topic Re: Looking to PG new company....any advice? in Business Credit

Looking to PG new company....any advice?

Anonymous — Thu, 05 Jun 2014 05:48:05 GMT

Hello My Fico Community!

I can't believe this is my first time coming across this forum. I have been staying up late reading the business credit forum and I must say, the info has been awesome!

After going through these forums, I realized that the business credit section is geared towards no PG business credit. That sounds great, and eventually I will get there. But, I have good credit ~750ish across the board. My company is 6 months old and the last 2 months I have been generating $8k in monthly revenue. I have been using my personal money and credit cards to keep the company afloat, but I feel there has to be another way than to wait 2 years to build this company to stand on its own without a PG.

If I were to apply for business credit cards (with Visa/MC/Discover/Amex) logos, and I personally guarantee those cards, what are my chances of approval? I know there are many factors. My company was incorporated in February of 2014, and I am the sole owner of an S-Corp.

As far as I understand the cards of choice would be:

Chase Ink

Cap One Spark

Discover Business

Are there any other business CCs that cater to young start-ups with decent PG?

Sorry, got long winded there. Any advice will certainly be appreciated.

Re: Looking to PG new company....any advice?

myjourney — Thu, 05 Jun 2014 06:01:49 GMT

@Anonymous wrote:
Hello My Fico Community!

I can't believe this is my first time coming across this forum. I have been staying up late reading the business credit forum and I must say, the info has been awesome!

After going through these forums, I realized that the business credit section is geared towards no PG business credit. That sounds great, and eventually I will get there. But, I have good credit ~750ish across the board. My company is 6 months old and the last 2 months I have been generating $8k in monthly revenue. I have been using my personal money and credit cards to keep the company afloat, but I feel there has to be another way than to wait 2 years to build this company to stand on its own without a PG.

If I were to apply for business credit cards (with Visa/MC/Discover/Amex) logos, and I personally guarantee those cards, what are my chances of approval? I know there are many factors. My company was incorporated in February of 2014, and I am the sole owner of an S-Corp.

As far as I understand the cards of choice would be:

Chase Ink
Cap One Spark
Discover Business

Are there any other business CCs that cater to young start-ups with decent PG?

Sorry, got long winded there. Any advice will certainly be appreciated.

Welcome to the forum

Don't leave out Amex business cards as well and all cards will have to be PG'd its just the way of the times now a days

Since the PG and approval are based on your personal CR's you look to have a great chance of approval and your company structure is all set up.

So with that said good luck

Re: Looking to PG new company....any advice?

Anonymous — Thu, 05 Jun 2014 20:10:38 GMT

I think you have a good chance.

I mostly use my Chase Ink.

If I was going to get another business CC, I might go for something like the US Bank Business Edge Cash Rewards.

If I had really high volume, I might look at the Amex Business Gold.

Re: Looking to PG new company....any advice?

Creditaddict — Fri, 06 Jun 2014 01:06:16 GMT

I would go Chase Ink (can be really hard to get the first one and quite the interview I hear but once in you are golden and they are all reviewed so don't be worried when you don't get instant, just call in during business hours)

Amex Simply Cash or Costco would be my 1st or 2nd choice depending if you like Chase Ink better.

Capital One Spark is 3rd for me (remember unlike the first 2, it will report to your personal credit even without being delinquent.

Discover - also reports to personal credit each month.

Re: Looking to PG new company....any advice?

Anonymous — Fri, 06 Jun 2014 02:20:29 GMT

Thanks, 5387 This is my first time hearing about US Bank Rewards. I will do some research on this over the weekend.

Re: Looking to PG new company....any advice?

Anonymous — Fri, 06 Jun 2014 02:26:05 GMT

Hello Credit Addict,

Thanks for the advice. I actually just applied for the CSP yesterday after getting the greenlight using their pre qualified screening. However, there was an address discrepancy so I had to fax over a utility bill. Nice rep told me to wait a few days to check on the fax, and I should be good.

I hope that approval can "backdoor" me in for the Chase Ink.

I am looking at Amex as well. I don't want to apply for too many accounts too fast. Maybe 2 at the most.

Which brings up my next question. Do inquiries negatively affect your business apps as they do with personal?

Re: Looking to PG new company....any advice?

Anonymous — Fri, 06 Jun 2014 02:29:01 GMT

Thanks Journey,

Yes, I didn't mean to leave amex off the list. Amex open sends me mailings weekly it seems. I don't have an amex card, so this might be a good time to start.

Re: Looking to PG new company....any advice?

Creditaddict — Fri, 06 Jun 2014 02:35:21 GMT

Inq's to business report no!
But Inq's on personal can effect your business apps but doesn't sound like score wise and such that will be an issue currently for you

Re: Looking to PG new company....any advice?

myjourney — Fri, 06 Jun 2014 03:37:14 GMT

@Anonymous wrote:
Thanks Journey,

Yes, I didn't mean to leave amex off the list. Amex open sends me mailings weekly it seems. I don't have an amex card, so this might be a good time to start.

If it were me I would seek Chase Ink and the Amex of your choice

Gold or Plat if you want a charge

Plum if you want discounts for paying early and able to carry a balance for 60 days w/o INT

Lowes if you have the type of business that needs contractor materials 5% off in store plus points and can carry a balance

Re: Looking to PG new company....any advice?

Creditaddict — Fri, 06 Jun 2014 03:55:30 GMT

Re: Looking to PG new company....any advice?

CreditUnionFan — Fri, 06 Jun 2014 09:43:05 GMT

I'm a fan of the AmEx SimplyCash Business card; I've carried one for several years now.

Re: Looking to PG new company....any advice?

Anonymous — Fri, 06 Jun 2014 21:44:27 GMT

My business experiences include Chase, Cap1 and AX. Go back to 1998 Sole Prop. Really liked AX. Today I only use Chase Business and find Chase super to work with as they have gone out off their way to satisfy my needs. Have a Cash Rewards type Business card with NPSL Credit Access Line (cross between small business and commercial). Not available to the regular market. Not enough volume to keep several business cards going. AX bent over back words to keep me flowing and I would recommend them. Never had US Bank for Business accounts but they have been great for personal with me. The US Bank Business Edge may be worth exploring.

Re: Looking to PG new company....any advice?

Anonymous — Fri, 06 Jun 2014 23:24:11 GMT

All of you have been awesome! I am still weighing it all in. Been so busy with work, but I will definitely go over your advice as well as go through the archives to dig up more nuggets.

It was brought to my attention that I qualify for Navy Federal. My fiance's brother is in the Air Force, and I live with my fiance. She isn't a member, but I am getting her to do it so I can join too via household sponsor, lol... The reason I brought this up, is because I know about their generous limits and one could easily qualify for $10k for the business card. Not sure about the rewards though. I figure if I get 2-3 cards at or around $10k each, it will help me manage my cashflow better. If I get rewards that's a bonus right now too. Paying for expenses with my own cash and credit has to stop asap. My first 6 months tax wise is hodgepodge to say the least.

I think I have narrowed my choices to Chase Ink, Amex Simply Cash and Navy (if I qualify). I also found a few companies to do the dirty work to build my company with the smaller net 30 stuff and DnB stuff. I know I shouldn't have to pay someone, but for me it is matter of being efficient with my time. I am so busy as it is right now.

Will be apping next week, and i will be keeping you guys posted.

Thanks again!

Re: Looking to PG new company....any advice?

Creditaddict — Fri, 06 Jun 2014 23:31:48 GMT

Navy is no docs pretty much for up to $10k biz.
They are not nearly as easy as personal but that's towards like baddies and you don't have so great option.
It is a bit harder process as it's all real paperwork and signed applications and over the phone with biz rep, no online but once account is set up rep can I put app for biz and it's possible for instant then.
I think those 3 would perfect and pick up a personal navy while your at it!
Do chase and Amex first and then navy since you will pick up a few HP's with them

Re: Looking to PG new company....any advice?

myjourney — Sat, 07 Jun 2014 00:53:10 GMT

@Anonymous wrote:
All of you have been awesome! I am still weighing it all in. Been so busy with work, but I will definitely go over your advice as well as go through the archives to dig up more nuggets.

It was brought to my attention that I qualify for Navy Federal. My fiance's brother is in the Air Force, and I live with my fiance. She isn't a member, but I am getting her to do it so I can join too via household sponsor, lol... The reason I brought this up, is because I know about their generous limits and one could easily qualify for $10k for the business card. Not sure about the rewards though. I figure if I get 2-3 cards at or around $10k each, it will help me manage my cashflow better. If I get rewards that's a bonus right now too. Paying for expenses with my own cash and credit has to stop asap. My first 6 months tax wise is hodgepodge to say the least.

I think I have narrowed my choices to Chase Ink, Amex Simply Cash and Navy (if I qualify). I also found a few companies to do the dirty work to build my company with the smaller net 30 stuff and DnB stuff. I know I shouldn't have to pay someone, but for me it is matter of being efficient with my time. I am so busy as it is right now.

Will be apping next week, and i will be keeping you guys posted.

Thanks again!

I truly understand time = $$$$$$$$$$$

But your better off building business credit yourself for free

Some of the TL's may not get reported or excepted

DNB does not except everything

I have 2 30 net accounts none of which I use and all were obtained after I got business cards

So my question to you why spend the money if it really serve no purpose?

My business CR's were started with CC's

And unless your dealing with Gov contracts most don't want to pay DNB to report when they have the option of EX EQ business

Re: Looking to PG new company....any advice?

Creditaddict — Sat, 07 Jun 2014 01:08:47 GMT

@myjourney wrote:
@Anonymous wrote:
All of you have been awesome! I am still weighing it all in. Been so busy with work, but I will definitely go over your advice as well as go through the archives to dig up more nuggets.

It was brought to my attention that I qualify for Navy Federal. My fiance's brother is in the Air Force, and I live with my fiance. She isn't a member, but I am getting her to do it so I can join too via household sponsor, lol... The reason I brought this up, is because I know about their generous limits and one could easily qualify for $10k for the business card. Not sure about the rewards though. I figure if I get 2-3 cards at or around $10k each, it will help me manage my cashflow better. If I get rewards that's a bonus right now too. Paying for expenses with my own cash and credit has to stop asap. My first 6 months tax wise is hodgepodge to say the least.

I think I have narrowed my choices to Chase Ink, Amex Simply Cash and Navy (if I qualify). I also found a few companies to do the dirty work to build my company with the smaller net 30 stuff and DnB stuff. I know I shouldn't have to pay someone, but for me it is matter of being efficient with my time. I am so busy as it is right now.

Will be apping next week, and i will be keeping you guys posted.

Thanks again!
I truly understand time = $$$$$$$$$$$
But your better off building business credit yourself for free
Some of the TL's may not get reported or excepted
DNB does not except everything
I have 2 30 net accounts none of which I use and all were obtained after I got business cards
So my question to you why spend the money if it really serve no purpose?
My business CR's were started with CC's
And unless your dealing with Gov contracts most don't want to pay DNB to report when they have the option of EX EQ business

I agree you don't even need business credit to PG the 3 cards you are talking about and those will set you!

the only reason to build business credit otherwise would be if you NEEDED to get credit without PG but if you have the amex, chase, navy, you have no need for it!

Re: Looking to PG new company....any advice?

Anonymous — Sat, 07 Jun 2014 01:54:54 GMT

Hmmm.....Interesting.

I won't say this company's name, because there really is no point. This company was telling me that they can do all the leg work for 12 months and methodically build my company up with vendor credit and all this DnB hooplah. Made my headspin really. But, you all have been making sense.

So, in other words, everything should just fall in place? I read on here through the archives that DnB will create a file for you automatically via Sec of State. My company was incorporated on 1/31/14. Still nothing for DnB yet. I guess each state is different? I'm in CO if that makes a difference.

Oh yeah btw, thanks for the navy tip Credit Addict. Did a little digging and see that they HP like crazy. Will be saving them for the end, lol....

Re: Looking to PG new company....any advice?

Anonymous — Sat, 07 Jun 2014 01:57:57 GMT

@Creditaddict wrote:
@myjourney wrote:
@Anonymous wrote:
All of you have been awesome! I am still weighing it all in. Been so busy with work, but I will definitely go over your advice as well as go through the archives to dig up more nuggets.

It was brought to my attention that I qualify for Navy Federal. My fiance's brother is in the Air Force, and I live with my fiance. She isn't a member, but I am getting her to do it so I can join too via household sponsor, lol... The reason I brought this up, is because I know about their generous limits and one could easily qualify for $10k for the business card. Not sure about the rewards though. I figure if I get 2-3 cards at or around $10k each, it will help me manage my cashflow better. If I get rewards that's a bonus right now too. Paying for expenses with my own cash and credit has to stop asap. My first 6 months tax wise is hodgepodge to say the least.

I think I have narrowed my choices to Chase Ink, Amex Simply Cash and Navy (if I qualify). I also found a few companies to do the dirty work to build my company with the smaller net 30 stuff and DnB stuff. I know I shouldn't have to pay someone, but for me it is matter of being efficient with my time. I am so busy as it is right now.

Will be apping next week, and i will be keeping you guys posted.

Thanks again!
I truly understand time = $$$$$$$$$$$
But your better off building business credit yourself for free
Some of the TL's may not get reported or excepted
DNB does not except everything
I have 2 30 net accounts none of which I use and all were obtained after I got business cards
So my question to you why spend the money if it really serve no purpose?
My business CR's were started with CC's
And unless your dealing with Gov contracts most don't want to pay DNB to report when they have the option of EX EQ business
I agree you don't even need business credit to PG the 3 cards you are talking about and those will set you!
the only reason to build business credit otherwise would be if you NEEDED to get credit without PG but if you have the amex, chase, navy, you have no need for it!

Btw, the advice you have both shared here is way better than the biz credit gurus I have been talking to all week

Re: Looking to PG new company....any advice?

Creditaddict — Sat, 07 Jun 2014 02:01:41 GMT

the ONLY reason to care about D&B is if you are going after government contracts... otherwise I practically consider them a scam... I'm shocked you haven't been getting sales calls of why you should pay for their credit builder service or to verify your D&B and blah blah... you DONT NEED IT!

Re: Looking to PG new company....any advice?

myjourney — Sat, 07 Jun 2014 02:25:59 GMT

@Creditaddict wrote:
the ONLY reason to care about D&B is if you are going after government contracts... otherwise I practically consider them a scam... I'm shocked you haven't been getting sales calls of why you should pay for their credit builder service or to verify your D&B and blah blah... you DONT NEED IT!

Agreed

Years ago this was the process of getting business credit established but now a days the 30 net accounts and then the path to non PG CC's and loans don't apply

Everything will require a PG and if you just want a DNB account it's free to setup for yourself. Just don't buy any of their other services..It's a waste of time and money no matter what they try and sell you SAY NO!!!!!!!!!!!!!!!

http://fedgov.dnb.com/webform/displayHomePage.do