Free D&B number

Thanks, for sharing this info on LLC's. Its been immensely, helpful.

Kim

I want to let you know to be careful which accounts you start with. Lowe's and Home Depot BOTH require a PAYDEX score already established, so you can not apply for them right away and WILL require a personal guarantee, if they grand credit at all. At that, they will most likely reject you as well. There are specific steps to successful credit building. If you have good credit, doing personal guarantees for your accounts is ok, but if you don't have good personal credit, you'll need to start with certain, specific accounts; but it CAN be done without having good personal credit; however it is always a good thing to fix your personal credit!

I've put in thi info on a separate thread 'building your business credit' and the first accounts you should open I've added, as well as the Bible of building business credit (the best book I've found out there to build your business credit on your own, without paying someone hundreds or thousands of dollars to do it for you): http://www.deangraziosi.com/real-estate-forums/financing-and-credit/5696.... And, a couple of techniques I've found out myself about when you get rejected for credit that I did to change that NO to a YES. All the info on how to build business credit successfully is in that book, (except how I got NOs turned to YESes) and it DOES work!

It is very important to do this right, or it will take longer to build business credit. Glad to see there was another thread on this; when I posted that thread I couldn't find much here on building business credit.

But, DON'T start with Home Depot or Lowe's, you WILL not qualify unless you've already built your PAYDEX score and some of them require you to be in business 2 years. Good luck to everyone!

Does anyone know if the fact that the D & B website recognizes my company name and address, that it means I have a # or do I still have to sign up for it?

This is all such great advice! Thank you!
I have a question please...how long would it take to build - say $70,000. in business credit towards purchasing a property?

My attorney and me are re-building my personal credit. So I plan to work on that and build business credit too.

I joined the Success Academy on August 17th. My initial goal is to work on Assignment of contract (a few of those), then use say $70,000. of business credit if needed, I hope to use the $70,000. to purchase a place through my business credit and live there if not rent the place. So esentially I would use any savings from the Assignment of contract ventures and the $70,000. in credit to transition from one that does Assignment of Contracts to an REI.

Would you please offer any advice you have on that?

I appreciate your time,

Mary

I've been investigating business credit for some time now and what you are saying is totally correct, it is not an easy A, B, C and just connect the dots.
More scary is for anyone trying to get quick business credit by purchasing an aged corporation as the charges are huge and vendors tend to make off with peoples money. The web is awash with ads and reported scams.
I tried to get business credit without spending a lot of money and aquired a dissolved corporation in Arizona by paying the due back taxes, I applied for an EIN number on line, set up my office and phone line and then paid for a DUNS number to establish my credit line. My research led me to believe that if I made 5 online purchases of around $10 each in my Corporations name, with several of the big names like Home Depot, Target, Office Max, Sears, the purchases could then be applied to my DUNS account and I would be granted a credit score of 80+Paydex, thats an eqivalent to 750FICO.
Once this was achieved I could then apply for business credit in the form of fuel cards, home depot products for flipping, bank loans for investing etc., etc., and so my property portfolio would begin in earnest.
What I found was that after making the five purchases with the big names, the companies concerned take approximately 90 days to register the transaction with DUNS (if at all - small stuff can easily get forgotten about) and you cannot lodge your purchase receipts with DUNS yourself.
DUNS will try and charge you $400 for a credit builder account where you select three organisations for them to contact on your behalf and they will check your transactions and history directly with them in this way. DUNS say that it is their fast track to credit building.
A colleague of mine tried this and even though he had the credit builder account and has an 80+Paydex score he is finding it especially difficult to obtain business credit. Excuses being offered are that his purchases are too small, they are too infrequent, and the like.
He has acquired a $500 line of credit for gas and a similar amount for Lowes/Home Depot.
Gaining business credit is difficult unless you engage a specialist to assist you and that is ultimately going to cost you money.
It is really my intention to tell you my findings and I really look forward to hearing from anyone who has a good experience and success in raising credit in this way.
If you want to PM me I can tell you the scammers that I have discovered on the web who prey on those like us that are trying to get on the next rung of the ladder.

About 6 months to 1 year of paying all accounts you establish on time or early; at about 120 days you'll want to add more accounts when you get a PAYDEX score, and then in another 120 days start applying for the loans; HOWEVER, you will need a very good business plan. REI is a tough one to sell the banks on, so your business plan is IMPERATIVE!

Whoever told you $10 was wrong. They must be at LEAST $50. And, at that, if you have good credit you can secure business credit cards with a personal guarantee. And, the business plan is essential. It is NOT necessary to pay another firm $1000s of dollars to build business credit or pay D&B to help you build your credit; but you will have to prove yourself when going for loans, and a big key in doing this is writing a business plan, buying software for it or hiring someone to write it for you if you choose. Spend the money there (after you establish your credit after the 1st 120 days) if you feel you need to spend money to build credit. Building the PAYDEX score will not require you to pay someone money to do so.

Check out my business credit thread here: http://www.deangraziosi.com/real-estate-forums/financing-and-credit/5696.... and it will show you where to get started after getting your D&B number for free.

..for the info..I learn something new everytime I come to the DG website!!

Just did it. It was free but they never asked for my EIN# unless I missed it.
I assume they will contact me if I missed it.