My Business Credit Journey to 1,000,000 » Stats Update

Ok. I got my DnB Rating. YAY

mike — Wed, 26 Nov 2008 08:24:25 +0000

Ok,

So I told you guys that I acquired a 40 year old corp with an old file but the corp did not have a rating. I sent the financials for the CORP to DnB and I finally got a rating. For those of you who do not know what a rating is, its not a Paydex score. You get a rating based on the the company’s income and number of employees. This should change the game a whole lot now. I have a guy with corps with financials. This is where all of us need to be now that the credit crunch is tightening up. We need to stop being cheap and cutting corners with building busines credit and get it right. We need to stop replacing bad credit with business credit and fix out personal credit and instead of getting a RCF I really think we should spend the extra $20 a month for the actual phone line.

- mike

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Awesome new guys.. My business credit is being built…finally

mike — Wed, 23 Apr 2008 03:06:29 +0000

I know you guys have been wondering, “wassup with mike’s journey to $1M?” and I was a bit worried myself. DnB were taking forever to report but it seems like they finally came through a lot this weekend. Biz 1 only have 2 tradelines reporting and biz2-5 had none. Biz 1, 2 and 3 all have 80 paydex’s after this weekend. it’s AWESOME.

The fun has just begun..1 million here i come…

YAY

- happy mike…

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Bill Me Later Business. APPROVED. YAY

mike — Fri, 28 Mar 2008 10:53:54 +0000

Ok,

I posted when I was approved for my client for a Key Bank MasterCard of $5800 and Monday we went to apply for a Bill Me Later Corporate account through apple’s website. These are the stats on the business:

Inc’d 03-07, 6 tradelines reported on DnB, the highest is $950 and an 80 Paydex.

The client ordered a MacBook air but we did not get the size of the line of credit. You must also remember that bill me later is not revolving. You have to pay i tin full in 120 days so I guess you can call that a Net 120. lol..

- mike

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Biz 1 and Biz 2 reporting..

mike — Wed, 26 Mar 2008 12:00:23 +0000

Yesterday I wrote that there are 2 vendors reporting for Biz1 and last night I checked Biz2 and there is one reporting to DnB. I then realized that there are 3 reporting to experian for Biz1 and 2 reporting to Experian for Biz2. It seems that these guys either report to experian first or experian is simply more efficient at posting changes. I believe it’s the latter.

- mike

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Biz 1 Has some stuff reporting

mike — Wed, 26 Mar 2008 01:25:53 +0000

After taking forever to pay off my accounts on Biz 1, 2 of the net 30 accounts are now reporting to DnB, YAY. One of them says Unknown(I suspect that is att) and the other is US Plastics. We can now assume that US Plastics is one of the companies that report the quickest out of all the net 30 accounts that report to DnB.

- mike

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Cash Credit Approval.No PG. What a milestone!!!

mike — Mon, 17 Mar 2008 20:31:39 +0000

A client contacted me a few weeks ago, he already had an 80 paydex score, inc’d in 03-2007, so he was a little under a year old when he contacted me. His problem was the same as many of you, tired of the vendor lines and wanted cash credit with no pg. Now look at the stats:-

California LLC

Inc’d in March 2007

Paydex Score = 80

Telephone line is an ATT lines so it checks out all around.

5 Trades reporting to DnB with the largest value being $200.

This company was approved for $5800 Cash LOC. A mastercard, with NO PG……

WOOOHOOO…….I must admit, we added a little of my magic touch to the application….But what an accomplishment to get a cash line with such limited credit. You can also do it, so do not fear, start building business credit NOW.

- mike

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Some Small Activity

mike — Mon, 10 Mar 2008 05:39:45 +0000

Ok,

I inc’d another biz during the week and i got an email stating that I have to change the name. I am simply posting this to keep you guys updated on whats going on with my own journey. I also plan to pay the devil some time this week..lol..on one of my corps……..

- mike

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Business Credit Stats Update 2

mike — Mon, 03 Mar 2008 15:51:52 +0000

Ok,

this is just a small update of my journey. I still have biz 1-4 and all of them have phone numbers, tax ids and dnb numbers. I ordered merchandise from vendors for biz1-3 but I have been slacking on biz 4. I plan to inc 3 more corporations today. I am yet to get any revolving accounts. Remember, I could have gotten at least 2 revolving accounts for each business but I chose to wait.

-mike

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