Building Business Credit while waiting for personal BK7 Discharge

[Anonymous]

I filed for personal BK7 and am currently waiting for discharge.  On the flip side,  I do also have a side business which was started in 2008.

Months ago, I started the process of building business credit to try and keep my personal/business finances/expenses separate.  So I did the basic steps - business checking and savings, DUNS number,  phone number listed in online directories etc. but until today I have never tried to apply for any type of business credit.  So as I hit a lull regarding my personal credit, I turned my focus back to my business and applied for and was approved for the following:

Amazon Pay-In-Full Credit Line (Net 55) - $2,000 

Quill Net 30 - placed a $50 order that was shipped, don't know credit limit

Office Depot - $1,000

For Office Depot, I applied online and initially got a Code 26 - so I called and the rep just put me on hold for a few minutes and came back with the approval and said cards will be mailed in 7-10 days!

I also applied for:

Exxon Mobil Fleet gas card - didn't get an instant approval but they made me fill out all the info for my authorized users including setting a pin number as well as designating what is allowed to be charged (gas only or anything) so I'm hoping to be approved.  I should find out within 5 business days.

Walmart - faxed application

I didn't have to PG any of these (obviously, with my pending BK!)

Now I'm researching getting an auto loan using my business credit.  My thought is maybe I could initially lease a vehicle using my business credit and in 2-3 years purchase the vehicle with my personal credit once I've had a chance to rebuild.  I've never been a fan of leasing, but if I could pull this off, I may be able to avoid a high-interest rate loan as I need a new car in the very near future as well as be able to deduct lease expenses on my taxes.

[Anonymous]

I was approved for Exxon Mobil Fleetcard with a $1500 limit but declined the Walmart card - the rep wouldn't give me the reason over the phone and said I have to wait for the letter in the mail.

[Anonymous]

I also applied for the Chevron/Texaco card and was approved for $1200 limit with 14-day terms. After reading about the payment horror stories with them, I think the Exxon Mobil will be our primary gas cards. I was also approved for a Uline account with $1,000 limit.

So in total, I have:

• Amazon Pay-In-Full Credit Line (Net 55) - $2,000
• Quill Net 30 - placed a $50 order that was shipped, don't know credit limit, I believe $1,000
• Office Depot - $1,000
• Exxon Mobil - $1,500
• Chevron/Texaco - $1,200
• Uline - $1,000
• 76 Fleet Services - $2,000

• I was denied for WalMart.

[Anonymous]

Is your business a S-Corp?  It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.  

[Anonymous]

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@Anonymous wrote:

Is your business a S-Corp?  It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.  

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Pretty much impossible.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Is your business a S-Corp?  It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.  

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Pretty much impossible.

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I'm pretty sure that will be the case.  We are a C-Corp.  I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Is your business a S-Corp?  It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.  

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Pretty much impossible.

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I'm pretty sure that will be the case.  We are a C-Corp.  I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.

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My previous employer (small engineering firm) was an S-Corp for 25 years, with ~5 mill revenue per year, for the last 5 years, and the principal still had to personally guarantee all of our company vehicles.  

[-Cal-]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Is your business a S-Corp?  It is gonna be pretty hard to find someone to give you a business auto loan without a personal guarantee, which usually means a personal credit check.  

---

Pretty much impossible.

---

I'm pretty sure that will be the case.  We are a C-Corp.  I reached out to Ally but have been playing phone tag ever since my initial contact. Since my application spree I'm going to take a step back and figure out the best way to utilize these credit lines and spend some time actually building these accounts before jumping into the auto loan.

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My previous employer (small engineering firm) was an S-Corp for 25 years, with ~5 mill revenue per year, for the last 5 years, and the principal still had to personally guarantee all of our company vehicles.  

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From my experience, most banks will require PG until they see 25+ mil in annual revenues. 

[Anonymous]

Is there a paper application for the Walmart NO PG?

[Anonymous]

I'm a 501 (c) 3, so I used this application: https://www.onlinecreditcenter2.com/walmart/ComAccountPrintApp.html