topic Building Business Credit while waiting for personal BK7 Discharge in Business Credit

Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Tue, 06 Jun 2017 22:35:09 GMT

I filed for personal BK7 and am currently waiting for discharge. On the flip side, I do also have a side business which was started in 2008.

Months ago, I started the process of building business credit to try and keep my personal/business finances/expenses separate. So I did the basic steps - business checking and savings, DUNS number, phone number listed in online directories etc. but until today I have never tried to apply for any type of business credit. So as I hit a lull regarding my personal credit, I turned my focus back to my business and applied for and was approved for the following:

Amazon Pay-In-Full Credit Line (Net 55) - $2,000

Quill Net 30 - placed a $50 order that was shipped, don't know credit limit

Office Depot - $1,000

For Office Depot, I applied online and initially got a Code 26 - so I called and the rep just put me on hold for a few minutes and came back with the approval and said cards will be mailed in 7-10 days!

I also applied for:

Exxon Mobil Fleet gas card - didn't get an instant approval but they made me fill out all the info for my authorized users including setting a pin number as well as designating what is allowed to be charged (gas only or anything) so I'm hoping to be approved. I should find out within 5 business days.

Walmart - faxed application

I didn't have to PG any of these (obviously, with my pending BK!)

Now I'm researching getting an auto loan using my business credit. My thought is maybe I could initially lease a vehicle using my business credit and in 2-3 years purchase the vehicle with my personal credit once I've had a chance to rebuild. I've never been a fan of leasing, but if I could pull this off, I may be able to avoid a high-interest rate loan as I need a new car in the very near future as well as be able to deduct lease expenses on my taxes.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Mon, 12 Jun 2017 23:31:56 GMT

I was approved for Exxon Mobil Fleetcard with a $1500 limit but declined the Walmart card - the rep wouldn't give me the reason over the phone and said I have to wait for the letter in the mail.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Wed, 14 Jun 2017 17:14:12 GMT

I also applied for the Chevron/Texaco card and was approved for $1200 limit with 14-day terms. After reading about the payment horror stories with them, I think the Exxon Mobil will be our primary gas cards. I was also approved for a Uline account with $1,000 limit.

So in total, I have:

Amazon Pay-In-Full Credit Line (Net 55) - $2,000
Quill Net 30 - placed a $50 order that was shipped, don't know credit limit, I believe $1,000
Office Depot - $1,000
Exxon Mobil - $1,500
Chevron/Texaco - $1,200
Uline - $1,000
76 Fleet Services - $2,000

I was denied for WalMart.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Wed, 14 Jun 2017 00:53:47 GMT

Is your business a S-Corp? It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Wed, 14 Jun 2017 14:43:22 GMT

@Anonymous wrote:
Is your business a S-Corp? It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.

Pretty much impossible.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Wed, 14 Jun 2017 17:18:24 GMT

@Anonymous wrote:
@Anonymous wrote:
Is your business a S-Corp? It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.
Pretty much impossible.

I'm pretty sure that will be the case. We are a C-Corp. I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Thu, 15 Jun 2017 00:38:04 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Is your business a S-Corp? It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.
Pretty much impossible.
I'm pretty sure that will be the case. We are a C-Corp. I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.

My previous employer (small engineering firm) was an S-Corp for 25 years, with ~5 mill revenue per year, for the last 5 years, and the principal still had to personally guarantee all of our company vehicles.

Re: Building Business Credit while waiting for personal BK7 Discharge

-Cal- — Sat, 17 Jun 2017 07:12:11 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Is your business a S-Corp? It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.
Pretty much impossible.
I'm pretty sure that will be the case. We are a C-Corp. I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.
My previous employer (small engineering firm) was an S-Corp for 25 years, with ~5 mill revenue per year, for the last 5 years, and the principal still had to personally guarantee all of our company vehicles.

From my experience, most banks will require PG until they see 25+ mil in annual revenues.

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Tue, 20 Jun 2017 13:01:43 GMT

Is there a paper application for the Walmart NO PG?

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Tue, 20 Jun 2017 17:38:35 GMT

I'm a 501 (c) 3, so I used this application: https://www.onlinecreditcenter2.com/walmart/ComAccountPrintApp.html

Re: Building Business Credit while waiting for personal BK7 Discharge

Anonymous — Mon, 14 Aug 2017 23:33:54 GMT

Just approved for Amazon Revolving credit line with a $3500 limit!