Walmart Business Card Hi Kev, I discovered the Sears application that's online is outdated and has been revised. The big difference is the new one asks for trade references and bank info. At the end it also ask for a SS#. Did you submit the new one or the old one? I'd rather not give them more info than needed. Especially, my SS#. On the Walmart. Where did you find the app.? I could only find the app for a personal card.
Credit Stuff The Sears application asked for SSN but I left that part blank. My Walmart card was approved without PG. I applied today for Sams Club. Without PG. The application was in pending status forever. I called GE Capital while at Lowes to find out what the issue was. They wanted to verify some information. Approved $6K. Funny thing is in the last couple months I have been approved through GE Capital: Lowes Business, Lowes Commercial, $5,000 each. Exxon Mobil $2000, Walmart $5,000, and Sams Club $6,000. $23,000 all unsecured with NO PG! I got my AMEX Blue Cash for Business in the mail today. Approved $12,900. They gave me 0% for the initial balance transfer and 7.9% for any balance transfer I process from now until June for the life of the balance transfer. Not too bad!
Credit Stuff I faxed it around 8pm one evening.. and I received a phone call early the next morning telling me it was approved.. She was calling because I requested $7500 but all she was able to accommodate was $5000. Very quick!
Credit Stuff Kev, You seem to be getting much higher starting credit lines for Sam's Club and Walmart. Most of the lines for Sam's Club are starting at $1,000. Are your gross sales much higher or do you have large credit lines from suppliers previously established? We are trying to figure out the key as we were approved at Sam's Club for $1,000, Home Depot for $5,000, Amazon for $7,500 and Best Buy for $10,000. We also have Staples, Office Depot, Office Max and all of the other starter credit lines from Quill, Viking, Uline, etc. There doesn't seem to be a general rule as to the wide spread in starting credit lines being offered.
Credit Stuff When I first started out I had low limits. I asked Home Depot for $7500.00. They gave me what I asked for. I am finding you don't ask you don't get. On the application put more down. You might be surprised what you might get. Once you get one high limit on your report you will get more.
Credit Stuff I now have nine trades reporting to my D&B report. Only one high limit reports which is Home Depot.. $7,500.00
US Bank I applied for a US Bank Business Visa Card. Talk about a conservative bank! They approved me for $3000. I am going to write a letter asking for more.
Ok so maybe a litte guidance. I have read through all pages of this discussion and have not come to a read understanding of the need in my situation. I currently am looking to get a resellers license to resell computer items online through a webstore made by myself and also ebay. Profit anywhere from 10k-100k per year hopefully I also have done and may continue to do independant contractor work in the area of 9k max per year. I would like to form a business to take advantage of the many tax laws. I am not sure whether to form a LLC or an S corp. I will be doing most all of my business via credit cards and have no need for loans at this time. I will also be the only employee in this business. I have a great deal 25k of personal credit I currently use to make these transactions but having my balances high on a regular basis moves my fico into the mid to lower 600's. I would like to move away from that and use business account cards. I may in the future use travel to visit warehouses for the means of making purchases and inspecting my future investment. I would like to have this deducted if possible. I am also not worried about not being financially liable. But if I can limit the liability for little cost to me would be a plus. Health insurance would also be a plus, but not necessary. Who what where why and when should I do about filing. Some say do it yourself, other say get a acct and lawyer. Opinions thoughts? Thx
If you can get your scores up over 680. Then consider applying for American Express Business Gold Card. For me, on their business products they pull Equifax. On their personal products they pull Experian. This is my experience only which might be different for you depending on your state. I live in California. Two advantages of the business gold card are: 1) This account will NOT report to your personal credit bureau report therefore won't effect your fico scores. 2) Since you are doing such large volumes of purchases with your computers than consider enrolling in the membership rewards program. They've just expanded their program by allowing you to transfer points into ANY airline program. Before you could only with thirteen programs. You have a choice between the two membership rewards programs. The first one is $40 annually and the second one is $75 annually. I rack up about 10,000 membership rewards points monthly. It sure comes in handy for the free first class trip to Hawaii at the end of the year! I can't commit if you should form a corporation or a LLC. I don't know enough information about the two. I am a California Corporation. I am happy with what I have.
Re: Business Visas / MasterCards I applied for MBNA Platinum Plus Business MasterCard. Geeze! They grilled us about our personal and business finances and only gave me a lousy $5,000! I sure thought they would approve way more with what they put us through. I hope MBNA gives regular credit limit increases.. Every six months hopefully? I also applied for Chase Business MasterCard and Bank One United Airlines Business Visa. I am pretty confident both will give me very decent limits especially since I already have a personal Chase account with a $0.00 balance.
Re: Business Visas / MasterCards THANKS! I applied online after I checked my FICO and it was around 690. I got accepted for a AMEX business gold card. Finally I can get my credit straight. They said it would take 10 days to get the card though. Is that accurate. I called to get the number and that was a nogo. You can send personal credit to the business credit. That would be even better.
Re: AMEX Business Gold They do take about ten days or so. They will verify you as a company. They will do a 411 on your company, if they cannot verify they will send you a letter asking for verification. Bank statement, utility bill, phone bill, etc.
Re: AMEX Business Gold Well I am a Sole P right now, would you suggest me getting things in order ASAP. I have no problem doing that anyways. I was thinking about going LLC, as I am the only person in the company and it seems the extra cost over s-corp would work out to be the easiest with all the quarter taxes, payroll, ect I would have to setup. What do you think?
Re: AMEX Business Gold Kev, congrats on the MBNA. With all the junk mail I get form them they seem pretty stingy. My latest update: Got a Lowes for 1500 without PG. It only took about 5 days to get the cards. That gives me 5 accounts without a PG. Waiting for Sears. They called the the day I faxed the application to tell me I sent an outdated app and to resend the newest one.
Re: Lowes Speaking of sears, i was shocked to be approved for $15,000 yesterday thru the mail. Now i/we are using my wife's PG because her credit is much, much, much, much, much, much, much, much (get the picture?), much, much, much, mucho, much, much, much better than mine even though she really has nothing to do with the legitimate business i founded, which actually does turn a small($500-$1000 net) profit per week. But a profit nontheless. Actually my score is 617 (average of all three) so it's not that bad. I had no idea, nor did i care about building business credit (because, again, i established a business 2.5 yrs ago to make money), until i stumbled upon this site. So I'd like to thank everyone for contributing. And please continue to do so vigorously. As a matter of interest, my income before i established the business was actually higher than my wife's but the point is moot because i/we don't/can't use my credit to give PG's
