topic Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan in Business Credit

Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new company)

Society1 — Sun, 03 Sep 2023 22:58:28 GMT

I was told from a "credit expert" it is 100% possible to get 100K in business credit w/ 0% interest with no business revenue(new company) and a low personal income.. It seems a little far fetched so just here to ask the community

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

reluctantgarden — Mon, 04 Sep 2023 01:13:46 GMT

Those quotation marks are doing a lot of work reality-adjusting that expert. Short answer, a million times no. See the post below on the Wells Fargo $50k BLOC for a reality-based comparison. Another example (which doesn't require a biz checking account with the bank) is Amex's BLOC, which gave me $27.1k on $36k in annual biz and $205k total incomes.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

CreditCuriosity — Mon, 04 Sep 2023 01:18:35 GMT

Credit experts like youtube people? If referring to those they aren't experts by any means. I don't see how you could get 100k at 0% with low income and without knowing your profile or having an established business as it would be all PG personal guranteed. Only way would be possilble although not at 0% would be a PG and based off persoal profile and income/assets and that would be a far stretch imho

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

JoeRockhead — Mon, 04 Sep 2023 12:12:05 GMT

100k with no business revenue and low personal income? With strong collateral or assets backing, plausable. Far fetched might be an understatement when you throw 0% in there.

Far fetched because no doubt they are talking about the strategy of "credit card stacking" in which in this fantasy world you would "simply" use your very good to excellent personal scores to apply for business credit cards for a new business with several different issuers where many of which are likely to offer 0% for 12 months. Each of which would in theory, pull your reports from different CRAs from one another to get approvals from each, where again in theory, one doesn't know about the other. Then you take your stacked CLs (whatever total amount that might be) rack up the charges you need to make to fund your new business with no revenue, then only pay the minimum (often 1% of balance). Is it illegal, no. Is it likely you'll get high SL approvals with a low income, also no. Will it wreck your business credit by not only opening so many new trade lines but then maxing out those lines, yes. Is it likely these issuers will be following up by checking your business credit reports to monitor if you are credit seeking, also yes.

It's a risky, not to mention unrealistic way to go about getting the funding you might want, especially if things don't pan out for the business the way you might have planned. Adverse actions, including balance chasing, account closures, blacklisting, and the icing on the cake would be if the business fails and late payments and charge offs making their way to your personal reports. It would be a hard pass for me.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

Society1 — Mon, 04 Sep 2023 14:46:01 GMT

Yes that's what I thought also. So far fetched doesn't seem real at all

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

Society1 — Mon, 04 Sep 2023 14:50:19 GMT

Yes thanks a lot it seemed far fetched for sure. The guy was using the funding to get and purchase real estate but it seemed very far fetched. I will pass on his advice

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

triplej0718 — Mon, 04 Sep 2023 20:32:59 GMT

@Society1 wrote:
I was told from a "credit expert" it is 100% possible to get 100K in business credit w/ 0% interest with no business revenue(new company) and a low personal income.. It seems a little far fetched so just here to ask the community

I don't see how this is possible with low income. But high income?? Yes it's possible with a strong personal credit file and high income. They will definitely look at your debt to income ratio when it comes to getting 100k in business credit. Also be careful with dealing with gurus that tell you this because they are most likely gonna lie on your application and say you make about 400 to 500k and up to try and get you high limits. I know some of these clowns do that with elan financial and charge people 10 percent on the back end. SMDH.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

SouthJamaica — Tue, 05 Sep 2023 01:24:00 GMT

@Society1 wrote:
Yes thanks a lot it seemed far fetched for sure. The guy was using the funding to get and purchase real estate but it seemed very far fetched. I will pass on his advice

Real estate is a different ball game. If the property is worth enough, lenders will lend.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

DWatt901 — Tue, 05 Sep 2023 22:24:10 GMT

Very possible. Most business credit cards are stated income meaning you "state" your income. BLOC's have the same rules up to a certain amount typically $50k. Anything after that will require documents like tax returns.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

JoeRockhead — Thu, 07 Sep 2023 16:01:58 GMT

@DWatt901 wrote:
Very possible. Most business credit cards are stated income meaning you "state" your income. BLOC's have the same rules up to a certain amount typically $50k. Anything after that will require documents like tax returns.

The question was in regards to the likelihood of securing 100k in business credit for 0% with a new buisness with low personal income. The answer is simple. Without significant assets or colateral, or trying to game the system in some way, It's highly unlikely. Even if it involved real estate, assuming you get someone to loan you the money at 0%, the timeline and terms for repayment in full would most likely be very rigid. There is no BLOC (that I know of) that is free, so if anyone has a list of such things available, I'm sure it would be a big hit here (and elsewhere).

You can "state" your income at anything you think you can get away with. However, stating anything that isn't the truth, or based on your tax filings constitutes fraud under federal law and is punishable by up to a 1 million dollar fine and up to 30 years in prison. In just one example, in 2012 a NY man was convicted of lying (about his income) on a bank loan application and received time served + 5 years probation and a $50k fine.

It's always possible that you may not run into any trouble by lying on a credit application if you manage your finances and pay as normal. But, lenders are entitled to verify any information you give them at any time so it's probably best to just be honest from the beginning.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

SouthJamaica — Thu, 07 Sep 2023 16:18:55 GMT

@JoeRockhead wrote:
@DWatt901 wrote:
Very possible. Most business credit cards are stated income meaning you "state" your income. BLOC's have the same rules up to a certain amount typically $50k. Anything after that will require documents like tax returns.
The question was in regards to the likelihood of securing 100k in business credit for 0% with a new buisness with low personal income. The answer is simple. Without significant assets or colateral, or trying to game the system in some way, It's highly unlikely. Even if it involved real estate, assuming you get someone to loan you the money at 0%, the timeline and terms for repayment in full would most likely be very rigid. There is no BLOC (that I know of) that is free, so if anyone has a list of such things available, I'm sure it would be a big hit here (and elsewhere).

You can "state" your income at anything you think you can get away with. However, stating anything that isn't the truth, or based on your tax filings constitutes fraud under federal law and is punishable by up to a 1 million dollar fine and up to 30 years in prison. In just one example, in 2012 a NY man was convicted of lying (about his income) on a bank loan application and received time served + 5 years probation and a $50k fine.

It's always possible that you may not run into any trouble by lying on a credit application if you manage your finances and pay as normal. But, lenders are entitled to verify any information you give them at any time so it's probably best to just be honest from the beginning.

I totally missed the fact that the OP was talking about borrowing at zero percent interest. What the heck?

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

cashorcharge — Thu, 07 Sep 2023 17:59:01 GMT

Please let us know @Society1 if you find this mythical credit line as I'm sure many others here would love to follow in your footsteps in applying!

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

DWatt901 — Mon, 18 Sep 2023 01:04:45 GMT

@JoeRockhead wrote:
@DWatt901 wrote:
Very possible. Most business credit cards are stated income meaning you "state" your income. BLOC's have the same rules up to a certain amount typically $50k. Anything after that will require documents like tax returns.
The question was in regards to the likelihood of securing 100k in business credit for 0% with a new buisness with low personal income. The answer is simple. Without significant assets or colateral, or trying to game the system in some way, It's highly unlikely. Even if it involved real estate, assuming you get someone to loan you the money at 0%, the timeline and terms for repayment in full would most likely be very rigid. There is no BLOC (that I know of) that is free, so if anyone has a list of such things available, I'm sure it would be a big hit here (and elsewhere).

You can "state" your income at anything you think you can get away with. However, stating anything that isn't the truth, or based on your tax filings constitutes fraud under federal law and is punishable by up to a 1 million dollar fine and up to 30 years in prison. In just one example, in 2012 a NY man was convicted of lying (about his income) on a bank loan application and received time served + 5 years probation and a $50k fine.

It's always possible that you may not run into any trouble by lying on a credit application if you manage your finances and pay as normal. But, lenders are entitled to verify any information you give them at any time so it's probably best to just be honest from the beginning.

No one said anything about "lying" on any application. The question at hand was is it possible to get 100K in business credit w/ 0% interest with no business revenue on a new company. Where are you getting lying on an application and low personal income? When you finish comprehending what was said, 99% of credit applications are "stated."

And yes you can obtain OVER $100k in 0% interest business credit over time......

That is not something made up. It's mere fact.....

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

JoeRockhead — Mon, 18 Sep 2023 02:37:19 GMT

Yes reading comprehension is indeed real. It literally mentions low personal income in the original post.

I didn't say anyone was lying, what I said was, and which was meant as a caution to anyone considering lying is: "You can "state" your income at anything you think you can get away with. However, stating anything that isn't the truth, or based on your tax filings constitutes fraud under federal law"

The OP was asking about the likelihood of securing 100k at 0% for a new business with no revenue and low personal income.

if getting 100k in business credit at 0% is so easy, (in time or otherwise) that it's mere fact, please, by all means share these things with the community. A credit card stacking scheme might be possible and a fact, but it isn't realistic, feasible or recommended for the vast majority of people.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

JoeRockhead — Fri, 22 Sep 2023 09:51:31 GMT

@DWatt901 I certainly didn't intend to insult anyone, and never claimed to know it all. Generally what I have to say is based on facts, my experience and what's common knowledge. If that doesn't work I just wing it, and in that case someone has been more than happy to come along and correct me. I don't get angry and resort to name calling and insults. (which is why your last response was apparently deleted(for anyone wondering what I'm responding to here)

You made a claim, I asked you, or anyone else for that matter to educate me, and everyone here as to where to find these things... all you've given is 'because I said so' followed by intentional insults.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

CreditCuriosity — Sun, 24 Sep 2023 14:51:41 GMT

nevermind

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

TMDSCT — Sun, 24 Sep 2023 15:59:53 GMT

Collectively I have well over that for business revenue approaching $2 million, but I can also say that a few of my lines are refusing to raise my lines above $30k citing industry risk.

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

metropolitan — Tue, 07 Nov 2023 09:47:23 GMT

Would you loan someone 100k at zero with no income?

Re: Is it possible to get 100K in business credit w/ 0% interest with no business revenue(new compan

redpat — Tue, 07 Nov 2023 13:00:22 GMT

Please tell me, what VR world is this? Can I play.....