My Business Credit Journey to 1,000,000

Building business credit is a process, but the process is getting harder and harder. I was chatting with a reader today and his words were as you see in the heading; “Why can’t i break into the revolving accounts”. For those of you who see “DT” posting comments, it’s him. The corp was inc’d in december of 2008, 5 trades with $100 high(although he was approved for 19 accounts and used and paid off for all) and an 80 paydex, and 3 trades on experian business.  You will think that with these stats he will get approved for even staples business credit account. NOPE. Staples denied him and ask for a PG, Exxon asked for a pg. he got 5000 from ikea but thats a net 30.. He was also denied for Conoco 66, Shell, Home Depot and most recently, Dell.

We can look at this and say that he needs more trades, but he spent money on 19 net 30 accounts. He has not even gotten staples? that’s just insane. Lets see how much he has spent so far. Let’s assume that inc’in the corp cost $100, and he spent $10 per net 30 (which i suspect is really more. but we can ask him). He spent $290. He also informed me that he paid DnB for a full credit file and self monitoring which ran him $180. At a bear minimum he spent $470 and took 5-6 months in business credit building. Where could he have saved time? A number of options are out there.

1. DnB credit builder. Which may have caused more trades to show up and therefore give him a strnger file.

2. Get a company to do it for him. this will take away the agony and some more strategic moves for bigger trades may have been made.

3. Buy a shelf corp. Without shelf corp secrets this would have run him at least $2000 and with it he would have paid $650 +$300 for the corp.

Now is not time to play games with building business credit. Let’s do it and let’s do it right.

- Marc