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Advice on first business card

Advice on first business card

Hello.

 

I currently do not have anything reporting as business credit... I'm trying to see if there's any business credit cards I can get that will use my personal score of 700-740 as way to get approved. Helpful suggestions please.

 

I'm going to be adding two tradelines reporting to business credit bureaus in next two months but I was hoping to at least get one unsecured credit card in meantime, even if it was a pg. 

 

I won't be able to beef up my business report for a few months with net30 and credit builder "loan" and was hoping I could use my personal score to obtain something.

 

Thanks

 

 

Message 1 of 9
8 REPLIES 8
Jordan23ww
Valued Contributor

Re: Advice on first business card

American Express is great for approving business cards with Fico scores in that range. I got the Blue Business Cash when my Experian was 719 and got the Blue Business Plus when it was 714.  They gave me $9000 starting limits on both cards. 

 


Message 2 of 9
Red1Blue
Super Contributor

Re: Advice on first business card

Hi @Secretchipmunk7 Welcome. First question I ask is what is the purpose of you building business credit? Based on it we can give you more choices and options to steer towards reaching your business goals. I am not sure how effective are Net 30 accounts. I had 3 accounts and closed them all but kept one Quill.

 

If you have good scores and willing to do PG Amex is a good choice. I would also look into FNBO Evergreen Business Card. They seem to give high limits. Nice thing you can do pre-approval and if you like the offer then you can accept it. Next card you might want to look into GM Business Credit Card. It is issued by GS and does pre-approval and if you like it then you can accept the offer.

 

One thing you might want to look into is NAV. They have a business builder program and for $39.99 they report to all 3 business reports. Also they give you access to your personal and business reports in one location. I found it to be very useful. Another card you might want to consider is Divvy. They look at your personal report ( soft pull ) and give you line of credit. They also have credit builder card. Check them out.

 

I would look into applying for Walmart Community Card. That is easy approval. Sams Club Store and Mastercard are good options. Amazon Business Net 55 account from Synchrony is also a good start.

 

Gas Cards are available. Fuelman / FlexRoad / AtoB are some of the choices. Make sure they are no extra fees and charges associated with the card.

 

Nice thing all the cards I mentioned above report to Business Credit Reports and help you build business credit. Good luck with  your journey in building business credit.

 

Message 3 of 9

Re: Advice on first business card

Thanks. I have all those listed on my to do list. Aiming for high limit credit cards and possibly loans. For now, it would be any unsecured credit card as I begin building credit.  I will be adding a nav line. I'm already a free member. 

Message 4 of 9
GApeachy
Super Contributor

Re: Advice on first business card


@Jordan23ww wrote:

American Express is great for approving business cards with Fico scores in that range. I got the Blue Business Cash when my Experian was 719 and got the Blue Business Plus when it was 714.  They gave me $9000 starting limits on both cards. 


Plus that 3x's cli is a +1.Smiley Wink

@Secretchipmunk7 What line of work are you in? That might help in steering you towards one over the other.

"My Take Home Pay Don't Take Me Home"
Message 5 of 9
GApeachy
Super Contributor

Re: Advice on first business card


@Secretchipmunk7 wrote:

Thanks. I have all those listed on my to do list. Aiming for high limit credit cards and possibly loans. For now, it would be any unsecured credit card as I begin building credit.  I will be adding a nav line. I'm already a free member. 


I'll mention that Amex has picked up Kabbage for Biz LOC's.  That too could be a credit tool you'd be interested in researching for your needs.

"My Take Home Pay Don't Take Me Home"
Message 6 of 9

Re: Advice on first business card

Various stuff. I have a cleaning business and a computer repair business. Didn't bother setting up the credit end all these years but I did everything properly now (minus ein I've had for many years and tax returns).

 

I might see if Wells Fargo is interested in a small business loan or personal. It's one of the banks I have, but my business bank account is with US Bank. The biggest problem I have is I used my personal bank account for business and personal, so it's easier for me to show the income through that. I actually do have quite alot of income, just didn't do things properly until recently.

Message 7 of 9
cashorcharge
Community Leader
Senior Contributor

Re: Advice on first business card

Agree that the Amazon Net55 from SYNC would be a good start and possible useful to you.  There's no HP for that account

The other option is the Home Depot Commercial Account.  It's also Net55 from CITI and no HP is needed.

 

Both Citi and SYNC report so these accounts may be useful to you for purchases and will report, thus building up your profile

Message 8 of 9
SouthJamaica
Mega Contributor

Re: Advice on first business card


@Jordan23ww wrote:

American Express is great for approving business cards with Fico scores in that range. I got the Blue Business Cash when my Experian was 719 and got the Blue Business Plus when it was 714.  They gave me $9000 starting limits on both cards. 


Agreed, either of those cards would be perfect.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 732 TU 721 EX 698

Message 9 of 9
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