I'm in desperate need of help in building my credit! I'm trying to understand why am I being turned down by most carriers saying that I have a new MC and they can't seem to get any credit info on our company. Ok we are new but don't I have a bond for security?? I have a factoring company also!!! What else can I do?!? Without good credit I can close shop.
Credit
Discussion in 'Freight Broker Forum' started by Sammybp, Sep 19, 2016.
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I would imagine it's just gonna take time.
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With brokers like you I just get 50% comcheck upfront and the rest on 30 days. You gotta sound professional on the phone though. When I call on a new broker and person sounds like an amateur, does not know all the details of the load, I ask for the 75% upfront or just don't book load at all
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If I use a factoring company who cares how long im in business I can be 1 day in business or I can be 20 years in business as long as I use a factor the carrier is guaranteed his money!!! there is something I don't understand
I'm in desperate need of help in building my credit! I'm trying to understand why am I being turned down by most carriers saying that I have a new MC and they can't seem to get any credit info on our company. Ok we are new but don't I have a bond for security?? I have a factoring company also!!! What else can I do?!? Without good credit I can close shop. -
If I use a factoring company who cares how long im in business I can be 1 day in business or I can be 20 years in business as long as I use a factor the carrier is guaranteed his money!!! there is something I don't understand
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You sound like an amateur already. Who cares that you are factoring. If you are getting paid, does not mean you will pay the carrier
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You gotta understand somethin Sammy...most cats out here who have done this for a while have been screwed to the deck more than once by brokers not paying, and that causes the guys that you'd want to haul your frieght to alter their business model to minimize their risk as much as they can, and that means doing exactly what @DUNE-T is talking about. They're not saying you're not gonna pay, they're just smart enough to have stayed in business this long to know how to mitigate risk. And that's really what it's all about.
All that being said I wish you luck you sound like a decent fella. It ain't easy but I've always maintained its worth it.brian991219 Thanks this. -
And now that I've read my own reply I have to emphasize times ten what @DUNE-T mentions about sounding professional and knowing everything about your loads before you talk to carriers about them. There are plenty of brokers out there that have no idea what they're selling and you can begin to differentiate yourself right there.
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Your a clown lol, just so you understand the way factoring works is my factor pays us 90% of the invoice minus and I repeat minus the carriers pay, they pay the carrier directly we don't have any access to the carriers money
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Dang Sammy you just let me down callin dune a clown...just so YOU know how factoring works everywhere else the factoring company sends the broker all the money minus their factoring rate and the broker is responsible to pay the carriers. I'm rather surprised you didn't know that.
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