NFCU BLOC or CC as a 1099 employee

[Anonymous]

Hi everyone, I just found this site today. I some questions that Navy Federal wasnt able to answer at my local branch. A little background on me. I am a 1099 employee, I work as a home healthcare aide and was looking for a BLOC or a business credit card. I order a lot of supplies for my patients and get reimbursed over time. I would like a cash back reward CC and a safety net in the form of a BLOC. When a patient I am caring for passes away, I usually take a few weeks off to recover once the funeral is over. Once thats over, I start taking calls from other families wanting me to help them.

I have a checking and savings account, auto loan, and a personal loan for debt consolidation with NFCU. All of my CC's are paid off and the DC loan is almost paid off. NFCU has my credit score at 703 and credit karma has it at 696 TU, and 698 Equifax. When I was looking at the application my local branch gave me, it says a business license is required for all business membership applications. However as a 1099, I don't have a business license. As a last point, I am only looking for a BLOC of 5-8k and a Business CC of 3-5k. My income is about 45k a year. I will end with my questions.

1. Did NFCU ask ya'll for your business license when you applied, and would I be elligible as a 1099?

2. With my income and credit scores, would asking for the BLOC of 5-8 and a business CC of 3-5k be reasonable?

3. Would It be worth looking into BoA or Wells Fargo If NFCU says they want a business license?

[ToughFistFight]

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@Anonymous wrote:

1. Did NFCU ask ya'll for your business license when you applied, and would I be elligible as a 1099?

        Yes, they ask for a business license, articles of incorporation and by laws, and a certificate of incorporation.  They also asked for a certificate of good standing from the State of Washington (Your state may vary) and something to verify the EIN number.  This is all the normal paperwork I have had to submit to open a business checking account anywhere.  If you have an LLC, its different paperwork, but it all serves the same purpose.  There is a different set of paperwork a sole proprietor must show, I dont recall what it is.  I dont know what you mean by being eligible as a 1099 means.  1099 is just the way you are paid, not that you are a business.

2. With my income and credit scores, would asking for the BLOC of 5-8 and a business CC of 3-5k be reasonable?

         Can you not get this personally?

3. Would It be worth looking into BoA or Wells Fargo If NFCU says they want a business license?

      Check on BoA and Wells Fargos business checking and saving website for what they require to open a business account with them. I only bank with Credit Unions.  Personal and biz. 

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[ToughFistFight]

I forgot to mention.  You need your real TU EX EQ scores.  Credit Karma is crap.  They use vantage scoring and no one uses that anymore.  You can got to creditchecktotal.com.  They have the best 1 dollar deal.    And keep reading the forums.  Good luck!!

[Anonymous]

Sorry, I should have specified. I was told since I am a freelancer, I can use my self employment to get a business cc. I was trying to see if It would be easier to get the LOC and a BCC using my "home healthcare services" as a business vs just trying to take out a personal loan. Ill look into that. I really hate Wells Fargo based on how they have treated me in the past. If NFCU will offer me the products on the personal side, I will just go with them.

I was woried that credit karma scores wouldnt be truly accurate. Ill check into that other website. Thanks for the help!

[Anonymous]

I went with your advice. NFCU, gave me a personal 5k LOC attached to my checking account. They allow up to 15k, but I didnt want to push it. Thanks again!

[ToughFistFight]

 If you do start to make more money, you might want to consider becoming an LLC, or another type of business entity.  You should talk to an accountant to make sure you are doing your taxes correctly and you are taking the correct deductions.  Especially when you are running your business this way.  

Im glad NFCU could give you the credit you needed.  I dont have a checking loc with them, but they do offer that service also.  

You are welcome and myfico is a great place to bounce ideas off of people and get an opinion from someone who has "been there, done that".  

Have a wonderful day!!!