Several years ago I book marked this (now archived) FWF thread on obtaining credit for a business, back then I was in the planning stages of a new business (a Concrete Plant). That thread talked about companies that would give new businesses credit, but not necessarily improve the D&B score.
Now we've been in business for over a year and are looking for (easy) methods to increase the number of trade lines on our D&B report (to increase our score). Specifically, we are looking for nationally available accounts that we can open (besides credit cards and loans) that will report to D&B. For example - Home Depot, Staples, etc. (if those companies actually reported to D&B.
Besides credit cards and loans, what accounts do you have that report to D&B?
Thanks!
Additional Info: D&B = Dun and Bradstreet, a provider of business credit information and credit reports. The reports are somewhat expensive for small businesses to pull or push, so it's not always easy to get payment information about your small business reported to D&B. A majority of the non-payment information they have is submitted by the business itself.
Lowes (requires personal info (DL, etc for "Patriot Act Verification"))
We'll give it a month or two and then apply for other national accounts that report to D&B. Right now our Paydex score is 80 (after disputing an incorrect listing that had us at 65), I'll update how (and if) these new accounts improve our score.
If anyone runs across a listing of companies that report to D&B (other than the lists I posted), please share!
LaJollaInvestor
Senior Member
posted: Aug. 7, 2007 @ 8:26a
Lowes and Home Depot sent us "pre-approved" offers after we opened our first 2 biz accts-- a Wells Fargo line and an AMEX Starwood.
It's funny, but our paydex never changes-- it was 80 (without cards) and still is 80.
LaJollaInvestor said: Lowes and Home Depot sent us "pre-approved" offers after we opened our first 2 biz accts-- a Wells Fargo line and an AMEX Starwood.
It's funny, but our paydex never changes-- it was 80 (without cards) and still is 80.
Perhaps bc we haven't used the L & HD cards yet?
An Update:
Our Paydex has remained at 80 as well. Our # of accounts has increased, but the Paydex never changes.
isnt a Paydex of 80 the standard? Is there any need to get it higher?
Nummerkins
Senior Member
posted: Feb. 11, 2008 @ 10:03a
Paydex Score Chart
100 Early
90 Early
80 Prompt
70 Slow to 14 Days
60 Slow to 21 Days
50 Slow to 30 Days
40 Slow to 60 Days
30 Slow to 90 Days
20 Slow to 120 Days
UN Unavailable
I'm not sure if there's any advantage to getting a higher Paydex score. All that means is you pay off your bills earlier, with 100 meaning you pay your charges immediatly after they post. 80 means you pay before the end of the grace period and aren't late.
I don't currently have a Paydex score, though I may try and obtain one to research it's effect on getting biz cards.
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