building business credit
Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes
building business credit
Most Popular Reply
Investor · Clarksville, TN · Member since 2008 · 122 posts · 53 votes
16yMy brother writes a financial blog with subject matter concerning business credit... Here is his introductory, step by step guide to building business credit..
Establishing business credit is tough, especially for a new business. But remember: It CAN be done, and it`s easier than you think. Follow these steps, and you`ll be on your way to an excellent credit profile.
Here is what I have learned:
~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
33 Replies
- Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes17y
Have you opened a business checking account in the LLC's name yet? If not, do that. Then apply for a credit card and small line of credit with that bank.
Use the credit card and LOC and keep paying it off. Also get a Home Depot card in the LLC name. Keep using the credit and paying it off on time, every time.
- Real Estate Investor · IL · Member since 2009 · 77 posts · 3 votes17y
Thank you Jon. I am actually going today to open a checking and savings account, so I will definetly be doing what you said. Thanks very much.
- Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes17y
You are welcome, Jamie. You personal credit is very important, too, so keep building that.
Brad, when you form a new corporation, which is what an LLC is, one of the necessary steps is to apply for an EIN.
Sometimes it is referred to as a tax ID number. - Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes16y
i just set up my llc a few weeks ago to purchase a property...was told to go to home depot, staples, or lowes to set up a small business line of credit...lowe's decided because my EIN was brand new, they wanted a personal guarantee from my SSN as well..is this the norm these days?? i was trying to get away from having business stuff show up on my personal credit reports??
- 16yBrian LevredgePro MemberInvestor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
Originally posted by Bryan Alenky:
i just set up my llc a few weeks ago to purchase a property...was told to go to home depot, staples, or lowes to set up a small business line of credit...lowe's decided because my EIN was brand new, they wanted a personal guarantee from my SSN as well..is this the norm these days?? i was trying to get away from having business stuff show up on my personal credit reports??These days, that tends to be the norm. Having said that, a personal guarantee for business credit won't show up on your credit report. I've had to sign a guarantee for biz line of credit and it does not appear on mine. Where it can show up is if you are applying for a loan and the lender asks if you are the guarantor of any business or non personal debt. When you are trying to establish a track record, it is hard to get around the guarantee. Just make sure you get it removed when you've demonstrated your company to be credit worthy.
- Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes16y
thanks brian...i was trying to keep my SSN separate from all things related to my EIN, but owell..might have to give a little on this one...thanks again
- Real Estate Investor · oak creek, WI · Member since 2009 · 187 posts · 8 votes16y
Can someone break this down for me :
'guarantor of any business or non personal debt '
- Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes16y
believe it's just debt that's separate from your social security number..for instance personally guaranteeing a credit card for your new business that has it's own Tax ID number...i believe cosigning is similar to being a guarantor..anyone??
- Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes16y
so I have good credit, but even with a personal guarantee, Lowe's would not give my business a line of credit..how do you start getting credit for a new business when even a place like Lowe's willl not give your new LLC a chance?? Also, a second question....with different investors or after so many units, I will create additional LLCs...how do people manage getting credit for their multiple brand new LLCs these days?? thanks
- 16yBrian LevredgePro MemberInvestor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
Originally posted by Bryan Alenky:
so I have good credit, but even with a personal guarantee, Lowe's would not give my business a line of credit..how do you start getting credit for a new business when even a place like Lowe's willl not give your new LLC a chance?? Also, a second question....with different investors or after so many units, I will create additional LLCs...how do people manage getting credit for their multiple brand new LLCs these days?? thanks
You want to set up a Dun & Bradstreet and Experian account for your business. You can actually report to them monthly, or at least you used to be able to do that. That can help build your credit. You also want to have a bank account established. Usually, when you do this they'll give you a check card attached to the account. Once you develop a track record, you can get a CC as well.I think what happens in most instances with the LLC's is that people are quit claiming their properties into the LLC after the fact. Doing so is technically a change in ownership and triggers the "due on sale" clause in the mortgage but it is up to the bank to exercise the clause. If you have been paying on time, the lender is not likely to call in a performing loan.
- Real Estate Investor · Indianapolis, IN · Member since 2009 · 47 posts · 10 votes16y
I have received a Staples card in the name of my LLC with NO personal guarantee. My LLC was about 4 years old at the time.
I had to personally guarantee with Lowes and also with a FirstEquity Visa too. For the ones I personally guaranteed they do not show up on my personal credit report, but they do on my LLC report. Hope that helps.
- Real Estate Investor · Calgary, Alberta · Member since 2008 · 11 posts · 0 votes16y
A bank account with positive activity is a huge thing, as soon as I could i put any bill I could under my business(cell, internet, ect.)
That helped as well to get a CC and the rest is history!
- Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes16y
thanks for the answer steve...about how long ago was that when you obtained these tradelines?? i feel like it's a different game these days...could be wrong...
justin..thanks for the advice, i will look into putting my cell phone into my business name, although i'm sure i'll have to pay a hefty deposit of some sort...the city wanted me to pay 300 deposit per unit for a 4 unit property to put in my business name...instead i put in my personal name for a month bc my credit is good enough that i don't need a deposit..i realize i should have just put in my business name to start building credit..but that was a huge expense...takes months to get deposit back - Investor · Clarksville, TN · Member since 2008 · 122 posts · 53 votes16y
My brother writes a financial blog with subject matter concerning business credit... Here is his introductory, step by step guide to building business credit..
Establishing business credit is tough, especially for a new business. But remember: It CAN be done, and it`s easier than you think. Follow these steps, and you`ll be on your way to an excellent credit profile.
Here is what I have learned:
~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; 888-743-3893These 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 - Investor · Clarksville, TN · Member since 2008 · 122 posts · 53 votes16y
A good tip- Lenders tend to frown upon the idea of extending credit to real estate investment companies... If you establish your S-corp to manage your LLC, your S-corp is now not in the business of real estate, but the business of Consulting or "corporate management consultancy". Using the term "consultant" increases your *perceived credibility in the business world. This S-corp could more commonly be called a "special purpose vehicle", as its sole purpose is to facilitate your ability to obtain credit.
- 16yWilliam FitzgeraldPro MemberInvestor · York, PA · Member since 2009 · 29 posts · 2 votes
Great post Dustin. I have printed it to start a "check list". Thank you!
- Real Estate Consultant · Charlotte, NC · Member since 2009 · 65 posts · 14 votes16y
Great post Justin!
- Flipper/Rehabber · Riverside, CA · Member since 2008 · 44 posts · 26 votes16y
I have always been told to never start a LLC or an S-Corp. I have always been told that a C-Corp is the best way to go. You should establish it as a "Lease, Loan and Management" company to establish credit. Create other C-Corps in whichever state you want to purchase real estate. Your main C-Corp (hopefully a Delaware or Nevada C-Corp) -- your Lease, Loan and Management Company -- will lend money to your other C-Corps. Your main C-Corp is actually lending out money from LOCs it has established over the years (without a personal guarantee -- after 2 years of incorporation and established credit with 4 or more D&B reporting companies plus a Paydex score of 80+). The "other" C-Corps will be paying back a loan to your main C-Corp for the money borrowed while the main C-Corp is also lending out any positive cashflow minus its own loan payments for the LOCs. Keep in mind that if your other C-Corps are paying back a debt, that money is not counted as income on your taxes. If your main C-Corp is lending out all of its money, what is there to tax at the end of the year? Just a side note about LLCs and S-Corps -- you are attached at the hip with them. In fact, you even file your taxes with them. If you ever get sued, your personal assets get put at risk. If a C-Corp ever gets sued, it's officer's personal assets are in no danger because they are simply employees of a corporation. C-Corps have to file their taxes on March 15th, not April 15th. If you want a pretty good book about getting corporate credit, check out "Unlimited Business Financing Without a Personal Guarantee" by Trent Lee and Chad Lee. There has also been some pretty good advice on this thread as well. Good luck with everything!
- Member since 2010 · 9 posts · 0 votes16y
Originally posted by Todd Bayer:
I have always been told to never start a LLC or an S-Corp. I have always been told that a C-Corp is the best way to go. You should establish it as a "Lease, Loan and Management" company to establish credit. Create other C-Corps in whichever state you want to purchase real estate. Your main C-Corp (hopefully a Delaware or Nevada C-Corp) -- your Lease, Loan and Management Company -- will lend money to your other C-Corps. .....mmmh you seem to know a thing or two...
For now let us keep it simple: A c-corp and not a real estate business. Rel estate business is considered high risk. You can also open up a completely separate business solely for business credit etc (like a shelf corp). Look into what your state offers in the form of small business grants/loans etc....those businesses are usually considered low risk.Everyone opening a business credit file should aim to get cash lines of credit.
Also I think that the advantage of a Nevada firm is "gone".
Aimanzul
- Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes16y
Originally posted by Dustin Lyle:
My brother writes a financial blog with subject matter concerning business credit... Here is his introductory, step by step guide to building business credit..
Establishing business credit is tough, especially for a new business. But remember: It CAN be done, and it`s easier than you think. Follow these steps, and you`ll be on your way to an excellent credit profile.
Here is what I have learned:
~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
This is a fantastic post! The process takes forever and is a PITA. These guys can help a lot if you would like some hand holding and access to the latest low-hanging fruit to build your business scores:
[AD LINK REMOVED] - 16yJared RineBusiness MemberLender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
Dustin,
That is an awesome post..really put some things into context for me as I'm going to be starting an LLC/Corp or possibly both...
Jared Rine United Lending Partners53 Reviews - Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes16y
I just got PMed about the company I recommend...It is BCS Credit that was formerly run by David Gass. Ask for Judith!
- Real Estate Investor · oak creek, WI · Member since 2009 · 187 posts · 8 votes16y
Bryan do you have a contact number for BCS Credit or website (pm if need )
- Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes16y
I posted the website and it got nixed by the mods. Just Google "BCS Credit" and you'll find it....easy peasy lemon squeezy
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