New Member
Posts: 2
Registered: ‎10-27-2011
Looking for a new card for my business
[ Edited ]

Well, new to the forums. I have been using MyFico for a while ever since I was a victum of identity theft. I have been fighting (and by me, I mean my law firm) the credit bureaus to have a lot of the invalid information removed. So far I have gone from a low 500 to a 630 (on my Transunion and Equifax), and they're still fighting. I currently have a Best Buy card, a NFCU Credit Card and a Military Star Card. I have never missed a payment in my "credit" life, which is a little over 3 years old. I also have a Toyota Fiancial loan and a NFCU personal signature loan, which are in good standings, just like all my other accounts.

 

I am looking to get a credit card for my business I am starting, and was wondering where I could go for a business card with the credit score I have. I have read that my score is lower than average, and that has kind of put me off from apply at AMEX for a business card. I was looking at Capital One and/or Chase, everywhere I go says "EXCELLENT CREDIT" and it has turned me away from some cards. I tried applying for a NewEgg Business Line of Credit and was turned down due to my businesses lack fo financial history, we just filed as an LLC this year. I was given a loan through ACCION, USA for the business and I have already paid it off, original limit of $3k and paid it off after two months. I am looking for around $1,500 to $2,000 credit limit on the business card, more would be nice but I am not pushing it.

Frequent Contributor
Posts: 387
Registered: ‎08-25-2011
Re: Looking for a new card for my business

check out Cap1 SPARK CLASSIC (it is a gold color card....the other cap1 Spark cards are either green or blue). This is the only biz card I know of for fair credit.

It has a high 22.9% interest rate, no AF, and you get 1% back on all purchases.

Stay away from Chase for now. You need excellent credit for thier INK biz cards (I got one with a 748 score)

 

http://www.capitalone.com/smallbusiness/cards/spark-classic/?external_id=GAN_1000002122_SBCGAN_j6138...

 

 

Epic Contributor
Posts: 28,342
Registered: ‎10-23-2007
Re: Looking for a new card for my business

Do you have EQ Fico or TU Fico from this website? That would really help a lot.

 

Capital One may give you card but if credit not goo could be very low limit and it will pull all 3 CR with Hard and will report account to personal credit.

I would look into Sams Discover Business Card if you have one of them around you. you have to apply in store and in my experience I was always denied instantly at store and walked out and called the back door number for business cards with GE and was approved for either the account or CLI.

 

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New Member
Posts: 2
Registered: ‎10-27-2011
Re: Looking for a new card for my business

I've actually got awesome news! I showed my business plan and proforma to a local credit union here and they gave me a LOC and I got a business credit card from Navy Federal! I am pretty excited!

Established Contributor
Posts: 768
Registered: ‎04-08-2011
Re: Looking for a new card for my business

Congrats!! 


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Regular Contributor
Posts: 229
Registered: ‎12-12-2010
Re: Looking for a new card for my business

EnronRocks wrote:

I've actually got awesome news! I showed my business plan and proforma to a local credit union here and they gave me a LOC and I got a business credit card from Navy Federal! I am pretty excited!


I know this is a few months late but CONGRATS on the LOC and the CC! I wouldn't have even thought to try out a local CU for the biz credit.

 

What were the initial limits on your LOC and your CC?


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