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Regular Contributor
tpatterson2k9
Posts: 153
Registered: ‎04-04-2011

What CCs to get for New Business?

I recently started a corporation for my new property management business.  My main expenditures will be in online advertising, mailing, and office supplies.  I started out getting the US Bank Visa Cash+ Rewards card.  This is my only credit account so far for my new business (started literally three months ago).  Should I hold onto this card before applying for another business CC?  Or is it better to start off with two CCs right away to build history earlier on?  Any suggestions on what additional business CC I should get?  My estimated monthly expenses would be under $500 starting off.

 

As always, any advice is much appreciated!


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: What CCs to get for New Business?

AMEX has some pretty good bonuses right now for biz cards

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myjourney
Posts: 25,167
Registered: ‎02-07-2013

Re: What CCs to get for New Business?

Chase ink great cards 

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Regular Contributor
tpatterson2k9
Posts: 153
Registered: ‎04-04-2011

Re: What CCs to get for New Business?

Thanks for the card advice.

 

Wow, I can't believe that I didn't look into the Amex SimplyCash card sooner, what great rewards!  Just added this to my business credit.

 

Second question: is there a certain number of credit accounts that I should be targeting early on in my business formation so that I can qualify for larger mortgage loans sooner in the future?  My business is property management and I eventually want to buy and manage properties directly under the ownership of the business, hence why I am trying to position myself to qualify for mortgage loans in the near future.  Any advice in getting to this point quicker would be much appreciated!


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


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Creditaddict
Posts: 18,558
Registered: ‎10-23-2007

Re: What CCs to get for New Business?


tpatterson2k9 wrote:

Thanks for the card advice.

 

Wow, I can't believe that I didn't look into the Amex SimplyCash card sooner, what great rewards!  Just added this to my business credit.

 

Second question: is there a certain number of credit accounts that I should be targeting early on in my business formation so that I can qualify for larger mortgage loans sooner in the future?  My business is property management and I eventually want to buy and manage properties directly under the ownership of the business, hence why I am trying to position myself to qualify for mortgage loans in the near future.  Any advice in getting to this point quicker would be much appreciated!


I think you will have to PG any mortgage type loans for some time to come with the way that market took a hit back in 09 but with your score you should be find to do that for a couple if you have the income to do it.... I don't think further credit cards are really going to be that great for you in terms of putting yourself closer to getting mortgages without pg... but since we are talking property management I would go ahead and get yourself a Lowes Business Card and a Home Depot Business Card or pick 1 (I lean Lowes for the GE backing!)

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
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Highest Limit: Fidelity Amex $25k (AU)
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Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011

Re: What CCs to get for New Business?

Wow, this is great. I am in the beginning phase of starting my own property management. I thought about Amex, but the Lowes card sound great. TP, pm me when you get some fee time, I want to pick your brain.
11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).

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