topic Re: Geting a business CC at 19 :( in Business Credit

Geting a business CC at 19 :(

Anonymous — Sat, 09 Aug 2014 16:29:19 GMT

I recently opened a coffee shop in NYC (8 months ago), I had 20k set aside for capital until we are able to break even and unfortunately due to my lack of credit history there where some complications in getting the lease. This caused me to open two months late, and I only had around 9k left after agreeing to lay out 5 months rent in addition to sec, and property tax. The good news is that people in the neighborhood love the coffee shop and we are getting busier by the day, not to mention that we broke even two months ago. The problem is I have no reserve cash on hand so I applied for a business CC with Chase(I use them for my checking and payment tec).

I just wanted to see what opinions you guys have regarding my situation, I went a little in debt regarding my credit history below.

I have a discover card(I got it the month my coffee shop opened to build credit(750$ initial credit line)) and yesterday I received my statement to find out my credit score is now 694. I was very happy and surprised and i was able to get my credit line increased up to 3250$. This is what motivated me to go to Chase today, but unfortunately when i got home I stared to read up on the ink cards to find out lots of people get rejected, so I decided to get a monthly fico monitoring subscription to look at my situation in detail. I got worried when i saw that my fico score is 663, not 694(I soon found out that different reporting agency's result in a different score). That is why I started to think that I also will get rejected especially since I have 6 hard pulls on my report (not including the pull that they will do for the ink card). only good thing going for me I guess is that in my short relationships with credit cards I never missed a payment. What should I do if stuff does not work out with Chase? I do not think its smart to use my personal CC to purchase stuff for the coffee shop,(i realise a business CC will also be a personal liability but I am looking at this from an accounting POV).

Thanks for taking the time to look at this, any tips will be appreciated on what i should do next in my life long trip to good credit.

Re: Geting a business CC at 19 :(

Closingracer99 — Sat, 09 Aug 2014 16:37:55 GMT

@Anonymous wrote:

I recently opened a coffee shop in NYC (8 months ago), I had 20k set aside for capital until we are able to break even and unfortunately due to my lack of credit history there where some complications in getting the lease. This caused me to open two months late, and I only had around 9k left after agreeing to lay out 5 months rent in addition to sec, and property tax. The good news is that people in the neighborhood love the coffee shop and we are getting busier by the day, not to mention that we broke even two months ago. The problem is I have no reserve cash on hand so I applied for a business CC with Chase(I use them for my checking and payment tec).

I just wanted to see what opinions you guys have regarding my situation, I went a little in debt regarding my credit history below.

I have a discover card(I got it the month my coffee shop opened to build credit(750$ initial credit line)) and yesterday I received my statement to find out my credit score is now 694. I was very happy and surprised and i was able to get my credit line increased up to 3250$. This is what motivated me to go to Chase today, but unfortunately when i got home I stared to read up on the ink cards to find out lots of people get rejected, so I decided to get a monthly fico monitoring subscription to look at my situation in detail. I got worried when i saw that my fico score is 663, not 694(I soon found out that different reporting agency's result in a different score). That is why I started to think that I also will get rejected especially since I have 6 hard pulls on my report (not including the pull that they will do for the ink card). only good thing going for me I guess is that in my short relationships with credit cards I never missed a payment. What should I do if stuff does not work out with Chase? I do not think its smart to use my personal CC to purchase stuff for the coffee shop,(i realise a business CC will also be a personal liability but I am looking at this from an accounting POV).
Thanks for taking the time to look at this, any tips will be appreciated on what i should do next in my life long trip to good credit.

First off where in NYC?

2nd

Have you checked out Capital one? The Spark Classic Business card says it is for Average Credit and might be a much better chance at approval and a higher limit perhaps. You get 1% CB on all purchases as well. High APR at 22.99% but it is probably easier to get then a Chase card? The card has 508 reviews and has 4 and a half stars so it can't be that bad

Re: Geting a business CC at 19 :(

Anonymous — Sat, 09 Aug 2014 16:42:44 GMT

I was hoping to get something with 0% APR for at least 6, but ill look in to it thanks. I am hoping that (or convincing my self that) i might get accepted because they see 6-8k being put in the account a month from there payment tec team, and they get a nice small chunk of that each month, hopefully the will be willing to help me and themselves out.The coffee shop is in ridgewood queens btw.

Re: Geting a business CC at 19 :(

Closingracer99 — Sat, 09 Aug 2014 16:47:30 GMT

@Anonymous wrote:
I was hoping to get something with 0% APR for at least 6, but ill look in to it thanks. I am hoping that (or convincing my self that) i might get accepted because they see 6-8k being put in the account a month from there payment tec team, and they get a nice small chunk of that each month, hopefully the will be willing to help me and themselves out.The coffee shop is in ridgewood queens btw.

Who doesn't want 0% APR But If you do get declined by chase I would assume Capital one business cards are easier to obtain like their personal cards. If you really want that and don't mind shopping taking a few INQ's Citi also offer the CitiBusiness Thank you card with no AF, 0% APR for 6 months and you

3 ThankYou® Points for every $1 spent on eligible purchases in quarterly rotating business categories1

1 ThankYou® Point for every $1 spent on other purchases1

Unlimited points with no expiration on the points earned2

Earn an Anniversary bonus each membership year1

Ah all the way there I spend a lot of time in the city and would of like to helped you along since I do love drinking coffee

Re: Geting a business CC at 19 :(

Closingracer99 — Sat, 09 Aug 2014 16:51:42 GMT

Amex Charge cards if you can PIF each month might be easy to get and the Green one has a $95 AF. IF you want a Credit card they offer Blue For business card which offers 0% APR as well for 9 months

Re: Geting a business CC at 19 :(

Anonymous — Sat, 09 Aug 2014 16:56:53 GMT

one of my 6 inquires is from them i do not think they would change there mind after two months and i just reminded my self capital one did not even take my CC app 8 months ago when i was hunting for my first card, they where the only bank out of 4 i visited that told me they cant give cards out to individuals under 21..... witch is odd because no one else did that, i even called and the lady on the infoline told me the same thing, mby it is different with a business CC ill need to check when i get a word from chase, or should i apply for a few at the same time?

Re: Geting a business CC at 19 :(

Closingracer99 — Sat, 09 Aug 2014 16:59:57 GMT

@Anonymous wrote:
one of my 6 inquires is from them i do not think they would change there mind after two months and i just reminded my self capital one did not even take my CC app 8 months ago when i was hunting for my first card, they where the only bank out of 4 i visited that told me they cant give cards out to individuals under 21..... witch is odd because no one else did that, i even called and the lady on the infoline told me the same thing, mby it is different with a business CC ill need to check when i get a word from chase, or should i apply for a few at the same time?

If you apply for the ones you need at the same time they will all fall off at the same in 2 years which is good. You should be able to get a capital one card or which ever as long as you can prove you can pay it off yourself or needing a Co signer

Re: Geting a business CC at 19 :(

credit-hunter — Sat, 09 Aug 2014 21:43:31 GMT

Check out Brooklyn Federal credit union http://www.brooklyn.coop/ they work with area business's PM sent also