Reply
Regular Contributor
tpatterson2k9
Posts: 154
Registered: ‎04-04-2011
0

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


Take the FICO Fitness Challenge
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: What CCs to get for New Business?

AMEX has some pretty good bonuses right now for biz cards

ccpics2.jpg
Community Leader
Senior Contributor
myjourney
Posts: 26,628
Registered: ‎02-07-2013
0

Re: What CCs to get for New Business?

Chase ink great cards 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Regular Contributor
tpatterson2k9
Posts: 154
Registered: ‎04-04-2011
0

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


Take the FICO Fitness Challenge
Epic Contributor
Creditaddict
Posts: 21,016
Registered: ‎10-23-2007
0

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- 682 DCU, TU 696 Walmart, EX 686 Prosper(10-30-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011
0

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).

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}