Credit Card Center Advertiser Disclosure†
09-02-2012 06:06 PM
I am starting two new business this year and next year and I would like to know how would I go by applying for a business loan and what is need? I have currently have a Discharge Ch.7 and currently have business plans for both.
09-03-2012 06:51 PM
When was BK Discharged?
You will have to start with trade accounts, not sure on what kind of business' you are starting, but credit could be hard.
Capital One - Reports to Personal also but they might give you small like as you get up over the 650's
Find Credit Union that does Business products too!
09-04-2012 08:17 PM
It is very hard to get a business loan or credit. Sadly, a lot of new business fail. A lot of banks and credit card companies require two years in business before thinking about extending credit. Without knowing what kind of business you have, Capital One has a credit card they are more lenient on with requirements. There was about 4 months between the time I got my FEIN and the time I opened and I got my Capital One about the time I opened. I also got a Staples card about 3 months after I opened. A gas card may be an option for you. Even opening up a merchant account requires a credit check - I opened my merchant account including an Amex merchant account about a week before I opened.
If you have a good relationship with the bank who has your personal account(s), you may want to open your business accounts with them - that is what I did. If you do that, talk to them about your options for getting a business credit card, a business loan and a merchant account if you will need to accept credit cards.
09-05-2012 08:57 AM
What about a daycare ?
If those are your current scores, I'd be more worried about personal credit and not with new business credit, because just about everything you apply for under a business will require your personal credit too. You can try the small business card from Capital One, otherwise, you may need to open up one or two secured cards that will report. Start by opening up a business account at your bank.
09-08-2012 12:32 AM
I was discharge on June 26,2012
09-08-2012 12:36 AM
I was Discharge in June 26, 2012 and i two credit cards with capital one and my CU
09-08-2012 12:42 AM
I am waiting to open a towing company in Hawaii and a trucking company in Georgia that will haul in 48 states. I will be using the loan for operation and equipment.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.