Hello,
I need some advice. I have a business of 3 years however just Inc. about a year ago. I work in film and video... I own about $25k in equipment and about 30k in stock and such. My business has no credit. Everything I have done has been out of pocket, on personal cards (years ago) and a few business cards but they don't report to my business's credit.
Recently, I needed to purchase some equipment and thought rather than buying outright with cash assets, I would attempt to get a small business loan just to build my credit. I would pay it off very quickly.
My banking is through chase and I spoke to my biz specialist. We put in the app and I was declined based on my personal credit. It was with Transunion, I have a score or 709 with them but, from back in college, a bad mark from a disputed $313 account that was paid. It is a long story but the company it is with is not willing to take it off my credit. It is really a 50/50 fault of mine and theirs. But I'm just one person and they are a corporation so you do the math.
In either case, my credit, as I am young, is also short and seems to be a factor in my credit all the time. And that is understandable but I have shown over the past few years that even when I spend 7k in a month, I pay it off immediately.
So, the advice I need, is how the hell am I going to get my business credit anywhere if all these banks care about is my 5 years of credit history and a bad mark from 4 years ago. I would have to wait until 2013 before that drops off my credit history. So what do I do? I don't need a big loan... I don't need the loan at all really, but I do need to build my business and these banks aren't interested in quality but some general statistic that doesn't matter. Any and all bills I have are and will be paid. I'm good for it. Any suggestions? Thanks for your replies!
P.S. I only asked for a 5k loan... really I only need about half of that but the smallest that chase would give to a small biz was 5.
