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Discussion Starter · #1 ·
So I got a letter from Dun & Bradstreet, seems kind of salesey, and it was. They will establish your business in the business credit world for $400 a year, and for $1000 really boost your business credit. What are other options? I've been fine for 6 years incorporated, but would I like the idea and credibility behind it.
 

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I'm no expert on the matter but that seems like a waste. D&B is like FICO in the business banking world but you need to establish business credit and keep at it to really change the numbers.

You can get a DUNS number from them for free and then start actively building your business credit, pretty much the same way that you would build your personal credit. You can also self-report information about your company and tell them about vendors with whom you have a line-of-credit.
 

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Discussion Starter · #4 ·
D.S.I. do you have any line of credit through your business?
I haven't needed one yet, I have had a few credit cards, mostly personal, that I've used. It's rare that I use them, but gives me some cushion if I'm in between checks.
 

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Try to get a business credit card with a personal guarantee.
"The advantage of going this route is that it allows businesses with no credit or bad credit to get a business card, assuming the owner’s personal credit is good. Then by adding your business D&B number to the card account, you will also be able to build credit for your business at the same time."
 

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Get some trade accounts at a supply house that reports to D&B.

Btw - if you ever need a Duns number just fill out the app saying your bidding gov't work. There will be no charge.
 

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Don't get any credit!

This may not be for every business, but this is my philosophy.

Don't get any credit!

Don't worry about your credit!

Run a lean shop!

Be frugal with your money, build assets, and stash cash!

Purchase only the type vehicles, materials, and assets you have cash for.

Pay cash for everything when you make the purchase and you will get better discounts and have more buying power.

The very first question you have to ask yourself about everything you do is, "what is the risk?" Having debt is risky, stressful, and personally I function better with less stress.

If you are running your business the right way you don't need to worry about credit and when you need to have credit you had better worry about the way you are running your business.

I am always amazed regarding how people who can't pay their bills worry about credit. I have an ex-relative (nobody in my family is this dumb) who has filed bankruptcy three times and had three home foreclosures. While this married couple is always financially strapped the most important thing to them is having credit so they can have charge cards, store accounts, and get loans for new cars. I was constantly telling them that credit is always their demise and if they stopped paying higher prices for things by using their credit and if they got rid of the finance charges they pay for the credit they would never be financially strapped.

As for Dun & Brad, I try to avoid giving my company's information to every public company. It is my opinion that D & B is mostly a company that collects data about your company and they sell the information about your company in the form of mailing lists.

The info you get from D & B is not accurate and you can tell them anything you want, true or not, about your company and they do not verify the information. I don't believe that any supply house nor financial institution ever looks at D & B for credit purposes. There may be a few (not-so-bright) customers, or vendors who tell you that they verified the credibility regarding your company by checking with D & B.

So, don't waste your time thinking about D & B.
 

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I thought I read somewhere your company needs a seperate address then your home to qualify for a credit rating, or something like that. but im with PCPlumber, cash is king and lets stack it.
 

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So I got a letter from Dun & Bradstreet, seems kind of salesey, and it was. They will establish your business in the business credit world for $400 a year, and for $1000 really boost your business credit. What are other options? I've been fine for 6 years incorporated, but would I like the idea and credibility behind it.



dnb is great way to jump start it and you'll only need them for the 1st year. after you establish credit with other they'll report automatic to dnb, experian and the 3rd which I can't remember because i'm spent. also get a free dunns number.
or you can:
open a uline account, get an amex in the business name you'll to personally sign for it and they will report to the business credit bureaus not the personal. gar cards are great sunoco bp are fairly easy to get. If you credit is good get the amex that's the best all around. after that in 6-12 month apply for real business credit cards with sick points and cash back. once you get don't fkitup... treat like a 2nd chance and your life depends on it. if you do this stay lean and mean. treat the cards like cash in hand meaning if don't have the cash to pay for it then don't buy it. don't depend on the next deposit check or finishing the next job. business is important and very dangerous. I have trade lines out the ass and still work on cash in / cash out bases. you can to get to the point of having a cpl of 25-50k credit cards in a cpl of years.
 

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Try a wright express fuel card. I got approved after 3 years in biz, 5k limit after 3 months. I requested 1500 initially and got approved for 3k. Fill out the app on their site , wex.com, then immediately call. The underwriting dept. is very easy going. Just remember, the full balance is due every month. If they deny you, ask for a reconsideration WHILE ON THE PHONE. The best part is that it is not under my name personally. Good luck!
 
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