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cfpros · Feb 11, 2007, 07:41 AM

How do I get a unsecure business card for my new business with a less than perfect personal credit ?

excon · Feb 11, 2007, 08:02 AM

Hello cf:

Of course, you're asking how to get an unsecured CREDIT card when you've got lousy credit. The answer is, you're not going to. The credit card company doesn't care if it's for your business.

excon

cfpros · Feb 11, 2007, 08:58 AM

Some many people tell me there is a way to apply using business credit and so on. Is there? All these company out there solicitate there out look and seem so optimistic about how they can help me estiblish business credit without even touching my personal credit. Is that even true? If so, then my I ask u a ? What is your qualification pertaining to this regard?

excon · Feb 11, 2007, 09:38 AM

Hello again, cf:

Thanks for asking. My qualifications include more years than I care to remember as a mortgage loan officer and credit consultant. I just offer my opinion, though.

I suggest that you CAN rebuild your credit. Here's how you can do it, though it's going to take a while.

Depending on HOW you formed your business is key. IF you did nothing, other than to declare your business, that's fine. You are a sole proprietorship. You ARE your business. Therefore, YOUR CREDIT, if bad, will stop your business, which is not legally distinguishable from you, from getting credit. As long as you are linked to your business, your personal credit problems will overlap into your business.

Of course, your personal credit problems CAN be rectified, but that's another question.

You should incorporate your business. A corporation is NOT you, and it stands on its own, in terms of its creditworthiness. However, because it doesn't have a credit history, your corporation isn't going to get an unsecured credit card either. Not in the beginning, at least.

Credit card companies monitor NEW corporations, as their information is public. At some time or other, probably a year or so, your corporation will get solicited for a credit card. That's when you can get one. Still, if you intend to make major purchases, they're going to want a personal guarantee from YOU. If your personal credit isn't fixed by then, you'll be turned down.

You CAN rebuild your credit, but it's going to take a concerted effort, and some time.

excon

cfpros · Feb 11, 2007, 10:38 AM

Mine is a corp, what steps should I take to show my company can show on it's own. What do I need to do to show the public record or these credit company out there that my company exist. You mention, if my name is link to the company. How else would you do it other wise? How does it work? Is there more than one way to apply for a business credit card, they all ask for your ein then ss. Is there a different way to fill out the application to show that the company is applying and not me? What other tools or resources can you help me out on. Are there any credit burias I need to register to to show. If it helps at all I do have 4 store credit accounts, but still not a actual credit card

excon · Feb 11, 2007, 10:51 AM

Hello again, cf:

Ok, if you don't want to wait for them, then fill out an application. You can do it online, at your bank, or over the phone. Your corporation doesn't have an ss so don't fill it in.

They are going to do a credit check on your corporation, and I'm sure the stores you have accounts with don't report to the major credit bureaus. So, I doubt the'll give you one, as I suggested earlier.

Of course, the best and most efficient way is to apply for a SECURED card. I don't know why you don't want to do that. It takes only $500, and you can begin to establish credit based upon using that card. That is the fastest way I know for you. What's $500 to a businessman?

excon

cfpros · Feb 11, 2007, 11:05 AM

So you are saying when I apply for a business credit card don't put in my ss where they ask for a officers identification. If so, then how should I fill it out?

excon · Feb 11, 2007, 11:10 AM

Hello again:

Well, if they want YOU to identify yourself, then that's what they want. I told you THREE times already, they aren't going to give you or your corporation a credit card.

I also told you what to do. Do you not have $500?? If you don't, what the hell are you doing in business??

excon

cfpros · Feb 11, 2007, 11:25 AM

What is this $500 secure credit doing for me? Is this suppose to help me on my personal ? Or business? If you are getting fustrated with my ?'s

excon · Feb 11, 2007, 11:39 AM

Hello again:

Yes, I am getting frustrated. That's not your fault. You've been exceedingly polite. Forgive me. I'll try to help you.

You and your corporation are two separate entities, as we've discussed. If you want to improve your personal credit, open a secured card under your own name. If you want to establish credit for your corporation, open the secured card under your corporate name. The bank doesn't care.

Open the account and spend most of the money right away. IMMEDIATELY replenish the account. Do that again, and again for a month or two. CALL the credit card company. ASK them for a credit limit. They might give you a limit of $300 beyond your security. Spend it immediately. Replenish the account and pay the full credit balance. Do that for a month or so. Call the bank. Ask for a $500 limit. Spend it immediately, and replenish the account. Call the bank. Ask for your initial $500 back, and so on, and so on...

It isn't going to happen overnight - but it will happen.

excon

PS> (edited) The above scenario really depends on how serious your personal credit situation is. If it's exceptionally bad, it's going to need some attention first...

cfpros · Feb 11, 2007, 11:58 AM

Thank your that, that will help. Let me give that a try any ?'s I will try you back again