Getting Business Credit

Before you start applying for business credit lines you have to have a paydex score of 80. I started my online business last year in October and as of June 13 I have a paydex score of 73. I have listed below the steps that you need to follow to obtain a paydex score.

Please make sure you have completed all of the basic steps to form your company and credit profile, prior to applying for credit anywhere. If this is followed, you should be able to obtain most of the accounts listed below. The process requires at the very minimum 6 months, if you are a new company, expect it to take 6-18 months. Business credit is not a ‘one-time’ event in your business; it is an ongoing process that grows with your business.

STEP 1: YOU MUST FILE WITH THE SECRETARY OF STATE.

YOU MUST HAVE A DUNS NUMBER

YOU PHONE NUMBER MUST BE LISTED IN 411 DIRECTORY

after you completed step 1 you can apply for these accounts. Most of these accounts are Net30 (you have to pay invoices within 30 days). The best thing to do is to spend about $100 or more 1 or 2 times with the same company and have at less three NET30 accounts.

Reliable
Uline
Quill

Grainger
Gempler’s
HD Supply
Seton
Interstate Batteries

Step 2: once you have a paydex score at least 5 D&B trade with a $250 High TL. You Experian and Equifax files should be established. You can start applying for these type of accounts.

Office Depot
Valero
Citi backed gas cards
FleetCor; Citgo, BP, Chevron
Any cell service (Easy to obtain: ATT Mobile)

Step 3: 7 D&B TradeLines reporting, $500 highest TradeLine, and at least 3 TradeLines on Experian and Equifax (EX/EQ)

Northern Tool
Newegg
Most Citi backed store cards with the exception of Home Depot
Sears (requires age)
Best Buy (requires age)

Step 4: 10 D&B TradeLines reporting, $2,500 highest TradeLine, and at least 7 TradeLines on Experian and Equifax (EX/EQ)

Key Bank (with PG, no pull)
Home Depot net 30
Apple Lease (requires age)
Costco (requires age)
Radio Shack
Sunbelt Rentals

Step 5: $5k Highest TradeLine, 15 D&B TradeLines, and at leaset 10 TradeLines on EX/EQ

Lowe’s Revolving/Net 30
Amazon Revolving/Net 30
Wright Express
Home Depot Revolving (PG, no pull)
Tiger Direct

Step 6: High TradeLine $10,000, 20 D&B Trade Lines, 15 TradeLines on EX/EQ

Target (requires 2 years in business )
Walmart
Sam’s Store card
 

Step 7: High $20,000 TradeLine, at least 25 D&B TradeLines, at least 20 TradeLines on EX/EQ

Dell
BMLB
Sam’s Discover

Step 8: You must have your financial statement attached to your DnB credit profile.

Ford Motor Credit (3 years in business)