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About to start a new automotive business and want to build some business credit. Best options?

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About to start a new automotive business and want to build some business credit. Best options?

Just thought I would add some more data points... I applied and was approved for 200/200 secured Capital One Card on July 14, 2017 and had my credit steps increase to $500 @ 5 months and then got the email my deposit was being returned and recieved a credit to my account on July 18 2018. I then immediately called into customer service to get a credit line increase and was subsequently denied due to the same reasons as before "credit line increases are not available for this account type". but they were able to PC me to the full blown Quicksiler not the Quicksilver 1 so it still was the same account with the low limit of $500 however now I am able to earn rewards. I was told by customer service I should be eligible for the increase by August 10th 2018 due to the "system" still recognizing it as secured and it cycles through after my statement closes but they said it can be up to 90 days after the upgrade before I will be given an increase.... Anyone else experience this?? I almost didnt think it would graduate due to all the other My Ficoers being done @ 11 months I guess mine just took a little longer. This is one of my lowest limits with the exception of Discover (my last secured card) due to graduate at the end of August as well. My last baddie On TU thinking of paying off with credit card for score increase bad idea?? (Was a 5 year old voluntary repo ONLY ON TU) Next moves??? Any business cards you think I would get given my current profile... How much do you think my credit score will raise when the last baddie falls off TU?? Main question is what is my best move for getting a business card?? Tries AMEX and too many inquiries and as u can see capital one doesn’t like me for some reason and never get a pre approval for them for any cars cold apped in October and was declined for to many inquiries on capital one. Just am opening up an auto shop and need to build business credit as soon as possible. Will be breaking ground soon. Any help is appreciated. Thanks in advance guys..
Quicksiler- $200-$500(Graduated)
Quicksilver 1 (AU) $1000-$5000
Amex ED- $500-$1000
Amex BCE (AU) $1000
Midas/Car Care One- $1000-$6000
Walmart- $200-$6000
Discover$- $200-$1000(Graduated)
Kohls- $300-$700-$1500-$2500
Credit One- $300-$700—CLOSED
NFCU CR-$500-$1500
NFCU CR (AU)- $3700
NFCU CLOC- $500-$7500-$15000
NFCU PLAT- $8900-$15000
NFCU PLAT (AU)-$15000
PayPal MC 2%-$700-$2100
Penfed Thrifty- $500

TU- 672 w/42inq EQ- 702 EX 58inq 722 43inq

Re: About to start a new automotive business and want to build some business credit. Best options?

Well clearly your business credit card apps keep getting declined because of too many inquiries so don't take any hard pulls for a while. Read and follow the steps in the business credit 101 thread. It will help you start building business credit all while keeping you from taking hard pulls.

Most credit card applications will result in a hard pull regardless of your business credit (exceptions like Sam's club or amex once you're already in) so they can usually be applied for at any point in the business credit building process (depending on the strength of the individuals credit of course), but hard pulls are hurting your approval odds, so my suggestion is you wait on credit card apps and build your business credit. In 6-12 months the "too many inquiries" issue will be less of a problem so your business cc apps will be getting approved and you'll have established a solid enough business credit foundation to the point where you'll be able to be approved for better business credit accounts without providing a PG and not having to take those unecessary hard pulls.
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