Business Credit

[IanZ63Q1]

I have been in business since 2004, profitable every year, growing year on year significantly, and I just happened to have high utilization in the past few months so my score fell from 714 to 649... Now it's back to 670.

What business credit cards should I apply for?

I really need credit to help me with my new venture... need to pay my team for the software development. But everyone talks about Exxon, Staples etc... I need a line of credit for my business and I'm hoping to get a CL of at least 20,000.

Should I be talking with my bank about a small business line of credit rather than looking for a business credit card?

Thanks in advance

[IanZ63Q1]

Thanks anyway - I guess nobody knew which is fine. As you can see from my signature, I got 2 new cards.

[llecs]

The lack of answers probably is due to the fact that there is no specific answer to give. They'll look at your CR of course as a PG, but they might also look at your biz reports. If really hands on, they'll look at tax records, P&Ls, income statements, etc. Last year we applied for a biz line of credit. FICOs were superb, DnB was clean, but was initially declined due to lack of a history on the biz report.

[User592954]

Capital One seems to be aggressive right now in high line new cards for small businesses

Sparks is their biz cards

I got a high line card with no hard biz info and almost all new bureau on personal

So based on my own experience I'd say Sparks by Capital 1 wants new accounts right now

So try that

[Creditaddict]

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IanZ63Q1 wrote:

I have been in business since 2004, profitable every year, growing year on year significantly, and I just happened to have high utilization in the past few months so my score fell from 714 to 649... Now it's back to 670.

What business credit cards should I apply for?

I really need credit to help me with my new venture... need to pay my team for the software development. But everyone talks about Exxon, Staples etc... I need a line of credit for my business and I'm hoping to get a CL of at least 20,000.

Should I be talking with my bank about a small business line of credit rather than looking for a business credit card?

Thanks in advance

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I would be talking with your local bank about a line vs. credit card - if your local bank is Chase - No.

Im talking about a credit union that makes these decsions right in the branch you walk into!

If you have access to Navy Federal I have seen a little info and asked about verification of business and such a few months back and the couple people that had used them stated not as hard as online app seems to make it.

I would skip Capital one for business especially if looking to load up some debt for a few to get  ew things started because they pull all 3 CR to apply and then report the card to Personal Credit each month... so you could tank your scores all over again...

Look into Key Bank, they had a MasterCard that you could x out the PG on app and sent in and they would go off business credit.... and they were not afraid to give some high credit lines.