After writing the Business Credit Bible and giving it away for free I would think that people will not ask these questions but I have seen that many people go through the site before downloading the business credit bible for free. In talking to clients I see many people making the same mistake over and over when building business credit and the following are the top 5 most common mistakes I have come across

1. Ordering too many items from each Net 30 Account

Many people think that they need to order more than $50 in product from each Net 30 account to ensure that they report. That simply is not true. This myth came about because companies cannot report less than $50 to your DnB business credit file. What this means is that even if you purchase $5 in product on credit and pay it off on time, the tradeline will be $50. There are some net 30 accounts that have a minimum purchase on credit but there are so many options now you do not have to order from these accounts.

2. Waiting on the duns number from dun and bradstreet

Many people apply for their DUNS number from DnB and they may give you the run around and not give you right away. This should not stop you from building business credit. Most of the starter accounts do not require you to have a DUNS number to open an account with them. If you do not have your DUNS number simply get a few starter accounts, order from them and pay it off on time. Once you pay it off on time they will report to DnB and a DUNS number will automatically be created. Once that happens you can request it online by searching for your company in DNB. When you request it this way you do not deal with any reps, they automatically send it to you via email.

3. Using a ups address

I still see clients using UPS addresses thinking that they are better than home addresses or virtual offices. DO NOT USE A UPS ADDRESS FOR YOUR BUSINESS ADDRESS IF YOU ARE BUILDING BUSINESS CREDIT. Read about what happened to a client building business credit using a UPS address with this Horror Story.

4. Not Using a Shelf Corporation

In the time that we live in a 3 year old corporation is mandatory. Even office depot and staples are now requiring you to have an aged corporation. We have Shelf Corps for as little as $350 and if you are serious about building business credit that should not be an issue. If you do not want to spend the $350 and you want to do it on your own you can download the Shelf Corp Magic ebook that will teach you everything you need to know to get a Shelf Corp for $100 or less.

5. Completely Ignoring DnB Products

Purchasing DnB products can be tricky because they seldomly tell you the truth. The fact is that DnB can sometimes make building business credit difficult for you because they want you to purchase one of their products. My suggestion is that, if you are building business credit and it seems that your tradelines never seem to hit your business credit file. consider purchasing on of DnB products. Go through the various products in detail before making a decision because they change their products and pricing on a regular basis.

Marc

Hey guys,

I hope all is well. Times are truly getting better. We are seeing some accounts like Dell, Sears and Wright Express starting to become easier to acquire as well as giving higher limits. Also we are a seeing a few new starter accounts that are valuable and do not need an tradelines.

For those of you who are starting out or simply want a new account to get more tradelines, one of the new starter accounts is Jiffy Lube which offers a Net 30 account and you do not need a paydex score or a PG. You do have to sign a PG if your corporation is less than three years old though. This is why you recommend all our client to get a Shelf Corporation.

You can get the application here: http://www.jiffylube.com/fleetservices/JiffyLubePartnerApp1.pdf

Simply fill it out and fax it in.

Marc Augustine

Hey Guys,

Just giving you some updates. Many clients who have inquired about our No PG programs ask about various No PG cash cards that we get for them. This one is not the greatest but it is a flexibe option.

This is the RaceTrac MasterCard Corporate Fleet Card

the application is listed below.

http://www.racetrac.com/Portals/0/images/pages/FCapp.pdf

The good part about this card is that it is No PG, it can be used for anything and you can get multiple cards for various employees. The bad part about his card is that it is not a revolving card. They give a net 7 or net 14 account to start with and if it is serviced right you can get as much as a net 30 over a few months. We have been recently approved for $12500 and have gotten anywhere from 3k in the past as high as $18k.

Generally your corporation should be more than 3 years old(although on occasions we have gotten approvals with less), you need a 75+ paydex score with at least 5 tradelines and you should preferably have one large tardeline on there.

Good luck with your business credit building.

Marc Augustine

Hey Guys,

I know I have been a bit busy and not been posting to often but I plan on trying to post a bit more often. Today I got an email from a client and I figured I will share it with you guys. It amazes me how I get the same questions all the time but I will address this anyway.

The email:

Hello ,

I have been a reader for a while and wanted to ask a Newbie question. (I have been away for a year in Grad School) But I know that business credit policies change frequently. My question is: If I order from the SAME vendor numerous times for products will that establish a paydex score for me? (I know the purchases must be 50.00 or higher) Again, its been a while.

Thanks

There are two main issues here, and I will keep them short and sweet. You should only order from one vendor once and wait on them to report since there are a number of vendors available. If after you get a number of trades and you want a couple more you can go back to one of your old vendors and order again to get another trade.

Secondly, it is simply not true that you need to order more than $50 from each vendor. This idea came about because vendors cannot report less than $50 on each payment experience but the one who do report will report a line of $50 even if you spend $10. That is if they do not have a minimum order amount which many of them do not have.

I hope that this helps and look out for more business credit blog posts.

Marc Augustine

Hey Guys,

Thanks for visiting again and I know that I have not posted in a long time but I have been slammed with a program that we started back in November and simply had little time to get back posting.

The program that we are running since November acquired $40k in Cash Business lines of credit within 45 days and I am just writing to address the issue of No PG Cash Credit.

To most people this is a mistry. You hear many companies offering and hear about people getting cash credit but it is never you. This was me back in 2005. The truth is that getting any substantial amount of No PG cash credit was always hard and it has gotten harder. Here are some necesities in acquiring No PG Cash credit.

1. Have an 80 paydex
2. The corporation must be over 3 years old
3. Must have at last 10 tradelines on the file
4. At a very minimum you should have two big trades on file
5. Both DnB and Experian should be strong
6. The listed owner should not have run a company before that went bankrupt

These are just a few things that are necesary before applying for No PG Cash credit files. In previous years we relied on Sears and Dell to provide those big lines of credit but Dell is simply very hard to get now. This is where buying a tradeline or two may be needed to get to that next level.

If you have any questions about the process feel free to email or call me. Marc@creditrich.net or 305-432-2921

Just a little freebie. One of the companies where you can still get a nice sized cash credit card wih no PG is Pitney Bowes. You can read that in my free ebook, the business credit bible

Marc

He Guys,

I know I have not updated the blog in a long time but I was busy with a couple clients. I have decided to write this article today about rebuilding person credit because I was reading an article written on another credit website about rebuilding credit and the author clearly did not have experience rebuilding his own credit.
We all make mistakes, and when you first get credit many people do not understand how important it is to maintain good credit and I was one of those people. If you have found yourself in the same situation all is not lost, but you have to commit to it.

Getting Rid of the Negative entries on your credit.

The first step to rebuilding your credit getting rid of all or most of the negative entries on your credit. I know this is pretty obvious but I will like to go into the options that you have to remove the negative items on your credit.

1. Dispute Electronically - In order to dispute negative items from your credit electronically you must be set up with a credit monitoring service. The one we recomment is GoFreeCredit.com . This company is one of the few companies that still offer a 30 day free trial. Most of the other companies offer a 7 or 10 day free trial. Once you are registered with them, simply login and go to the dispute section. You will be able to despute any negative items on your credit directly from their website. They may ask you a number of questions about the specific post but it is a quick and easy process.

2. Dispute Manually - Disputing negative items manually entails writing letters to the credit bureaus and the creditor explaining why those specific negative items should not be on your credit report. A quick google search of “free dispute letters” or “dispute letter samples” will give you a wide range of letters that you can use for your own personal use by simply updating the letters to fit your need.

3. Hiring a Credit Coach/ Credit Repair Professional - Many people cry down credit repair services as they claim anyone can do it themselves. Although this is true in many cases, some people simply do not have the time to learn and research everything that needs to be done and simply prefers to hire a professional. We offer credit repaor services at $350 per person and $650 per couple. Give us a call at 305-432-2921 and we can have you going in no time. The price is for the entire process.

Building Positive Credit

Once you have overcome the hurdle of getting rid of most or all of your negative credit, you now have to build positive credit items. This can be a challenging task in these times. Many of the credit cards that were once available for people rebuilding or with no credit are not available anymore. Now that you are ready to add some positive credit these are your options:

1. Add Authorize User Tradelines- According to Wikipedia, Authorized User Tradelines or “Piggybacking” Tradelines is a practice involving seasoned trade lines, sometimes called piggybacking, which uses a creditworthy borrower’s accounts to improve the credit rating of an unrelated third party.

The creditworthy borrower adds the third party as an authorized user of his lines of credit, but does not actually provide the third party with materials (credit cards, account numbers, etc.) that would permit the third party to make charges against that account.

The benefit to the third party is an improvement in their personal credit rating—their credit score increases. However, this does not change their entire credit record, but merely increases their credit score as a result of the newly added tradeline. This may make the third party look like a better credit risk, and may improve the third party’s access to new credit. However, a credit score is only one aspect of the lending process; that is, the borrow must pass all underwriting procedures, which include much more than the credit scores of the borrow.

We have Authorized User tradelines for sale from $350.

2. Add Primary Tradelines - Primary tradelines are accounts where the client is the primary holder of the account. These tradelines are more powerfull  than Authorize user tradelines but they are very scarce. I have one source that I use for these type of tradelines and if you are interested feel free to call or email us at 305-432-2921 or marc@creditrich.net.

3. Acquire New Unsecured Credit Cards - Once you have cleaned your credit there are a few cards that are available to you which will help you to rebuild your credit. Although some of them have high fees, as a consumer you must understand that as you are rebuilding credit you are a higher risk than others and the fees are put in place to mitigate those risks and nothing is free. You must accept that you are getting another chance at building credit and this is one of the prices that you may have to pay. The following cards or a couple unsecured credit cards available to people with not to good credit.

Applied Bank Visa Business Card – This card is good for anyone with a business and not so good credit. They will usually approve you for $500-$750 in credit. This is a visa card so it can be spent anywhere.

Horizon Gold Card – The Horizon Gold Card is a Store Card that usually starts at a limit of $2000. This is good for some of us who do not have many options when it comes to getting a new credit card and it is an unsecured card.

Capital One Classic Platinum MasterCard – This is a great card that capital one kept through the financial crisis. They are still giving consumers a chance to build their personal credit. There is a $39 yearly fee that comes out of the card if it is approved.

4. Acquire Secured Credit Cards – I personally do not like secured credit cards but they do serve a purpose.For those of us who want to build our credit fats, many companies offer cards that are secured by a deposit that you will make to them and receive a small return on th e deposit. The following are a few that we recommend.

First Progress Platinum Secured MasterCard – The First Progress Secured Platinum MasterCard® Credit Card, designed to help individuals build or rebuild their credit. This full-feature platinum secured MasterCard offers worldwide acceptance and a credit line based on a security deposit, rather than on a credit score.

American Express Prepaid Card - The American Express® Prepaid Card features no monthly or annual fees, no credit check as well as some of the premium American Express services you’re already accustomed to: Purchase Protection, Fraud Protection, Roadside Assistance and more.

This Article was Submited as a contribution by a long reader of CreditRich

This article should appeal to movie and finance lovers alike as we discuss and profile five flicks that you may not have heard of, but should see. We picked these because they each tell a tale that in one way or another involves this thing we call “money” and each one is also quite enjoyable to watch.

Whether you’re a finance major in college, study the markets for fun or simply like good movies, the list below should have something for you. Enjoy the show.

1. Trading Places -

Even though this movie is a comedy and stars Eddie Murphy and Dan Aykroyd, the story not only holds up twenty years later – Trading Places tells a universal story about money. The premise is that if you take away someone’s income, security, hope and dignity – will they become a victim of society? I won’t answer that as to not give away the movie’s ending. But it’s a good question and an equally good movie, with plenty of laughs delivered amidst a flurry of thought provoking scenarios. Eddie Murphy is hilarious as always and Dan Aykroyd plays the straight man with gusto.

2. Steve Jobs Movie  -

The Steve Jobs movie is not even out yet, but we had to mention it on our list as we believe Steve has revolutionized not one, but two very important products. And these two products have had a huge impact on a number of markets, including finance. For one, the Apple stock is at an all time high (as of this writing) and has been for a number of years, making it the talk of the market in New York and elsewhere. If you were one of the lucky few who got in from the beginning, you’re most likely reading this article from your yacht after having had lunch in your private island in St. Tropez or some other exotic locale. Point being that the Steve Jobs flick is one good finance movie to watch and since it will star Ashton Kutcher will no doubt, be quite popular when it does finally make it to the big screen.

3. Wall Street -

This popular finance movie from the 80’s stars a young Charlie Sheen and the devilishly handsome rogue Michael Douglas. As the name suggests, it’s about the markets, Wall Street and stock brokers. However something goes horribly wrong when Charlie strives to reach the American dream and falls flat on his face, with activities and friendships that lead nowhere fast. Wall Street tells an excellent story, is well cast and becomes an enjoyable ride throughout.

4. Pirates of Silicon Valley -

The Pirates of Silicon Valley is about the friendship and unlikely alliance between one Bill Gates (pre Microsoft) and one Steve Jobs (pre Apple). It’s an enjoyable movie that anyone with even a slight interest in technology should see. If you like movies that delve into the history and biography of great companies, this is one to watch. And since Apple and Microsoft can pretty much be found in every single US home now, it’s as much a story on tech and business as it is on finance.

Which movie above have you NOT seen , yet? And which one have you seen and recommend others go out and rent today? Tell us below.

Guest post by: Missy who writes for http://www.collisioninsurancequotes.com – an insurance website.

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