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Business Credit new start-up courier service

MB54
Established Member

Business Credit new start-up courier service

I am launching a new courier business on April 15. 2019. I have no business credit cards and no business checking account yet. Is Chase, Wells Fargo best banks to do business with to get a business credit card and business checking account. My fico is Trans 656: Equifax 611: Experian 602. Please share advice for easier to get gas cards and business credit cards.
Thanking you in advance!
MB
Message 1 of 17
16 REPLIES 16
CreditSweeper
Established Contributor

Re: Business Credit new start-up courier service

I don’t see any way around you needing to PG business cards for a start-up and with the scores as you have them listed, I’m not sure how much luck you will have.

AMEX is normally a great option for first time small business cards, but I can’t say I think you’d have a good chance with them yet.

Good luck though!!
Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 2 of 17
MB54
Established Member

Re: Business Credit new start-up courier service

Thank you
MB
Message 3 of 17
CreditSweeper
Established Contributor

Re: Business Credit new start-up courier service

You could try Capital One’s Spark Classic. They would pull at 3 CBs and, if approved, would probably only issue a small $500 limit, by my guess.

Capital One business cards report to personal credit. While that’s a downside for many people, it might actually be a good thing in your instance and could help your personal scores if the card is managed properly.
Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 4 of 17
SouthJamaica
Super Contributor

Re: Business Credit new start-up courier service


@MB54 wrote:
I am launching a new courier business on April 15. 2019. I have no business credit cards and no business checking account yet. Is Chase, Wells Fargo best banks to do business with to get a business credit card and business checking account. My fico is Trans 656: Equifax 611: Experian 602. Please share advice for easier to get gas cards and business credit cards.
Thanking you in advance!

Chase is IMHO the best business bank among the majors.

 

Best things to start out with are some Net 30 accounts with suppliers you might want to use, and possibly an Amex business charge card.

 

There are good business gas cards, but I don't have the details; someone else can fill you in on that.

Message 5 of 17
MB54
Established Member

Re: Business Credit new start-up courier service

Thank you.

MB
Message 6 of 17
CreditCuriosity
Moderator

Re: Business Credit new start-up courier service

Going to have to get your scores up first..  Easiest will eventually be Amex for a business card for a major card otherwise can get some net 30's pretty easily . Obviously something are holding those scores down.  If you could get them in the 680-700 range then I would say Chase, but that is a PG'ed card alot of the net 30's aren't.  What are holding scores down?  CO's, CA's, BK, Util?  I would tackle raising those up depending on what it is it can be easy or tough, but i wouldn't seek credit currently with current scores you mentioned personally and address the problem first then seek the credit to help your business grow.  Best of luck

Message 7 of 17
MB54
Established Member

Re: Business Credit new start-up courier service

Thank you....

MB
Message 8 of 17
Cransom
Contributor

Re: Business Credit new start-up courier service

I would say NFCU if you can get a membership. I would focus on the personal as others have recommended. I started with a personal Amex charge card. Once you are a member, you will not get an HP when applying for a new card.

 

NFCU can be lenient when it comes to CC's for personal. Without more details from your report, it is not much any of us can assist with.

 

Places like Grainger, Uline, Seaton and another I used just to get tradelines on my D&B to report but I only spent 50$ on each. Most of the stuff is not needed for the type of business I am in.

 

Also, I use Nav to compare the different business cards and business loans and loc's I am elgible for.

 

I also recommend using Square or PayPal for invoicing if it can work for your type of business because they both have working capital. I can confirm that PayPal's working capital does not HP your credit and is based off of your sales(trips). These are funds they will determine you are eligible for and you can use to expand your business if you would like. 

 

I hope I can help more if you care to reply with some DP's like Collections, Charge-offs, Uti?

 

Good Luck

Message 9 of 17
MB54
Established Member

Re: Business Credit new start-up courier service

Valued member -

Thank you for your response, currently I don't have any collections of charge-off ect. I have mainly some late payments, overall debt is at 42% above the 30% benchmark, Inquiries was high for 2018. Moved up a little more today, Equifax 615, Transunion 656, Experian 605. Moving upward at snail's pace. 

 

MB
Message 10 of 17
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