Building Business Credit (Separate from your own)

This is common. They are selling a service like everyone else and will push and INSIST you can't build credit w/o signing up for their services. Just kindly say no thank you, I am not interested. You do not need ANY of those services to build your credit.

Erika, You can list your business with www.Listyourself.net and they will call and give you a verification number and waallaa! You are now considered listed.

It is CERTAIN we will SUCCEED!

This is common. They are selling a service like everyone else and will push and INSIST you can't build credit w/o signing up for their services. Just kindly say no thank you, I am not interested. You do not need ANY of those services to build your credit.

Erika, You can list your business with www.Listyourself.net and they will call and give you a verification number and waallaa! You are now considered listed.

It is CERTAIN we will SUCCEED!

Girl you are so awesome...Thank you so much. I will take care of that step right away.

Wow Tammy, I just saw this. This is a great post!!

Thanks!!

thank you so much this has been a great post buyin the book right now

Hi Tammy,
I love this thread thank you!

I followed your links and registared online w/D&B. Ordered the books too. Still waiting on them, but, I got a email from D&B and they needed me to call before they activate my number ASAP. Here's what they said. Yes the number is free along with the directory listing but you have a "not complete" or no credit profile if I don't pay a one time only $299 activation fee. The activation fee creates a credit profile in their directory for lifetime. She said thats what businesses are looking at, the profile otherwise it's just a data base number with a "incomplete" credit profile.

I asked if I just have a D&B number (which is free) and started getting credit on my own for the company, and they report to D&B if that creates my credit profile. She said no. It doesn't do anything because it's just a number with a incomplete credit profile that's not activated. So their reporting is pointless..

She said 7 or 8 years ago that worked but that they have changed their system because everybody was doing this. I can have a free number in their directory but my file is marked "incomplete" under the credit profile.

Don't know what to do now... Are you getting people asking you about this?

Thanks Tammy,
Blessings,
Barbara

double post, sorry

They will always say that to get you to buy their program. It is STILL not necessary to buy the program to get an 80 Paydex score, so long as you use the vendors that automatically report to D&B. You CAN build your score to 80 without paying them anything.

The company history is the only thing that will show as 'incomplete'.

They tried to strong-arm me into a package as well, with the line that my file would be "incomplete" and basically worthless.

I was able to create a free online account where I could fill in details about the company, and even upload a financial statement if I wanted.

Still working on my business credit. Some of the easiest companies to start with are Uline.com, Reliable.com, and Quill.com. Alot of companies I have come across do not report back to D&B or any other credit bureau. These companies, however do.

You guys are the best!! I love you all. I won't buy it!

Hey Tammy quick question...
Did you have to pay to see your Paydex score?

You never used to, but they changed that as of Jan 2011 because people were sharing it with others when it was supposed to only be for 'internal use'. Now I'm not sure how you get the score; but I believe you can call in to check. I will update when I know more; I haven't been checking mine; but know if you are getting solicitations for your business, you probably have achieved your 80 paydex score. I will be calling them next week and let you know!

Ok, Thanks so much!

Thank yoy for sharing your findings.

Not quite sure how long it takes to get a paydex score, but I did get my first trade line reported in a matter of a week and a half after my first order.

Reported to Experian for busines credit profile, that is

I just joined and saw you notes, funny how this is what exactly what I was looking for, I have a DnB number but the funny thing is that the DnB told me over the phone I need $500 or so to be listed etc. Thanks for saving me $500!

I am new to the forum, so hello everyone, I have LLC and I buy properties for rentals, I have been trying to get credit but because my company is six month old I keep getting turned down, even though I have property already purchase and rented out.

Tammy this is outstanding information and so important for everyone who is venturing into or already into REI. I cant believe you spent time to answer almost every question but that is just you. Its the DGer's like you that make the road so much easier for the rest of us.

RESPECTFULLY!!!!

Steve

Hi
I live in the bay area too, do you have a twitter or facebook account?

I just realized that you said you got the Sams, Discover, and US Bank cards BEFORE you had a Paydex score and by writing them letters... Would you mind sharing what some of those letters mentioned? Thanks!

I certainly second that motion

Thanks for the tip on the book. I ordered yesterday and look forward to getting it soon. It looks like a very interesting book! I like reading, if you have or know of any other books, please let us know. Thx!

Hello all,
Sorry, I've been MIA here for a while. I had another ovarian cyst attack. This time it was even more severe as it was the size of a watermelon and had twisted the ovary and literally killed it. I had surgery on Friday. I'm now recovering and the doctor says I'll be bloated like this for a month! So, if I meet any of you at the EDGE (I'm hoping to!) I am NOT pregnant! LOL

Basically, I read the letters from the banks and the reasons they denied me credit, and responded directly to their concerns. Here are two of the letters. I had each one individualized for each business card.

I will say though, that Discover Business will report on your personal credit because of the personal guarantee. MOST business cards will NOT report to your personal credit, so I am actually going to pay off the card and ask that the personal guarantee be removed if it means that it will be reporting on my personal credit. I've had the card a year now and have made good on it the entire time. . Please reword for use for yourselves as needed.

Here is the contents of two of my letters:
**1**

REF: 23900300 BASY

Dear Discover Bank:

I would like to ask that you reconsider my application for your business credit card. This credit card is for my business, Zion Properties; not me personally. I am having an extremely difficult time getting any credit for my business in this economy; which is why there are so many inquiries on my account. I also wanted to refinance my home to a lower interest rate, but did not end up doing that. Therefore, I did not secure any new credit lines or have a refinance out of any of these inquiries. The remainder of the inquiries are ALL for my business. This is the best market for my business, and I am aiming to build a PAYDEX score to establish credit for Zion Properties independent of myself someday in the near future. However, the economy and credit crunch is affecting my ability to even attempt to build up my PAYDEX score. I’ve come to Discover Card because when I was 18 and new to the credit industry, Discover was the only institution to give me a chance to build my credit, and I am coming to you again to hopefully do the same for my business.

I am doing a huge undertaking in revamping my business to take my company in a positive direction to align with the current economic condition, trends and markets. There is a great opportunity to expand and take my business to the next level and pay off the mortgages on my personal credit that are actually for my business; which I’ve been paying on since 1997 without missing one payment, ever. My personal information on this account is a reassurance to you that I personally stand behind my business, and guarantee my business to be creditworthy. This is where my payment history speaks for itself, and hopefully will count for something. I would not jeopardize my personal credit in any way, and I am confident the steps and direction my business is taking and going are in the right direction.

Again, I humbly ask for your reconsideration of a line of credit with your company. My Dunn & Bradstreet number is new (a beginning part of my restructuring efforts, along with a business plan and extensive training), Even if the amount of credit is considerably low, I would like to be able to earn your respect and trust by showing my commitment to pay all bills on time every month.

***Then I tell about my personal credit history, but leave that part off if your credit is not good. ***

I believe it is irresponsible for someone to walk away from any type of debt, and I continue to hold true to that in these economic times, as does my small business. You will NOT be disappointed in your decision to give my business a chance. My personal credit history is impeccable, and I hope that counts for something.

Thank you for your re-consideration, and I look forward to becoming a long term customer of Discover Bank.

Respectfully,
Tammy R, President, CFO and Founder
Zion Properties

**2**

REF: 2010322933291

Dear US Bank:

I would like to ask that you reconsider my application for your business credit card. This credit card is for my business, Zion Properties; not me personally. My personal credit is impeccable and I hope that that is not overlooked! There has never been a late, judgment, lien, bankruptcy, foreclosure, or any other negative mark on my credit, ever, in its entire # year history

I am having an extremely difficult time getting any credit for my business in this economy; which is why there are so many inquiries on my account. I also wanted to refinance my home to a lower interest rate, but did not end up doing that due to the associated costs. Therefore, I did not secure ANY new personal credit lines or have a refinance out of any of these inquiries, and only 2 of them have resulted in tiny business credit lines. The inquiries are ALL for my small business credit applications having me as the personal guarantor, as I am trying to get my 5 trade lines established to build business credit. This is the best market for my business, and I am aiming to build a PAYDEX score to establish credit for Zion Properties independent of myself someday in the near future. However, the economy and credit crunch is affecting my ability to even attempt to build up my PAYDEX score.

I’ve come to Vistaprint Visa through US Bank because it is an amazing opportunity to have my own company designed card, and Vistaprint comes across as a pioneering company for new businesses and businesses that are taking action to maintain success in the changed economy and market trends. I intend to use Vistaprint quite a bit in the future.

I am doing a huge undertaking in revamping my business to take my company in a positive direction to align with the current economic condition, trends and markets. There is a great opportunity to expand and take my business to the next level and pay off the mortgages on my personal credit that are actually for my business; which I’ve been paying on since 1997 without missing one payment, ever. My personal information on this account is a reassurance to you that I personally stand behind my business, and guarantee my business to be creditworthy. This is where my personal payment history speaks for itself, and hopefully will count for something. The 2 small lines of credit my business has acquired show a couple months of also paying on time every month as well. But, to get recognized by D&B, 5 credit lines are required. I would not jeopardize my personal credit in any way, and I am confident the steps and direction my business is taking and going are in the right direction.

Again, I humbly ask for your reconsideration of a line of credit with your company. My Dunn & Bradstreet number is new (a beginning part of my restructuring efforts, along with a business plan and extensive training), but I’ve had my EIN for # months/years now, with no negative history or unpaid or untimely bills. Even if the amount of credit is considerably low, I would like to be able to earn your respect and trust by showing my commitment to pay all bills on time every month.

My personal credit history proves # years of always paying on time, every time (yes, # years). I believe it is irresponsible for someone to walk away from any type of debt, and I continue to hold true to that in these economic times, as does my small business. You will NOT be disappointed in your decision to give my business a chance. My personal credit history is flawless, and I hope that counts for something.

Thank you for your re-consideration, and I look forward to becoming a long term customer of Vistaprint Visa through US Bank.

Respectfully,
Tammy R, President, CFO and Founder
Zion Properties

I'm sorry to hear about your surgury, but glad to know that it went well!Thanks for the helpful response Tammy!Have fun at the EDGE and thanks again!

A million thanks yous!

Zion Properties wrote:

Hello all,
Sorry, I've been MIA here for a while. I had another ovarian cyst attack. This time it was even more severe as it was the size of a watermelon and had twisted the ovary and literally killed it. I had surgery on Friday. I'm now recovering and the doctor says I'll be bloated like this for a month! So, if I meet any of you at the EDGE (I'm hoping to!) I am NOT pregnant! LOL

Basically, I read the letters from the banks and the reasons they denied me credit, and responded directly to their concerns. Here are two of the letters. I had each one individualized for each business card.

I will say though, that Discover Business will report on your personal credit because of the personal guarantee. MOST business cards will NOT report to your personal credit, so I am actually going to pay off the card and ask that the personal guarantee be removed if it means that it will be reporting on my personal credit. I've had the card a year now and have made good on it the entire time. . Please reword for use for yourselves as needed.

Here is the contents of two of my letters:
**1**

REF: 23900300 BASY

Dear Discover Bank:

I would like to ask that you reconsider my application for your business credit card. This credit card is for my business, Zion Properties; not me personally. I am having an extremely difficult time getting any credit for my business in this economy; which is why there are so many inquiries on my account. I also wanted to refinance my home to a lower interest rate, but did not end up doing that. Therefore, I did not secure any new credit lines or have a refinance out of any of these inquiries. The remainder of the inquiries are ALL for my business. This is the best market for my business, and I am aiming to build a PAYDEX score to establish credit for Zion Properties independent of myself someday in the near future. However, the economy and credit crunch is affecting my ability to even attempt to build up my PAYDEX score. I’ve come to Discover Card because when I was 18 and new to the credit industry, Discover was the only institution to give me a chance to build my credit, and I am coming to you again to hopefully do the same for my business.

I am doing a huge undertaking in revamping my business to take my company in a positive direction to align with the current economic condition, trends and markets. There is a great opportunity to expand and take my business to the next level and pay off the mortgages on my personal credit that are actually for my business; which I’ve been paying on since 1997 without missing one payment, ever. My personal information on this account is a reassurance to you that I personally stand behind my business, and guarantee my business to be creditworthy. This is where my payment history speaks for itself, and hopefully will count for something. I would not jeopardize my personal credit in any way, and I am confident the steps and direction my business is taking and going are in the right direction.

Again, I humbly ask for your reconsideration of a line of credit with your company. My Dunn & Bradstreet number is new (a beginning part of my restructuring efforts, along with a business plan and extensive training), Even if the amount of credit is considerably low, I would like to be able to earn your respect and trust by showing my commitment to pay all bills on time every month.

***Then I tell about my personal credit history, but leave that part off if your credit is not good. ***

I believe it is irresponsible for someone to walk away from any type of debt, and I continue to hold true to that in these economic times, as does my small business. You will NOT be disappointed in your decision to give my business a chance. My personal credit history is impeccable, and I hope that counts for something.

Thank you for your re-consideration, and I look forward to becoming a long term customer of Discover Bank.

Respectfully,
Tammy R, President, CFO and Founder
Zion Properties

**2**

REF: 2010322933291

Dear US Bank:

I would like to ask that you reconsider my application for your business credit card. This credit card is for my business, Zion Properties; not me personally. My personal credit is impeccable and I hope that that is not overlooked! There has never been a late, judgment, lien, bankruptcy, foreclosure, or any other negative mark on my credit, ever, in its entire # year history

I am having an extremely difficult time getting any credit for my business in this economy; which is why there are so many inquiries on my account. I also wanted to refinance my home to a lower interest rate, but did not end up doing that due to the associated costs. Therefore, I did not secure ANY new personal credit lines or have a refinance out of any of these inquiries, and only 2 of them have resulted in tiny business credit lines. The inquiries are ALL for my small business credit applications having me as the personal guarantor, as I am trying to get my 5 trade lines established to build business credit. This is the best market for my business, and I am aiming to build a PAYDEX score to establish credit for Zion Properties independent of myself someday in the near future. However, the economy and credit crunch is affecting my ability to even attempt to build up my PAYDEX score.

I’ve come to Vistaprint Visa through US Bank because it is an amazing opportunity to have my own company designed card, and Vistaprint comes across as a pioneering company for new businesses and businesses that are taking action to maintain success in the changed economy and market trends. I intend to use Vistaprint quite a bit in the future.

I am doing a huge undertaking in revamping my business to take my company in a positive direction to align with the current economic condition, trends and markets. There is a great opportunity to expand and take my business to the next level and pay off the mortgages on my personal credit that are actually for my business; which I’ve been paying on since 1997 without missing one payment, ever. My personal information on this account is a reassurance to you that I personally stand behind my business, and guarantee my business to be creditworthy. This is where my personal payment history speaks for itself, and hopefully will count for something. The 2 small lines of credit my business has acquired show a couple months of also paying on time every month as well. But, to get recognized by D&B, 5 credit lines are required. I would not jeopardize my personal credit in any way, and I am confident the steps and direction my business is taking and going are in the right direction.

Again, I humbly ask for your reconsideration of a line of credit with your company. My Dunn & Bradstreet number is new (a beginning part of my restructuring efforts, along with a business plan and extensive training), but I’ve had my EIN for # months/years now, with no negative history or unpaid or untimely bills. Even if the amount of credit is considerably low, I would like to be able to earn your respect and trust by showing my commitment to pay all bills on time every month.

My personal credit history proves # years of always paying on time, every time (yes, # years). I believe it is irresponsible for someone to walk away from any type of debt, and I continue to hold true to that in these economic times, as does my small business. You will NOT be disappointed in your decision to give my business a chance. My personal credit history is flawless, and I hope that counts for something.

Thank you for your re-consideration, and I look forward to becoming a long term customer of Vistaprint Visa through US Bank.

Respectfully,
Tammy R, President, CFO and Founder
Zion Properties

is about credit, I wanted to bump up the thread for anyone who hasn't seen it.

bump

recently found out that you can purchase from Victory Store on terms and set up an account with them

Not sure I ever heard of this one but, I will check it out and let you know what the outcome was. Thanks