HELP...Nervous Newbie question

[credexia7]

Total newbie question here. I was able to go from FICO 580 to 700+ in that last 2 yrs. I have a registered LLC and my main goal is to acquire a 150K+ in business CC’s that don’t report to my personal credit. I’m OK with using a personal guarantee to acquire them.

I’m currently at EX(706) EQ(712) and TU(706) No bankruptcies, no late payments, under 30% utilization. Have a Cap1 platinum (750 SL), a personal line of credit from my CU (12k) and CSP (12K)—Got that in March 2017.

Spoke with a business credit consultant that said they could help me qualify for anywhere from 35-60K in CC’s. (Most of which would be personal cards though) with a few business cards. He also said they would take 9-11% of the total I qualify for as a fee to get me approved.

Is it worth going through a company that promises to help me acquire personal and business credit lines and charging for it? Seems like a ton of people on the forums are doing great without it.

My ultimate goal is to acquire 150K+ in business credit. But if I have to start by getting personal CC’s, I’m OK with that as long as i have a plan. I hope there are some strategies that I can use to put me in the best position within the next year or so.

To be honest, I’m nervous about going on an app spree. (probably because i’ve never done it) and I’m afraid of what all the HP will do to my score.

I’d love to hear some thoughts and suggestions. What would you do if you were me?

[peghede]

Don't be nervous m8 you'll might get an ulcer.Relax you'll be fine.

[Anonymous]

9-11% is too high, we only charge 6% here as long as you process the applications yourself.

[Anonymous]

9-11% is wayyyy to high to pay to gain more credit. Remember it took 2 years to raise your score 150+ points. Slow and steady wins the race. Also,it seems like you're doing everything right. Let the cards you have age. That should help raise your card as well. Request credit limits for the cards you already have. They should be soft pulls.

Good Luck!!

[Anonymous]

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@credexia7 wrote:

Total newbie question here. I was able to go from FICO 580 to 700+ in that last 2 yrs. I have a registered LLC and my main goal is to acquire a 150K+ in business CC’s that don’t report to my personal credit. I’m OK with using a personal guarantee to acquire them.

 

I’d love to hear some thoughts and suggestions. What would you do if you were me?

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What's on your business credit reports now?  Is your business easy to verify?  Do you do your business banking at a large commercial bank?

[SouthJamaica]

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@credexia7 wrote:

Total newbie question here. I was able to go from FICO 580 to 700+ in that last 2 yrs. I have a registered LLC and my main goal is to acquire a 150K+ in business CC’s that don’t report to my personal credit. I’m OK with using a personal guarantee to acquire them.

I’m currently at EX(706) EQ(712) and TU(706) No bankruptcies, no late payments, under 30% utilization. Have a Cap1 platinum (750 SL), a personal line of credit from my CU (12k) and CSP (12K)—Got that in March 2017.

Spoke with a business credit consultant that said they could help me qualify for anywhere from 35-60K in CC’s. (Most of which would be personal cards though) with a few business cards. He also said they would take 9-11% of the total I qualify for as a fee to get me approved.

Is it worth going through a company that promises to help me acquire personal and business credit lines and charging for it? Seems like a ton of people on the forums are doing great without it.

My ultimate goal is to acquire 150K+ in business credit. But if I have to start by getting personal CC’s, I’m OK with that as long as i have a plan. I hope there are some strategies that I can use to put me in the best position within the next year or so.

To be honest, I’m nervous about going on an app spree. (probably because i’ve never done it) and I’m afraid of what all the HP will do to my score.

I’d love to hear some thoughts and suggestions. What would you do if you were me?

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If I were you,

(a) I would not use a consultant

(b) I would open multiple "net 30" accounts for my business

(c) I would STOP using personal credit cards for business purposes, since it's a bad practice for accounting and since it's a violation of your terms of service with the bank

(d) I would from time to time apply for business Visa, Mastercard, and Amex revolver accounts; none of these report to your personal credit except Capital One Spark -- so stay away from Capital One Spark

[Anonymous]

I'm Sorry, I'm the only one that is going to be real with you. Open one or Two lines of credit for your business. If you need money to help grow your business your going to have to stick your neck out a little. Get a business loan and get some skin in the game. There's no need for 150K of credit.. that's silly considering you can get a wayyyy better rate on a business loan.

[Creditaddict]

Zero reasons to use a consultant!

Just apply for 2 Amex Cards

2 Chase cards, ink and marriott

Barclay Jet Blue

Citi AA

Bank of America Alaska

Just do them all at once!

[Anonymous]

What exactly is the fee even for???

Pretty much all they're doing is looking for business CC's that you're eligible for and applying for them.

I'll do it for you for a 0.5% fee

Three big questions:

What's your businesss total revenue? Estimated or actual.

Are you under 5/24?

How long has the business been open?

If you answer these it'll help a lot in people giving you advice.

[Anonymous]

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@Anonymous wrote:
I'm Sorry, I'm the only one that is going to be real with you. Open one or Two lines of credit for your business. If you need money to help grow your business your going to have to stick your neck out a little. Get a business loan and get some skin in the game. There's no need for 150K of credit.. that's silly considering you can get a wayyyy better rate on a business loan.

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I don't see how you are the only one that is going to be real with the OP...  The OP didn't ask about money to help their business grow.  They said

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@credexia7 wrote:

I have a registered LLC and my main goal is to acquire a 150K+ in business CC’s that don’t report to my personal credit. I’m OK with using a personal guarantee to acquire them.

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This forum is often a catch all for anything business related and if you spend a little time around here and read the the business forum posts, you will find it mostly about individuals trying to get business credit cards for whatever reason or people in a pinch for a quick loan.  It would be nice if the Business Credit Forum in general was more real, please keep posting here, I look forward to your input and some further discussion of Business Credit.