business credit/ d and b questions

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business credit/ d and b questions

Jamie Dzierwa
Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes

Hello all,

So I have been building my business credit the past 6 months.I've been working with a company that assists you in building business credit, and they send me my credit report monthly. As of now, I have a paydex score of 80. my credit recommendation conservative is $20k and aggresive recommendation is $30k and financial stress calss is a 3. My D & B rating says DS. Can anyone tell me what that means and if so how do I obtain a D & rating if I already have a paydex score?
Secondely, I have credit cards to lowes, office depot, menards, home depot, uline, and fedex. According to D and B there is only 2 reporting and the high credit for them says $50 which is not true. I have called all the lenders and they all say they report to D & B. Has anyone had this problem or know how to go about changing this?
I tried finally applying for a chase business card btu got denied. I thought I would have been fine tring to obtain a chase credit card, but I 'm not sure what else to do.
If anyone has had similar problems or knows solutions to any of these please let me know. Thanks.

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Tony Walker
Real Estate Consultant · San Francisco, CA · Member since 2009 · 94 posts · 28 votes
16y

Have you actually used the credit cards to lowes, office depot, menards, home depot, uline, and fedex?

Those companies do report to D&B, but they will only report
once you purchase something from them and then pay the invoice, that triggers the reporting.

Also what does your personal credit look like?
That will be a factor in getting approved or denied.

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  • Deric Dotson
    Flipper/Rehabber · WEST HEMPSTEAD, NY · Member since 2009 · 119 posts · 10 votes
    16y

    What does the company you are working with say about it?

    0Reply
  • Josh Green
    Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes
    16y

    i'm baffled why people will pay a company to assist in getting credit going...there are some great threads on here that will help you help yourself.

    and i'm with deric...if u are 'working' with a company, thy should be able to answer all of your questions...

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  • Jamie Dzierwa
    OP
    Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes
    16y

    Thanks for the help guys :) It's not just a credit building company, it's a company that helped start-up and establish my business, credit building is just factored in there somehow or another. The only reason why I was asking about the DS was to see if what they are telling me is a bunch of bs, or if that really doesn't matter. I also just wanted to see in general what people thought, because they told me everything looks great so far. In all honestly I would never pay someone just to build credit, as we can only do that ourselves.

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  • Tony Walker
    Real Estate Consultant · San Francisco, CA · Member since 2009 · 94 posts · 28 votes
    16y

    Have you actually used the credit cards to lowes, office depot, menards, home depot, uline, and fedex?

    Those companies do report to D&B, but they will only report
    once you purchase something from them and then pay the invoice, that triggers the reporting.

    Also what does your personal credit look like?
    That will be a factor in getting approved or denied.

    1Reply
  • Jamie Dzierwa
    OP
    Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes
    16y

    Thanks for the reply Tony. Yes we have used all of the cards on a monthly basis. Personal credit is 730, but debt to income doesn't look the best because we made the mistake of putting business debt onto personal credit cards, which comes out to about $12,000.

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  • Tony Walker
    Real Estate Consultant · San Francisco, CA · Member since 2009 · 94 posts · 28 votes
    16y

    Most business owners make that mistake in the beginning, including me. :D

    You should be able to get approved for something though,
    and if you do then pay yourself back on the personal cards
    and that will in turn boost your score even more.

    I'm sure you knew that already though. :lol:

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  • Jamie Dzierwa
    OP
    Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes
    16y

    Thats a great point and totally true. I was taking a look at your website, and you wouldn'y happen to know of any lending companies that are lending for start up loans no more than $20,000 for us real estate people would you?

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  • Deric Dotson
    Flipper/Rehabber · WEST HEMPSTEAD, NY · Member since 2009 · 119 posts · 10 votes
    16y
    Originally posted by Jamie Dzierwa:
    Thanks for the reply Tony. Yes we have used all of the cards on a monthly basis. Personal credit is 730, but debt to income doesn't look the best because we made the mistake of putting business debt onto personal credit cards, which comes out to about $12,000.

    wow i have talked to some people who say the worst thing you can do is merge personal and business credit together
    0Reply
  • Aiman Zul
    Member since 2010 · 9 posts · 0 votes
    16y
    Originally posted by Deric Dotson:
    Originally posted by Jamie Dzierwa:
    Thanks for the reply Tony. Yes we have used all of the cards on a monthly basis. Personal credit is 730, but debt to income doesn't look the best because we made the mistake of putting business debt onto personal credit cards, which comes out to about $12,000.

    wow i have talked to some people who say the worst thing you can do is merge personal and business credit together


    If you want to develop your business credit (get massive lines of credit that only a business credit can give you) than yes the worst thing you can do is mix your personal credit with your business credit. Keep them separate. Many of these websites I see guide a person just to the point that they can a card with a PG and than they seem to step out of the picture. I can assure you that you can take business credit much much further. The idea is establish your business in a way that it stands on its "own feet" and you do not need years for that and you so not need tons of cash flow for that.

    Aimanzul

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