Reply
Established Contributor
Posts: 937
Registered: ‎07-24-2012
0

Re: High Limit Credit Cards?

That's a tough market to fund. I don't think you will get much love from the big banks. Perhaps research some other options of business financing on the boards here. 

Valued Member
Posts: 28
Registered: ‎10-19-2012
0

Re: High Limit Credit Cards?

Curious what others recommend on the cc side.

 

On the traditional loan side, lending environment is tough, but if your business has some track record, you might start talking to SBA microlenders. I am basing this on my recent experience in looking at financing for my 2 businesses (one that doesn't really need financing other than cc and working capital and the other that will require quite a bit of debt eventually).

 

I was surprised what I found when talking to one offered the our state Minority Business Organization - actually quite a bit of variability in requirements for business track record . . . many do require the 2-yrs, recent positive cash flow, others will do something after as little as 6 months (higher rates).

 

A couple of other things to think about - have you formed a legal entity, does the business have its own bank account, can you produce any kind of financials based on activity thus far?  All are relevant when you start talking the traditional loan route (whether you are going to pursue now or down the road).


Starting Score: Equifax FICO 694
Current Score: June 15, 2014: Equifax FICO 825; June 2013 TransUnion 872, Experian 768
Goal Score: Equifax FICO 750


Take the FICO Fitness Challenge
Valued Member
Posts: 25
Registered: ‎06-01-2012

Re: High Limit Credit Cards?

Search for "Dealer Floor Plan" companies. They will give you a line of credit, with the cars purchased as collateral-- thats probably your best bet. There are several that specialize in small used car lots. 

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.