Take advantage of the economy; everyone else is

Keep an eye on your duns report... I just had some company report on ours that we've never done business with. D&B corrected it within 2 days but that late payment they reported dropped our paydex score nearly 20 points. It's back to 80 now after they removed the error.
 
start off going to places like quill.com gemplers.com and deleux.com order at least $ 50 from each company. Ask for terms and DO NOT give your ssn, give them your ein. After 4-5 accounts post to d& b you will get your paydex. You are shooting for an 80 or better.

If you have not set up a duns file yet, go to dnb.com and register for one. You can get one for free, you will have to wait for up to a month. If you need it immediately for some reason, you can tell them that you are bidding on government work and they will give you a free one immediately.

Do not buy into the credit building programs at the beginning. You will receive a score and many times a rating without buying into it. It may be beneficial to buy after some initial credit building.
 
Maybe Greg or someone else that has done credit building can chime in with some companies that report automatically.
 
I have done plenty with business credit. Even spoke on this at a RT but seemed not many were interested so I stopped posting on Business Credit.

Anyone wanting help, call me. I have helped a few get lines of credit that report.

Here is a reporting agency that you can subscribe too and keep tabs on your credit for businesses... http://www.smartbusinessreports.com
 
Coincidence has it that my mail today had replacement cards for a Citibank account that I know my wife muffed up on in paying on time. It has been at the absorbent default rate for a few month. So inspired by this thread I called in and the normal agent was unable to help me or transfer me to any kind of problems & Resolution department. They knew I was debating on whether I was going to continue using them and activating the new cards. Basically that first agent was unhelpful beyond what his job description or title could allow him to be. Asked for his supervisor and things worked out great. The lady was very nice and lowered my rate by 22% and removed over $100 worth of fee junk.. No joke!! They had me at 29% highway robbery. She also put in for a review for increase. That I should know more on in next couple hour... Forgot to ask about a balance transfer option but imagine that might be automatic after the review. We had messed up and let all our 0% initial percentage rate cards go to the normal rate so I still got more work to do in transfering balances or getting rates down.
Message is don't believe it when a regular agent tells you need to be like in bad standing and way late or such before they can help or that you have to wait for a years worth of good consecutive payments. Ask for their supervisor or manager and then theirs too if it not working out for you.
 
Whenever there is an issue like that, where we miss a payment deadline or something, I always call and try and get my % down as close to 0% as possible. If they refuse, explain to them that you have the cash to pay it off, but would prefer to use that money in building your business, paying your bills, etc...But if they cant help you out on the % then you will have to pay them off completely, effectively taking away any income they might have made off of you.

Remember, 5% of something is better than 29% of nothing.
 
Yea I was grateful for them getting it down as much as they did. The Income to Debt can mess ya up good. Once a screw up on yer own part happens then they all start adjusting ya and it snow balls. BoA did it to me awhile back and some other people I know for no apparent reasoning. The deal was that if we had a problem with accepting the new intererest terms then we were to send a form in saying so but the condition is that we then not use that card anymore. So we could keep the lower terms for the existance balance if we wanted to. Bunch of bs is what it was. You know they just recently did that legislation to prevent such rate changes but it doesn;t go in effect for some time. I imagine it won't chage default type adjustments though which is fine by me. I just believe that changing a rate midstream on an already existing balance based on a changing credit score,etc. is flat out wrong. They have to come up with a new playbook apparently..
 
MMI Enterprises said:
Yea I was grateful for them getting it down as much as they did. The Income to Debt can mess ya up good. Once a screw up on yer own part happens then they all start adjusting ya and it snow balls. BoA did it to me awhile back and some other people I know for no apparent reasoning. The deal was that if we had a problem with accepting the new intererest terms then we were to send a form in saying so but the condition is that we then not use that card anymore. So we could keep the lower terms for the existance balance if we wanted to. Bunch of bs is what it was. You know they just recently did that legislation to prevent such rate changes but it doesn;t go in effect for some time. I imagine it won't chage default type adjustments though which is fine by me. I just believe that changing a rate midstream on an already existing balance based on a changing credit score,etc. is flat out wrong. They have to come up with a new playbook apparently..
Click to expand...

I don't know if most people know this, but the date of reporting affects the credit score. Shelly would be 650 one month and 730 another until we found out that if they report when her card is full her score goes down - but if they report right after she's paid it off the score goes up. It's all a stupid way to measure credit worthiness.

Also, we called and asked for increases every three or four months and seldom got anything until we carried a balance as a test for 2 months, then they miraculously raised our limits by about 30%. In other words they didn't want to give us an increase since we never carried a balance.
 
Tony, it all depends on when they report. They are suppose to report the same day each month. If your bill comes in on a $ 1,000 limit cc and your balance is $900 and the bill comes in on, say, the 20th and you pay it off in full on the 21st BUT they report on the 18th, they have already reported the $ 900 (90%).

The whole credit reporting is messed up. Sometimes it works to the best, but most of the time it does not.
 
Jonathan Ellis said:
Tony, it all depends on when they report. They are suppose to report the same day each month. If your bill comes in on a $ 1,000 limit cc and your balance is $900 and the bill comes in on, say, the 20th and you pay it off in full on the 21st BUT they report on the 18th, they have already reported the $ 900 (90%).

The whole credit reporting is messed up. Sometimes it works to the best, but most of the time it does not.
Click to expand...

At this point it doesn't matter what your credit score is, at least in Las Vegas.

One of my friends owns three apartment complexes that are ALL FULL. He routinely borrows 30-40k in the spring to fix AC problems, but this time no bank will give him a short term loan. (he needs 120 days).

His credit score is over 800.

He spent all his savings getting the units ready when they started filling up and now has no capital to work with. He's owned them for 8 years and now plans to put them up for sale because he said the business is too "prone to emergencies" that require quick capital and it's all dried up.
 
Scott D. said:
Whenever there is an issue like that, where we miss a payment deadline or something, I always call and try and get my % down as close to 0% as possible. If they refuse, explain to them that you have the cash to pay it off, but would prefer to use that money in building your business, paying your bills, etc...But if they cant help you out on the % then you will have to pay them off completely, effectively taking away any income they might have made off of you.

Remember, 5% of something is better than 29% of nothing.
Click to expand...

I guess my old thinking is now wrong...:confused:

http://finance.yahoo.com/banking-budgeting/article/106646/Card-Issuers:-How-Can-We-Make-You-Go-Away
 
Citi offers many no PG business cards. They seem to be pulling personal and asking for PG a little more often though. The Key Bank MC is underwritten by Citi and is available w/out PG, as is the Home Depot Mastercard. Citi in general is the most non-PG friendly bank. I have over 50K non-PG credit with them for my business. That is very small compared to many out there, but is huge for my sales.
 
Brandon,

Are you talking about cash lines or store credit? I have the HDMC and it is not cash and I have the Key and it is cash.
 
Are you sure you have the Home Depot Master Card, and not the store card? If you are talking about an actual cash line of credit, you are correct. If you are talking of a Mastercard for use in any location it's accepted, then the HDMC is such a card.
 
BTW, Juniper/Barclays also has a few business cards that didn't ask me for PG. The Frontier Airlines Biz card is one.
 
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