How does the Business Credit Work???

[Anonymous]

I have read the business credit post...but that seems to be more for CO...and LLC....I am a Sole Propietor...I am in the process of starting a business...applied for a EIN...applied for a TIN...fill submit my DBA on Monday...I have the numbers already...but I don't think the are fully in the system already...

What do I need to do afterwards...to start business credit???...with no PG...Office Depot???..Staples???...

[llecs]

There's a great thread on business credit. I think it is "Business CCs" or something like that and saw its peak sometime in December. It talked about everyone's process to establishing biz credit.

I started with an EIN I got 7-8 yrs ago, however, didn't look at biz credit until July/August last. I opened an acct at Dun&Bradstreet and created an office line in my biz name rather than my name. My first credit came within a week for Dell and that started at $5000. It is amazing because nothing was on my DnB file and did not use my SSN at all. Within 3-4 months, I added Nebs, Staples, Home Depot, Exxon, and Lowes, all without a PG (no SSN). Since then offers have come in with the likes of CapOne (boo!), First Equity, Shell, and Wright Express. I turned those down for now.

In that thread, there's a list of No-PG creditors.

[Anonymous]

Sorry to hoard in on this, but just wanted to ask...llecs, did you just get the free D&B account to get the number or did you have to do one of those packages for a few hundred bucks?

[llecs]

Here's the link, BTW:

http://fico.lithium.com/fico/board/message?board.id=creditcard&thread.id=18987&view=by_date_ascendin...

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UpUpUp wrote:

Sorry to hoard in on this, but just wanted to ask...llecs, did you just get the free D&B account to get the number or did you have to do one of those packages for a few hundred bucks?

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No and no. I heard that if you mention you are a federal contractor you can get it for free. However, I tried that and the CSR said "no way...everyone pays".

I did get it for $150 or so. Thr CSR did try to push some sort of $500 package, but stood firm.

[Anonymous]

Thanks so much. I appreciate the info.

[Anonymous]

What all did you have when you opened the Dell???...I really want one of the office supplies stores first...so I can get my Quickbooks Pro 2008 software...I tried Staples today...but I think I'm being a little TOO impatient...

[llecs]

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slyhouse08 wrote:
What all did you have when you opened the Dell???...I really want one of the office supplies stores first...so I can get my Quickbooks Pro 2008 software...I tried Staples today...but I think I'm being a little TOO impatient...

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I had NADA, ZILCH, and ZIP. I was shocked. I answered every question with honesty and was surprised; now I was in business over 12 yrs up at that point. But Dell was my first credit account. After I established DnB about a month later, I pulled that and nothing was on there, good or bad.

QB 2008 is a great software package.....you can get it through Dell. BTW, if you app Dell, you need to go through the small and med biz link rather than the home and home office link.

[Anonymous]

I did DELL...they asked for PG...

1. business credit too short...
2. designation as sole proprietor...
3. number of years business open....

[llecs]

Sorry about that. I can't remember Dell's app, but I clearly remember not answering the PG request (can't remember if they even asked for SSN), but I did use my EIN and not my SSN. I do remember other apps, like Lowes and HD, where they did ask for PG info. I ignored the questions and submitted the app online anyway.

Back to Dell, I do clearly remember the phone number being a big issue. I didn't have an office phone...operated via cell phone. Dell denied me because I used my cell. They said there was a fraud-type issue and refused to talk to me. My saleslady was awesome. Interceeded on my behalf and told me the issue was the phone. So, I opened a biz line with Verizon. Once that went live, I recorded a message on the VM. I called back and gave them that phone number and was approved that day.

You could always try a NET30 acct to get things established. Took about 3-4 months to get Nebs to report and 5 or so months to get Dell to report.

[Anonymous]

That's okay...I did not do the PG part...the original application had the EIN...no SSN...but after I submitted..the PG page came...I think I need to wait a little longer...