Credit Builder through Dun and Bradstreet is finally starting to pay off. I have had to submit copies of invoices for all business account credit cards, vendors such as my trash company and my business cell phone bills for the past 2 months. They want 4, but they will post what you send.

Since January my score has gone from 35 to 60. I expect to reach 70+ within a few more weeks of reporting.

The true test will come when I apply for equipment funding for the laundromat I just purchased. (98% financing - blog entry for another day). The business history should be sufficient to qualify for $26,0000 without a personal guarantee.

Given that approval and a few months of good history my business credit should allow me the opportunity for increased credit lines to take advantage of other opportunities.

Update to follow after Easter.

Posted by bpro325 at 9:06 PM EDT

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Log into http://www.smartbusinessreports.com/ . This is the home page for Experian, specifically for Business Credit monitoring.

If you already have lines of credit in your business name, you will be able to see if they have you in the database. You can see that without cost , but will not be able to see detail.

I signed up for the $99.00 annual fee for unlimited monitoring of my company,William Arthur, LLC (www.william-arthur.com). I will monitor and report on my progress and relay the information here.

Currently I have a paltry Experian Business Credit Score of 35 as I only had 1 reporting creditor. I have since made some calls to get my existing lines to report ( you will need at least 5). I'll give it 2 weeks to see how it changes.

My current lines...

• Exxon/Mobil Fleet credit card
• Office Depot credit card
• AT&T wireless. (Cell phone listed as a business account also helps with the 411 listing)

Pending Lines

• Advanta Business Credit Card
• American Express

Posted by bpro325 at 9:23 PM EST

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I very much recommend The Credit Boards forum at http://creditboards.com/forums/index.php?showforum=27

It's very much for beginners and for those who don't want to pay online consultants hundreds of dollars for what can be done just as well by yourself.

Which is what makes us succesful entrepreneurs in the first place.

Posted by bpro325 at 10:27 PM EST

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We'll start with the bullet points.

• Incorporate your business. Protect yourself and seperate your personal and professional credit ratings.
• Establish a verifiable business phone. Open a new cell phone account in the business name if you are working out of your home. Phone needs to be listed in the 411 directory.
• Open Business checking account. Put some money in it. Higher average daily balance you can muster...the better.
• You will now be able to start applying for credit in the name of the business. Use your EIN# and copy of first business phone bill to complete your applications. Good places to apply for new business accounts are Exxon Mobil and Office Depot. (comprehensive list to follow).
• Establish a DUNS # with Dun and Bradstreet. (tactics and techniques to avoid overpaying for services to follow).
• Existing business credit in conjunction with DUNS# and business banking will help you to establish a business credit rating called paydex. When your paydex score reaches 80 (out of 100) you will be able to establish lines of credit without a personal guarantee.

This is the quick overview. For a more detailed plan to build your business credit and seperate and protect your personal credit, call me at (302) 229-3567 or email info@william-arthur.com.

Posted by bpro325 at 9:25 PM EST

Updated: Sunday, 15 February 2009 9:13 PM EST

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