Step by Step Guide to Building
Rental Biz Credit
I've found two really great books about building your business credit and if you're serious about separating your business from
your personal credit they'll definitely be worth the investment. On the other hand...if you're not waiting to spend any extra $$
right now, the information below will be a great way to get started.
As your company grows
you will want to build credit in your company name so that you can keep your credit clear on the personal side. Although you’ll have to sign a personal guarantee in almost all cases, this type of credit won’t show up on
your personal credit report. One exception is American Express. They have a tendency to show up on business AND personal credit.
Here are
the first steps. Most party rental companies will already have this part
done.
1. Establish Business Name
2. Obtain ein# from the IRS
3. Establish a corporation
4. Open bank account in the corporate name
5. Get a FREE DUNS number from Dunn and Bradstreet
https://sbs.dnb.com/secure/eupintro.asp?bhc...hcd2=1079765286 (by the way...DON'T pay for their Credit Builder program...you don't need it)
6. Establish a business phone # (not at home address) use p/o office, virtual office etc
 Once you have the above steps completed, you can start applying for Credit. What you want to do is open some small accounts and use them (just like starting personal credit with a
low limit credit card). Once you show good usage and payments these companies will report to
D&B and Experian. As you develop a good payment history you’ll be able to get more and more
credit, even larger credit lines under your business name only. You’ll be working to
build paydex and intelliscores of over 75.
These Vendors Report to Bureaus & Provide Trade Reference. To obtain a paydex score (credit score) you need 5 trade
references. Apply at the vendors listed below. All five are good companies to start
business credit.
http://www.kinkos.com/products/accounts/legal.php (Kinkos)
Call 800-917-DELL for Dell ( www.dell.com ) (Dell Computers)
http://www.dhl-usa.com/sbc/smbiz.asp?nav=sb (Airborne Delivery Services)
http://www.uline.com
http://www.viking.com (Office Supplies)
http://www.officefuel.com (Office Supplies)
After you've started with the above companies, start working for a few more. Remember the goal is to charge...and pay
off...over and over so that you can build yourself a good business credit score.
Accurate Office Supply � (800) 325-2551 � Requirements:
PG: No
Paydex: No
Net 30, revolving account, 3 trades and 1 bank trade. Call to have application faxed to you. Reports to D&B, but does not report to
Experian.
Best Buy � (800) 811-7276 � Requirements:
PG: No
Paydex: Yes � 65+
At least 2 years in
business. Hold off a bit on this
one...Best Buy is one of the tougher companies for approval.
Chevron �
(888) 243-8358 Requirements:
PG: Yes
Paydex: No
At least 2 years in business, DNB
check revolving acct � net 30. Apply on-line. Reports to D&B and
Experian.
Conoco, Inc.
�
(800) 764-9500 � Requirements:
PG: No
Paydex: No
Net 30-full balance, apply on-line located in 23 states, ask for locations. Reports to D&B
and Experian.
Diners Club � (800) 234-6377 � Requirements:
PG: Yes
Paydex: No
Corporation accounts (minimum 5
cards) 3 years in business, $200,000 net worth, each card holder gives
personal guaranty. Call to apply. Does not report to D&B or Experian.
Exxon Fuel � (800) 438-3996 � Requirements:
PG: Yes
Paydex: No
Net 30-full balance, 1 year secured
or 3 years in business. Apply on-line. Does not report to D&B. Reports to Experian.
Fry �
s Electronics � (714) 688-3000 � Requirements:
PG: No
Paydex: No
3 trades, 1 bank trade, net 30-full
balance. Must submit financials and balance sheet before approval. Does not report to D&B or Experian
Grainger.com
�
(310) 327-7370 � Requirements:
PG: No
Paydex: No
Net 30-full balance. $1,000 min.
credit limit, business license needed along with 1 bank trade and 2-3 other trades. Reports to D&B, but not to Experian.
Home Depot � (800) 685-6691 � Requirements:
PG: No
Paydex: No
2 years in business. Revolving account and/or net 30. Apply on-line. Reports to D&B and Experian.
JC Pennys � (407) 788-4022 � Requirements:
PG: No
Paydex: Yes
At least 6 months in business and
paydex score required with no delinquencies. Call to apply. Does not
report to D&B or Experian.
Kinko �
s � (800) 488-3705 � Requirements:
PG: No
Paydex: No
Revolving account net 30, apply
online, will check D&B number and verify business address. Reports to D&B only when requested by D&B. Does not report to Experian.
Lowes �
(800) 445-6937 � Requirements:
PG: No
Paydex: No
Revolving account or net 30. 3 years
in business. Reports to D&B only.
Macys � (800) 933-6229 � Requirements:
PG: No
Paydex: No
2 years in business and some
credit history. Call to have application faxed to you. Reports to
D&B and Experian.
Mobil Gas � (877) 959-1007 � Requirements:
PG: Yes
Paydex: No
Net 30-full balance, 1 year secured
account or 3 years in business. Apply on-line. Reports to D&B and Experia n.
Neiman Marcus � (800) 685-6695 � Requirements:
PG: Yes
Paydex: No
Must be in business 2 years and
signer on account gives personal guaranty, call to have application mailed to you. Does not report to D&B, but does report to
Experian.
Nordstroms � (800) 964-1800 � Requirements:
PG: No
Paydex: No
Net 30-full balance, 3-4 trades,
verify 2 (trades should be net 30 accounts as well) call for application. Reports to D&B and Experian.
Office Depot
�
(800) 729-7744 � Requirements:
PG: No
Paydex: No
Revolving account, net 30. Must be incorporated. Print on-line and fax. Reports to D&B and Experian.
Office Max � (877) 633-4236 � Requirements:
PG: No
Paydex: No
Must have some credit history. Apply
on-line. Payment has to be made after invoice is received. Reports to
D&B and Experian.
Orchard Supply � (408) 281-3500 � Requirements:
PG: No
Paydex: No
Net 30, 3 trades with at least 3
months activity and 1 bank trade. Call to get application. Does not report to D&B or Experian
Phillips 66
Gas � (800) 648-4199 � Requirements:
PG: No
Paydex: Yes
Duns report pulled, 3 trades, 1 bank
trade needed. Reports to D&B and does not report to Experian.
Radio Shack
�
(888) 773-2435 � Requirements:
PG: No
Paydex: No
Revolving Account, net 30.
Reports to D&B and Experian.
Sears �
(800) 917-7700 � Requirements:
PG: No
Paydex: No
2 years in business, revolving acct,
net 30, call to get application faxed to you. Reports to: D&B and Experian.
Sinclair Oil Gas Card
�
(800) 340-3466 � Requirements:
PG: Yes
Paydex: No
At least 4 trades, net 30-full balance, personal guaranteed required from each cardholder. Does not report to D&B or Experian.
Speedway Super America Fleet Gas Card � (800) 643-1948 � Requirements:
PG: No
Paydex: No
Net 30-full balance, at least 1 year in business.
Staples �
(800) 669-5285 � Requirements:
PG: No
Paydex: No
Revolving account net 30. Reports to
D&B and Experian.
Texaco � (800) 839-2267 � Requirements:
PG: No
Paydex: No
Need some credit history.
Apply on-line. Reports to D&B and Experian.
Union 76 � (800) 944-7676 � Requirements:
PG: No
Paydex: No
2-3 trade references, 1 bank
reference, duns check done on large businesses. Does not report to D&B or Experian
Wright Express Fleet Card
�
(800) 395-0812 � Requirements:
PG: Yes
Paydex: Yes
Some credit history, 3 years in
business, net 26, full balance. Reports to D&B
Once you've developed some credit, small Business Credit Cards can be a lifesaver.
You can even get cards that offer you miles and points. Citicard and Advanta are fairly easy to get and will generally give you
a good credit line.
Small Business Credit Cards– Find the corporate or small business credit card that fits your needs. Choose from a wide variety of
business credit cardsthat offer low interest rates or rewards. Compare and apply online.
Remember...you can learn even more about building your business credit with these two books...
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