Established Member
Posts: 21
Registered: ‎08-25-2012
Re: Need Credit Line Suggestions

Revelate wrote:

Are you certain the 5 tradelines for the business loan aren't on one's business credit report, which is completely different than the personal credit report?


May not be, not certain on small business loans these days.


Anyway as far as credit cards go, you only need 2-3 for maximum FICO benefits; however, I'd do one of the following ifI needed another tradeline: 


- Find a secured installment loan (USAA if you have access, various CU's, probably others too).  May not even have to deposit money for some of them vis a vis DCU's credit builder loan (others offer this too).


- Apply for the entry credit card with whatever lender you happen to want that business loan from.  Depends on lender though usually some will have a product you can obtain *or* go establish an account with traditional business credit card companies: Amex (charge card to start), Chase (Freedom, though this is a maybe approval), possibly others.  Come to think of it I might go this last route just for future benefits when it comes to building your business.


I'm gonna have to double check on whether they'll be checking my business credit or my personal credit for the loan. Good catch. Didn't even think of that. Business credit would actually be easier too.


Thank you for the suggestions.


Is that Amex charge card fairly easy to get? I'm not terribly interested in cards of any high-profile status because I don't really plan on using them for anything besides a purchase here and there JUST so that they'll report it on my credit. So for that reason, I'm perfectly fine applying for cards that are the easiest to qualify for.


I was reading about Target's card on here and it doesn't seem like too many people like it. I applied last night also for the Amazon chase card, but was told they'd let me know in email or something. Seems like when you go to places in person, it gets done right on the spot in the moment.