Starting Score: EQ 507 TU 559 EX 524 06/28/12 Discharge Ch.7
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.
SSH0126 wrote:
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.
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