firstclass, Yes, we have been listed for 8 or 9 years. I just went to the D&B website, talk about some heavy marketing, they really want to sell you extra services now http://sbs.dnb.com JohnM
I don't know of a financial institution that will loan money or provide plastic without a PG. However, I was unable to obtain a line increase from Fleet on one of my accounts because the latest increase was less than 9 months ago. I applied for a business card through Fleet and received a generous line on a new card. Go figure because the decision was based on my credit report. I hope this helps in some way. Good luck. CardKid
This is a proven fact that as long as the business has been in operation for 3 years and has a listed phone number the qualification is simple. Is this true, because I just got Inc, last week & want to start credit under my company.
Actually, you're likely right. You see, in the corporate world, there usually is a secretary. but contrary to your vision of a dedicated person sitting immobile at a typewriter, churning out letters, fielding phone calls and fetching coffee all day, this "secretary" is an officer of a corporation and has high powers, including the ability to commit company funds, sit on the board of directors, sign for corporate liability, et. al. In fact, my hubby is Secretary of his corp (in addition to CEO, Chairman of the Board and President). So you haven't insulted the fellow at all. Rather you've complimented him...and probably quite accurately at that.
Re: Business Credit, The Backdoor A how "soon" after starting a corp. did any of you manage to obtain credit cards?
Re: Business Credit, The Backdoor A As far as a credit card stand point and i mean like AMEX, Visa etc. That depends more on your personal credit than when you started the corp.
Re: Business Credit, The Backdoor A 6 months for CreditWorks, LLC. Advanta. 1 year AMEX. www,creditsense.com
Re: Business Credit, The Backdoor A i would recommend getting the one from costco.. that was fairly easy to get.
Re: Business Credit, The Backdoor A I am very busy studying this thread. does anyone have any updates or additional information about this... seems to have been a little while since this issue was last discussed...
Re: Business Credit, The Backdoor A I have a relevant question. Don't C and S corporation refer to tax status rather than legal status? Can't you legally be either a corporation or an LLC, and then file taxes as an S corporation? (Provided you satisfy the other IRS qualifications for S corporation status.)
Re: Business Credit, The Backdoor A As an LLC, the IRS allows you to elect your tax treatment-either that of a corporation or that of a partnership. Technically, you are not electing between sub-C and sub-S corporate treatment. As a corporation, you are chartered either under subchapter C or subchapter S and thus must use the accompanying tax treatment (unless you change your entity to another type).
Re: Business Credit, The Backdoor A I've noticed that people are saying they don't have a PG, but the bank runs a hard inquiry on the personal credit report. You may not be liable, but I doubt the bank will approve you if they see a low FICO score. I have a legit corp. and every bank I've talked to says they look at your FICO since a corp. is only as good as the person running it. I know lots of people that set up businesses to avoid having their personal credit looked at. Every application I've seen asks for your SS# and nothing about D&B# or EIN. Am I missing something?
Re: Business Credit, The Backdoor A Who knows of credit grantors that will look at D&B or experian business score? I don't mind if they look at personal if necessary since those are pretty good but we have an excellent D&B which would help if lenders would look at it.
Re: Business Credit, The Backdoor A OK, I decided to follow WestCap's Advice. I incorporated three weeks ago. Got the corporate seal and stuff (NYS), and got my Verizon Business phone installed this morning. I opened a bank account for the corp last week with chase. the Balance is $12,000. Will apply for D&B next week, when the number hits the 411 service.....
Re: Business Credit, The Backdoor A Ummmm, yes, I believe that you are. It appears to me that you missed the ITIN which is a special number and card that is issued to illegal aliens who enter the US and want to work and file taxes legally. Although most illegal immigrants are unaware of this special option available to them and so direct their efforts to getting a "Seguro chueco" or false SSN by whatever means possible and often at very high prices. No need for that because they need have no fear of filling out the proper form and getting an ITIN which for all the world looks like a regular SSN. IRS has a policy of giving hefty grants to various hispanic organizations located in areas heavily populated by hispanics and other illegals such as California and Florida, New Jersey and others so that they will help their contacts get legal. IRS has come under heavy fire recently from the new Homeland Security Administration due to the ease of getting the ITIN cards and thusly creating an easy entrance to possible terrorists. So yes, I think you missed one. (LOL)
EIN vs SS# With all the respect to our gov, but homeland security is still a joke..... Here is the story on the street every where in LA; a guy from our warehouse came from mexico 3 years ago , after the 911, he went home for xmas. I asked him if is harder to get though the border , he said NO, and I ask him what he use, he said he first bought a SS# for $100, then a CA ID for another $150, with that, he can get though no problem, and the cost for him to cross the boarder from Mexico IF he has no ID....$1200 ( that includes the train ticket from his small villlage to the brdr).. Ok, if he works hard & pay tax using that SS#, fine, but if he screws it up by applying loans he cannt pay off, using that SS# when his child is born, but later dont pay child support.....think about the REAL GUY chasing after him trying to clean his name with his bank, his boss, his wife?!!! So, why would they use EIN, of course not! with low cost SS# on street, they can change it any time if there is a problem, even after years they get their REAL documents, they still use a fake one, why you ask...; the real ss# he use to collect unemploymet, medical, welfare etc, the fake one he use for work, and dont have to pay tax.. AMerica is a great country..right?!
EIN vs SS# The U.S. is the GREATEST country in the world. I do agree that security is still very lax. My wife was able to get me a boarding pass to Puerto Rico a couple of weeks ago without showing any ID. www.creditsense.com
