Business Credit Cards

[sihmud]

hello all,

I am currently deciding which bank to open my business accounts with ( S- Corporation) I'd like to bank somewhere that will possibly extend me a business credit card in the near future. does anyone know or have a list of banks/credit unions/ or creditors that will give someone a business credit card with a BK on their CR?

thanks in advance.

[pizzadude]

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@sihmud wrote:

hello all,

I am currently deciding which bank to open my business accounts with ( S- Corporation) I'd like to bank somewhere that will possibly extend me a business credit card in the near future. does anyone know or have a list of banks/credit unions/ or creditors that will give someone a business credit card with a BK on their CR?

thanks in advance.

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How old is the BK?  This will likely be a factor in their approval process. 

[sihmud]

@pizzadude 

filed 10/2021 DC 01/2022

im not planning on getting a business credit card now. But I also don't want to open accounts somewhere and later find out that they have a 5 year minimum post DC rule. I'd like to get one maybe a year down the road 

[pizzadude]

I wouldn't necessarily tie business banking in with business credit cards - most Biz CCs require personal guarantees anyway so while your biz banking may help with an approval it's probably not going to override other factors. 

What are you looking for in terms of banking and CCs ?  Do you need a nearby branch for deposits, or services ?   What types of expenses are you going to be running through your cards - Gas / Foodservice / Dining / Office Supplies, etc?   There are many biz CC offerings that may offer rewards tailored to what you need to buy for your business. 

Some banks / CUs have very primitive / nascent levels of biz customer service ( NFCU I'm looking at you ) but if your business is somewhat low maintenance you can probably live with it.

[sihmud]

@pizzadude I don't care much for business banking. I just assumed if I opened an account somewhere and dumped a good amount of change in there it would help my odds when applying. I am more interested in getting a decent-sized limit business credit card. my business can at times accrue large expenses I would prefer to put that expense on a business CC than a personal CC. i guess my question is which business credit cards are an option for me with a recent BK on report?

[FinStar]

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@sihmud wrote:

@pizzadude I don't care much for business banking. I just assumed if I opened an account somewhere and dumped a good amount of change in there it would help my odds when applying. I am more interested in getting a decent-sized limit business credit card. my business can at times accrue large expenses I would prefer to put that expense on a business CC than a personal CC. i guess my question is which business credit cards are an option for me with a recent BK on report?

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Unfortunately, that's not how most institutions work these days, especially for those where PG is a requirement. In order to obtain a very decent limit with any of the major players that require some form of PG (e.g. Chase, AmEx, FNBO, Bank Of America, US Bank, etc.), the recent BK will pose an issue since they will be accessing personal CRs in connection with your business CC application.

Were any major lenders IIB? Was this a Ch 7 or 13?

[sihmud]

@FinStar 

Thanks for the reply! 

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

[pizzadude]

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@sihmud wrote:

@FinStar 

Thanks for the reply! 

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

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Do you have any revolving accounts open right now - as mentioned, almost all biz apps will pull your personal reports and it may be difficult to get approved this soon after BK.

[sihmud]

@pizzadude 

currently I have the following accountsopen

Capital one 3k

mercury 1.8k

paypal 2.2k

navu federal auto loan 29k <open 13 months>

[FinStar]

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@sihmud wrote:

@FinStar 

Thanks for the reply! 

IIB was Chase, Discover, WF, and navy federal. I did not burn chase,Amex, US bank, or BofA however, after interacting on this site for a few months I know those lenders have a min of 3-5 years after discharge before giving credit. I was wondering if anyone knew of other business credit card lenders like cap one Etc..

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Can you clarify the bolded piece? Was Chase IIB? Your next statement says you didn't burn them 🤔 Either way, Chase is typically out of reach until BK drops off.

Capital One may be flexible, but you're still looking at least a while given the BK and DC are less than 6 months old.

You might look into some lenders who may offer net30 accounts, but a variety of them require some sort of established business credit before loosening up their purse strings.