There is a new place that offers net 30 accounts and reports to Dun and Bradstreet for your business credit.
CHdist.com is an industrial supply company. If you pre-pay for the first order you can use net30 after that. You can also call the 1-800 number and provide them with 3 business credit references in order to use your net 30 account immediately.
Good luck!
I have heard a lot of rumors going around lately. The word is that some creditors and banks are lowering the amount of credit available to some customers. Usually this might happen if you have multiple accounts. This also might happen if you have large unused credit lines. The banks are trying to minimize their risk in these shaky economic times. The BEST thing you can do to prevent this is to use your credit and to make your payments on time. Don’t have multiple credit accounts at the same bank if you can avoid it.
If you know of any new business credit rumors post in the comments or contact us!
Thanks
Alan
The time has come and the ExplodeBizCredit E-Book is ready for you to download! Read it and be sure to ask any questions in my blog comments! Thanks
Thanks and post your comments here please!
I wanted to tell you about a story I heard today. There is a man who owns two businesses. Lets call him Sam for now. Sam owns two businesses and they both have the exact same credit report. Both businesses were incorporated on the exact same day. But for some reason when Sam applies for business credit, one corporation will get denied, the second corporation will be approved. Or sometimes its the other way around. Why would this happen you may ask?
One reason may be the industry of the business. If the real estate market is down and you own a real estate business, creditors may not want to loan you money. Consider how the overall market is for your business when applying for credit. When the market is great the banks are more likely to give credit than if the market is in a recession. There could be any number of other reasons why one company may get different results than a company with the exact same business credit stats. The best bet is to call customer support and try to get approved manually.
Good luck and happy approvals!
Alan
Check out our business credit e-book at ExplodeBizCredit
Does your business require transportation? Do you need a new car, truck, van, ambulance, hearse, or anything else you can think of? If your business has the right stats you can make this happen! Keep in mind that requirements for financing a vehicle through your business can vary from dealer to dealer. If the first dealer requires financial documents (sometimes CPA audited documents, which can be costly to produce and not worth the money for a small loan like a vehicle) then try another one. If you plan on giving a personal guarantee (PG) then you will need to have personal scores above 700 in the current economic climate. I have heard from people who have gotten financing from Toyota with no PG and up to $100k in credit. One hundred thousand dollars is about the biggest business loan you can get with no financial documents. Just remember that the age of your business, number of trade-lines reporting, and your current business credit usage all play a factor in approval for vehicle financing. A business use vehicle such as a truck or van might have better approval chances than a brand new sports car.
To learn more about business credit check out our main site Explode Biz Credit
Be safe out there and don’t spend too much money!
Until next time,
Alan
Explode Biz Credit Blog
I’m going to tell you a little bit about the Wal-Mart Business Credit account today. The Wal Mart business credit account offers revolving terms and the ability to buy almost anything you need for daily business activities.
The Wal-Mart account is not for the beginner because they check Equifax business credit reports. It is not very easy to see your Equifax business report. If you are declined for credit based on the information in your Equifax business credit report you can request a copy of the report within 30 days. If you already have 10+ tradelines reporting to Dun and Bradstreet and Experian you may want to give Wal-Mart a try as most of those will report to Equifax as well.
You might want to apply to Wal Mart only after you have been approved at other places like Office Max, Home Depot, Dell, and some gas cards.
Good luck with your business!
Hey! Just wanted to post a little bonus for my readers, I recently came across a Staples coupon for $40 off orders $300 or more. Not a bad deal. Please post in the comments if the Staples coupon works for you!
Staples $40 off coupon
The coupon expires May 18th
Article 3 is going to discuss revolving business credit. A revolving account is similar to a credit card because you can pay the account in the full or you can just make the minimum payment every month. Many big stores and vendors offer revolving credit accounts.
Ok, now hopefully you have built your business credit and have some net 30 accounts reporting. Now you need to work on revolving accounts. Many places offer revolving credit accounts.
You can get revolving credit at
“Sam’s Club, Wal-Mart, Home Depot, Office Depot, Staples, Lowe’s, Costco, Sears, Best Buy, Office Max, Dell, Amazon, Bill Me Later Business, and many many business revolving credit sources I have listed in my Explode Biz Credit E-Book.”
Within 3 months of starting business credit you could have 5 net 30 accounts reporting and start being approved for these revolving accounts. With a 2 year old business you can start getting approved at some of these places without many net 30 accounts reporting.
Be sure to pay your bills on time as this will hurt your business credit score at Experian and Dun and Bradstreet. You need to have higher scores (Scores go 0-100 at Experian; Paydex score goes 0-100 at Dun and Bradstreet) in order to be approved for revolving accounts than Net 30 accounts. The faster you pay, the higher your score. If you pay your bills 2 weeks before they are due this will help to increase your business credit score!
Article 4 will deal with financing vehicles with business credit. Please ask any questions you have in the comments under the appropriate post! Thanks
Home Depot offers a revolving commercial credit card for use at any Home Depot stores or online. This card is for business with high sales volume or that have been in business for 3 years or more. If you use your card and pay it off Home Depot is generous with credit line increases after 6 months of account history. Home Depot is not a starter account. For the more advanced business credit users Home Depot also offers a Mastercard business credit card. You may need to personally guarantee this if you do not have a LONG business credit history. Business credit cards usually require a 680+ credit score for a personal guarantee to be approved.
Good luck, the Home Depot account is a great one to have!
The word on the street is that Chevron is no longer reporting positive account activity to the credit bureaus. This means that they will not report your on-time payments and only report your late payments. So they are not great for building your credit but it is still a worthwhile account to have if your business uses a lot of fuel!
I’ll be back with more business credit info later on!
Most oil companies offer fuel credit cards. These can sometimes be used on items inside the gas station as well. Most of the time you need to pay the bill in full within 30 days. That means it is a net 30 gas card.
- Chevron/Texaco
- Exxon/Mobil
- Shell
- Valero
- Sunoco
- Conoco
- SuperFleet card (accepted at many different stations)
- Maration Oil
- BP
I will keep you updated about any new business gas cards! Hope this list helps.
Welcome back to the Explode Biz Credit blog.. today my topic is “Business Credit Utilization.” Once you start getting approved for a few revolving business credit accounts it may be tempting to start spending. Be careful if you want to get any approvals though because your “utilization rate” is something looked at by creditors when considering a new account. Your utilization rate is simply the percentage of available credit that you are using. The ideal utilization rate is usually 10-20%. Staying at this rate implies that you are going to use your credit but you do not plan on maxing it out. It is perfectly fine to max out your credit limit if you plan on paying it back in the same month, but beware, your credit report may show your maxed out credit line if they report before you send the payment. Always use your credit wisely and do not make unnecessary purchases. Keeping low utilization rates will ensure a good business credit score and the possibility of CLI’s (Credit Line Increases) in the future!
I just heard about someone who started a business in April 2008, and just got approved for a $15,000 business credit card at Bank Atlantic. They do check personal credit report and will need a personal guarantee for a chance at approval. Credit scores over 700 should have no problem. I am pretty sure that Bank Atlantic checks TransUnion credit reports. Good luck!
(Note: Business credit cards are not usually approved for new businesses especially if the owner has low personal credit scores)
Continuing from the first article I will go through steps 3 through 7 in this post. I will guide you through business phone lines, getting a DUNS number, and your first Net 30 Accounts.
(NOTE: when I talked about a NET 30 account, that is an account where they send a bill usually due within 30 days)
3. Get a business phone number
4. List the phone number in 411 at listyourself.net or superpages.com
Steps 3 and 4 go together so I will write about them at the same time. You need a business phone listed in 411. When you apply for business credit they will check the phone number you list on the application and it will help tremendously if your business name comes up when they lookup this phone number. You can use your business to get a net 30 payment account at AT&T, Sprint, Verizon, T-Mobile, and many others. If you already have a business phone line that will be fine to use. To make sure your number is listed in 411 you can submit it at http://www.listyourself.net and http://www.superpages.com
Not listing in 411 will make it more likely to be declined I have experienced this personally.
It may be possible to get approved for business credit without a business phone but you will be denied many times if you do not get it listed
5. Get a DUNS number. This can be done free if you ever plan on getting government grants or contracts.
Click here to get your DUNS number
Dun and Bradstreet (http://www.dunandbradstreet.com/)is one of the largest business credit agencies in the country. The DUNS number is pretty much just your credit report number with Dun and Bradstreet. Once you have a DUNS number you can include this on applications allowing them to lookup your business and improving your chances of approval.
6. Start Net30 payment accounts
Many office supply and other vendors offer Net 30 payment accounts. If you have taken the steps above you should have no problem getting NET 30 payment accounts at the vendors. Some of these places will report to your credit report faster than others so be patient and within a couple of months they will start reporting. Some report to Dun and Bradstreet and others report to Experian Business. Experian will start your report automatically you do not need to apply for any number with them.
- Quill
- NEBS
- Reliable Office Supply
- Graingers
- UPS
- Fedex
- Sprint
- AT&T Mobile
7. Staples and Office Depot
Staples and Office Depot are the easiest places to get a revolving business credit account. These are great to try once you are in 411, if you get denied you can apply after a few NET 30 vendors have reported on your Dun and Bradstreet report. If you have followed the steps outlined in my posts you should have no problems getting approved. Some of the bigger stores like Home Depot might require you to be in business for 3 years or have a certain amount of sales before you can apply. If you follow this guide and keep building your NET 30 accounts you are well on your way to great business credit!
If you have any questions feel free to ask in the comments
This is my first post for the Credit Blog so please bear with me as I attempt to refine my writing style. In my first post I am going to give “starting out” instructions. Business credit is very easy to build once you learn the steps. Once I learned about business credit I had close to $50,000 worth of credit lines at various places such as Home Depot, Office Depot, Sprint, Dell, Chevron, and MANY more. This has allowed me to grow my business tremendously without hurting my own wallet so bad. The great thing about business credit is that it does not depend on your personal credit scores. Having good personal FICO scores is great and will help you get the credit you need FAST. If you have bad credit do not worry! You can still get business credit. Now on to the build business credit steps……..
Steps to business credit
1. Form LLC or INC
The reason you need to for a corporation or LLC is so you can have another “entity” that has its own credit report. In most states the cost to incorporate is under $200.
2. Get a Federal Tax ID number
Once you have incorporated you need to apply for a TAX ID number for your business. A Tax ID Number is similiar to your social security number. All of your credit reports and applications for your business will be tied to this number just like your credit cards are tied to your social security number. You will also use this number to file your business taxes with the IRS.
You can apply for your Tax ID Number here
Well that is it for my first post. I will continue with the next few steps in my next post. With your business and your tax ID number you now have the basic foundations needed to start your business credit journey!
Thanks for reading and good luck!