Posted by Shambhu Nath on August 14, 2005 at 14:35:02:
What kind of upfront fee do they charge? I once paid $ 199 but they sent me to D&B who charged me $ 499 to set up five trade lines from our past accounts. Now we got D&B rating of 78. I think it may be better to go to D&B directly, get a D&B number, give them some trade references and then get some high intereset credit cards like officemax, Dell and office depot, staples, FEDEX …
Once you have good paying history, the lender will start calling you.
This is for investors who are having a hard time finding lines of credit. This includes me. I’m a investor who is having a very difficult time getting lines of credit. My credit is excellent but due to my business only having 3 months of seasoning, banks are turning their heads. I have one for 10K, but its unsecured and tied to my SSN. I have just hired a consulting firm from CA (I’m in WI) to help me get 200K lines of credit which will be tied to my LLC. Its a 60 day process and I think the fee they charge is fair. A small deposit down and then you pay the majority of their fee at the end once they establish the lines of credit. I see a lot of people on this board and many others struggling to find lines of credit. If your interested then e-mail me and I will send you his info. Thought I would extend the offer to folks who are in the same boat as me. Motivated, eager to learn, but don’t have the funds to get started.
I agree. You have to be leary of such programs and who exactly your dealing with. I feel comfortable in dealing with this firm. I checked his company out on the BBB, checked his references, and we have talked over the phone on numerous occassions. You have to feel comfortable with anyone you deal with when it comes to money.
NEVER PAY UP FRONT FEES FOR LOC CONSULTING. EVER EVER EVER. You guys who are looking for business credit need to do some more research before you start throwing away good money. Ive been studying business credit for almost a year now, and recently I applied with someone similar to what youre talking about to find me a LOC for my business. No up front fees, but after a week or so of searching, he only came up with 2 companies I had ALREADY APPLIED TO (one of which I alrdy HAD a LOC with and was presently using it). Save your money, or be disappointed in the end. Trust me. What are the up front fees anyway? I got a LOC application from a “LOC broker” (for lack of a better term), and it was the exact application from the bank I have my LOC from, except they changed the first page so that the banks name isnt shown, but all the information is the same. and they wanted like 5000 dollars to “broker” this transaction. Be careful with how you guys spend your money. You can develop great business credit with a little bit of reading on the internet and less then 500 dollars (all of which is spent to pay invoices for small items ordered from companies like quill, uline, viking etc.)
Good info Nick. I might have dumb luck with this stuff. The first line of credit that I got about 4 months ago was for 10K and it was presented to me with the terms and required a small fee to get it started. I paid it and the next week I had my credit card and checks.
Now with this firm and deal I don’t know what else I can do. I checked the firm and the rep out on BBB. I checked his references, and also I was referred to him by a fellow investor who is as straight as an arrow so that helps ease the mind a little bit.
I feel comfortable with this firm and believe me I’m as skeptical as the next guy. Monies are precious when I have 4 kids and a wife that come first. I’m not telling anyone else to do it as everyone has to make their own decision. I know this…in my case I haven’t spent a year on business credit. Nor do I have the time to wait for an extended amount of time. If I can get this credit within the next 60 days, pay a fee, and not miss out on deals on a monthly basis, then I’m golden. Plus I won’t be at the mercy of hard money lenders, private money, or rehab loans. Skip all that crap and cut the check and be done with it.
There’s no doubt there is risk involved. There is risk getting in my car to go grocery shopping to Ok I’m getting cynical now. Sorry bout that. I’m moving forward and getting these lines of credit.
Ok I’m getting cynical now. Sorry bout that. I’m moving forward and getting these lines of credit.