I use a lot of my experiences and the experiences from readers and clients to help us all keep updated with whats going on with
Business Credit. I have been emailing back and forth with this guy for a week or two since he downloaded The Business Credit Bible for free and he wanted to share his experiences with me so far.
The Company
This guy has had this company for 4.5 years and just started to build business credit. He already had his EIN number but no DUNS number or DnB file.
His Progress So Far
He first tried to get his DUNS number for free and as usual, DnB gave him the run around. I told him to forget his DUNS number as you do not really need it to get the starter accounts and once he had the accounts the number will be automatically generated and then it will be easier to obtain from DnB. (I will be writing a full post on getting your DUNS number soon so look out for it). Since that email he sent back another email with the accounts he got and the ones that denied him and the following is what he shared with me. The email:
Hey Marc,
Let me tell you about my experiences using your business credit bible so far.
SetNational Penson gave me a $1500 loc
Uline gave me $20 yes laughable !!,
Quill….I am not sure what they are doing, they told me that I had to prepay on the first 3 orders, so I threatened to cancel so they put the order through, it was for $63 file cabinet
Nebs is really Deluxe and anything under $350 you have to prepay, so I didn’t bother
Grainger $3000 loc
Rapid Forms is the same as Deluxe and anything under $350 you have to prepay, so I didn’t bother
….minimum order was outrageous, didn’t bother
United States Plastics…minimum order was outrageous, didn’t bother.
Fleetcor Gas Card….$2000
your thoughts…..I also have a website through yahoo small business ($7 month) and voip phone through Nextiva with auto attendant ($31 month)
My Thoughts
So far I think he is doing ok. I will suggest that he goes to get an account from Reliable which is almost a guaranteed approval. I will also suggest saving money on the phone service if you do not need it. You can get a Google Voice number for free. All and all he is on his way to getting a decent business credit file and acquiring business credit.
Marc
So I have a corp. sitting since 2007. I decided to start building business credit on Aug. 31,2012 I place 8 orders from venders ranging from $ 30 to $ 50.00. I also joined D & B Credit Builders Program. $ 99.00 plus 12 additional trades. This is the funny part. Today is Oct. 2, 2012. I already have 3 trades reporting and a 80 paydex. There are several things I did. I asked each vendor when they report to D & B. I made sure my invoice was issued and I paid the account within 8 to 10 days of the due date. A few notes:
1.Uline reports within the first week of every month. They will report net 30′s and prepayments. no minimum order.
2. Reliable will report to D & B only if you have established a net 30 and the order must be at least $50.00 including shipping. they will not respond to D & B verification request.
3.Quill reports on the 15th. of every month.
4.Nebs a Deluxe for Business does not report or respond to d & b request for verification. ( waste of time)
5. Gemplers report quarterly But will give a net 30
6. Effective Mass Marketing does not report to d&b, but will respond to D&B request.
7. AZ & Snacks- reports to Equifax and D & B. Have to place orders of $50.00 or more. They require you to purchase at least 2 to 3 times before a net 30. But will report cash payments every month.
As of the moment I have 3 accounts reporting and a 80 paydex.
6.
Thanks so much for your input
feel free keep us updated on your progress
Hey Marc,
Let me tell you about my experiences using your business credit bible so far.
SetNational Penson gave me a $1500 loc
Uline gave me $20 yes laughable !!,
Quill….I am not sure what they are doing, they told me that I had to prepay on the first 3 orders, so I threatened to cancel so they put the order through, it was for $63 file cabinet
Nebs is really Deluxe and anything under $350 you have to prepay, so I didn’t bother
Grainger $3000 loc
Rapid Forms is the same as Deluxe and anything under $350 you have to prepay, so I didn’t bother
….minimum order was outrageous, didn’t bother
United States Plastics…minimum order was outrageous, didn’t bother.
Fleetcor Gas Card….$2000
your thoughts…..I also have a website through yahoo small business ($7 month) and voip phone through Nextiva with auto attendant ($31 month)
October 18th
Just got approved for a Shell gas card $3000 limit !!
Dell wanted tax returns and PL statements….no go
TechDepot approved $3000 !!!
I keep seeing ” SETNATIONAL PENSON” but I cannot find them ……….. who and where are they, how do you contact.
with regards to your Credit Bible………
1. Have an account with Purchase power, started with 1,000.00 LOC, after paying on time for two months requested a credit line increase for 3000.00, WOW…… In two days was approved.
2. Grainger approved us for $1000.00.
Curious …… Got a business line for wireless service with Verizon Wireless, do they report to Experien or D&B ?????
Thank You Mr. Augustine for your help
Warm Regards
Ed Burtes
Affordable Housing Group LLC
Hey Marc,
Recently got a Sears Commercial One Card with a $4000 creditlimit and a Staples card with a $3500 line of credit !! Up to 9 tradelines….your thoughts
Good Job!