Fri, Jul 03, 2009
|
Author |
Business Credit |
tunney
17 Posts
Member Since: 06/11/2007
Newton, MA
 Join tunney's Network
What's My Favorites Network? |
Posted: 21:26 on 06-29-2008
Has anyone had success building business credit on this forum. There are several gurus teaching how to build business credit to fund ****Must participate a while before posting URL's***'m curious to see if anyone has had success. I've looked into a few companies that will help you build business credit and even sell establish shelf companies. Thanks in advance
Profile of tunney
 Edit/Delete Post
 Quote this Post
 Report this post
|
bargain76
1703 Posts
Member Since: 12/05/2003
Jacksonville, FL
Join bargain76's Network
What's My Favorites Network? |
Posted: 01:54 on 06-30-2008
I'll give you my opinion.
I own 100% of the stock in a profitable, D&B rated Corporation that I have owned for 32 years. 4 retail locations, always promptly paid our bills, great credit ratings and reputation. Always profitable. $6 mil + in sales.
Guess what? When I need to establish a Line of Credit, Lenders want to give me 50% loan to an appraised value of my collateral. Their appraiser. And the Lender needs to be in 1st position.
So much for the value of a business line of credit.
_________________
"BARGAIN KING"
Profile of bargain76
Edit/Delete Post
Quote this Post
Report this post
|
cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
Join cjmazur's Network
What's My Favorites Network? |
Posted: 10:41 on 06-30-2008
I have about 3 biz credit cards and some store accounts (HD commercial & Kinko's). So I have a D&B credit file.
Anyone ca go online and create a profile, and be assigned a DUNS number.
However, when I have applied for commercial loan, everyone wants to see my personal credit. I hope someday to have a relationship w/ a banker(s) where "my word is my bond".
Profile of cjmazur
Edit/Delete Post
Quote this Post
Report this post
|
tunney
17 Posts
Member Since: 06/11/2007
Newton, MA
Join tunney's Network
What's My Favorites Network? |
Posted: 12:55 on 06-30-2008
Thanks Guys !!! I appreciate the feedback. So I guess the credit offers havent been rolling in according to the Guru. He claims, with his program , you will be guaranteed 100,000 in credit lines in 1 year. Are you inc/llc. I think to join D/B you need to be inc.
Profile of tunney
Edit/Delete Post
Quote this Post
Report this post
|
cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
Join cjmazur's Network
What's My Favorites Network? |
Posted: 17:53 on 06-30-2008
I am and llc and another entity is a c-corp. Both are registered.
Don't pay for these credit building services just do it yourself.
Profile of cjmazur
Edit/Delete Post
Quote this Post
Report this post
|
omicron3000
116 Posts
Member Since: 08/18/2007
Abington, PA
Join omicron3000's Network
What's My Favorites Network? |
Posted: 01:23 on 07-01-2008
How long was it until you obtain business lines of credit without a personal guarantee, after filing with D&B. Also I believe that Experian Business has what we call the Intelliscore correct?
I have investigated many of these places that sell shelf corps, but some sell shelfs with so called established credit? This is from I heard an oxymoron because, after an aged (shelf) corp is purchased that the Paydex score, Intelliscore, tax returns, financials, and all other credit info is reset when a new owner is established? Is this true? If it is true then it may make buying shelf corp absolutely pointless, even if it may be two years old or more?
And if it the scores get reset, then that would mean that I would have to start off with a couple of vendors and sign loans with my PG, which I do not like.
Quote:
|
On 2008-06-30 17:53, cjmazur wrote:
I am and llc and another entity is a c-corp. Both are registered.
Don't pay for these credit building services just do it yourself.
|
|
Profile of omicron3000
Edit/Delete Post
Quote this Post
Report this post
|
cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
Join cjmazur's Network
What's My Favorites Network? |
Posted: 05:29 on 07-01-2008
I have PG on all but once of the credit cards/loc.
I haven been offered non-recourse loans.
In the extreme, It would not make send to buy GE w/ AAA credit and then have it reset.
I think you need to distinguish between PG and business credit.
Profile of cjmazur
Edit/Delete Post
Quote this Post
Report this post
|
tunney
17 Posts
Member Since: 06/11/2007
Newton, MA
Join tunney's Network
What's My Favorites Network? |
Posted: 08:12 on 07-01-2008
I've looked into the shelf companies as well. The companies that try to help you build business credit sell them. They seem pretty expensive though. Dustin Matthews programs claims he will get you up to 100,000 in a ****Must participate a while before posting URL's*** set up up an LLC in ma is around 500.00 not including the costs to set it up.
Profile of tunney
Edit/Delete Post
Quote this Post
Report this post
|
|
|
|
| |
|
