Re: Re: Business Credit, The Backdoor A SInce the application asks how old the business is I think the older the better. Nothing is more scary to a bank than a new business. There are people that sell dated corps that already have credit established too.
Re: Re: Re: Business Credit, The Backdoor A I have yet to find a website/co. that does that. The only ones I've run across are aged corps, EIN and bank accts. If you cannot post links on this board, could you email or message me any companies that have established biz credit corps.
Re: Chase Sorry guys, in advance, this is a long one...... Are you meaning personal cc accounts with b of a? I thought they required owners over 20% being on there! In fact, I have seen that a lot lately, did you just ignore it? I think that's a great plan, are both businesses incorporated? I don't have a b of a card, but one partner does. He's also the one that had amex so he got their biz card, and is getting ready to put in for their loc I think. I was hoping we'd get an offer (or two) like you for b of a. When we do we should hold on to it and wait for the second! I guess they probably only want to do one per biz. Good personal score pooch! What kind of usage do you typically carry on your personal report, if any? I am trying to learn from you because you have done well! I need to let the personal accounts that I got this spring age! I am paying off all but two cards (personally) this month. I cleaned up my EQ and applied to 3 I thought pulled EQ. Guess what? They ALL pulled EX!! My worst. WF biz loc, Advanta and Bank One Biz denied for balances and age of cards. I called WF and they are "reconsidering" whether if I show them statements showing my balances paid off that would be adequate or not. I did learn something. DONT tell them (WF anyway) you used personal credit cards for biz. "It indicates poor cash flow, whether that is true or not they cannot distinguish, but their experience is- it shows risk." Good grief, we carry it for no longer than 3 mos then pay it off. What if I call Advanta and Bank one and let them know that we are each only carrying 2 balances at this time, very low percentage of usage, and one is my HELOC. (everyone likes secure!) Then if they ask, just tell them we took advantage of some 0% offers short term but they are paid in full. I thought maybe if I could show them they were paid off they'd reconsider. If not I guess I wait until everything is over 6 mos and try again? It kills me that they pulled EX because I have more inqs on that than anything as you all are certainly aware. I want to close my subprime cards but they are the oldest, except sears. If I close them I am afraid my score will go down. Help! What have you guys experienced? If closed are averaged into the age, I have two accounts not opened, showing closed on my report, but 1 month old. That's gotta hurt! On the flip side, I WANT my subprimes to count if I close them because of their age. Doesn't it stink that a score drop isn't an accurate picture of us as a credit risk.....at least in my opinion. We take advantage of some 0% offers and poof...70 points gone. Best news......Cleaned out my tu inqs and applied for US Bank biz loc and Farm Bureau biz loc. Keep in mind, some balances were high, with new cards galore and got approved with the lower score. US Bank only 25k because my score was lower than my partners (they use the lower.) So they gave that one SBA guarantee, but....she said to up my score and apply for a second line. I'm guessing when it comes back up they'll do another one without the SBA. Farm Bureau also approved, interestingly I don't remember them asking for an amount, but they approved us for the amount of the transfer I requested 15k. So of course I am going to call and ask for more. So if anyone has 660 or higher I'd say both of those banks will loan. Also...if you missed it on the other thread....Generations Bank (who doesn't report personal cc's I hear) also has a biz loc. Don't know anything about them or who they pull. I've been toying with the idea of going for the Union Planters Plat Plus (MBNA) after my scores go back up. Anyone use mbna for biz?
Re: Chase Amy, Advanta business turned me down too because the age of accounts was too short. Applied for the Chase Subaru personal card because they said it's for people with a short average age. Got denied because age was too short. I complained and they are doing a manual review. I don't want a Subaru, but I want to get my foot in the door with Chase.
Re: Re: Chase I've heard a few of you say that you went through a grilling with the credit analyst. Did they do this by phone? What did they want to know?
Re: Re: Chase Amy B, What credit report did US Bank check and what state are you in? I was wondering if I should apply for their LOC as well.. thanks..
Re: Re: Chase My company has purchased cars leased by my company after the lease has expired. Ever since I incorporated I have always leased with a purchase to buy. www.creditsense.com
Re: Re: Re: Chase Yes, it was all done over the phone. It would have been a lot easier if they had just sent a form and said "answer these questions" but that wouldn't have accomplished what I think they really wanted. They verified my sales and profit for 2002. Then they wanted the same info for 2001 and 2000 as well as my personal income for the same time periods. They asked how we advertise. They asked who I worked for before opening the business and what I did in that job. My feeling was they wanted a comfort level with me as the owner/guarantor and wanted to make sure I knew my business and that it was legit. I volunteered a little extra rationale regarding our advertising in terms of why we used certain media and didn't use others. I'd never had to go through that with anyone before so it was a little unnerving... I doubt they ask everyone the same thing, logically it would be tailored to the business and the application. Hope this helps a bit anyway... DemPooches
Personal Guarantee Every business card I ever applied for or received all asked for owners ss number and personal guarantee. Are there any that dont pull owners credit. I am trying to avoid any hard inquiries right now. Rob
Best business card? Also what is a good business card that has points or some sort of promotion. My fleet business card caps points at only 10K a month Rob
Re: Re: Chase Big.....before I got a bunch of new personal accounts this spring I got a thing for chase and they approved me. What happened with your sub. card? Hang in there, let the accounts age and they'll grab you up!
Re: Re: Re: Chase MBNA is like this and they want to know EVERYTHING. What are you doing and why are you doing it, for how long and for how much yada yada.
Re: Re: Re: Re: Chase I thought Wachovia was with Bank one. hm. What did mbna give you? Was it a biz cc or loc?
Re: Re: Re: Re: Chase I'm assuming they wanted to verify what you put on the app, but how did they do so, specifically for your profit and income?
Re: Re: Re: Re: Chase Amy, I'm still waiting for an answer fom Chase. They ran a second INQ on EXP which makes me mad because they already did one on TU. Got approved for 3k from National City on a personal card yesterday. Still waiting for my 5k Umbrella card. Got turned down on Office Depot unless I use a PG. Their concern was no Paydex yet. I told them I had Staples and they said Staples underwriting is easier than Office Depot. I told them the card wasn't worth a PG. FYI...while I was on the phone with Office Depot they called 411 to make sure I was listed, which I am.
Re: Re: Re: Re: Chase If I may be so bold, PLEASE be careful how many personal cards you get that report. It has really dumped my score and affected my getting biz credit as I mentioned above. Focus on getting the biz credit instead of the personal, even if you have to give a pg. It's not hard and we would have probably ended up with more credit than we have now. We were contemplating applying for the generations card personally only because it doesn't report and THEN the biz line. (Since we wanted to be able to show pay stubs from the company for the first one.) As badly as I want to get another citi and amex card (just so I can say I did it!) I don't want anything else to affect my personal credit, any more than inqs have to etc. Why don't you try US Bank and Farm Bureau. They pulled TU for me and don't seem as score driven. I had a couple high balances, which hadn't updated to zero yet.
