Re: BUSINESS LOANS INFO
09-04-2012 08:17 PM
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.
5/13/13: TU 695, EX 675, USAA FAKO 723 for all 3 - Goal: 760 - Last App 3/14/13
Barclays USAir $4900 - USAA $4000 - PayPal Extras MC (GE) $3000 - B of A 123 $1500 - Discover More $1000 - Chase Freedom $1000 - Kay Jewelers $7600 - Ashley Homestore (GE) $4000 - Tempurpedic (WF) $3600 - Walmart (GE) $3300 - Belk (GE) $2500 - Macys $2000 - Amazon (GE) $1500 - Victoria Secret (Comenity) $450 - Banana Republic (GE) $850 - TJMaxx (GE) $600 - Capital One $5000 (business) - Staples (Citi) $2000 (business)