Business Card recommendation

EAJuggalo · ‎04-14-2021

Since I'm going to get 1099'd for my side business this year I think it's time to get a card for it and keep my expenses separate. I am a sole prop working as a sports official as an independant contractor. My personal scores are all around 650, clean report just high utilization killing me. Total income this year 1099 will be about 2,000 for sure with the possiblity of up to 5,000.

Are there options out there for low income side businesses without stellar personal credit? Most of my expenses are travel. Gas, hotels, flights that are reimbursed.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

Jordan23ww · ‎04-14-2021

I think you should take a look at American Expresses Blue Business Cash (cash back) and Blue Business Plus (MR points). I got both of these as a sole proprietor with similar income as you're expecting.

Shooting-For-800 · ‎04-15-2021

I would consider starting a single member LLC.

Rebuild started in 2014 - $100k unsecured credit in 2017 - $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

Anonymous · ‎04-15-2021

I agree with shooting for 800. You should form a single member LLC

Anonymous · ‎04-15-2021

AMEX

Credit4Growth · ‎04-19-2021

I would suggest Amex as a great way to go due to myself leaning in this very same direction 😀

I am curious to read of the best positive of first forming a (single member ) LLC should @Shooting-For-800 and @Anonymous provide some of the best pros and cons form their own perspectives.

Shooting-For-800 · ‎04-19-2021

A single member LLC allows you to separate your business and person finances without a bunch of extra paperwork.

It is much simpler to deal with than an S corp or regular LLC.

LLCs protect your personal assets. Sole proprietor does not.

Filing taxes for single member LLC is just as easy as a sole proprietor.

A single member LLC can become a regular LLC easily in the future if partners are brought on.

LLCs are more professional than a sole proprietor in the eyes of banks and clients.

Rebuild started in 2014 - $100k unsecured credit in 2017 - $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

Anonymous · ‎04-19-2021

I agree with Amex suggestions, and since you're already with them there's at least some familiarity with you. That said, I had a fairly easy experience with getting USB and BoA Biz products too. Though I'm an existing customer with both of them as well.