Offlinei was told that i could get a business credit card so i could transfer all of the debt i acquired joining the tax club and academy and these guys are asking for my social. Wouldn't that defeat the purpose. I was going to get a card so i could get the debt off my personal credit cards but if they have my social wouldn't the balance still be tied to my personal account.
This help finish what was a bad day especially when my friend who has been real estate for 10 years told me that he don't care what no one says you need money to get a house in real estate. oh before anyone says anything he is a millionaire and he has been doing this 10 years. HELP I NEED ENCOURAGEMENT.
__________________
William Pooler SR
Sorry I can't help you on the credit part, but I think the success stories speak for themselves. It is possible and YOU can do it. Try going back and reading some stories or watch a few of the success videos, maybe that will re-motivate you a bit. Don't let your friend discourage you. There are a lot of people that have been in real estate for years that only bash on these techniques because they are unaware of how they work. I fully believe that your friend is a millionaire, but maybe he just isn't used to these ways of creative investing so therefore they are automatically "not going to work" in his eyes. Keep your head up man, it can be done.
Success and Nothing Less!
thanks can anyone help about the credit card deal.
William Pooler SR
and start yourself up an LLC. Whatever transaction that you do in the future pertaining to real estate just do it under your business name. That way YOU keep any and all personal business separate from your business name and you can get a business line of credit as well with your business.
Bryant Slade
Hi, I came accross the following site in researching business credit:
http://www.startupnation.com/community/orca/topic/How-Does-One-Build-Bus...
The information I tried is towards the middle through the end of the page posted by "pagejames." I started following his advise even though the post is from March 2007. This far I have set up a FedEx, UPS, and Office Depot account. I am in the process of setting up an AT&T wireless account under my business name and EIN. As of to day I have some entries from FedEx and Office Depot (the rep from AT&T business solutions told me). This allowed me to skip the $1,000 new business deposit for one cell line. It is going to take some time to build your business credit, but the important thing is to start.
I hope this helps.
http://www.startupnation.com/community/orca/topic/How-Does-One-Build-Bus...
The information I tried is towards the middle through the end of the page posted by "pagejames." I started following his advise even though the post is from March 2007. This far I have set up a FedEx, UPS, and Office Depot account. I am in the process of setting up an AT&T wireless account under my business name and EIN. As of to day I have some entries from FedEx and Office Depot (the rep from AT&T business solutions told me). This allowed me to skip the $1,000 new business deposit for one cell line. It is going to take some time to build your business credit, but the important thing is to start.
I hope this helps.
I checked out the website you listed and found it very informative for the newbie who wishes to setup their own LLC and so I have copied and pasted the relevant info for everyone to read from;
~Set up a Corp business. Smart to protect yourself and the only type of business that allows you to keep your business credit and personal credit seperate. LLCs and Sole are okay for contract work or property investment, but you still should get a Corp to manage them.
~Once you get your EIN, through registrastion, set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.
~After receiving your first phone bill, go to www.staples.com and fax in copy of application along with copy of phone bill to apply for business credit. Use professional letterhead for coversheet. You should receive the standard $750 credit line with no personal guarentee (herein referred to as "PG").
~Also during this time go to www.dnb.com and register your business to receive a D&B number. It will take 30-40 days to receive it in the mail. If you want to establish business credit sooner, you can pay for the credit builder ($399), but it`s not required. After you have at least 5 business accounts reporting, you`ll receive a paydex rating (similiar to FICO for personal credit).
*REMEMBER - a paydex score will only take into account your payment history. Unlike personal credit, this is counted in days. For example, if you pay your invoices 14 days late, it will be reported as such. If you pay your account off before the statement or invoice comes, it will be reported as such. The bottom line: Pay your invoices on time, and you will get a better paydex score.
~Set up the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:
*1. UPS - www.ups.com
2. FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1
3. Barnes & Noble CONTACT Purchase order department 1-212-414-6000
4. Quill Corporation 100 So Schelter Lincolnshire, IL 60069 CONTACT Credit Department 1-800-634-3090
*5. Viking 8200 East 32nd St No. Wichitas, KS 67226 CONTACT Credit Department 1-888-454-5457
6. Rapid Forms 301 Grove Rd Thorofare, NJ 08086 CONTACT Billing Departement 1-800-257-5287
*7. Nebs - www.nebs.com
*11. Office Depot www.officedepot.com Apply online
(*- Really easy to get)
~Need a cell phone? Once you have a EIN and D&B# apply for a business account. Usually T-Mobile is the easiest to get credit with, but I`ve heard that Sprint, cingular, and Verizon are easy to get as well. Nextel? Good phone, but you have to jump through a lot of hoops, and you usually have to put down a deposit.
~If you have at least 30-45 days to use, the following companies automatically report to D&B creating your business file:
-FedEx
-UPS
-Staples
-Viking
-Nebs
-Office Depot
~Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG. The cards/accounts desired are:
Enterprise Rent a Car (Corp. Rental) www.enterprise.com
Wells Fargo Bank (Visa/Mastercard) www.wellsfargo.com
Bank of America (Visa) www.bankofamerica.com
American Express (Green/Gold) www.americanexpress.com
Chevron www.chevron.com
Mobil www.mobil.com
MBNA Bank www.mbna.com
Wells Fargo (Line of Credit) www.wellsfargo.com
Bank of America (Line of Credit) www.bankofamerica.com
Union Bank (Line of Credit) www.unionbank.com
Cal Fed www.calfed.com
United California Bank www.unitedcalbank.com
Most companies will not ask to see financials for loans of 50k or less.
I hope this helps, and I wish the best of luck to you in your pursuit of credit
Best Buy - Status; 1-800-811-7276
Borders (734) 477-1039 - Fax Application (877) 254-9229 - Status Update
BP/Amoco Status Update (800)365-6204
Chevron/Texaco Business Card Status Update (888) 243-8358
Citgo Fleet; (734) 477-1039 - Fax Application (877) 254-9229 - Status Update
Citi AA: 888-662-7759
Citibank Status:800-645-7240, 800-288-4653, 800-750-7453
Conoco - Status Line, automated 1-866-289-5622
Experian Business:888-211-0728
ExxonMobil Business Card(800) 903-9966
HD Commercial800-685-6691
HDMC Sondee 877-969-9030.
Home Depot MC:877-969-9039 (Sondee/Sedonia?)
Key Bank:800-254-2737
Lowes - Status; 1-800-445-6937
Lowes - Underwriter;1-866-232-7443
Lowes Fraud/UW: 800-444-1408
MBNA - 1-800-673-1044
Meijers MC (801) 517-5560
Office Depot - Staus Line, automated 1-800-767-1358
Office Depot;800-767-1358, 800-729-7744 automated line to check status.
Office Max - Status Line, atomated 1-800-283-7674
OFFICEMAX STATUS: (800) 283-7674
Philips 66: 866-289-5630, 800-610-1961
Phillips 801-779-7369
Radio Shack;1-800-442-7221
Sam`s UW:800-301-5546, 866-246-4282
Sears - Status; 1-800-599-9710
Shell Fleet Card Status Update(800) 223-3296
Shell: 800-223-3296, 866-438-7435
Shell; 800-377-5150
Staples - Status Line, automated 1-800-767-1275
Staples: 800-767-1291, 800-282-5316
Sunoco Corporate Card(800) 935-3387,(800) 278-6626
Sunoco: 800-310-4773
Target: 800-440-5317
Tiffany:800-770-0800
VALERO (800)324-8464 ACCOUNT STATUS
Valero;1-877-882-5376
Walmart;800-301-5546, underwriting 877-294-7548
Wright Express; 888-743-3893
These links will take you to the application page, or a page that has the application link on it.
• Amazon.com - www.amazon.com
• Best Buy - www.bestbuy.com - www.bestbuybusiness.com
• Citgo Fleet - www.citgo.com
• Conoco / Phillips 66 / 76 - www.conoco.com
• Dell Computers - www.dell.com
• FedEx / Kinkos - www.fedexkinkos.com
• Home Depot - www.homedepot.com
• HD Expo - www.expo.com
• Home Depot Master Card - www.homedepot.com
• Lowes Commercial - www.lowes.com
• Nebs.com - www.nebs.com
• Office Depot - www.officedepot.com
• Office Max - www.officemax.com
• Quill.com - www.quill.com
• Rapid Fuel - www.rapidfuel.com
• Shell Fleet - www.shell.com
• Staples - www.staples.com
• Sunoco Corporate - www.sunoco.com
• TechDepot - www.tectdepot.com
• TigerDirect - www.tigerdirect.com
• Uline - www.uline.com
• Wright Express - www.wrightexpress.com
As an aside, for personal credit issues, check out:
www.CreditLiberation.com
Bryant Slade
sharing all information
http://www.startupnation.com/community/orca/topic/How-Does-One-Build-Bus...
The information I tried is towards the middle through the end of the page posted by "pagejames." I started following his advise even though the post is from March 2007. This far I have set up a FedEx, UPS, and Office Depot account. I am in the process of setting up an AT&T wireless account under my business name and EIN. As of to day I have some entries from FedEx and Office Depot (the rep from AT&T business solutions told me). This allowed me to skip the $1,000 new business deposit for one cell line. It is going to take some time to build your business credit, but the important thing is to start.
I hope this helps.
I checked out the website you listed and found it very informative for the newbie who wishes to setup their own LLC and so I have copied and pasted the relevant info for everyone to read from;
~Set up a Corp business. Smart to protect yourself and the only type of business that allows you to keep your business credit and personal credit seperate. LLCs and Sole are okay for contract work or property investment, but you still should get a Corp to manage them.
~Once you get your EIN, through registrastion, set up your business phone. You will need to make sure it is at an address not the same as your home (because it is not looked upon favorably by the lending world) and the phone will need to be registered in the 411 directory. Quite a few have had success with calling the local phone company and getting a call forwarding number. It is a business number that automatically forwards to any desired phone. Make sure it will list with 411 before signing up however.
~After receiving your first phone bill, go to www.staples.com and fax in copy of application along with copy of phone bill to apply for business credit. Use professional letterhead for coversheet. You should receive the standard $750 credit line with no personal guarentee (herein referred to as "PG").
~Also during this time go to www.dnb.com and register your business to receive a D&B number. It will take 30-40 days to receive it in the mail. If you want to establish business credit sooner, you can pay for the credit builder ($399), but it`s not required. After you have at least 5 business accounts reporting, you`ll receive a paydex rating (similiar to FICO for personal credit).
*REMEMBER - a paydex score will only take into account your payment history. Unlike personal credit, this is counted in days. For example, if you pay your invoices 14 days late, it will be reported as such. If you pay your account off before the statement or invoice comes, it will be reported as such. The bottom line: Pay your invoices on time, and you will get a better paydex score.
~Set up the following business accounts, and make at least one purchase, you want to pay this off BEFORE the first statement hits:
*1. UPS - www.ups.com
2. FedEx CONTACT Revenue Services Department 1-800-622-1147 press 4 then 1
3. Barnes & Noble CONTACT Purchase order department 1-212-414-6000
4. Quill Corporation 100 So Schelter Lincolnshire, IL 60069 CONTACT Credit Department 1-800-634-3090
*5. Viking 8200 East 32nd St No. Wichitas, KS 67226 CONTACT Credit Department 1-888-454-5457
6. Rapid Forms 301 Grove Rd Thorofare, NJ 08086 CONTACT Billing Departement 1-800-257-5287
*7. Nebs - www.nebs.com
*11. Office Depot www.officedepot.com Apply online
(*- Really easy to get)
~Need a cell phone? Once you have a EIN and D&B# apply for a business account. Usually T-Mobile is the easiest to get credit with, but I`ve heard that Sprint, cingular, and Verizon are easy to get as well. Nextel? Good phone, but you have to jump through a lot of hoops, and you usually have to put down a deposit.
~If you have at least 30-45 days to use, the following companies automatically report to D&B creating your business file:
-FedEx
-UPS
-Staples
-Viking
-Nebs
-Office Depot
~Once you have a paydex score of 75+, you can apply for Lines of Credit (herein referred to as "LOC") or business Credit Cards without any sort of PG. The cards/accounts desired are:
Enterprise Rent a Car (Corp. Rental) www.enterprise.com
Wells Fargo Bank (Visa/Mastercard) www.wellsfargo.com
Bank of America (Visa) www.bankofamerica.com
American Express (Green/Gold) www.americanexpress.com
Chevron www.chevron.com
Mobil www.mobil.com
MBNA Bank www.mbna.com
Wells Fargo (Line of Credit) www.wellsfargo.com
Bank of America (Line of Credit) www.bankofamerica.com
Union Bank (Line of Credit) www.unionbank.com
Cal Fed www.calfed.com
United California Bank www.unitedcalbank.com
Most companies will not ask to see financials for loans of 50k or less.
I hope this helps, and I wish the best of luck to you in your pursuit of credit
Best Buy - Status; 1-800-811-7276
Borders (734) 477-1039 - Fax Application (877) 254-9229 - Status Update
BP/Amoco Status Update (800)365-6204
Chevron/Texaco Business Card Status Update (888) 243-8358
Citgo Fleet; (734) 477-1039 - Fax Application (877) 254-9229 - Status Update
Citi AA: 888-662-7759
Citibank Status:800-645-7240, 800-288-4653, 800-750-7453
Conoco - Status Line, automated 1-866-289-5622
Experian Business:888-211-0728
ExxonMobil Business Card(800) 903-9966
HD Commercial800-685-6691
HDMC Sondee 877-969-9030.
Home Depot MC:877-969-9039 (Sondee/Sedonia?)
Key Bank:800-254-2737
Lowes - Status; 1-800-445-6937
Lowes - Underwriter;1-866-232-7443
Lowes Fraud/UW: 800-444-1408
MBNA - 1-800-673-1044
Meijers MC (801) 517-5560
Office Depot - Staus Line, automated 1-800-767-1358
Office Depot;800-767-1358, 800-729-7744 automated line to check status.
Office Max - Status Line, atomated 1-800-283-7674
OFFICEMAX STATUS: (800) 283-7674
Philips 66: 866-289-5630, 800-610-1961
Phillips 801-779-7369
Radio Shack;1-800-442-7221
Sam`s UW:800-301-5546, 866-246-4282
Sears - Status; 1-800-599-9710
Shell Fleet Card Status Update(800) 223-3296
Shell: 800-223-3296, 866-438-7435
Shell; 800-377-5150
Staples - Status Line, automated 1-800-767-1275
Staples: 800-767-1291, 800-282-5316
Sunoco Corporate Card(800) 935-3387,(800) 278-6626
Sunoco: 800-310-4773
Target: 800-440-5317
Tiffany:800-770-0800
VALERO (800)324-8464 ACCOUNT STATUS
Valero;1-877-882-5376
Walmart;800-301-5546, underwriting 877-294-7548
Wright Express; 888-743-3893
These links will take you to the application page, or a page that has the application link on it.
• Amazon.com - www.amazon.com
• Best Buy - www.bestbuy.com - www.bestbuybusiness.com
• Citgo Fleet - www.citgo.com
• Conoco / Phillips 66 / 76 - www.conoco.com
• Dell Computers - www.dell.com
• FedEx / Kinkos - www.fedexkinkos.com
• Home Depot - www.homedepot.com
• HD Expo - www.expo.com
• Home Depot Master Card - www.homedepot.com
• Lowes Commercial - www.lowes.com
• Nebs.com - www.nebs.com
• Office Depot - www.officedepot.com
• Office Max - www.officemax.com
• Quill.com - www.quill.com
• Rapid Fuel - www.rapidfuel.com
• Shell Fleet - www.shell.com
• Staples - www.staples.com
• Sunoco Corporate - www.sunoco.com
• TechDepot - www.tectdepot.com
• TigerDirect - www.tigerdirect.com
• Uline - www.uline.com
• Wright Express - www.wrightexpress.com
As an aside, for personal credit issues, check out:
www.CreditLiberation.com
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Pay down your personal CC debts! Ok your friend made his mil in real estate or whatever else that he does. You can succeed in real estate without any money. It's called using other people's money, if you don't have liquid cash reserves, readily available at your disposable to use. Since you're friend is a millionaire, ask him to sponsor you on one of your deals. Find a motivated seller willing to do seller finance with low (or without) an option fee in a desirable area and either buy and hold for positive cash flow or to flip if homes are steady selling in that area. Work the terms in your favor making sure you hit the seller's magic buttons. God Bless in your Real Estate investing.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
deans tax club established a llc for me. when i whent to the websites my account executive told me about and they asked for my social and my credit rating. Am I supposed to use my ein number in the place where they asked for a social.
William Pooler SR
Until you develop a credit history, they may require your personal information as a co-signer for the business credit. The new account you are opening should go on your EIN.
I went to the link and my questions were answered and wow I am back being motivated, this website rules.
William Pooler SR
You're friend may be a millionaire, but that doesn't mean he used leverage to get there. It sounds like he did it the old fashioned way by getting a mortgage one house at a time. I've gotten three houses including the one I currently live in with NO money. So it IS possible, even in today's market! Don't let him discourage you, you have Dean's book and all the testimonials of the DGrs who are doing it with NO money every day! Just stay focused on the big picture.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."