Re: Re: Re: Re: Business Credit, Th Drug dealers don't pay 19.47% APR. and they don't do it for 7 years uninterrupted. ha, ha. www.creditsense.com
Re: Re: Re: Re: Business Credit, Th Are you saying the 5 creditors you add have to have DNB numbers too? Do you have to be in the credit builder program to add them? Do you have any idea of how the score of the PG effects the CL vs the cash flow of the business?
Re: Re: Re: Re: Re: Business Credit, Th Yes, the 5 creditors have to have numbers already. One of ours didn't and we had to replace them. I don't remember what the program was called that allowed for adding them, it may have been "credit builder". Bottom line was, there didn't seem to be a way to add creditors without paying the 400 bucks. I'm not sure if the cash flow of the business has much impact at all. In our case the lines seem to be based on the PG's scores and the Paydex score. DemPooches
Re: Re: Re: Re: Re: Re: Business Credit I'd say less than 6 mos even though we'd been in business for 3 years.
Re: Re: Re: Re: Re: Business Credit, Th But what are you doing with the money while you use it, isn't THAT your business too?
Re: Re: Re: Re: Re: Business Credit, Th That's awesome, we were getting too many inqs so we wanted to slow down. Have inqs seemed to be a problem for you for business cards? Yeah MBNA grilled us. Who did B of A biz pull? Who else would you recommend, who do they pull and what were your scores? We got some personal new credit which is reporting (under 6 mos) which has made us hesitant to apply for anything else yet. Business credit cards with pgs (mc/visa) are invaluable working capital I agree with you. We had an offer from d n b that gave us 50% off the fee for credit builders and we too had to have vendors that have a d n b. I don't think we have finished sending in our 5, so I don't think we still have a paydex. Haven't checked.
Re: Re: Re: Re: Re: Re: Business Credit, Th BofA pulled Transunion for us. Score was around 730. Inquiries haven't been a problem, but ours are very low. B, you know. And we'd waited for EX to have none in the past 6 mos. We planned for no more than 3 inquiries per CRA and are waiting to do more until those have cleared out. Since there are 2 of us, that still allowed us to do a lot. Citi, Amex, Advanta, GE Capital, Bank One pulled EQ. MBNA pulled EX and TU. Chase pulled TU. Scores were in the 700-730 range for all. We are unimpressed thus far with GE Capital & Advanta. No reconsideration of low credit lines and customer service was hard to deal with. The others all gave lines of 10K+ or reconsidered for the same. BofA doesn't have online access for their business cards, but their customer service reps are outstanding. Citi has online access but no online payment - their business site is very weak. I wouldn't apply with Chase if I had any significant balances on existing Chase cards. I don't know if they looked at the personal for approving the business, but I think they did based on the line we got. Hope this helps. DemPooches
Re: Re: Re: Re: Re: Business Credit The money is invested in short term trades. It is spelled out in our FAQ, it is vague to conform with regulations. We cannot accept more than a certain number of loans a year. www.creditsense.com
Re: Re: Re: Re: Re: Business Credit Amy, Are you saying you were able to get bus. credit using a PG with under 6 mos. personal credit?
Re: Re: Re: Re: Re: Re: Business Credit no no no , What I was saying was regarding newish (under 6 mos old) credit reporting.......or worded differently: "new credit" (added to the older) reporting. Make sense? Where ya at Big?
Re: Re: Re: Re: Re: Re: Re: Business Credit, Th Wow that's great and very helpful! I was wondering how long your personal credit history was, because ours isn't over 6 years and we got kinda low limits to start. BUT since we are building and hopefully will have a paydex soon, I expect them to go up. We were holding off too, for the same reasons. Did you have any new (less than 6 mos old) revolving reporting on you personally when you applied? I was wondering about advanta. We were thinking about trying mbna again, and hoping for something in the mail from b of a. Tell me about your bank one biz card, if you would. I have a newish card from them, maybe I'll go for their biz card this fall. Did you have offers from everyone? I like those because they are always better rates, we got great rates from chase and citi in the mail so we applied. They started us at 7k and 8k respectively. We didn't call chase about an increase and citi wanted personal tax returns which I haven't gotten off my behind to send. I thought it was odd for raising at this low level!
Re: Re: Re: Re: Re: Re: Re: Re: Business Credit, Th 1. Oldest card is a Sears - 13 years. Nothing else over 4 years. 2. We didn't have any less than 6 months accounts, but did have several under 1 year. 3. Bank One was their UPS card. Got 10K with them and I think 9 mos at 0%. I believe the go to is about 11% but we'll try to deal with that after the 0% deal is over. May go for their straight platinum business soon. 4. We didn't have offers from anyone except BofA. Getting that strong paydex in place should be a big help to you. For us it was the difference in 35K and 10K with BofA. BTW, our business has only been incorporated since July 02 even though we've been in business since 98. The paydex is only for the incorporated business. Fortunately, we have a 40K tradeline on there so I'm sure it helps a lot. All the best! DemPooches
Re: Re: Re: Re: Re: Re: Business Credit Amy, Thanks for clearing that up. Now I know what you meant about new credit. I'm in S. Cal.
Re: Re: Business Credit, The Backdoor Appro I don't really want to incorporate at this time. I want be a sole proprietrship. I have a small operation at this time, but it profitable and gives me all the freedom I need, been doing it for a few years, but I want to get some lines of credit to back it up!!!! Got the DBA and home business license stuff. I wanted to get about 20k-30k of credit going, what do you think. I own a home. What are the accounting fees associated with with a corporation. Your looking atleast at 4K-5K a year in accounting and licenses a year aren't you???
Re: Re: Business Credit, The Backdoor Appro My accounting fees are less then 1k. If you keep track of things and put it on paper it saves a lot of money instead of paying your tax guy/gal $100 per hour to do it.
Re: Re: Business Credit, The Backdo Our accounting fees are 0, we use Quicken for the books and Turbo Tax for Business to prepare the taxes. The license fee is $50 for N.J. www.creditsense.com
Re: Re: Business Credit, The Backdo How much did it cost to Incorporate, don't you also have to pay a yearly tax or fee.
Re: Re: Business Credit, The Backdo How much did it cost to Incorporate, don't you also have to pay a yearly tax or fee.
