Business credit- Lines of credit

[Anonymous]

I see alot of discussion on here about generating a paydex score, getting alot of retail cards, gas cards, etc but I dont see many posts about obtaining big time financing that a business really needs. Does anyone have any stories on lines of credit for a business? I am in the process of building still and I am not ready yet but my goal is to eventually tap the larger lines. These smaller retail lines are nice but arent going to help me get to where I need to be to expand my business.

[Junejer]

Oftentimes, unless you have forged a relationship with a commercial lender, the small retail lines are your foray into the larger lines. Once you've demonstrated some responsibility with those lines, then you have the opportunity to tap the larger lines. IMO, your best bet is to start some dialogue with commercial lenders at your local bank.

[Red1Blue]

You can try Sams Club Premier Line of Credit / Key Bank / Citi Bank and even Capital One offers Business Line of Credit. You have to build a relationship and start working your way up. I am pretty sure Chase also offers BLOC. You have to check around and see who will take the chance. I have applied for Sams BLOC and waiting to hear for the result.

[Anonymous]

What do you do if you still don't have a paydex yet?

I have been waiting for 3 mos for it to update but seems the AG still hasn't finished their paper work, I have called several times and they say they are running behind on articles.

I have a 70 on EX, is there anything I can try for?

[Jesedmotherof5]

i have

Dell - open eneded credit though it says 50k on my statement

Office depot- got it with no paydex

Nextel phones

added 10 net 30 nedors

then with an 80 paydex

got a Ford motor credit Truck- Hear they are not doing this anymore

now with four years of paydex 80 and EX 35 (have one baddie Im getting offsoon)

I have

Home depot Bis 10 k

Shell 7k

Cheveron 2k (they PGd me and I didnt notice it till recently)

Arco MC 2k

Staples 7k

Key Bank 10k

Les Scwhab tires 2k

Those are all new Im going to be a good girl and try to get a LINE of credit or Equip loan account with Key bank in a few months.

[Anonymous]

Thanks for the advice. I would like to see someone a little further down the biz credit like you or someone else, try and have success. I notcied that you havent tapped a LOC yet for yourself. If so , why is that? Im wondering if the bigger financing will require financials. If so, Id better get some statements together. My personal credit is hurting a bit right now and will take a year or two to perk up so its an asset but id like to do some things before then. Im hoping you get approved for the Sams. Gives alot of hopefuls hope.

[Anonymous]

Yo, I'm new on this forum, having just ordered the Scorewatch service. I'm saddled with Equifax and Experian scores in the 480s, and a TU of 525. My wife's scores are not much better.

As far as business credit, my wife and I formed a corporation back in 1999 that we really never used despite our best laid plans to use it as a publishing entity. Within the last month, we applied for and were granted a Staples business credit card, issued through Citibank, with a $2,000 credit line. We obtained this account based solely on the business' FEIN. We did not have to provide personal guarantees or provide our SSNs. I think what helped was our being able to say the business was started in 1999.

Our plan is not only to improve our personal credit, but to build the credit history of the corporation so that we can actually use our entity to fund consulting work down the road.

I made a small purchase with the Staples card yesterday. The plan is to pay it off within a couple of weeks. A rep told me the card will report to Dun & Bradstreet, and that will help us to generate a good Paydex score.

Hope this helps.

[Jesedmotherof5]

Everytime I try to do anything above these credit cards they want a PG so therefore no credit extended. My hubby has a tax lein that we are paying for now. I alos have a collection on my Experian report... I dont know for what and from whom... I disputed it 45 days ago because THEY dont even have information on it so how could I pay... I redisputed on day 45 and still no reponce. I seem to have the worst luck with disputes.... oh well! I'll keep sending those gosh dang letters. after another 45 days I will file with the FTC...

[Anonymous]

If I had your scores, I would consider personal guaranteeing a few to get the ball rolling a little faster but it all depends on your personal situation. I was approved for Lowes today for $2k without a personal guarantee. I have a decent collection now. Staples- $750 Gemplers- net 30 Office Depot- $2000 Sunoco- $800 Exxon/Mobil- $500 Shell- $500 Amazon- $1500 Lowes- $2000 I think Im going to try for Home Depot next and then go for Key Bank.