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Building Business Credit

    • 3 posts
    July 11, 2009 9:45 AM EDT

    First things first once you`re incorporated and have received proof of an EIN number for your business, you`ll need to establish a banking relationship-open a bank account under the company name. there are some mobil phone companies that will open accounts for small businesses with just their EIN numbers, another thing you`ll want to do is establish a directory listing that can be found should someone call information looking for your business a lot of companies offer competitive rates but not all have directory listing as your business grows you will need this, creditors look for it. Try AT&T smallmbusiness accounts again they will only use your EIN number to establish a land line connection TMobile and Sprint/Nextel offer wireless service with just an EIN for new small business accounts, try Quill office supplies for establishing an account that will only be linked to your business, you can register for D&B number for free go to their website and follow the instructions-here`s what they don`t tell you-just because you have a D&B number doesn`t mean you have a credit file with them-you hav etohave five creditors reporting to them before you can get a Paydex score, D&B offers services to open you a credit file starting at $329.00-$799.00 what you get for that is basically you pay D&B to verify any accounts you may have that are not reporting to the 3 major business credit bureaus Experian Equifax and D&B if you have accounts somewhere that aren`t reporting and you have at least five of them then it might be a useful service for you-if you don`t stick to finding ones that do report and don`t pay anything! Go to the various D&B websites and view all of the things creditors can see about your business and that should give you an idea of what you need to focus on. So far I`ve found 3 creditors that would give a start up business as I find more I`ll report, good luck.

    • 7 posts
    September 30, 2006 7:30 PM EDT

    If you are starting with the Duns number route you need a paydex score of 80.  What type of financing are you looking for? What is your business plan?

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    www.donedealleasing@gmail.com

    • 4 posts
    April 24, 2012 9:32 AM EDT

    Agree with Bitwave,

    We regularly pull credit on ourselves (to monitor) and our potential partners by running a business credit report from Experian.  It's updated regularly and got updates based on your EIN # and other business entity details.

    Worth checking out and integrating to your business operations.  Especially for big deals and potential partnerships.

    • 6 posts
    September 28, 2006 2:51 PM EDT

    I think you`ll need to be specific on what kind of credit you need and for what.  If you are looking for money, then the section on fund raising in SUN could be a good start.  Otherwise, if a supplier will not give you credit, shop around.  My 20 yr experience in business credit tells me that approval rates for net 30 day terms is very high 80%-90% in the trade credit space.  Usually it is not a "no", but a conditional "yes". 

    This is a big difference from financial services (banking/leasing) credit where approval rates are much tighter (~40-60%).  Sometimes you`ll find that captive leasors (leasing companies owned/operated by the manufacturing company), are more in tune with helping the customer finance the purchase and their approval rates are a bit higher. 

    Be persistance and you can get B2B credit!

     

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    Jim Buck
    Umigo Indoor Kart Racing
    http://www.umigoracing.com

    • 14 posts
    August 22, 2008 1:05 PM EDT

    Your best bet is speaking with someone knowledgable and who is experienced in this type of thing. Just do a web search for "strong business credit" and see what comes up. There are plenty of companies out there that can help you.

    • 1 posts
    September 28, 2006 8:29 AM EDT

    I am starting a new business, however my funding is very, very low.

    I am incorporated, registered with Duns & Bradstreet, and have a tax id.  Where can I go to establish business credit?  I am looking for companies who are willing to grant credit to new and small business.

    Thanks for your time!