A couple weeks ago I published a post about Dell Business Credit and the fact that you will automatically be denied once you do not have a DnB/Dun and Bradstreet rating. I got an email from a reader who mentioned that they used the free way that I suggested to get the DnB Credit Builder package 1 to update and create a file in Dun and Bradstreet Database, and although the financial estimate was provided, we did not get a rating. I myself then went ahead and called DnB about this, and as I expected, they claim that my business credit file was not complete and I needed to pay the $150 to complete.
I just didn’t feel like it at the time, although in my mind I decided that in the future, I pay for it. Today I logged onto DnB’s eupdate and see that I have a rating. Apparently the system is updated periodically. I called into DnB today to find out what changed. The confirmed that I had my financial projections in previously, but when a company reports, they tend to update all information. What actually happened, was that Office depot reported on that company, and DnB pulled info from SOS and other places, and updated my information. The bottom line is this. If you have a little patience, you can save a lot of money when building business credit.
Marc
I’ve noticed that you have said in the past you’ve built credit for clients.
I was wondering if you could elaborate on that, specifically on the cost and time line needed to complete the process.
I understand that an 80 paydex is achiveable with getting 4 -5 lines to report satisfactory payment history but I’m looking to target lines of credit of substance to use for the aquistion and rehab of real estate if thats not a pipe dream.
Can you please comment?
Tks.
Doug
I have $299 for the first month and $199 per month for every other month.
You can also get my ebooks at http://www.businesscreditebooks.com
now on the real estate and so on.
In order to do this with business credit in today credit crunch, you will need to be innovative. Use Lowes and Home Depot accounts for your Equipment and raw materials and the limited cash you can get, you can use for purchasing cheap rehabs. But in my opinion, the repayment options usually do not work out too well. If you will like more info, shoot me an email at marc@creditrich.net