NEED ADVICE ON BUSINESS CREDIT & PERSONAL CREDIT

Anonymous · ‎12-02-2010

Hello Everyone,

I would like to get some advice on my credit. Let me give you some history real quick...

I am a 21 year old student/business man. My old brother is my partner and he has bad credit about 580-599.

Early August 2010 - I tried applying for someone credit cards to help out in business but was denied, because lake of credit history. CREDIT SCORE - 0

End of August 2010 - I finally spoke to BAO and opening a secured credit card with $1,000 limit. ( Increased it to $10,000 secured by sept.) CREDIT SCORE - 689

Mid Sept - Care credit $1,000

Late Sept - I opened a CITI secured card for $5,000. - CREDIT SCORE - 619 the score fell so much do to 80% utilization

I also got approved for a Capital one for -$ 500.

Recently I got some store cards for personal use - Lord& Taylor - $1100 & Bloomingdales - $1000

I tried applying for Business Credit cards and its not working, Chase Slate & Sapphire denied for Lake of history, credit increased too fast, current use ratio....and so on.

Amex - Gold card = denied

Amex - Blue = denied

discover - denied back in Sept

I PAY OFF ALL MY CREDIT CARDS IN FULL BEFORE THE DUE DATE !!!!

I am planning on opening another secured card next week from wells fargo, initial credit limit $7500 and then raise it to 10K by Jan.

I need advice though, how can I build my credit to high unsecured limits ??? I am trying to get a discover card with $50K limit and at least one amex/chase business with another 50K limit. I know this sounds unrealistic, but how can I make this happen ???? I know the obvious answer is keep paying the bills off and give it some time. Credit score as of today : 699

Also I am planning to buy a car consigned with a family member in sept 2011. If I get approved, god willing !!!!!

llecs · ‎12-02-2010

@Anonymous wrote:
I need advice though, how can I build my credit to high unsecured limits ??? I am trying to get a discover card with $50K limit and at least one amex/chase business with another 50K limit. I know this sounds unrealistic, but how can I make this happen ???? I know the obvious answer is keep paying the bills off and give it some time. Credit score as of today : 699

~~Is your question geared towards expanding your business credit or personal credit? Answer would be different on each.~~

I just saw "business" in your post...my bad. I moved it here because both are handled much, much differently.

For personal, creditors look at your personal reports obviously. For business, they look at your personal AND your business reports like DnB or Experian Biz, for example. They'll use your credit as a PG but it's important to have a solid business credit before getting CLs that high on a biz card. Have you checked DnB to see what's reporting on there? If none, then you'd want to get some TLs added. I started small with Lowes, Home Depot, Dell, Exxon, and a couple of others. At the time I didn't need a personal guarantee, but that was before the economic downturn. I'm sure you need a PG now. As you increase your TLs and increase your own personal credit score, then aim for biz CCs like Visa/MC/Amex.

ETA...the new credit on your personal reports (if reporting) are a score killer and bad in the eyes of creditors. I'd let that age a few months first. IMO, don't cosign on any car loan (or be cosigned). Your scores are good enough.

Anonymous · ‎12-02-2010

Thank you..

I checked D&B and there is no record of my company yet. My company is new, but I have house credit with many of vendors due to my families long history with their companies. Should add a profile for my company for D&B, I think it is like $300 for a profile. Do you think this will help. I do not do business with known suppliers such as Lowes/Home depot. More of MOM&POP companies that do report to D&B. I can ask them however to report Credit lines in the 20-50K thousand range, as I already of house credit in the amount. Do you know how long it may take to build enough credit, to start getting approved for Business AMEX, Chase, Discover... I know that these few cards give pretty generous limits.

Please let me know.

thanks

Anonymous · ‎12-02-2010

I see that you moved my question over to business credit, however I am going to post back on the personal credit section. As I would also like to build my personal credit.

thanks

Lel · ‎12-02-2010

I'm locking this thread and directing future replies to the nearly identical thread on the Credit Card board. Cross-posting is generally frowned upon, but since you haven't received additional replies on this board since earlier this afternoon, let's see if you have a better response over there.

http://ficoforums.myfico.com/t5/Credit-Cards/How-to-build-personal-credit-so-that-I-can-get-unsecure...