Building Business Credit

I was able to get both an Amex Corp Gold Card & a Fleet Business Visa Card this past Nov. I have a small business that has yet to make a profit

I like Fleet because the credit does not reflect on your credit report, so it doesn't affect your debt to income ratio. They will only report it if you become delinquent or default.

Hope this helps.

 

Maybe try for a Capital One Business Card. Their credit standards maybe a bit more relaxed.

Just a suggestion, as I have not applied for their Business Credit Card....yet

 

Must your business be incorporated, or registered as a sole proprietership, or anything else? What are the structural qualifications for such cards?

 

Advanta is pretty liberal.

Also, you may wish to work on your personal credit as well. Most initial business credit is, unfortunately, based on personal credit. expecially if you're not incorporated.

 

My business in not incorporated. When I apply for business credit I never list myself as the owner or sole proprietor. I always consider myself an "employee" of the company. I list myself as President/CEO. Hehehe!

I did apply for Advanta Business Credit Card in Oct., but was turned down.

I hear GE Capital has a pretty easy Business Credit Card also.

 

I have a business blue and small business gold card from american express. Listed myself as the president of my company making which makes about 85k a year.

There is no need to incorporate. I just checked the box saying that I was a sole propietor.

 

Leo728,

Which Amex business product did you have first. How long did you have to waite to get the second product.

I currently have Amex Corp Gold, but would like to also have Blue.

Were either one a preapproval?

 

The gold was a preapproval. At first I ignored it because I wasn't sure if I could get it, I thought you had to be incorporated or something. But they kept sending me the same preapproval over and over again.I finally gave in and submitted the application. This proves to me that the amex preapprovals are pretty trustworthy.

 

I applied for the blue for business ,online via the website, about a month after I received my small business gold card. I got approved for $4400. I got 4.5% apr for 6 months and a goto rate of prime +3.9. They also give you a check book to access the credit line, no fees. Very usefull.

 

$wealth$

When you applied for the fleet business card,

I was wondering if you put your home address as the place of business. I just went ahead and applied and used my home address as my place of business,I am a contractor, and work on-site. Aso do they ask for tax returns etc?

btw sorry about the mulitple post, for some reason, I can't get my message to post if I put the above messages in one post.

 

Do you use your social to apply? Or EIN? How does that work?

 

They use your social. Well amex did. There might be other companies out there that use ein numbers.

 

Leo728,

When I applied for the Fleet Business Card I used my home address as my business address.

Strange thing...I really went to their website to apply for their Fleet Fusion Card. There off to the side was this promo/banner for the Business Card. It was late at night and I just finish reading some posts on this board, so I said what the heck.

They don't give instant approvals, co I called a week later to see what gives. The rep said "Approved". Gave me my limit and I said "Wow". The limit was more than I had on any of my personal cards. Needless to say I was thrilled and the best part it's "Hidden" debt.

 

More important Items I've discovered as a small business owner:

1) Registered with Dun & Bradstreet to get a DUNS number (free) www.dnb.com

2) Establish a business telephone listing.
3) Establish a business bank account.

Apply for small accounts to get established - Kinkos, Office Max, Corporate Express, etc.

If you are not an established business, I've found they usually pull the personal credit history of the owner or primary officer.

 

Leo728,

Was wondering if you received a decision on your Fleet Business Credit Card application yet.

I know it's only been 1 day, but I've got my fingers crossed for you.

Keep us posted.

 

that fast? where do I check?

 

I just checked worthknowing.com, fleet pulled a copy of my transunion report. I hoped they would pull experian, oh well.

 

Try calling Fleet Business Card customer service @ 1-888-222-1012 to check on the status of your application.

Good luck!