Corporate Credit- How do I build it?

[LongTongueThugg]

as per washington mutual the min requirements 4establishing any loans including credit cards or lines of credit
are the following:
1 must be in business for 2years
2 should have an account or banking relationship with WAMU(2yaers)
3 credit of business is equivilent to the business owner credit
debt -income ratio
4 credit requirements will vary depending on if the loan amount is over or under 50k
you should try and look up the business library in your town they can offer other resources and consider grants b4 loans

ps:you need 2have all these things in order B4 your buisness plan

 

[P.V. Estates]

I just read pretty much this entire thread!! i'm loving this information. as far as cash flow, it's not a problem but this corporate credit is exactly what i need. most money i have made has not been exactly legal but i have been doing what i've been doing for sooo many years. comfortability is not a good thing here. i dont neccessarily understand all the lingo used here but i do want to come up with a business that i can incorporate. i want to put the least amount of my personal money into this as possible. How do you guys, pro and novice, determine what's a good business to be in ? how do you pick your business partners if you have any ? i've know guys who graduated and have masters degrees and have tried to open and operate a business in their field of study but it didn't work. are you guys college graduates operating in your fields of study?

thanks in advance!!

 

[Lalibela]

Name 3 banks in the US bigger that Bank of America? Other than Chase and Citi Bank, Bank of America would be the largest bank in this country.

 

[dacrazydeafdawg]

ya aint lying about bank of america... they snatching up banks like ya would build hotels on monopoly.......damn

but it sure is mad nice to be able to bank out of state...

but on a personal level... some of my family members has account at bank of america.. and if any of us need money.. fuck western union.. i just deposit the mofo money cash is king of course.. and presto the money is there faster than Western Union!!

Western Union is gonna cry uncle when Bank of AMerica takes over a Mexico's bank lol

 

[cooliojones]

Coolio back w/ another update. Maybe I can give some inspiration to others, who knows. Anyway, in addition to Staples, I now have Uline and Office Depot. Still learning, still early in the game but loving the journey so far.

deafdawg, I hope you sold ya Delta stock. I happy meal costs more now. Riding MARTA is more expensive! It's dropped off the S&P 500, please, for your sake drop it like it's hot (cause it ain't!)

Also just generally wanted to bump da thread up to the top. Quit letting these wanksters put crap on the board for selling e-books and MLM. I can't save the world, but you all can join the other multi-millionaires or continue to make them rich, and get hard everytime you see an ad for a job that pays $35k.

 

[hev1205]

"Bump"!!! Gotta keep this one up top...a lot of good info in here!!!

 

[hev1205]

"Bump"!!!!!

 

[regulus]

You can form a corporation online in Texas. Only takes a few minutes.

http://www.sos.state.tx.us/corp/sosda/index.shtml

 

[Adam Knows]

as per washington mutual the min requirements 4establishing any loans including credit cards or lines of credit
are the following:
1 must be in business for 2years
2 should have an account or banking relationship with WAMU(2yaers)
3 credit of business is equivilent to the business owner credit
debt -income ratio
4 credit requirements will vary depending on if the loan amount is over or under 50k
you should try and look up the business library in your town they can offer other resources and consider grants b4 loans

ps:you need 2have all these things in order B4 your buisness plan

unless you put yourself as a personal guarantor for any and all loans and lines of credit.

that's what i did to start up my company's credit line. I was able to get it up and running from day one with credit.

A few places that will approve you on credit lines:

home depot
lowes
office max
walmart/sam's club

 

[Chase Bannon]

ya aint lying about bank of america... they snatching up banks like ya would build hotels on monopoly.......damn

but it sure is mad nice to be able to bank out of state...

but on a personal level... some of my family members has account at bank of america.. and if any of us need money.. fuck western union.. i just deposit the mofo money cash is king of course.. and presto the money is there faster than Western Union!!

Western Union is gonna cry uncle when Bank of AMerica takes over a Mexico's bank lol

I swear black banks need to unite and follow this system.

 

[LSN]

And the funny thing is, when you become a millionare you become more picky about the projects/jobs ya take on. I dont know if this an ego thing or just wanting to enjoy life to it fullest?

I M far from a millionaire but shit I understand/respect where ur man is comin from...he is just tryin 2 eliminate the bullshit jobs...I do graphic designs n I take evry job that comes my way cuz I M tryna earn a rep...but even with the limited experience I have I can tell a bullshit job from the start...if I was a millionaire u better believe I'd exercise the luxury of turnin those type of jobs down...

 

[regulus]

this one cat establish the parent company as a Inc whereas he is the CEO.... he made the investing company to handle the investors money as a LLC and he is the managing director of that company and the third company is the inventory company and he also establish it as a LLC..

but his logic is fucking confusing me ..maybe some of yall accounting savvy mofo can break it down into layman's English for me...

his logic goes as parent company get it capital from the investing company in a form of a loan and he convert it into shares and keep some of the money for himself ( he paid his yearly salary of $250,000 upfront- shyt is that legal?) and he creates a purchase order from the inventory company who get the product from an outside vendor.

The inventory company bills the parent company and "send" them the products.
Parent company will in return sell the products for a profit and pay the inventory the in house bill and what is grey is how he pay back the investing company and how the investing company pay the outside vendor..

He wouldnt diviluge if he was holding a different accounting book for each company, I would think so in order to please the IRS and Investors and his clients.


But he went on to tell me it is done everyday in the business world and claims he getting paid on 3 different level despite the fact he gave himself an advance salary. By the way he sell laptops and computer.

I think it is call holding companies and shell companies but I thought shell companies were illegal.

That's some Enron type shit. Look up "whitewing" or read a book called "The Smartest Guys in the Room".

 

[cooliojones]

unless you put yourself as a personal guarantor for any and all loans and lines of credit.

that's what i did to start up my company's credit line. I was able to get it up and running from day one with credit.

A few places that will approve you on credit lines:

home depot
lowes
office max
walmart/sam's club

I think the cards you listed take a couple of months for you to be in business before they will allow you to open a line with them. Well, according to that other board, that is the case. I wanna get the HDMC (Home Depot Mastercard), as well as Lowe's and Office Max. I wanna use the HDMC @ Lowe's and see what they say!! LOL

I am preparing to apply for the WAMU LOC. I would like about 40k, but other than pure prayer, I have no idea how I am going to get it. If I did, I know that the biz would be fine, and I could expand and attack my competitor's like I want to. Before ya'll went to apply, did you go w/ your business plan? Get your credit in order as best you can? Or did you just go and hope for the best, throw caution to the wind?

 

[hev1205]

Got the LLC filed, the EIN#, the bank acct's, and my firsy NEBS order just came in. Office Max is asking for a PG, so I will try Staples. What is the easiest Cell company for a start up to get with??

 

[cooliojones]

Try Nextel (Sprint) or T-Mobile. I think they have been easy for people. Staples is easy, and Office Depot may not be hard either.

 

[hev1205]

I love this post, there has been a load of mad info posted here. Thank You to all the posters......I got the Office Depot card($3000.00 limit), and a sprint biz line for the celly, all with no PG!!

 

[blackop]

haven't posted here for awhile but I got approved for $5000 line of credit with Dell.I was going to wait until I incorporated but it was real easy to get and no pg required.I was surprised since I'm not incorporated.I'm going to Bank of America they have a secured credit card for small business as long as you have a business checking or business savings with them.It's designed to help you establish business credit.

 

[Dallas Bueller]

I'm surprised this thread hasn't been made a Sticky yet. It's been going strong since the first day the Biz board was setup

 

[dacrazydeafdawg]

yo black ops that is tight.. did that big loan go through for you?

also hev1205 what kind of business are you running?

sold that get employed site .. it was actually bought up by a buyer who saw me as a threat lol.. now that site isnt active...wish i have sold it for more money but hell cash talks bs walk! lol

working on my next project...taking my sweet time but research is a mofo.....but i will be able to finance this project based on 2 recent credit card that I as able to get without a pg...Amex Business Plantinium with a 50k line and a Chase Business Credit Line of $25,000... i want to get into the field of being a venture capitalist but I gotta have some mad cash in the bank.. but been reading a lot of materials both magazines and business books...utimately my plans keep changing but I thinking about breaking into the bakery business that focus on a certain group but will appeal to everybody.. but not sure if i want to operate a brick and mortar shop which will require some series backing but also if ya can get your company certified as a miniority owned business or if ya got a wifey ya can make her the exclusive owner.. more infon on that later but uncle sam want ya to do business with him but yall need to registered ya business...

Sometime an idea will come to you at the strangest time.. like for an example when I got out I expect 5 stars service regardless of the venue... but damn this one company called Baranacles that just recently opened at Stonecrest Mall.. that mofo is packed like Visions would be on a Friday night...and I was the service could have been better.. but most resturtant in Dekalb country are lacking the services in Buckhead. What I mean is the food should arrived fresh and hot off the stove.

anyway as far as credit cards/loans are concern always have a business plan for it. The bottom line you would want to use credit/loans to make money in return. Creating a Return on Credit if you will, it the almost the same concept as Return on Investment bka as ROI to the business savy folks.

ie I recently did a test trial on some products that I purchased from the Mart downtown. They were fall clothes. I purchased $5,000 worth of items on a credit card. They were all by a well known Atlanta duo. I focused my product specificially to Hong Kong,Toyko and London consumers, where they will eat this product up like we drink water. I grossed $12,000 income. Minus customs tax and standard expeneses which the buyers paid for, I made $5000 in net income after paying the credit card folks in full and other standard operating expenses. I would said I did alright. But I felt as I lost $2,000 due to the fact I have to paid a fee to a broker. I tried in vain to reduce that 2 grand to a grand but this person wasnt going to reduce his rate but she and I went back and forth over a week period of time. Finally she gave me what I want for the extra grand and that was a contact with a well known electronic manfactuer in Hong Kong. That shyt alone is going to be worth 10 time what I paid her. The point is I look at it as a ROC as opposed to ROI. Because you are using credit as opposed to cash. Make sense?

Also dont limit yourself to USA. Be willing to do business overseas. I got mad connects with the Asian and European community that can speak a dual language and are very well versed in their native homeland. I usually paid them a flat fee in return for being educated and they would review the ad to make sure it is not offensive.

Here a freebie for yall... Hong Kong is REPORTLDY to have a new tv that will make Plasma TV and HDTV obsolete in 5 years. A prototype is in the work to make a 32 inch flat screen that curves and duplicate the human eyes (ya see what ya get in almost REAL TIME). The keyword here is the screen itself cruves. sort of like a bowl. My contact said there hasnt been no set price yet but the prototype is currently being shop to several major players in hong kong and in the midst of a bidding war. She said the quality of the screen is unbelivable! And it has 30 different coloritization mood. Beside the traditional black n white, color , you would be able to view ya show in different color via the mood selector. Crazy huh? Imagine watching Ayana Angel in Sephoia tone color. Whomever get this tv in America, will rakes in big money if they get in the ground floor.


but remember the old adage.. CASH IS KING!!! So yall continue to build ya business credit and when that occur you will be able to get huge business loans from all kind of sources without that much of a hassle.

 

[dacrazydeafdawg]

questions.. cuz i dont have time to look for it myself

does Apple offering business finance? I thinking about converting to Mac and if i were to open an office I would exclusively use Mac.

 

[LSN]

working on my next project...taking my sweet time but research is a mofo.....but i will be able to finance this project based on 2 recent credit card that I as able to get without a pg...Amex Business Plantinium with a 50k line and a Chase Business Credit Line of $25,000...

How were u able 2 attain those 2 credit cards w/o n e personal guarantee...? Did they at least do a credit check? Pleez explain that 1 2 me n detail...PM me if u need 2...aight...peace.

 

[cooliojones]

questions.. cuz i dont have time to look for it myself

does Apple offering business finance? I thinking about converting to Mac and if i were to open an office I would exclusively use Mac.

Apple does offer it but you have to be in business for 2 or three years I believe. They are very strict from what I hear, more so than Best Buy or Target. But I guess if you can get them, it would be a prestige tradeline.

 

[I-20_West]

If you live in Ga, you can check this site out. They are local and they can help those that are interested.
http://metroatlantaresources.com/ Check their site out. If you decide to call them, ask for april, she can get ya what you need.

 

[blackop]

I love this post, there has been a load of mad info posted here. Thank You to all the posters......I got the Office Depot card($3000.00 limit), and a sprint biz line for the celly, all with no PG!!

yo hev1205 is the $3000 loc a typo for Office Depot because I know they normally issue $250-$300.If not then that's great!!!

 

[cooliojones]

yo hev1205 is the $3000 loc a typo for Office Depot because I know they normally issue $250-$300.If not then that's great!!!

Probably not a typo. OD issues out $500 as the minimum I believe, unless you have some good tradelines established already, a longer business history, or a combination of both.

 

[dacrazydeafdawg]

Leroy and others.. if ya been following the post from day 1.. yall will know it is easy to get business credit but it take times...

Well Leroy to answer your questions

1) I had a high PAYDEX score
2) I have a duns #
3) I have 5 banks that I have established trade lines with, I did the old school method of taking out a loan and paying them back at all 5 banks in a timely manner. This went on my business and personal credit report.
4) I already had a history with AMEX on a personal level.
5) I have 20 established trade lines all in good standings. The more tradelines ya have the more better for you.

if ya need more detail help on hwo to do it. .pm me but ya can the majority of information from www.creditboards.com from the business credit forum..


as for my business, I was able to obtained these 2 credit cards recently due to How were u able 2 attain those 2 credit cards w/o n e personal guarantee...? Did they at least do a credit check? Pleez explain that 1 2 me n detail...PM me if u need 2...aight...peace.v

 

[dacrazydeafdawg]

1 more thing My parent company has been in business since 2000... so that a factor as well.. but some people i know get a high limit within a year ...

but the majority can get it faster but ya gotta know whatcha doing

 

[Jpezy]

This topic is getting too good i had to bump it again
*BUMP*

 

[hev1205]

Not a typo....actually, I was shocked myself. me and my partners have opened a promotions company, and we are also looking to get into some consulting as well.

 

[Chase Bannon]

yes but it wont be no big ass credit line but a decent line.. the key is to pay on time and make large payments..basically if ya personal ssn is fuck ya are like getting a 2nd chance using ya business ein.. it isnt advisable but it done all the time but i am like as long ya try to get ya personal ssn credit fix then do whatcha gotta do...but use CREDIT to make money.........

i even got two american express cards via the EIN method w/o giving up my SSN.. the blue card and the uhmm delta cards....both with $2k line of credit and now I got $10k of line of credit on both of them but i dont fuck with it unless i need it...the goal was to get at least 5k of credit line per each card with Amex... but i doubt they will be sending me the black card anytime soon lol..........

Around what amount does DELL approve businesses for being that you have no credit history for your EIN?

 

[dacrazydeafdawg]

Chase

Dell.. ya cant just go out and get an EIN and get a Dell LOC (line of credit) without any establish prior business unless you are going to do a PG.

It would take at least six business months and a damn good paydex score to get Dell LOC without a PG. You gotta establish yourself first which is the key to obtaining credit for your business. Having a EIN isnt going to be enough, it best to get a DUN # as well.

 

[dacrazydeafdawg]

Chase and others I did some further research on www.creditboards.com

First step is to establish and register your business as a INC or LLC. The majority feels that INC has a higher approved rate than the LLC. This is still up for debate.
1) It is very important to have a business phone line.
2) It is very important to have a business mailing address.
2a) Establish a business account with a bank.
3) Some people choose to spend $400 to DnB to create a credit builder, this adds 3 vendors to your record faster than the traditional method. I am totally against this but if you got that kind of money to spend then it doable.
4) BEFORE YOU START APPLYING for any type of credit. WAIT TILL the first phone bill come for your business.
5) Faxed in a copy of phone bill along with application for Staples.
6) The key is to wait at least 2 weeks between time.
7) Apply for a cell phone under the Business' name. DO NOT USE YOUR SSN or DO NOT USE PG at all. A EIN And OR DUN nbr is sufficent enough.
8) If you want a DELL Computer for your business, best way to go about it is to call 800-917-DELL and ask rep or select option that will take you DIRECTLY to the small business division. Just tell them you got a business (dont say new - they dont need to know that) that is on DnB and all you need to give is your business name, business address, and business nbr and the authorized officer for your business. They will let you know if your are approve or decline. If you are approve you can order right away but if you are delcine it is either because you fucked up the process or somether issue. But you can reapply after 60 business days. Unlike personal credit whereas inquires can kill you on the credit report it isnt an issue on the business end.

Also Clarifications for you.. if you just get an EIN ~ which is FROWN on by the FTC but if isnt used for fraud or illegal use it can act as a 2nd social security nbr. but you could only get personal Credit cards as opposed to business cards since the business isnt registered......

hope that help

 

[dacrazydeafdawg]

here is a cheat sheet... cut and paste and print it and follow it step by step
it ideal for those on a shoestring budget..... personally I would incorporate if i were yall but nothing wrong with a LLC. But consult with a business lawyer if you have to decide what the best way to establish your business. I am not sure if a LLC can be convert to a INC... does any of yall know?



Here's my cheat sheet for yall:

How to establish your business and get credit for it

1. Establish your Business name (enterprises etc.)
2. Employee Identification# (free online) via irs.gov
3. Open the LLC (states fees varies) you can do this yourself or have an established online outfit do it for you.
4. Open a business checking account (Shop around - and this enable you to bypass the common folks line and straight to the VIP line lol
5. Get a Dunn & Bradstreet# (free online)
6. Get the Dunn & Bradstreet credit builder ($199 if you beg via phone to a live rep)
7. Establish a business phone line and address
8. Establish the new business phone listing in the white pages
9. Apply for business credit.


For the newbies

Duns and Bradstreet is to Business as the big 3 is to personal credit.

a Paydex score is a business credit score. sorta similar to a FICO credit score for your personal account. To Establish a Paydex score you need a mininum of 5 TRADES that reports to DnB.


Vendors Report to Bureaus & Provide Trade Reference. To obtain a paydex score (credit score) you need 5 trade references. Apply at the vendors listed below.

http://www.kinkos.com/products/accounts/legal.php (Kinkos) <-- not sure about this one since FedEx took over it

http://www.dhl-usa.com/sbc/smbiz.asp?nav=sb (Airborne Delivery Services)

http://www.uline.com

http://www.viking.com (Office Supplies)

http://www.officefuel.com (Office Supplies)

Make some orders and PAY THE BILL ON TIME!! DONT BE FUCKING AROUND OR ya gonna FUCK UP YA PAYDEX score and then gotta start all over again with new company.

 

[cooliojones]

Also don't break your neck trying to get better than an 80 Paydex, cuase from what I can see, it ain't gonna happen in this lifetime! LOL But mainly, you have to change your habits when it comes to business. Guard your EIN and business entity like it is your last life on Super Mario, level 8, you small Mario w/ no mushrooms. Yeah you can create another comapny if this one fails, but you'll still probably want to list yourself as an officer, and once that happens you're still screwed.

 

[Chase Bannon]

Chase and others I did some further research on www.creditboards.com

1) It is very important to have a business phone line.

Is it ok to use an 800 service number or should you actually have an actual land line?