Building Business Credit

Try coamerica

Thanks Rick. I will give them a call. Is this an internet bank similar to ING Direct?

Almost all banks require a PG now days .

When you have a 80 paydex you wont need a PG

enroll with dnb and apply for vendor credit to establish credit.
capital one
citi bank
your local credit unions
coamerica
I have a list
let me find it and i will post them

Here's something I read yesterday under a topic entitled LLC Benefits...

There are companies that will establish credit for you such as Capital Access Group. You can also do a few basic things to obtain credit.

- Work with a bank that will give you a loan under the business and not your name. US Bank does a small loan like this.

- Work with companies that will give you a credit card under the business name and not yours. Radio Shack will give you a line for your business equal to the amount of money in your checking account for the business.

The idea is to get about 5-6 of these lines or cards running. Use each of them every month. A nominal amount of a few dollars is fine. Once you get the bill pay it off. If you do this for a few months (6) you should have a decent credit score for your company which will allow you to get mortgages in your business name.
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You might also want to get a gas card under your business name and set up accounts at a couple of office supply stores.

Great info Cindy!!!! I will give some of these a try...

Thanks,

Great info Cindy. I know there are a lot of students looking for this info....Jan

I was away for a week or so and just read your post. Great ideas to apply for credit cards with smaller companies like Radio Shack and the like. I am still searching and need to try some of Rick's banks too...did you ever find that list Rick?

Really interested in list. Please post

I found the other day and thought was very helpful.
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/5696...

good write up

I had the same problem, getting a credit line on my company name instead of mine.
I am paying a company to assist me in this and here is some things their having me do and the order to do it in ...

1. Register your company (mine is an LLC)
2. Get a company EIN number (Employer Id number)
3. Open a bank acct in the companies name
4. open 4-5 trade acct (Home depot, Grainge, Staples ...)
5. Apply for 2-3 major acct (master/visa)
6. Apply to a bank for a loan under the company name

now, all this takes time. Right now I'm getting trade acct's open and this is
taking me about 2 months and remember after you open 'em you now have to charge
alittle something on them and when the bill comes in, pay 'em in full. This has to be done to build and establish your companies credit. This process in itself might take another 3-6 months. All I can say is it takes time, good luck.

ALSO .... when applying for credit, one of the first things that a company does is dial "411" to see if your company is listed with information, this is a quick check they do to ensure your truely who you say you are. I didn't know this in the beginning and got knocked out of the box a few times and didn't understand why. The other thing is they seem to like to FAX things to you or have you fax them, this may also be an issue

Good input for the newer students. I am sure it will come in handy. Funny though, I never thought about the phone number in the company name. Another good tip....Jan

thanks for the great info! some of the things I knew, but others I did not and your help is definitely appreciated.

Great post Cindy. I had to cut and pasted it in my notes for later.

Thanks for that input. I have my # through Ring Central and I have my company advertised in the yellow pages but, I just called #411 and my number is not listed....First things first I need to figure that part out and see if it is fixable....

This # thing can be a problem when you get your number for other sources then your local phone company. Like so many have done.

Very useful information posted here, I will implement those strategies.
Judth

Good info
Also Remember when building Biz Credit open an
Bank account.
Register with Duns and Brad
Get a Biz Phone Number, A Real Biz Adress (Not A Home) or virtual office.
Get a website is posiible with an email account.(no free email providers)
All of the above will help you get build strong credit will make you look like a strong legit serious business.
After you have all the above start applying for credit. Visa, Mastercards, Vendor credit.. Have a balance pay on time. use your biz cards. You will build biz credit. Applying for SBA loans .

I know its alot to do.. its not that complicated if done correctly. Many banks have tighten up but they will still lend, Try small community banks, and credit unions , Also Chase, Citi bank, Capital one they dont ask for Docs when applying online for a credit card try them.

Rick,

Sorry for spelling errors

Thanks for the additional information. I am stuck, I operate out of my home both of my businesses and I am not ready to get an office d/t overhead.

Can you move forward without this factor in place?

You dont have to get a real mortar and brick office. you can get a virtual office real cheap. Some come with an answering service & phone number. around 100 a month you just have to look for a good deal.

Thanks Rick, for clearing that up. I guess I am a little slow...that really had me confused. I hate that b/c I already have Google Voice # and fax but it is still early in the game and I can used the google voice for my bandit signs and things like that and used the other for biz.

Now I need to research how to get the # listed with information. I am in the phone book but when I called 411 it did not show a listing. Thanks

what is a good dollar amount to put into the account?

what is a good dollar amount to put into the account?