Second business, how does that work with credit cards.
So Im 95% on closing a deal on a buy out for a 22 year old business. We obviously will not be inheriting its current trade lines. We have already established our inventory and working capital lines of credit (required to close, BB&T for working capital. WFDS and TCF for inventory) Its in a completely different industry from my current business and even located in a different state. It will most certainly need its own revolving credit lines and there are 12 managers and 2 other executives that will need access to the cards. How does this work when I already have existing cards with everyone for my current business (which is staying open). I as the appointed CEO and 80% owner will be the one establishing and Personally guaranteeing them.
Will the banks look at how much credit they have already extended to me and my current business or will they treat the new company as its own and not look at how much credit they have extended to me already? also I am for sure over 5/24 so any chase business cards other than marriot are out, but with over 200k in revolving credit already extended to me by chase, is this going to factor in at all? I really don't want to have to close personal cards to obtain business cards for a business that will be both giving me a second salary and paying its own bills. But I'm new to this. Also I'm pretty sure I'm going to have to close one or 2 AMEX cards to reduce my card count with them (most likely the SPG and the optima platinum after moving the revoling limit over to the BCP). However I'm not sure if this business is big enough to quality for "corporate" cards vs small business (approx 50-60 employees including owners and executives). IM a little out of my wheel house so any advise is appreciated.
I don't want 500 credit cards for the company, but one or two revolvers (from chase and B of A) and a charge card from Amex is what I would ultimately like to establish. I personally have solid 790s across the board a thick profile and with established history so I'm not worried about that, I just don't want 1000 dollar trade lines and I also don't want to rob from my personal trade lines or more importantly put my current company cards in jeopardy, Thanks!
Amex Platinum NPSL I Chase Sapphire Reserve 78K I Chase Freedom U 55k I JP Morgan Ritz 50k I B OF A Cash Rewards 50k I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Barclays Arrival+ World E 29k I Merril+ 27,800 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I NFCU Cash Rewards 8k
Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.