Advice on building business credit sought

[Expansion]

@bizcredit11 this is all very helpful, to have this context about NIHFCU!  

I'm planning to start using the Citizensn card and let it post for about 3 cycles before applying for  NIHFCU so then I'll have a stronger profile for my application.  (Right now the citizens card isn't on my profile yet because I'm still waiting for it in the mail    

When you say you opened a personal account and then a business account, were those credit card accounts, or something else?  Do you think it's necessary to open the personal before the business account?

Thank you for all your insight!!!

[URHomeInvestments]

This thread is so fruitful.  I have about the same personal cards, having done a similar thing with about the same levels of utilization.  My scores are where yours are, and are also improving.

My business is short term rentals, and I use these business cards that do not report on my personal report: Chase Ink, Sam's Club (no PG in person, $6000 to start).  And these that do report on my personal: Capital One Spark (small at $2000), TD Bank ($12,000)

I will look to Best Buy, Home Depot and Lowe's because I need them for my business.  

I also think a travel card would be a benefit, and will be looking for one where we can get airmiles, so my husband & I can use points for travel.  The TD business card does allow that, but I don't want the DTI to show up on my personal credit report.

[bizcredit11]

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@Expansion wrote:

@bizcredit11 this is all very helpful, to have this context about NIHFCU!  

I'm planning to start using the Citizensn card and let it post for about 3 cycles before applying for  NIHFCU so then I'll have a stronger profile for my application.  (Right now the citizens card isn't on my profile yet because I'm still waiting for it in the mail    

When you say you opened a personal account and then a business account, were those credit card accounts, or something else?  Do you think it's necessary to open the personal before the business account?

Thank you for all your insight!!!

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@Expansion Just checking and savings for personal and after 6 months or so I opened up the business checking and savings. My understanding is you have to be a NIHFCU member to apply for the business credit card, but these kind of things change all the time. So, you must have at least a personal membership to apply for the business credit card. If you do open up a business account your rep will help you apply for the biz card as already mentioned. Lots of apps now...the process is pretty slow.

[spiritcraft1]

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@Expansion wrote:

In business since 2003

S corp since 2016

I have personal credit relationships with
Discover, AmEx, BOA, Wells Fargo, Chase, Citi, Mercury, Santander, Barclays,

and I'm a credit union member with

Navy Federal, PenFed, 

and also Apple FCU, Arlington FCU, and NASA FCU. 

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Have you looked into the Apple FCU Business Visa?  I just noticed that card.  I have no idea if that card is geofenced.  They claim to pull TU Auto 08 and will soft pull you over the phone to discuss what you are approved for.  I was told that I likely would get a $50k line for the personal rewards card but if that would work for a Visa I would jump on that.  It is on my list to find out but being in Illinois I suspect I may be geofenced for Biz as is likely the case with CU's  i.e.  Nasa, AOD etc.

[eliteproxy]

I recently got high limit cards and business lines of credit with minimal business credit history.

Lenders dont really penalise you for not having established business credit, they just look for negeative items and also they check D&B to see what financial products your business currently has and liabilities.

Your personal credit is the most important part. 

I DO NOT recomend going after business financial products with bank statements, unless you want a MCA loan which is horrible.

if you want something under 100k then look at PNC and TD bank for a no doc required products. They both offer BLOC and its all based on stated income.

if your personal credit sore is crappy, they will ask for some other financials, but as long as you dont have anything negative / maxed out and score above 680

I signed up for all the D&B products, Experian Business etc didn't end up needing it.. that being said, the underwritter did mention to me that if I want a high amount then the 50k requested (the amount i reuqested) then it would be good to show some tradeliens in personal or busienss with high credit limit. and after 3-6 months I can request the increase.

[Expansion]

Thanks so much for this recommendation, @spiritcraft1!  It's nice to "meet you" here!

I wasn't aware of that card either, and I should be inside any geofences, so that's a great tip!  I also like that they talk you through your probable results on the phone.   Thank you thank you!  I will keep this in mind for when I'm ready to apply for my next card!

[Expansion]

So helpful, @bizcredit11 , I so appreciate you sharing these details!  Thank you thank you!

[Expansion]

Hey @URHomeInvestments , it's great to "meet" you here!  I'm glad you've found this thread fruitful.  I set an intention that it would help others even though it was a massive act of vulnerability for me to post my details and be seen in the imperfection of where I started! 

I also appreciate connecting with you since you're in a similar place.  I sometimes feel my situation is unusual and therefore lonely so it's really helpful to hear what is working for you!  I put your suggestions on a sticky note for when I'm ready for my next CC application

[Expansion]

@eliteproxy thank you so much for sharing what's working for you and making these suggestions.  I haven't looked into those lenders and am making a note of them!

Right now I am focused on business CCs though at some point in the future I might do a BLOC. 

It doesn't bother me to show my bank statements since they look good and are easy enough for me to provide, and showing my bank statements seems to have really supported recent good approvals ($11k personal CC from PenFed and $25k first ever business CC from citizens bank), but everyone is different, whatever works for you

For me what has been the challenge has been my personal utilization more than the personal score per se, but I'm working on that and have made really major progress since I started posting here in February.  

[URHomeInvestments]

@eliteproxymy business banking is at TD and I didn't know about their BLOC products.  Could you please expand on the one you were able to source?  I run a vacation rental management company and a line of credit would be very helpful in my slow season.  Thanks for any insights you may have.