NCH (Nevada Corporate Headquarters) and unsecured business lines of credit

[Amber Butler]

Has anyone worked with Nevada Corporate Headquarters on Unsecured Business Lines of Credit? My husband and I have paid $3000 to this company because they promised a business line of credit of $50k and I think I have been scammed. They have pulled my husbands credit before, but now they are sending me to their sister company Epic Capital Solutions to work with the funding. This company wants my husband to sign up on true credit, pull his report, and give them his username and account password so they can look at it. They said it is within regulations what they are asking me to do. It frustrates me because this company has so many departments and none of the departments seem to know what the other is doing. I want to bow out, but if they are a reputable company I want to keep going. I am a little disappointed right now because they were recommended by Fortune Builders who I absolutely loved until this point. Please any helpful advice would be great. Right now I am thinking we should just go to a bank and apply for an unsecured business line of credit.

[Maureen Healy]

Hi everyone. I just went with NCH to form my Nevada LLC with S-corp taxation and signed up for their silver package for $1,200, which includes a bunch of stuff, including coaching to make sure you are compliant with all of the tax rules. (Also, of that amount, $500 goes to the state of Nevada for the cost of forming the LLC).

I asked for a little bit of info on building biz credit and got it during the same phone call, and was not pitched any additional products, which I appreciated.

Based on what little they told me, it seems like you can definitely do it on your own. Once you have your biz entity formed, register with the IRS for an EIN #. Then register with Dunn & Bradstreet, the #1 business credit agency.

Start by building tier 1 credit (open a biz line of credit with retailers--they said specifically Uline and Granger will both give biz lines of credit right away on new biz entities), then tier 2 (such as Home Depot, Lowes--they typically like to wait until the biz has been established for a while, or else you have to personally guarantee) and then tier 3 (the highest level--I assume this means loans from lending institutions).

And **make sure the vendors you get credit with REPORT your positive histories to D&B***. That is KEY.

Your biz credit score is called a Paidex score, and is scored differently than personal credit. You want to build up your Paidex score to 75-80; that is considered very good/excellent.

He also said: Make the min payments or a little over that; DO NOT pay off balances in order to start building the credit history. They need to see payment history over months/years, just like with personal credit.

He also noted that D&B can be finicky to work with. I have not checked out their web site yet or sought additional info, but this is a very good start, I think.