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New Member
Posts: 2
Registered: ‎10-27-2011
0

Looking for a new card for my business

[ Edited ]

Well, new to the forums. I have been using MyFico for a while ever since I was a victum of identity theft. I have been fighting (and by me, I mean my law firm) the credit bureaus to have a lot of the invalid information removed. So far I have gone from a low 500 to a 630 (on my Transunion and Equifax), and they're still fighting. I currently have a Best Buy card, a NFCU Credit Card and a Military Star Card. I have never missed a payment in my "credit" life, which is a little over 3 years old. I also have a Toyota Fiancial loan and a NFCU personal signature loan, which are in good standings, just like all my other accounts.

 

I am looking to get a credit card for my business I am starting, and was wondering where I could go for a business card with the credit score I have. I have read that my score is lower than average, and that has kind of put me off from apply at AMEX for a business card. I was looking at Capital One and/or Chase, everywhere I go says "EXCELLENT CREDIT" and it has turned me away from some cards. I tried applying for a NewEgg Business Line of Credit and was turned down due to my businesses lack fo financial history, we just filed as an LLC this year. I was given a loan through ACCION, USA for the business and I have already paid it off, original limit of $3k and paid it off after two months. I am looking for around $1,500 to $2,000 credit limit on the business card, more would be nice but I am not pushing it.

Frequent Contributor
Posts: 387
Registered: ‎08-25-2011
0

Re: Looking for a new card for my business

check out Cap1 SPARK CLASSIC (it is a gold color card....the other cap1 Spark cards are either green or blue). This is the only biz card I know of for fair credit.

It has a high 22.9% interest rate, no AF, and you get 1% back on all purchases.

Stay away from Chase for now. You need excellent credit for thier INK biz cards (I got one with a 748 score)

 

http://www.capitalone.com/smallbusiness/cards/spark-classic/?external_id=GAN_1000002122_SBCGAN_j6138...

 

 

Epic Contributor
Posts: 24,400
Registered: ‎10-23-2007
0

Re: Looking for a new card for my business

Do you have EQ Fico or TU Fico from this website? That would really help a lot.

 

Capital One may give you card but if credit not goo could be very low limit and it will pull all 3 CR with Hard and will report account to personal credit.

I would look into Sams Discover Business Card if you have one of them around you. you have to apply in store and in my experience I was always denied instantly at store and walked out and called the back door number for business cards with GE and was approved for either the account or CLI.

 

Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
New Member
Posts: 2
Registered: ‎10-27-2011
0

Re: Looking for a new card for my business

I've actually got awesome news! I showed my business plan and proforma to a local credit union here and they gave me a LOC and I got a business credit card from Navy Federal! I am pretty excited!

Established Contributor
Posts: 768
Registered: ‎04-08-2011
0

Re: Looking for a new card for my business

Congrats!! 


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Regular Contributor
Posts: 229
Registered: ‎12-12-2010
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Re: Looking for a new card for my business


EnronRocks wrote:

I've actually got awesome news! I showed my business plan and proforma to a local credit union here and they gave me a LOC and I got a business credit card from Navy Federal! I am pretty excited!


I know this is a few months late but CONGRATS on the LOC and the CC! I wouldn't have even thought to try out a local CU for the biz credit.

 

What were the initial limits on your LOC and your CC?


Starting Score: 576 EQ 1-12-13
Current Score: 588 EQ 2-3-13
Goal Score: 650


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