topic Re: What to enter as income for a new business? in Business Credit

What to enter as income for a new business?

Anonymous — Sun, 13 Mar 2016 15:33:44 GMT

Or is the answer don't try until you've actually got some sales?

I'm starting a business that I don't REALLY expect to get rolling until Summer. And even then, I don't expect a whole lot out of it (Etsy shop). But with the possibility that Ink will start to fall under 5/24 soon, I'm thinking of trying sooner rather than later.

I've read other reports of people going for cards with a new business. What did you put for annual business revenue/sales? Did you project? Or when others say new, do they mean new-ish, not NEW-new?

Re: What to enter as income for a new business?

myjourney — Sun, 13 Mar 2016 19:41:56 GMT

Projected income and don't go hog wild either....

They know new biz has to grow and they want to be in on the ground floor for future endeavors

After all these are all small business accounts (cards) that the big banks are offering

New biz is classified as the first 1-2 years which is when most fail

After that it's an established biz

Re: What to enter as income for a new business?

Anonymous — Sun, 13 Mar 2016 23:51:19 GMT

I don't know about other cards, but the SimplyCash provides a drop-down with ranges. The bottom range starts at 0, so you can just select that one.

Re: What to enter as income for a new business?

Anonymous — Mon, 14 Mar 2016 00:00:10 GMT

Re: What to enter as income for a new business?

Imperfectfuture — Tue, 15 Mar 2016 02:37:12 GMT

@Anonymous wrote:

I wish.

Re: What to enter as income for a new business?

Creditplz — Tue, 15 Mar 2016 08:17:47 GMT

As a new business I would put "0" capital one called me and emphasized "verifiable revenue only" as well as income, I would suggest you incorporate and have sales before hand though.

Re: What to enter as income for a new business?

Creditaddict — Tue, 15 Mar 2016 18:02:13 GMT

Most of these cards are going off personal credit and personal income so the business "stated" income won't matter that much as long as you work and can put that employer and income in that segment of the app.

Amex and cap1 def. don't care about business credit and income!!!

Re: What to enter as income for a new business?

Creditplz — Tue, 15 Mar 2016 19:26:03 GMT

They don't care about income?

Re: What to enter as income for a new business?

Creditaddict — Tue, 15 Mar 2016 19:28:57 GMT

Not business income if your personal credit score and income are solid.
It's why you can literally put $0 for Amex... But if project at least a little bit.

Re: What to enter as income for a new business?

Anonymous — Tue, 15 Mar 2016 22:27:54 GMT

@Creditaddict wrote:
Not business income if your personal credit score and income are solid.
It's why you can literally put $0 for Amex... But if project at least a little bit.

Not necessary to project anything with Amex. Just select the lowest range from the dropdown which is 0-49,999.

Re: What to enter as income for a new business?

Anonymous — Wed, 16 Mar 2016 03:04:55 GMT

Thanks all. Chase isn't a drop down, but since I saw that on the next screen they still ask the 'normal' personal income question, I won't feel bad putting $0 or something ridiculously low.

Re: What to enter as income for a new business?

myjourney — Wed, 16 Mar 2016 03:09:53 GMT

@Anonymous wrote:
Thanks all. Chase isn't a drop down, but since I saw that on the next screen they still ask the 'normal' personal income question, I won't feel bad putting $0 or something ridiculously low.

Good luck

You know I'm pulling for you 100%

Re: What to enter as income for a new business?

Anonymous — Wed, 16 Mar 2016 03:12:30 GMT

@myjourney wrote:
@Anonymous wrote:
Thanks all. Chase isn't a drop down, but since I saw that on the next screen they still ask the 'normal' personal income question, I won't feel bad putting $0 or something ridiculously low.

Good luck
You know I'm pulling for you 100%

Thanks. Now I need to figure out how to meet the $5k spend for Plus, or decide I can't and go for Cash...before the 5/24 kicks in.

Re: What to enter as income for a new business?

Creditaddict — Wed, 16 Mar 2016 03:25:36 GMT

Chase is one of the harder business cards to get... I'd do Amex!

Re: What to enter as income for a new business?

kymanicreditlady — Mon, 04 Apr 2016 01:12:12 GMT

Lmao .. this made me literally laugh out loud

Re: What to enter as income for a new business?

cscott9766 — Tue, 05 Apr 2016 15:19:27 GMT

What versions do the Banks use to pull credit....Vantage or FICO? There is a wide disparity between my FICO and Vantage scores? Also which credit bureau is being pulled mostly?

Re: What to enter as income for a new business?

Creditaddict — Tue, 05 Apr 2016 15:21:53 GMT

That can't be answered as each bank will be different.
Usually a Fico or some internal version

Re: What to enter as income for a new business?

cscott9766 — Tue, 05 Apr 2016 15:36:45 GMT

So which cards are the easiest to get for a small start up

Re: What to enter as income for a new business?

Creditaddict — Tue, 05 Apr 2016 15:39:42 GMT

What's personal credit scores?