Future buisness

[Anonymous]

Hi new to the forums.

I am 22 years old and im trying to get my credit right for a buisness credit card. Here is some credit backround history.

I have 3 credit inq. 2 of which will be off by the end of the year and the other will be off by may of next year.

*From Nov to now i have a citi furniture retail card with a CL of 3000 which has a 0 bal. on it.

*From Dec 06-July07 i had another credit card with a CL of 200 that was paid off then closed

*From Oct 07 till now i have a credit card with a CL of 400 and a balance of 133 left on the balance which will be paid of in a flash

*From Nov to now i have a best buy card with a CL of 1800 with 0 bal.

* Had a 9 month term personal loan that was past due 90 days and no other activity has been reported since Sep 06

*Had a 2 year auto loan that i paid off early in Jun 06

*Have a 60 month auto loan that was open in Dec. with a 8500 bal on it that has been paid sat. to date.

*Have a personal loan since Nov with a bal of 4000 that has been paid sat. to date

*Have a credit card since Dec with a CL of 4500 and a Bal of 2900 been paid sat. to date.

*Have a Key Derog from Verizon Wireless that was a paid charge off and no reporting since May08. Also on that it says in the comments acct in dispute reported by subscriber. Is that comment going to affect it coming off of my report in 7 yrs?

The open personal loan and open bal on my credit cards can be paid off in full in a few months but i am looking for adivce as what the best route to take to have my credit over the 700 hump and be able to get a biz. credit card. My score right now is a 682. I appreciate any help anyone can give me.

[2wheel]

I would look at the post on business cc with no PG First before I start backing my personal finances for business credit. Depending on what kind of business you are venturing into Some of those cards might help. Office supplies, fuel etc... Are you incorporated? With a EIN Number? Or using your SSN Number for you tax ID.

[Anonymous]

I am trying to see how i am going to get credit first before coming Inc. My buisness is going to be in Const. and building additions to people's houses, replacing windows etc.  My thought is how can i get buisness credit without my buisness having any credit whatsoever.  2-5k on a buisness LOC just isnt enough for start up costs in this industry.

[2wheel]

Correct there. I would look at what your going to need First. Since your building additions I would assume you are going to be looking at Home depot and lowes for most of your purchases. I would only apply for cards you need to start off with. What are your current Fico scores for your personal credit. Its possible to get a revolving credit line with home depot they are backed by CitiGroup and IMO Is a easier card to get than lowes who is backed by GEMB. Just looked up top seen you posted your fico score..I think you might want to get that verizon removed ( goodwill).. NOTE***  I would inc yourself before you go into business because of the liability factors That in play. Starting up a business takes time. I would INC First and start looking around for suppliers to lend to you.

Message Edited by 2wheel on 07-26-2009 06:10 AM

[Anonymous]

Inc. myself is not a problem.  My buisness partner has been in the biz for 7 years and has all the connections in terms of Sub-Contractors,Materials,Electrician etc so home depot or places like that arent needed which is the whole reason im trying to get it on a PG once all my stuff is paid off except for the truck. My biz partner has worked for some profitable companies in the biz but they made stupid mistakes and got greedy and since he was the Director of Operations for both companies he knows how it works and he has learned from their costly mistakes so i think we have a good shot to be profitable. Now on to the goodwill thing.

Do i write this letter to verizon or to the collection agency they sold the debt to?  What exactly should i say since im no longer a cell phone holder and havent been for a couple of years now? I do have FIOS with them and have for about a year and a half now and never have paid late so would that play a factor in getting it removed? How about the loan i was past due 90 days on that eventually got paid and didnt get sent to collections.  Can i do the same thing with that to?

I would really be happy if those 2 things got removed. Thanks for all your help so far 2wheel.

[2wheel]

Send Godwill letter to collection company or who ever is showing on report. As for the 90day late do the same.

I would explain that you have paid the debt off and would like to have it removed from your credit report.

On the 90 day late I would Gooodwill the OC And ask them if they would update your credit file to show current without the 90 day late showing. Most of the time they will not do it but its always worth the try. I had a couple of sucess stories about goodwill letters but it took time and patience.