Hi David, I have a question for you about small business with WFB.. How BKPT, friendly are they and if we applied for a cc or a line of credit (business) will the Bkpt hold us back and what kind of scores are they looking for? Thanks for all your help. Roni
First, how long ago did you file for bankrupcy? Is the bankrupcy where you still promise to pay back over a certain period, or did you get the one where you've discharged all your debts? I think its between the chapter 7 or 13 - I don't know which is which. Were you in debt to Wells Fargo in any way? This would definitely affect any credit decision. If your bankrupcy happened more than 12 months ago, and you are current on every thing else right now (I'm not an expert with bkpt at all), I would recommend applying for a SECURED business credit card. You can open it up for any limit between $1000 to $100k (per $100 increments). Your secured deposit will earn 4% interest and you'll be able to develop business credit as well. Then, after a year I would apply for an unsecured business line of credit.
Hi David, thanks for the prompt reply. My Bkpt. was discharged in 97 and I have established 10 postive trade lines since then, no lates or degors. No history with WFB. Ive also established 3 cc for the business in the past two years with great payment records. So you think I should go for the unsecured? I would really like a LOC for the business. Thanks for any imput. Roni
