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My husband and I would like a high limit card to help us with business start up costs. Is it even possible? Our potential business partner has terrible credit so a business card is out of the question. I don't want to go an app spree all willy nilly so thought I would ask here first.
Here is where we stand:
my EQ 767, dh EQ 795
gross mnthly inc 6400 (as of 10/1/10 will be 6720)
cap one visa plat CL 4250 , bal 717-- have ability to pif if necessary
cap one visa plat CL 1000, bal 0
cap one mc CL 550, bal 0
(i think all tree cap one accts 10 years old)
paid off car loan January i think
bought first home in april, BoA mtg current bal 242k - mthly pmt 1595 + additional principal pmts of 400 each month
we have worked very hard for a very long time on cr NOMORE BADDIES
multiple inq for home loan (i think my score report shows 5) -- we tried to buy for 2 years and were under contract 4 times before one went the distance
about 5k in checking no savings to speak of
Sooo, what are our best options and what can we hope for?
Thanks in advance.
@lostinlala2 wrote:My husband and I would like a high limit card to help us with business start up costs. Is it even possible? Our potential business partner has terrible credit so a business card is out of the question. I don't want to go an app spree all willy nilly so thought I would ask here first.
Here is where we stand:
my EQ 767, dh EQ 795
gross mnthly inc 6400 (as of 10/1/10 will be 6720)
cap one visa plat CL 4250 , bal 717-- have ability to pif if necessary
cap one visa plat CL 1000, bal 0
cap one mc CL 550, bal 0
(i think all tree cap one accts 10 years old)
paid off car loan January i think
bought first home in april, BoA mtg current bal 242k - mthly pmt 1595 + additional principal pmts of 400 each month
we have worked very hard for a very long time on cr NOMORE BADDIES
multiple inq for home loan (i think my score report shows 5) -- we tried to buy for 2 years and were under contract 4 times before one went the distance
about 5k in checking no savings to speak of
Sooo, what are our best options and what can we hope for?
Thanks in advance.
Yep - definitely PIF all your cards. Let one report a very small balance - definitely less than 9%.
Why are you looking for a CC for startup costs? Would you be carrying any of the balance? If so, look at a personal loan from your bank, CU. They'll have a much better interest rate.
Definitely PIF, it is necessary, in order to avoid interest fees. Here's some prospects based on OP.
CU (if qualified for membership):
Navy
PSECU
HVFCU
Bank:
Nationwide
US Bank
Citi
We don't have any assets to put up as collateral, so figure lo's will just laugh at us. Otherwise a loan would be our first choice. Besides we figure they will be less than impressed with our bus partners finances...he has a lot to offer in way of experience and knowledge or we would just go it alone. I suppose I could put it out there to the bus forum just to see what input they have though.
Chase Ink
USBank Business
those 2 do not report to personal credit unless you default. I would not suggest getting a personal card and putting expenses on it and carrying a balance because you have such good credit right now and no debt showing. Just because he is your business partner does not mean he has to be on the credit card application.