HELP...Nervous Newbie question

[credexia7]

I have no business credit. I'm registered with my state as an LLC. but im not able to show W2 profit for the last 2 years. So I read/heard that Busienss credit with a personal guarantee is one way to get started.

[credexia7]

Thank You SouthJamaica

[credexia7]

Thanks!!

[credexia7]

From what I was told, the fee seems to basically be a cost for their "matching service". They look at my score and goals and suggest the banks/offers that I have the best possible chances for approval, according to their expertise and experience. 

My businesshas been open for 2 years although I havent shown profit on my returns. Not under 5/24. 

Thanks.

[Anonymous]

What exactly is "W2 Profit"?

[driftless]

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@SouthJamaica wrote:

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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

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+ 1  Amex and Chase can be new business friendly.  

[Anonymous]

Please update with results. Personally I'd go with the company if they can get you decent limits.

Great job getting your credit good.

How long did they say it would take?

What are your combined limits on credit card right now?

[Creditaddict]

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@Anonymous wrote:

Please update with results. Personally I'd go with the company if they can get you decent limits.

Great job getting your credit good.

How long did they say it would take?

What are your combined limits on credit card right now?

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They can't do anything you can't do yourself... and since you are on the forum, you already know as much as them with us!!! DONT PAY!~

Barclay, Citi, Amex, Chase all don't care about business credit.

Sams Club, Staples, Mobil, 76 Gas, are a few that come to mind that may or may not require PG