What's your personal credit score? People seem to forget that virtually no lenders will give you a thing without a personal guarantee which in turn leads to a pull of your personal reports.
Business credit cards are virtually nonexistent these days too. Citi is still issuing some, but they'll still pull your personal credit.
I have to say that Robert Paisola (aka Westcap here) may have had an idea or method that worked back in 2001 when he posted it but won't work now. Those were the days of free and easy credit but as we all know those days are long gone. Getting new business credit is a totally different animal these days. He also states that you need a strong company profile and balance sheet. That means having a good source of corporate income showing a profit margin. For so many people these days, a strong balance sheet is out of the question. Paisola makes it seem so easy and if you go at it the right way, showing a strong balance sheet can be done even if you are unemployed or totally disabled is very doable. One of the requirements for that to happen is to have strong computer skills way above average. I'm sure that most here would agree that I have that requirement in my corner. If you have good computer skills then earning great money isn't very difficult. Getting great corporate credit without personal guarantees is also easy to do without any need to use credit cards as your vehicle. Quite frankly I would never give any personal guarantees for anything. I'd do without credit cards before I'd do that. I also believe that there no El Cheapo credit cards such as Cap1, Orchard, First Premier and most of the others is almost a sure way to financial disaster. Furthermore I don't want any of my corporations to have any involvement whatever with the 3 credit bureaus. I don't have any way to prove what i say but I seriously doubt that any of the major credit card companies even have FICO or FAKO scores.
That's the problem with finding a post that's nine years old and bumping it and assuming that things are just like they were nine years ago. We can only wish...
What's to wish for? Easier credit so we can all just walk into any store with little or no money and walk out with all the goodies? The candy store is still there and it is just about as easy to get credit as it ever was. I'll grant you that it isn't that way for the average man on the street anymore as it once was but I don't see that as being any disadvantage or any hurdle too high to jump even if your personal credit is shot and you have no job nor any hope of ever getting one again. I'll grant you that if you are homeless, a bum out sleeping in a cardboard box in some alley it can be really tough but where there is a will there is a way. When the going gets tough the tough get going. The rest just sit around and bitch.
Hi everyone. I've been reading this thread all over. I'm new here and I do have some questions. 1. Is this approache to Corp Credit still possible? 2. Are there any change to the method of getting corp credit since first post by WestCap in 2001. Thank You Ninja
As was just mentioned in the last few posts (from this year), business credit cards are almost non-existent. You'll need a personal guarantee. And no, things aren't like they were in 2001.
so what you'r saying is that Wells Fargo BusinessLine® Line of Credit is useless? and I should not approache them for line of credit. Thanks Ninja
I don't think I said it was useless. I said business credit CARDS are almost non-existent, and you'll probably have to give a personal guarantee. It's up to you to decide if it's worth it, based on your business. If you need the cash, why not?
