Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
BUSINESS LOANS INFO

I am starting two new business this year and next year and I would like to know how would I  go by applying for a business loan and what is need? I have currently have a Discharge Ch.7 and currently have business plans for both.


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


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Epic Contributor
Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
Re: BUSINESS LOANS INFO

When was BK Discharged?

 

You will have to start with trade accounts, not sure on what kind of business' you are starting, but credit could be hard.

Capital One - Reports to Personal also but they might give you small like as you get up over the 650's

Find Credit Union that does Business products too!

 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
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Frequent Contributor
kimmiller112
Posts: 472
Registered: ‎04-09-2012
Re: BUSINESS LOANS INFO

It is very hard to get a business loan or credit.  Sadly, a lot of new business fail.  A lot of banks and credit card companies require two years in business before thinking about extending credit.  Without knowing what kind of business you have, Capital One has a credit card they are more lenient on with requirements.  There was about 4 months between the time I got my FEIN and the time I opened and I got my Capital One about the time I opened.  I also got a Staples card about 3 months after I opened.  A gas card may be an option for you.  Even opening up a merchant account requires a credit check - I opened my merchant account including an Amex merchant account about a week before I opened.

 

If you have a good relationship with the bank who has your personal account(s), you may want to open your business accounts with them - that is what I did.  If you do that, talk to them about your options for getting a business credit card, a business loan and a merchant account if you will need to accept credit cards.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Frequent Contributor
SSH0126
Posts: 332
Registered: ‎02-22-2009
Re: BUSINESS LOANS INFO
What about a daycare ?
Frequent Contributor
kimmiller112
Posts: 472
Registered: ‎04-09-2012
Re: BUSINESS LOANS INFO

SSH0126 wrote:
What about a daycare ?

If those are your current scores, I'd be more worried about personal credit and not with new business credit, because just about everything you apply for under a business will require your personal credit too.  You can try the small business card from Capital One, otherwise, you may need to open up one or two secured cards that will report.  Start by opening up a business account at your bank.

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
Re: BUSINESS LOANS INFO

I was discharge on June 26,2012


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


Take the FICO Fitness Challenge
Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
Re: BUSINESS LOANS INFO

I was Discharge in June 26, 2012 and i two credit cards with capital one and my CU


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


Take the FICO Fitness Challenge
Valued Member
hawaii12
Posts: 47
Registered: ‎04-23-2012
Re: BUSINESS LOANS INFO

I am waiting to open a towing company in Hawaii and a trucking company in Georgia that will haul in 48 states.  I will be using the loan for operation and equipment.


Starting Score: EQ 572 TU 630 EX 637 06/28/12 Discharge Ch.7
Current Score: EQ568 TU 662 EX 629 12/10/12
Goal Score: 780 across the board


Take the FICO Fitness Challenge