough business credit so I don't necessarily need to put certain purchases on personal and screw up my utilization. But yeah it seems for now, I got the foundation now for my business credit and can just sit tight and work with what I have there already until my personal FICOS are where I want them to be. 

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 3 of 6
GApeachy
Super Contributor

Re: Paydex Score Generated, Where to Go From Here


@chalupaman wrote:

 I have tried applying for Amazon Net 55 in the past but I think they denied me for insufficient trade references.

 

What else should I look into from here? Thanks! 


 

Probably the best thing to do is to let time help your biz profile and like mentioned already, north of 700's personal,  when ready......Staples might be a good tl to look into if you need office supplies at a reasonable price compared to some of those others. (printed work shirts, biz cards, etc. 

What line of work are you in?  That way perhaps we can give you some tl's that may have been easier to attain in the beginning to mid-build.

 

Good Luck x's 2 Smiley Happy

My Take Home Pay Don't Take Me Home
Message 4 of 6
Anonymous
Not applicable

Re: Paydex Score Generated, Where to Go From Here


@chalupaman wrote:

@Anonymous wrote:

Congratulations on obtaining paydex score and working towards your business credit. Do you have a business bank account? If not you could set one up with a bank of your preference depending on your future financial plans and goals. I set one up with Chase and so far I am happy with them. You would want to work on your personal score make sure it looks good at least on the north of 700 because most major banks will require a PG. You honestly don't need so many open net 30 accounts, the ones you have are already good enough to get the ball rolling. 

 


Yes. I currently have two business checking accounts with Bank of America. I have another LLC as well I'm a partner in. That was the first thing I did after getting the LLCs up and running was opening those accounts! Both LLCs I made in 2019 but one of the businesses I've had around much longer than that. 

 

And that's why I've been gardening lately. I'm so close to getting to that 700+ mark in terms of my personal FICO scores with the rebuilding I've been doing there and have a lot planned once that happens. I want to eventually have enough business credit so I don't necessarily need to put certain purchases on personal and screw up my utilization. But yeah it seems for now, I got the foundation now for my business credit and can just sit tight and work with what I have there already until my personal FICOS are where I want them to be. 


I just saw your siggy and you're in possession of Amex card, I believe your scores are good enough for an Amex business card like ECP, or co branded like delta amex platinum. In your case it could be a SP since you are in the family. Give it a shot and I would also go in and talk to a banker at BOFA and see if they can give you some advice in regards to their cash rewards card they do require higher scores but who knows you do have relationship with them.

Good luck!!!

Message 5 of 6
Anonymous
Not applicable

Re: Paydex Score Generated, Where to Go From Here

Chalupaman,

 

I am pretty much where you are and was about to ask the forum the same question. I just checked my Nav scores the other day, and I have:

D&B:  80, with 4 lines

Experian: 84

Equifax: 372 (low)

 

I don't know about you, but my LLC is in the tech business. I've had it open for about a year, but haven't really run my income through it. It's open in FL, but I live in TN. So I think I need to open a foreign entity here at $300/year. That's the fee I wanted to avoid in the first place. Need to sort out my compliance issues.

 

So I'm thinking about Amazon 55, NewEgg, Staples, and Dell. These would be more in line with my tech business. I'm thinking you might want to try Amazon 55 again now that you have a D&B score. What did your credit look like when you tried it before? My strategy is to open new lines of credit that I might actually need. No more of this net 30 stuff. That said, Nav ($39 level) is a good account to have because you can actually get your credit reports.

 

Also, my strategy will be to keep all three of my personal credit reports locked when I go for the next level on business credit. I don't want to blow any inquiries on a business card just yet -- although that would be a good idea if I weren't thinking about some kind of mortgage. I started with Capital One Classic Spark. Might be a good idea for you. You should be able to get it. It reports to both business and personal, which is fine because I have been trying to build both. I just did an upgrade to Capital One Spark Select Miles, a no-fee travel card.

 

I want to go back and firm up my business credit account info and make sure my address and phone are all set before I make my next step. Plus I am going to pay off my Spark with a balance transfer.  I'm interested to see what your next step will be. Keep me posted.

 

Message 6 of 6
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