Confused need answers before i make a mistake

[Creditaddict]

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@lindsaydruart wrote:

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@Creditaddict wrote:

Since Square is registered to you in the business name they will very likely shut you down... if you are talking $500- up to maybe a couple grand you might get by but probably not a great idea if you want to keep the account.

Couple things I catch when I read your responses.

1. If you are employed in addition to your self-employed, use ALL your income and list it just under your regular employment income.

2. if you are only self employed, I would list your company as your employer and list yourself as a manager or some sort of title other than self-employed and owner!

3. amex business charge card has pretty low standards to get approved and might be an option however it is due in full each month so might not be that helpful for you right now.

4. Kabbage would probably give you some if you have some charges going through the square account but with just 6 months to repay, it's pretty big payments needed and a pretty short borrow time.

5. you have a lot of sync accounts, might be worth paying the AF for Sams Club and try for a Sams Club Mastercard Business with PG (you can do it online)

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You can't do the Business Sam's online. Only the personal one. If you can, that's news to me. I've tried to do it several times. Try without PG first just in case. Try the BJs too. Comenity is pretty lenient. Definitely always list yourself as an employer instead of self employed. Only do self employed if you are a sole prop.

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your right... sorry... in store!

[Anonymous]

Yeah Kabbage told me they would when I have a minimum of 6 months in business then try and reapply 

[Anonymous]

I am no longer employed I am the owner of the LLC I do not have any income from any other sources I am not 100% certain about AMEX because I have been denied twice for personal credit and I truly believe its the amount of HP's and the fact my oldest revolving account is only a year old with Cap 1, as for the sams club I have considered it but its in store only and the closest store from me is 30 miles away.  I live in a small backwoods town in north carolina everything is a long travel.  I also believe that because I have used so much of my personal credit to fund the start up costs now my UTIL has risen above 30% and I cant drain my bank accounts because I need to pay on the credit cards monthly, that right now is the only thing that will keep me afloat.

I am not sure if I am eigible to refinance my personal loan because its still relatively new and now that there is not a verifiable income any longer I dont think they will refi for me so in other words I am in between a rock and very hard place but i am to personally and financially invested into the company to walk out now.

Another big issue is because its a transport company I have to have federal regulations by the DOT and FMSCA which can take up to 25 days before I am given the authority to transport interstate commerce. so I am stuck for another 20 or so days without being able to work because the government takes so long to process the papers and of course you cant file for a DOT or MC number until your a legally registered company with the Secretary of State in NC so its a big waiting game 

[Anonymous]

OH and what particular AMEX Business Charge Card are you speaking of I applied for the Everyday and the Blue I even got denied for Cap 1 Spark Classic where I have seen people get a limit of $500 i would be happy with that at least I have a tradeline under the businessn open 

[Creditaddict]

Business gold charge... No revolving credit cards

[Anonymous]

i searched for it googled it and it came up with Amex gold business card 

[Anonymous]

I actually found a review on it and it says its a charge card and all payments must be paid in full every month.  I dont care about the annual fee it would be the only card other then my Credit One card which will be cancelled in August but I am unclear about a statement saying there is a required spending limit that must be met every month something in the neighborhood of $9K I wont spend that much in a month not in the beginning.  Am I reading that right or am I still confused.  Geez nobody told me being your own boss could be such a pain in the rear 

[lindsaydruart]

Sounds like your start up costs out pace your earnings by a lot. This is a common hurdle in small businesses and it's why a lot of businesses fail because they start with mountains of debt. So you need a residual revenue source or something to log under the business for revenue. I honestly don't recommend any more debt right now. Your personal credit and your business credit sound pretty stretched. What type of business is it if you don't mind me asking?

[Creditaddict]

The Business Gold Charge Card is due in full each month but has no minimum spending requirements AND very likely if you were approved would start with a $1-$2k internal limit but that goes up quickly as you make multiple payments and charge on it.  it's not really a card to help you start a business because it's due in full but it does help build business credit and your internal credit with amex to get future credit card products from them.

[Anonymous]

I most certainly dont mind telling you

It is an Auto Transport Business with a single truck and trailer.  I mainly deal with auto dealers and auctions in North & South Carolina.  I was originally going to do it off the radar and not form a legal entity however speaking to several people who are in the business and own dealers I was instructed to form a legal biz.  So I did I went to Legal Zoom and they prepared everything for me filed all my applications to the Sec. of State in NC and I must say was worth the money.  

As a "For Hire" business LLC I have to have a DOT and MC (motor Carrier) number to operate in and out of the state so that was another $300 plus additional fees for process agents and a very heavy Insurance policy.  Required by law I have to have a $1 Million dollar policy which is costing me $4k a year plus accountant fees and other fees.  My biggest hiccup right now is I have to wait an additional 25 days for Authorization to Operate from the DOT so I can legally be on the road.

To date I have invested over $10K of my personal money thru credit cards and my bank account and I'm not done there.  So yes I am aquiring a lot of debt and have no income coming in yet.  Whats hurt me is the util on my CC's because of all the start up costs and thats preventing me from getting biz credit cards and LOC's I have the accounts I need to generate revenue but I cant operate yet the fines for getting caught without Operation Authority is upawards of $50K and loss of privaleges for 6 months to a year.  If I can just get going I will make it I have great projections and very low overhead because its only me and no other expenses right now