Corporate Credit- How do I build it?

[dacrazydeafdawg]

i went to wamu today to apply for a business loan.. i think someone post about it..

yeah they are giving away business loan like crazy...... i even teased the manager yall just giving away money lol

but on the real..

it basically a NO DOC Business loan up to $50,000

as always there was a catch to this.. they want you to PG and you need a personal credit FICO of 675 or better..... the one they pull said 680 and it shouldnt be 680 cuz last time i check it was 705 over...so i gonna have to look into that....and you need to be in business for at least 2 years.....

So I apply just for the hell of it and I was able to secure a $40,000 business loan and they cut me a check on the spot. And yall know I aint gonna spend that money ~ I went to another bank and deposit part of the check in a 6 month CD account and the rest into a money market account and put in $1000 in my pocket lol. But my game plan is just to pay that loan on time using the loan money so I can get a bigger line of credit with WAMU ( i trying to get one of them million dollar loc but that is going to take some time.

and yall think yall got stupid friends i got a stupid friend but he still my friend lol... he came to me with this crazy idea that he was looking for investors to buy drugs .. i look at him and say i aint visiting ya in jail and I aint trying to goto jail lol....he said he got a surefire plan to flip 10 grand into 250,000 in cash by buying coke and converting it to crack and stacking that scrilla... i say man how long ya think ya can do that.. he said at least a week top.. i said it gonna take ya a week to cook $10,000 of coke to make it worth $250,000 in profit to be split via 5 people??? i said that aint even doable and i aint fuck with the drug game in a longgggg time but back then it was strictly weed hustlin lol..but come on can yall tell me his nbr aints right..... cuz that shyt doesnt sound right to me cuz personally i dont know how much ½ kilo of coke can be possible be worth $250,000 after converting it to crack lol

mannnnn them rap artist need to stop glorifying the lifestyle of hustlin.....and start glorifying bizness owners the legit ones lol

 

[cooliojones]

I went to WAMU this summer, talk with the manager over there on North Ave. and Piedmont, and he said your scores had to be 560. I wonder if they changed the requirements?

 

[dacrazydeafdawg]

well that part of the town cater to the white folks lol but i dont know if the score requirement has change .. i went to the one off panola road ......but i wouldnt be surprise if they have different criteria based on location.. that spot ya went to is in prime real estate area near midtown.....so that's pretty interesting but i am not sure if that is legal..... it almost the equalivent of showing a white family a nice house but giving the runabouts to the black family..damn i cant think of the word.....

 

[blackop]

update: got the Phillips 76, and Cononco gas commercial fleet card for $2,000 Nov. 21

 

[cooliojones]

Been awhile since we posted over here. Since then I got Lowe's, Interstate batteries, Veripack, Wearguard, and Nebs. In all I have about 13 TL's, active. Next on the list is gonna be Shell Fleet, MAYBE Valero, a CLI on my HDMC, Amazon & Sam's Discover. These will either bee in January or after I get my Paydex, which might be tomorrow.

 

[cooliojones]

Aight, well the next day I didn't get the Paydex, but I have it now!! I feel like I'm talkin to myself over here, where ya'll business minded playas at? This shit takes work, but it can be had! Wassup blackop!! I saw on the other board that you got ya Paydex too, congrats!

Also, called and got Amazon (like I said in the post above), and will try for Sam's Discover on Friday. Applied for Shell Fleet and will probably try Valero this week also.

 

[blackop]

Aight, well the next day I didn't get the Paydex, but I have it now!! I feel like I'm talkin to myself over here, where ya'll business minded playas at? This shit takes work, but it can be had! Wassup blackop!! I saw on the other board that you got ya Paydex too, congrats!

Also, called and got Amazon (like I said in the post above), and will try for Sam's Discover on Friday. Applied for Shell Fleet and will probably try Valero this week also.

Wassup Coolio,and congrats bro!!! Yeah it's been a minute since I osted over here.Here's my update: got Citibusiness Platinum Select Visa with $15,000 cl 15Nov 05, Citibusiness Platinum Select Mastercard with Thank You Network $4,000 17Dec 05 got my last trade reporting to both dnb and experian 18 DEC 05 80 Paydex and not sure of my intelliscore.

 

[Dallas Bueller]

blackop did you have to PG the Citibusiness cards?

 

[dacrazydeafdawg]

Coming soon Anatomy of a start up... featuring yours truly me....

I am about to start a new venture.. and I am thinking big.. I aint talking about your typical mom n pops start up.... I talking about the major league big... so pretty much I will post right here until my lawyer said nicca shut the fuck up lol.....but then again until it goes public I can say whatever I want since I will be the HNIC of my company



As far my Corporate Credit... right now I am working with a potential business partner who has access to an Uncle who is a broker and he deals with venture capitalists and angel investors... the goal is to raise 5.5 million dollars but right now we in the confidentially agreement state and I am doing some revisions and trying to add another components to the business ideas. If the idea is doable then I can bump the 1st round financing request to 10 million dollars.... don’t worry I making sure I am getting paid first most but my exit strategy is to pull a Google and cash out and be a billionaire and buy the damn Falcons and Hawks and be the real HNIC... but my long term goal is run for governor of Georgia. I will be the hip hop governor lol.....and don’t worry I will pardon some of yall cats lol

Overall the shyt is time consuming but will be worth it in the long run.. already got the website names reserved and in the process of getting the brand’s name trademarked… cuz this shyt is big! I cant even give yall the name right now until I heard from the lawyers …

Not having a plan is a step toward failure!

Write it down, it may be small at first but it will manifest itself in the long run......

 

[blackop]

blackop did you have to PG the Citibusiness cards?

Sorry I didn't get back to you in a timely manner.Brother is busy!!! Trying to buy a restaurant for the 2006 so I've been kind of busy with things and the holiday season.But, to answer your question all major cards ask for your ss# so you are pg'ing so to speak anyways.But, Citi will pull your business profile/report and if your file is strong enough they won't pull your personal.Trust me they didn't pull my personals!!!! I believe the most important thing when you apply online with them is company's annual income and your personal income.Get back with me if you have anymore questions at blakoptimist@bellsouth.net

 

[blackop]

update: 07 Jan 06

received Home Depot MasterCard w/ rewards $3,000,Home Depot Expo $5,000, and Home Depot commercial revolve store card $5,000

asked for cli with Staples and got another $750 to increase to $1500.

waiting on decision for the Citi Premier Pass and AA

obtained $47,500 in business credit 2005 and $46,000 of it since October 2005

2006: in the process of buying either a restaurant/bar& grill or a restaurant/sports bar. The restaurant bar/grill asking $350,000 for land,building,and equpment from a major franchise that closed 3 months ago.


the sports bar/ restaurant :$895,000 land and building 2.2 acre but will have to buy restaurant equipment ...appoinment saturday with one of my partners to walk through and get further details.

 

[cooliojones]

Blackop, good going bro. I just incorporated my first company (I have 2, other is an LLC) this past week, and it has 5 years of history and already listed w/ D&B. So I can't wait to see the lines I get with that one. Will apply for Citi when the biz credit gets stronger, only have 6 reporting on D&B now and 5 on Experian.

Us people in Atlanta should get together one day and talk about what we doing, see if our biz's can cross paths and help each other out if possible. If nothing more just for some good networking.

 

[blackop]

Blackop, good going bro. I just incorporated my first company (I have 2, other is an LLC) this past week, and it has 5 years of history and already listed w/ D&B. So I can't wait to see the lines I get with that one. Will apply for Citi when the biz credit gets stronger, only have 6 reporting on D&B now and 5 on Experian.

Us people in Atlanta should get together one day and talk about what we doing, see if our biz's can cross paths and help each other out if possible. If nothing more just for some good networking.

CONGRATS!!! AND YOUR FILE LOOKS STRONG ENOUGH FOR CITI

 

[007]

I have a quick question I know it may be dumb but I need some enlightment on it but can you build corporate credit with a sole ownership? or does it have to be LLC or Corp?

 

[Lick]

Great thread.
Here's a couple things to think about.
Once you start a corporation your personall assets are shielded from claims based on debts held by the corporation. Unless your actions as a corporation pierce the corporate veil. Piercing the corporate veil is a legal term which basically means not behaving like a corporation but acting like a sole proprietership. Easy ways to pierce the corporate veil. Are.
1. Comingling personal and business funds.
a) Do not use the business bank account as your personal bank account don't pay personal bills out of the account unless you keep good accounting records and charge the payments as income to yourself.
b) This also means buying strickly personal items on Company credit and charging them as business expenses. This is the fastest way to get yourself audited fined and possibly jailed.

2. Keeping good accounting records.
a) As long as your not publically traded you do not have to worry about the SEC however If the IRS , State Department of Revenue or any other Governmental agency has a reason to look at your books they will construe lack of documentation against you every time.

3. Having a board and actually having board meetings. Certain actions of corporate officers can open the officers up to personal liability (ie enron) especially when your dealing with taxes. If you keep your board meetings recorded and tight you can avoid a great deal of these by having major decisions handled by board resolutions.

Basically if you are starting a new business and decide to form a corporation you need to make sure that your structure is tight from day one. If you spend the time in the beggining to set yourself up correctly it will save you a lot of headaches down the road because if you get big these things will become more and more important.

Also to some may want to consider an S corporation. S corporations do not provide you with the same amount of personal protection C corporations do however if you are just starting out and you a have another job where you are generating income an S corporation can allow you to deduct the losses from your business during start up on your personal taxes.

This is so true! Good shit my brother! "LICK"

 

[blackop]

I have a quick question I know it may be dumb but I need some enlightment on it but can you build corporate credit with a sole ownership? or does it have to be LLC or Corp?

Yes you can I'm a sole prop and not incorporated.

 

[Real1]

Here are my stats......Creditboards.com....no joke! I started in October 2005. I have been incorporated since 2001. And No, my personal credit isn't good. Mid 500's


Creditor Company Type Terms Limit
PNC Bank Bank/Autoloan installment $15,000
Office Depot Office Supplies net30 $2,000.00
Dell I.T./Computers revolving $6,500.00
Home Depot MasterCard Unsecured Credit Card revolving $5,400.0
Home Depot Commercial Hardware net30 $2,500.00
Lowes Hardware net30 $2,500.00
Staples Office Supplies net30 $2,000.00
PC Mall I.T./Computers net30 $7,500.00
Sears Commercial 1 Hardware net30 $2,500.00
Amazon.com Corp General Purchases net30 $2,500.00
Fedex/ Kinko Shipping net30 $1,200.00
Amex Business Gold Unsecured Credit Card revolving $5,000.00
NEBS Office Supplies net30 $1,500.00
Coporate Express Office Supplies net30 $1,500.00
Reliable Office Supplies net30 $2,500.00
Quill Office Supplies net30 $2,200.00
Keybank Visa Unsecured Credit Card revolving $4,400.00
Bestbuy I.T./Computers revolving $7,500.00
Ikea Office Furniture net30 $5,000.00
Citibank Visa Unsecured Credit Card revolving $4,000.00
Shell Gas/Fleet Card net30 $3,500.00
BP Amaco Gas/Fleet Card net30 $4,000.00
Sunoco Gas/Fleet Card net30 $2,500.00

T O T A L S $93,200.00

 

[dacrazydeafdawg]

Real1 is ya company set up as a INC OR LLC?
And did you NO PG these lines?
And how ya get that best buy card? that shyt is hard as a mofo to get!!!

 

[Lick]

Real1 is ya company set up as a INC OR LLC?
And did you NO PG these lines?
And how ya get that best buy card? that shyt is hard as a mofo to get!!!

May I add??? If it is an Corp is it a "C" or "S" and what State. Did you use your SSI when you applied for Corp credit? "LICK"

 

[dacrazydeafdawg]

yo LICK

ya DO NOT WANT TO USE YOUR SSN AS FOR YOUR CORPORATION.. if ya been doing that ya need to get an EIN since a corporation is separate from your SSN... seek legal advice on how to transfer that but ya can get an EIN and connect it to your business

 

[Lick]

yo LICK

ya DO NOT WANT TO USE YOUR SSN AS FOR YOUR CORPORATION.. if ya been doing that ya need to get an EIN since a corporation is separate from your SSN... seek legal advice on how to transfer that but ya can get an EIN and connect it to your business

Dawg! You are correct! No worries! Never did that one! No... The Corp in another "PERSON"! "LICK"

 

[cooliojones]

Yes you can I'm a sole prop and not incorporated.

Only thing is it really is in your name also, since it's an LLC. True protection comes in the form of a LLC, Type S or Type C Corp.

 

[Lick]

I have a quick question I know it may be dumb but I need some enlightment on it but can you build corporate credit with a sole ownership? or does it have to be LLC or Corp?

Dawg, you can build business credit as a sole proprietor. However, you and your business assets are one in the same if ever in a law suit. Our 14th Amendment allow anyone to create a person with its own tax ID. Check it out. “LICK”

 

[eo1]

How much is it worth you establishing business credit without using a personal guarantee. I was under the same understanding that you had to use a personal guarantee or start small to build your business credit by making a deposit into your account and establishing a line of credit against it while flipping it to increasing your limit. However, wwhile refusing to believe this is the approach the elitest such as Donald Trump and others are taking I discovered their secret and it is legal. But it is going to cost you. However, it is a tax write off and a smal investment in your business. If you are interested feel free to email me and I will direct you.

It is all about us empowering us! No more crab in the bucket syndrome!

In reference to the vehicles...through this method you canhave your vehicle delivered to you or waiting for you to show your ID and drive off the lot. No more bring your lunch to the dealership days!

You can contact me at eo1solutions@yahoo.com

 

[cooliojones]

Someone please ban this bitch. Better yet, I'm taking the e-mail addy down and sending nothing but spam to it. Motha fucca can clearly see we are sharing info to empower each other for free, but he wanna get paid. He gonna get something all right...

 

[Lick]

Someone please ban this bitch. Better yet, I'm taking the e-mail addy down and sending nothing but spam to it. Motha fucca can clearly see we are sharing info to empower each other for free, but he wanna get paid. He gonna get something all right...

My brother let us slow down just a bit and see what the brother is talking about. I have paid for information through seminars & books and shit. As long as it is a legitimate tax write off why not. Why not let this brother earn some ends? We don’t have a problem giving it to the white boy, why not a brother? If you don’t like what he is selling then don’t buy. I think we should give this Dawg a shot… Some air-time or whatever… “LICK”

 

[cooliojones]

My brother let us slow down just a bit and see what the brother is talking about. I have paid for information through seminars & books and shit. As long as it is a legitimate tax write off why not. Why not let this brother earn some ends? We don’t have a problem giving it to the white boy, why not a brother? If you don’t like what he is selling then don’t buy. I think we should give this Dawg a shot… Some air-time or whatever… “LICK”

Fuck that shit man, look at how many posts other people have made on here WHO REALLY HELP! Da Don posts a helluva lot of info, all for free. Links to creditboards.com are here, and that site has a wealth of info. Most if not all of the info I got about biz credit came as a result of what I found here, and the link to creditboards. All for free. Now I guard the info, don't pass it around freely because I don't want peeps abusing the system and making it bad for the rest of us. But c'mon, he don't want to continue the crab barrel mentality but yet he wanna make some loot of of what can be had for free?!

Fact is, most people won't do shit themselves anyway, they lazy, they want someone to do it for them. ONLY person I would even THINK about paying for some advice is Da Don, because he is PROVEN by his free contribution that it's not about the money, it's about helping others. I haven't taken any of his advice yet, but I appreciate his efforts to teach and empower. This mother fucca makes two posts and you wanna defend that shit? C'mon now Lick, you got to do better than that.

Now, getting back on Target, what's up w/ you brothas? Haven't heard from ya'll in a while. dacrazydeafdawg, how's biz? blackop, wassup man? We use to be on here on the regular, and I know we get busy but I'd be interested in hearing about ya'll progress so far. I've got 17 open accounts w/ tha biz now, finally did get Shell and also added Key Bank and Dell Business Credit under one biz. Another biz just got the HDMC last month, plus open lines w/ Uline and Veripack. That biz has more potential right now because of it's 6 year history!

Anyone else need help, please don't pay for it. Contact me either here or via PM, I will get you to the resources you need. I'll lead you to the water but you gotta drink it, throw ya rod in and catch the fish, whatever analogy you wanna use! But I believe strongly in keeping our people informed and not plotting on how to get paid off of us all the time. I'm gonna get mine...and I want other SERIOUS people out there to get theirs too. Peace out!!

 

[eo1]

I keep hearing about cats forming corporations and LLCs and using their corporate credit for purhases even though their personal credit is fucked up. Somebody was even telling me dudes are buying leasing luxury autos under their corporate credit like it's nothing. I have no interest in using corporate credit for shit like that cause I'm strictly business but I know it'd be useful for alot of shit needed for start up, like computers and fax machines and different services. Any info on building up corporate credit would be greatly appreciated.

Your right it can be done and this company, Build A Business Enterprise, Inc. "BABES", is successful doing with and minimizing the lengthy process to 120 days. You can obtain additional information by contacting Shawna James @ (678) 495 - 6020.

 

[blackop]

Fuck that shit man, look at how many posts other people have made on here WHO REALLY HELP! Da Don posts a helluva lot of info, all for free. Links to creditboards.com are here, and that site has a wealth of info. Most if not all of the info I got about biz credit came as a result of what I found here, and the link to creditboards. All for free. Now I guard the info, don't pass it around freely because I don't want peeps abusing the system and making it bad for the rest of us. But c'mon, he don't want to continue the crab barrel mentality but yet he wanna make some loot of of what can be had for free?!

Fact is, most people won't do shit themselves anyway, they lazy, they want someone to do it for them. ONLY person I would even THINK about paying for some advice is Da Don, because he is PROVEN by his free contribution that it's not about the money, it's about helping others. I haven't taken any of his advice yet, but I appreciate his efforts to teach and empower. This mother fucca makes two posts and you wanna defend that shit? C'mon now Lick, you got to do better than that.

Now, getting back on Target, what's up w/ you brothas? Haven't heard from ya'll in a while. dacrazydeafdawg, how's biz? blackop, wassup man? We use to be on here on the regular, and I know we get busy but I'd be interested in hearing about ya'll progress so far. I've got 17 open accounts w/ tha biz now, finally did get Shell and also added Key Bank and Dell Business Credit under one biz. Another biz just got the HDMC last month, plus open lines w/ Uline and Veripack. That biz has more potential right now because of it's 6 year history!

Anyone else need help, please don't pay for it. Contact me either here or via PM, I will get you to the resources you need. I'll lead you to the water but you gotta drink it, throw ya rod in and catch the fish, whatever analogy you wanna use! But I believe strongly in keeping our people informed and not plotting on how to get paid off of us all the time. I'm gonna get mine...and I want other SERIOUS people out there to get theirs too. Peace out!!

What's real?!! I haven't posted in a while you know it's that time of the year for me business wise.Also, you know the board that I was on the most was ART OF CREDIT and that board shut down.As far as business credit I haven't applied for anything this year.I was going to get the Sam's card and the Sam's Discover card and maybe the Lowe's card.But, mainly what I did was consolidated the smaller cards on the CitiBusiness card and just mainly use the HD mastercard, and my 2 gas cards (Shell and the Conoco Phillips 76).And,I bought a projector with my Dell business card and paid it off with the CitiBusiness card last month.Other than that I'm trying to pay off what I consolidated on the Citi cards because that 0%apr ends Feb 07 and I want that to be as close to $0 as possible.

At the same time I'm thining about another business venture and buy houses and rent them out and eventual one of my goals is to buy commercial office buildings to rent out.And, within a few years buy a restaurant.I almost bought one at the beginning of the year with a partner but,decided against it.Other than that keep us posted on your progress.

 

[Lick]

What's real?!! I haven't posted in a while you know it's that time of the year for me business wise.Also, you know the board that I was on the most was ART OF CREDIT and that board shut down.As far as business credit I haven't applied for anything this year.I was going to get the Sam's card and the Sam's Discover card and maybe the Lowe's card.But, mainly what I did was consolidated the smaller cards on the CitiBusiness card and just mainly use the HD mastercard, and my 2 gas cards (Shell and the Conoco Phillips 76).And,I bought a projector with my Dell business card and paid it off with the CitiBusiness card last month.Other than that I'm trying to pay off what I consolidated on the Citi cards because that 0%apr ends Feb 07 and I want that to be as close to $0 as possible.

At the same time I'm thining about another business venture and buy houses and rent them out and eventual one of my goals is to buy commercial office buildings to rent out.And, within a few years buy a restaurant.I almost bought one at the beginning of the year with a partner but,decided against it.Other than that keep us posted on your progress.

I want to ask if your were going to hold the homes in a LLC and what type of restaurant and why did you decide against getting it?
"LICK"

 

[blackop]

I want to ask if your were going to hold the homes in a LLC and what type of restaurant and why did you decide against getting it?
"LICK"

The homes and the office building was going to be in a llc.As for the restaurant it was a situation were as I wasn't comfortable with the partners level of commitment to the project.But,as of today one of the buildings (restaurant) is still available so I'm looking to pursue that as of this week.I'll keep you guys posted.

 

[HardHitter_BGray]

Hey wassup everyone, I'm new to the forum but I've been coming here reading and listening so I thought I should join. I have a question and I'm hoping someone can give me some kind of personal insite moreso than directing me to some website. However, if you know of a website that acn answer my questions then I'll appreciate that info as well. I want to know if theres anyone who has applied for a government gran to help start their small business? If so what kind of gran was it and what were the qualifications?

 

[mook]

Fuck that shit man, look at how many posts other people have made on here WHO REALLY HELP! Da Don posts a helluva lot of info, all for free. Links to creditboards.com are here, and that site has a wealth of info. Most if not all of the info I got about biz credit came as a result of what I found here, and the link to creditboards. All for free. Now I guard the info, don't pass it around freely because I don't want peeps abusing the system and making it bad for the rest of us. But c'mon, he don't want to continue the crab barrel mentality but yet he wanna make some loot of of what can be had for free?!

Fact is, most people won't do shit themselves anyway, they lazy, they want someone to do it for them. ONLY person I would even THINK about paying for some advice is Da Don, because he is PROVEN by his free contribution that it's not about the money, it's about helping others. I haven't taken any of his advice yet, but I appreciate his efforts to teach and empower. This mother fucca makes two posts and you wanna defend that shit? C'mon now Lick, you got to do better than that.

Now, getting back on Target, what's up w/ you brothas? Haven't heard from ya'll in a while. dacrazydeafdawg, how's biz? blackop, wassup man? We use to be on here on the regular, and I know we get busy but I'd be interested in hearing about ya'll progress so far. I've got 17 open accounts w/ tha biz now, finally did get Shell and also added Key Bank and Dell Business Credit under one biz. Another biz just got the HDMC last month, plus open lines w/ Uline and Veripack. That biz has more potential right now because of it's 6 year history!

Anyone else need help, please don't pay for it. Contact me either here or via PM, I will get you to the resources you need. I'll lead you to the water but you gotta drink it, throw ya rod in and catch the fish, whatever analogy you wanna use! But I believe strongly in keeping our people informed and not plotting on how to get paid off of us all the time. I'm gonna get mine...and I want other SERIOUS people out there to get theirs too. Peace out!!

man relax.....i know lick and eo1 personally its legit but its BUISNESS....call or pm me.....it works........i can give you free info as well but its buisness...i understand you completely but dont ever jump to conclusions....do research, ask questions then make your decision...my two cents

 

[blackcapone]

I keep hearing about cats forming corporations and LLCs and using their corporate credit for purhases even though their personal credit is fucked up. Somebody was even telling me dudes are buying leasing luxury autos under their corporate credit like it's nothing. I have no interest in using corporate credit for shit like that cause I'm strictly business but I know it'd be useful for alot of shit needed for start up, like computers and fax machines and different services. Any info on building up corporate credit would be greatly appreciated.

so how does it work

 

[lurknomo]

Mannn I just wanna say thank to everyone that as posted, I just found this section of the site and I wish it was more active...