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Here’s my situation: EQ 639; TU 648; EX: 621. Have Amex BCE $1K; WF Platinum Secured $10K; Discover It $2k; Cap1 Platinum: $1k
Reported income of $120,000 from my small business ($10,000 per month)
Here's the thing, I don't have solid accounting. I've done some basic excel sheets but that is all. I've only been in business for one year and was planning on writing off maximum expenses/deductions to show a paper loss. However, my business pulls in ~approximately $20,000 in gross monthly revenue.
I want a loan to expand my business.. buy advertising... and buy signage etc.
My business has no commercial lines of credit and all my suppliers require I pay upfront.
Through my credit card processor, I qualify for a merchant advanced loan where they will take 25% of my daily gross sales until it is paid back. This would make the effective interest rate 50%+ and I would never be able to fully enjoy the loan since repayment starts right away. What are some realistic options for me?
I was actually referring to Kabbage. My scores were in the 730-740s when I applied for all three cards 7 months ago.... but since I opened so many new cards at once my score tanked.. I tried CLI with Cap One and they declined due to "overuse of account" I think I went over the limit by $20 and then paid it in full. So since then I am too scared to ask Amex or Discover until my score recovers in the low 700s at least
Hi @Anonymous, I've merged your two identical threads. Please avoid cross-posting the same thread in more than one forum; it's confusing for our members to follow and is against the forum guidelines.
--UncleB
myFICO Moderator
The effective interest rate sounds quite prohibitive. Even though it's available, the cost is hard to justify.
How much is the planned advertising, and can you spread those payment(s) over a period of time?
Capital One and Amex will sometimes offer considerable credit line increases, up to 3X the original CL. Not guaranteed, but can help.
Issuers, overall, like to see activity on the cards, and some will react to the use of a card by giving you a CL.
The FICO scores posted, under 740 or even 700, will make financing with a credit card harder to do.
I would think very long and hard about any financing deal that wanted >20% APR.