Good Morning Forum Members
This is an update on a previous post regarding my newly formed LLC in North Carolina. So far so good actually the biggest help was through Legal Zoom who filed all my paperwork with the Secretary Of State amongst other helpful filings. So now I am trying to find the correct path to take in establishing some credit. My last post I had some very helpful information and advice from senior members regarding Cap 1 and other tradelines. I have yet to call Cap 1 partly because I dont think I can handle rejection right now. As far as TL i was given names such as Uline and Quill to start, well I believe I was to vauge in my OP because I dont have a need for either of those company and their services. My company is an Auto Transport company with clients who are dealerships and auto auctions with some private clients as well. I need TL's that would be of some help in that area of industry.
One such TL i can use is a Staples Business Account but I am unsure which one to apply for and I believe they are under Chase or Citi which neither of those banks will give me the time of day. However I do shop there frequently. As for fuel cards I was told to stay away from BP COmmercial because they are difficult to deal with. I only considered BP because I have a personal BP Visa from Synch Bank with them. Not really sure who else to go with would like to remain with Synch Bank through all this and of COurse Cap 1 as well.
I attempted to have my cell phone and wifi jetpack through Verizon switched into a business account but after spending a while on the phone being put on hold and transferred 3 times I was told I need a minimum of 5 active lines to qualify. Well I dont need 5 lines by any means. I was hoping to have that service attached to my FEIN but was not meant to be.
I tried to go directly to my bank where I have my personal checking and savings account and where I opened my business checking and they seem to have no interest in helping me with a CC or even a line of credit. Thats TD Bank in case you were wondering. I dont want to take another personal loan because I already have one which I took to help finance my start up costs and fees, and I believe its to early to try and refinance the loan, especially because One Main who my PL is with clearly states the funds cannot be used for business purposes. Well at the time I got the loan I wasnt in business for myself I was employed elsewhere, so technically It still was a PL. Since I am no longer full time employed with that company and have my own business I cannot claim any current income to refi with them. Plus my CS took a hit with the new loan reporting a high balance.
I think now my best route is to take a LOC for business expenses such as purchasing a new trailer and equipment. I have enough credit on my CC's to cover the cost of the trailer I am considering but I am worried about another high balance on another CC being reported and taking a huge hit on my CR. I dont know a whole lot about LOC, or who to even approach to obtain one. I am sure though I probaly wont get one because it's a brand new business, so it seems my avenues for success are getting shorter and shorter each day.
This is extremely frustrating and dishearting because I worked so hard to get where I am today. I have cleaned up and reestablished my credit and continue to build relationships with my lenders, but now it seems I have peaked my sucess and dont know where to turn. I cant keep using my personal CC's to do everything because partly it wont help build business credit and will at the same time hurt my personal credit. I am hoping to get some ideas and advice and some proven steps people have taken to get their business going and obtain business credit. Without it I dont think I will make it.
So I am asking fellow forum members, and business owners who can take some time like a few already have and point me in a direction that can lead to success. I welcome all the advice and help any of you can give me. I have invested to much already to fail. It's just not an option.
Here is a brief Credit Report on me currently.
Equifax Score 644 and 12 HP's
Trans Union Score 710 and 10 HP's
Experian Score 641 and 12 HP's
Zero Baddies NO BK NO late payments
AAOA is close to 1 year with Cap 1(April 2015) all other CC's opened between Oct -Dec 2015
Util is around 20% total Credit Limits Available $41 K
Personal Loan with One Main $7K
Income Prior to starting Business $35K to $39K including SS Disability from Serious Work Injury in 2009
No Rent or Mortgage Live on Property family owns to take care of elderly parents.
No Auto Loans No Mortage Loans
Current Highest Credit Limits Ebay MC $8K Stash Rewards Visa $8K Walmart MC $6K BP Visa $4K
Current Balances Ebay $4,900.00 Stash Rewards $ 400.00 Walmart MC $000.00 BP Visa $ 80.00 Cap 1 QS and Platinum combine $500.00 Amazon $80.00 Credit One Visa $200.00 Lowes and Belk $000.00
That pretty much is my Credit Profile.
So anyone who has some quality advice or can be of some help I am open to all suggestions.
Thank You for reading my post and as always comments and advice are welcome.
Have a Blessed Day Everyone
