After the financial problems from 2009, business credit has evolved. The state you describe your business - besides start up - is small business. LLC does not a corporation for banks make 
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All major revolvers will want a personal guarantee. Unless you have multiple employees, well established state, use and federal taxes, established store front to go along with that 250k revenue, you must pony up the pg. My CU offers business products, and recommends personal loans for small businesses.
After you get established, some will go ahead without the PG, but the majors want PG. Just an FYI (I personally don't have a problem with PG).
.All major revolvers will want a personal guarantee. Unless you have multiple employees, well established state, use and federal taxes, established store front to go along with that 250k revenue, you must pony up the pg. My CU offers business products, and recommends personal loans for small businesses.
After you get established, some will go ahead without the PG, but the majors want PG. Just an FYI (I personally don't have a problem with PG).
@Imperfectfuture wrote:
After the financial problems from 2009, business credit has evolved. The state you describe your business - besides start up - is small business. LLC does not a corporation for banks make
All major revolvers will want a personal guarantee. Unless you have multiple employees, well established state, use and federal taxes, established store front to go along with that 250k revenue, you must pony up the pg. My CU offers business products, and recommends personal loans for small businesses.
After you get established, some will go ahead without the PG, but the majors want PG. Just an FYI (I personally don't have a problem with PG).
Yea, A lot keep changing every year. Most Majors will, however, provide an account without a PG but must meet requirements (eg not having a home address for the business, be in business for more than +2 years, make more than $250k (some prefer over $2M), and have a good business report). I normally wouldnt have a problem, but I want to have a start were I wouldnt have too, which is why I tried getting a secured business card with WF but they want a PG for it and I just told myself to forget it.
@dariusc93 wrote:
@Imperfectfuture wrote:
After the financial problems from 2009, business credit has evolved. The state you describe your business - besides start up - is small business. LLC does not a corporation for banks make
All major revolvers will want a personal guarantee. Unless you have multiple employees, well established state, use and federal taxes, established store front to go along with that 250k revenue, you must pony up the pg. My CU offers business products, and recommends personal loans for small businesses.
After you get established, some will go ahead without the PG, but the majors want PG. Just an FYI (I personally don't have a problem with PG).Yea, A lot keep changing every year. Most Majors will, however, provide an account without a PG but must meet requirements (eg not having a home address for the business, be in business for more than +2 years, make more than $250k (some prefer over $2M), and have a good business report). I normally wouldnt have a problem, but I want to have a start were I wouldnt have too, which is why I tried getting a secured business card with WF but they want a PG for it and I just told myself to forget it.
Guess what, it's not a bad thing. We all have to start, and generally pg now. Reason? Don't want to open accounts my business doesn't need. I don't need those net 30 accounts, I don't need a dedicated office supply account, and unfortunately, BJ's (think they want more establishment than I have), isn't in my area.
So after a friend of mine prompted, I got the Amex SimplyCash, since it is more start up friendly than Chase (which I am aiming for in a year or two). I can wait to register the business name, wait to start the separate phone numbers, etc. And forget the Vituwl Office, they don't Really like it. These cards are designed for small businesses, which is what you describe. Being an LLC, they will still go after assets of principals when default.
PS, if you had business a few years ago (or whenever), is their a problem with that business credit?
@Imperfectfuture wrote:
@dariusc93 wrote:
@Imperfectfuture wrote:
After the financial problems from 2009, business credit has evolved. The state you describe your business - besides start up - is small business. LLC does not a corporation for banks make
All major revolvers will want a personal guarantee. Unless you have multiple employees, well established state, use and federal taxes, established store front to go along with that 250k revenue, you must pony up the pg. My CU offers business products, and recommends personal loans for small businesses.
After you get established, some will go ahead without the PG, but the majors want PG. Just an FYI (I personally don't have a problem with PG).Yea, A lot keep changing every year. Most Majors will, however, provide an account without a PG but must meet requirements (eg not having a home address for the business, be in business for more than +2 years, make more than $250k (some prefer over $2M), and have a good business report). I normally wouldnt have a problem, but I want to have a start were I wouldnt have too, which is why I tried getting a secured business card with WF but they want a PG for it and I just told myself to forget it.
Guess what, it's not a bad thing. We all have to start, and generally pg now. Reason? Don't want to open accounts my business doesn't need. I don't need those net 30 accounts, I don't need a dedicated office supply account, and unfortunately, BJ's (think they want more establishment than I have), isn't in my area.
So after a friend of mine prompted, I got the Amex SimplyCash, since it is more start up friendly than Chase (which I am aiming for in a year or two). I can wait to register the business name, wait to start the separate phone numbers, etc. And forget the Vituwl Office, they don't Really like it. These cards are designed for small businesses, which is what you describe. Being an LLC, they will still go after assets of principals when default.
PS, if you had business a few years ago (or whenever), is their a problem with that business credit?
Youre right it not a bad thing, but its not the best thing to do unless you really need too. Most of the net 30 accounts I can use and work with since I do have a small home office, so it would help getting things I need while building that form of credit. I do have separate phone numbers (I might transfer the number over to ring central or possibly make use of twillo, not sure yet), and as for the "virtual office" I do plan on renting a small office which would be dedicated to me and not shared like how most of those companies do. This is a corporation, btw, while the old business is an LLC, but to answer your question the old business credit have reported over 30 tradelines on D&B (one of which keep reporting as an error which D&B wont disclose the vendor nor fix it when disputed), 22 on Experian Business and not sure about SBFE or Equifax Business. Most of the PG cards are now closed while the non PG credit is still open but will closed last before filing to dissolve the llc. My corporation, as of today, have a few tradelines reported.
I just generally want to avoid a PG as I do not want my personal report to be hit with an inquiry and want to keep my report spotless and clean for several months before applying for any form of credit. I was thinking about trying Amex out, but been hearing mix stories about them doing HP, or SP, or they may not even check personal credit but check business, etc. I would get Wells Fargo Secured Business Credit Card, but they want a PG for that which I am not going to do, not for a secured business card anyway.