Re: Re: Business Credit, The Backdoor Appro Has anyone found it to be a problem if they have a home based business and no employees?
Re: Re: Business Credit, The Backdoor Appro no that should not be a problem. Things that get looked at are years in bizz, earning's along with personal credit and possibly your paydex score (Dun & Bradstreet)
Re: Re: Business "cards" with no pg? That's correct. A number of revisions have been made to the tax code in favor of small businesses, including the above and also a relaxing of the requirement for a home office. A good site for more info is http://www.smartmoney.com. Often they catalog updates to the tax code and summarize them nicely in what I like to call "real people-speak". And yes, you do have to file each year. for pass-throughs and corporations with no income, nor expenses, it's called an "informational filing".
Thanks Amy. I'm a legit corp. too. Just wondering how much documentation they wanted. I'm waiting for my DNB number then I can get it going.
Re: Re: Business Credit, The Backdoor Appro It is welllll worth it, we have built up quite a bit of business credit in just a couple months.
Re: Re: Re: Business Credit, The Ba can you elaborate?? I have so far recieveds staples and T-mobile. what cards/ lines have you recieved?
Re: Re: Re: Business Credit, The Ba Amy, Can you give an example of how much easier it is then building personal credit? What have you gotten without a PG?
Re: Re: Re: Re: Business Credit, The Ba With no personal credit check we also got a staples and office depot ($1000 ea); Home Depot and Lowe's revolving ($3000 ea) and Lowe's Prox Account ($10k). Keep in mind that we are incorporated, we do have a DUNS number with D n B. Last time we checked we still didn't have a paydex score. I figure after these payments start posting we will. This was a big deal for us because we spend a great deal of money at HD and Lowe's and it saves us some interest, then we draw from construction loans to pay it off. Then we took turns guaranteeing some reg. cards: Amex (5k); Citibiz (1 is 8k and 1 is 4k with different pg's); Chase biz (7k); US Bank (3k). Ironically we were approved for a MBNA biz (20k) until they found out that the partner that pg'd it had a bk. After 60 days another partner will put in for it - no bk! We are using them (they are not reporting on our personal credit which is a big deal for us because of how many mortgages we get) and we have already used and paid them down, which is probably what we'll do every month. We are committed to doing so, because without working capital we cannot operate. We want them to continue to grow, while we slowly expand our operation. We have excellent personal and business income, I think the issue for our starter cl's is the lack of paydex and lack of long personal history (5.9 is my longest revolving.) Hope this helps.
Re: Re: Re: Re: Business Credit, Th We made our business lines grow the same way we made our personal lines grow. We exercise our credit, use it and pay it back. www.creditsense.com
Re: Re: Re: Re: Business Credit, Th Amy, Those are impressive numbers. I think it takes a while to get the Paydex going. I signed up for the regular DNB number. They have a credit builder program that they try to sell. It doesn't appear that you need it to build credit. I can't wait for my number. I too, need working capital to make my business grow.
Re: Re: Re: Re: Business Credit, Th crap i had no duns or paydex and got the amex business capital line for $32K limit. It's expensive but useful for those times when balances need to be off the equifax.
Re: Re: Re: Re: Re: Business Credit, Th Cool! I want that! How'd ya do it? 1. What were your scores? 2. What's your business background? 3. How'd you answer the application questions? 4. What business income did you put, years in biz, employees, legal entity? Yeah, I'm a nosy hereford!!! But AMEX capital line is known to be the hardest to get, so there!
Re: Re: Re: Re: Re: Business Credit I saw on the news that Home Depot was switching their credit services from GE Capital to Citi.......maybe more approvals !
Re: Re: Re: Re: Business Credit, Th Amy; We are in the business of borrowing money to make money. www.creditsense.com
Re: Re: Re: Re: Business Credit, Th Just an FYI for those considering it. We got a GE Productivity card with one of us as PG and it is the first business card I've seen that reports on the personal reports. (Didn't know there was such an animal.) Wonder if they realize how much less valuable that makes it? One of the best investments we made was to buy that DnB service where they add up to 5 creditors to your account. It cost $399 but netted us an 80 paydex. One thing to keep in mind if you use it is the businesses you request have to have DnB numbers AND they are under no obligation to provide the info to DnB. The DnB rep told me they prefer you not use credit card accounts. I don't know if they'll take them, we just went with 5 other vendors. In the month since we got the 80 paydex we've gotten upwards of $150K in various business lines. All WITH PG. We've gotten the standard office store and home improvement store accounts without the PG, but they aren't nearly as helpful to us as the bank cards with the PGs are. So far we haven't had to provide tax returns or financials to anyone, but did go through a grilling from the MBNA analyst. She eventually did approve a 15K line. Best line was a $35K BofA that came from a pre-approved mailer a couple of months ago. (It had expired, we decided to give it a shot anyway.) Glad we did. DemPooches
