As part of my efforts to build credit in my company's name, I applied for credit cards at Lowe's and Office Depot, as well as the 3% cash back credit card offer I got in the mail last week. Today I received a letter from Lowe's (actually, from GE Capital Financial, who runs the Lowe's credit card program) saying my application was rejected because my company did not have a Dunn and Bradstreet credit file. Lowe's was supposed to be an easy card to get. Oh well! One down, two to go.
Truthfully, I think I am only trying to get credit for my company for purely academic reasons. Since this company pays for everything in full, it really doesn't have a need for credit. But learning the process will help me with future businesses that may need it and that is why I am trying.
Wednesday, September 07, 2005
Rejected For Lowe's Card
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3 comments:
Aw, that's too bad. You know, though, the fact that you were rejected for the Lowe's card might not be a bad thing. I'd bet the D & B credit file has been created now for your business simply because you applied for credit.
Bummer but keep it up, sooner or later you'll build credit for your company.
That's what I hope to do for my company in a few years.
Tom
www.dbreakfast.com
You have to start with small net 30 accounts like Viking, Nebs, Quill. Wait till they report then go for Citi backed store cards. Citibank is extremely lenient with business credit. They even grant mastercard credit based exclusively on business credit if it is strong enough.
You never know when it will come in handy. If only to defer payments until a property is realizes cash from flipping or rent.
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