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New Member
Insomniac
Posts: 13
Registered: ‎06-04-2014
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Looking to PG new company....any advice?

Hello My Fico Community!

 

I can't believe this is my first time coming across this forum.  I have been staying up late reading the business credit forum and I must say, the info has been awesome!

 

After going through these forums, I realized that the business credit section is geared towards no PG business credit.  That sounds great, and eventually I will get there.  But, I have good credit ~750ish across the board.  My company is 6 months old and the last 2 months I have been generating $8k in monthly revenue.  I have been using my personal money and credit cards to keep the company afloat, but I feel there has to be another way than to wait 2 years to build this company to stand on its own without a PG.

 

If I were to apply for business credit cards (with Visa/MC/Discover/Amex) logos, and I personally guarantee those cards, what are my chances of approval?  I know there are many factors.  My company was incorporated in February of 2014, and I am the sole owner of an S-Corp.  

 

As far as I understand the cards of choice would be:

 

Chase Ink

Cap One Spark

Discover Business

 

Are there any other business CCs that cater to young start-ups with decent PG?  

 

Sorry, got long winded there.  Any advice will certainly be appreciated.

Community Leader
Senior Contributor
myjourney
Posts: 26,620
Registered: ‎02-07-2013
0

Re: Looking to PG new company....any advice?


Insomniac wrote:

Hello My Fico Community!

 

I can't believe this is my first time coming across this forum.  I have been staying up late reading the business credit forum and I must say, the info has been awesome!

 

After going through these forums, I realized that the business credit section is geared towards no PG business credit.  That sounds great, and eventually I will get there.  But, I have good credit ~750ish across the board.  My company is 6 months old and the last 2 months I have been generating $8k in monthly revenue.  I have been using my personal money and credit cards to keep the company afloat, but I feel there has to be another way than to wait 2 years to build this company to stand on its own without a PG.

 

If I were to apply for business credit cards (with Visa/MC/Discover/Amex) logos, and I personally guarantee those cards, what are my chances of approval?  I know there are many factors.  My company was incorporated in February of 2014, and I am the sole owner of an S-Corp.  

 

As far as I understand the cards of choice would be:

 

Chase Ink

Cap One Spark

Discover Business

 

Are there any other business CCs that cater to young start-ups with decent PG?  

 

Sorry, got long winded there.  Any advice will certainly be appreciated.


Welcome to the forum 

Don't leave out Amex business cards as well and all cards will have to be PG'd its just the way of the times now a days 

Since the PG and approval are based on your personal CR's you look to have a great chance of approval and your company structure is all set up.

So with that said good luck

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
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Re: Looking to PG new company....any advice?

I think you have a good chance.

 

I mostly use my Chase Ink.

 

If I was going to get another business CC, I might go for something like the US Bank Business Edge Cash Rewards.

 

If I had really high volume, I might look at the Amex Business Gold.

 

Epic Contributor
Creditaddict
Posts: 20,897
Registered: ‎10-23-2007
0

Re: Looking to PG new company....any advice?

I would go Chase Ink (can be really hard to get the first one and quite the interview I hear but once in you are golden and they are all reviewed so don't be worried when you don't get instant, just call in during business hours)

Amex Simply Cash or Costco would be my 1st or 2nd choice depending if you like Chase Ink better.

Capital One Spark is 3rd for me (remember unlike the first 2, it will report to your personal credit even without being delinquent.

Discover - also reports to personal credit each month.

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
New Member
Insomniac
Posts: 13
Registered: ‎06-04-2014
0

Re: Looking to PG new company....any advice?

Thanks, 5387  This is my first time hearing about US Bank Rewards.  I will do some research on this over the weekend.

New Member
Insomniac
Posts: 13
Registered: ‎06-04-2014
0

Re: Looking to PG new company....any advice?

Hello Credit Addict,

 

Thanks for the advice.  I actually just applied for the CSP yesterday after getting the greenlight using their pre qualified screening.  However, there was an address discrepancy so I had to fax over a utility bill.  Nice rep told me to wait a few days to check on the fax, and I should be good.

 

I hope that approval can "backdoor" me in for the Chase Ink.

 

I am looking at Amex as well.  I don't want to apply for too many accounts too fast.  Maybe 2 at the most.

 

Which brings up my next question.  Do inquiries negatively affect your business apps as they do with personal?

New Member
Insomniac
Posts: 13
Registered: ‎06-04-2014
0

Re: Looking to PG new company....any advice?

Thanks Journey,

 

Yes, I didn't mean to leave amex off the list.  Amex open sends me mailings weekly it seems.  I don't have an amex card, so this might be a good time to start.

Epic Contributor
Creditaddict
Posts: 20,897
Registered: ‎10-23-2007
0

Re: Looking to PG new company....any advice?

Inq's to business report no!
But Inq's on personal can effect your business apps but doesn't sound like score wise and such that will be an issue currently for you
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Community Leader
Senior Contributor
myjourney
Posts: 26,620
Registered: ‎02-07-2013
0

Re: Looking to PG new company....any advice?

[ Edited ]

Insomniac wrote:

Thanks Journey,

 

Yes, I didn't mean to leave amex off the list.  Amex open sends me mailings weekly it seems.  I don't have an amex card, so this might be a good time to start.


If it were me I would seek Chase Ink and the Amex of your choice 

Gold or Plat if you want a charge 

Plum if you want discounts for paying early and able to carry a balance for 60 days w/o INT

Lowes if you have the type of business that needs contractor materials 5% off in store plus points and can carry a balance 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Epic Contributor
Creditaddict
Posts: 20,897
Registered: ‎10-23-2007
0

Re: Looking to PG new company....any advice?

+1
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:

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