Credit card for business use (newbie!)

[Anonymous]

Hi All!  I'm new to the board and have been in awe of how informative this all is.  

I have a fairly new business creditwise (got first and only loan $29k with Lending Club in April).  I would like to apply for a business credit card or LOC as my business is somewhat seasonal (dance studio/program) and I'd like to have more working capital during the slower times and as we grow.  I also like the idea of rewards for things we have to buy on a regular basis.  

My personal credit is pretty strong (ex 768 TU 740) but my business profile is very new still.  I probably would get a better option through a personal cc and need to get my utilization down anyway.  Only two cc but I'm at 55% mainly because I financed mostly everything for my business on these cards.  I tried a second loan for LC but they denied saying until I complete my 2019 taxes and could verify my higher income they couldn't do it.  They said they could do a personal loan, but I don't want a personal loan with them.  I have NFCU and Bank of American personal accounts.  A NFCU Loan (pertty new 8/19).  My business acct (3 years only is with United Bank).  

My thoughts were to apply for a NFCU personal credit card to help with utilization, plus be a back in the event I needed it.  And apply for Amazon Amex since it appears they may not HP my personal.  

Can anyone confirm the following?

Does Amazon Business Amex HP personal credit? If not, would it be better to apply for Amazon business Amex first, then apply for nfcu Personal CC?  Or vice versa? How soon could I do these both? What are the odds I'd get approved for both?  Are there any other business CC, LOC, Loan options, that would only soft pul personal, but mostly rely on personal, or are easier to get for businesses with new profiles? 

Am I going about this all wrong? Is there a better less expensive way to get credit available for working capital?

Lastly, NFCU Flagship or Platinum (I was preselected for platinum)?  Which offers best credit lines? possibilty of approval?

[GApeachy]

---

@Anonymous wrote:

Hi All!  I'm new to the board and have been in awe of how informative this all is.  

I have a fairly new business creditwise (got first and only loan $29k with Lending Club in April).  I would like to apply for a business credit card or LOC as my business is somewhat seasonal (dance studio/program) and I'd like to have more working capital during the slower times and as we grow.  I also like the idea of rewards for things we have to buy on a regular basis.  

My personal credit is pretty strong (ex 768 TU 740) but my business profile is very new still.  I probably would get a better option through a personal cc and need to get my utilization down anyway.  Only two cc but I'm at 55% mainly because I financed mostly everything for my business on these cards.  I tried a second loan for LC but they denied saying until I complete my 2019 taxes and could verify my higher income they couldn't do it.  They said they could do a personal loan, but I don't want a personal loan with them.  I have NFCU and Bank of American personal accounts.  A NFCU Loan (pertty new 8/19).  My business acct (3 years only is with United Bank).  

My thoughts were to apply for a NFCU personal credit card to help with utilization, plus be a back in the event I needed it.  And apply for Amazon Amex since it appears they may not HP my personal.  

Can anyone confirm the following?

Does Amazon Business Amex HP personal credit? If not, would it be better to apply for Amazon business Amex first, then apply for nfcu Personal CC?  Or vice versa? How soon could I do these both? What are the odds I'd get approved for both?  Are there any other business CC, LOC, Loan options, that would only soft pul personal, but mostly rely on personal, or are easier to get for businesses with new profiles? 

Am I going about this all wrong? Is there a better less expensive way to get credit available for working capital?

Lastly, NFCU Flagship or Platinum (I was preselected for platinum)?  Which offers best credit lines? possibilty of approval?

---

Before anything else, have you read the Business 101 sticky?  There is a load of info. that answers most if not all of your questions.  Jot down what most intrigues you; put in order what seems to be most doable and then come back here with more questions.  I would suggest the 3 hp Capital One Spark with you having good personal scores but I don't know the in's and out's of your biz history.  So there are a lot of things to consider.  Yes, Amex will hp the first time for biz and/or personal.  Again though, read the sticky and as much of the other posts before doing anything.  Sometimes we settle for less without knowing we could have gotten better.  Would like that for you....the better.

[Anonymous]

Thanks @GAPeachy!  Super helpful.  I'm happy to report most of the info on the Business 101 I have done already.  I don't have any of the net 30s but I guess I can try one of those also, though I'm confident my LC loan is already reporting.  So I'm bulding credit either way.  But I'll check out the others as well.  

Once I do that, I will check out Spark.  I think I've received a few pre-select mailers from them as well as a few from Business Amexs, can't remember which one.  So many choices but you're right I want the best options, so I'll do some addl research.  Think I just feel a little let down from the pre-approved then declined from the Lending Club (it's the first decline I've had in years =/).  Plus, I really could use some working capital so am feeling a little anxious about it.  But patience is best I guess.  

[GApeachy]

Do you use Amazon a lot for biz?  I got the Amazon Net55 easily, no hp, sl 7.9k.  How are you with Synchrony?  Check Amex biz preapproval and see if they still show something for you and your business.  Gl!

[GApeachy]

Have you pulled your biz reports anywhere? Do you know your scores?  Do you have a D&B number?  Ein? 

[Anonymous]

There is a lot of stuff in your post.

Are you looking for more capital, new capital or to refinance your current debt?

If you legitimately need business credit and have a revenue stream, a HP or two isn't something to worry about with your scores.

Business reports and business scores probably won't matter much for someone in your position, a PG will go a long way.

I would suggest you go to where you do your business banking for the last 3 years and see if they have a product(s) that will work for you.

Or go to BoA since you already have a relationship, meet with a small business banker and see how they can help you.

BoA will want tax returns for an LoC or loan.

NFCU has business accounts, but they can be a hassle.

Having your taxes completed to show a small business banker will probably help you more than anything.

If you financed your business on your personal cards, a BT onto a new card might help short term, but isn't the most elegant solution.

[Anonymous]

I Use Amazon A LOT for the business.  Buy costumes, supplies, electronics, etc.  Amazon net 55 mentioned something about for large businesses, schools, libraries.  I am not sure we'd qualify.  We have like 150k in sales, it's not a super large business.  It's super weird that I have a prequal offer for Amex Biz card but when I enter my info in the tool, it says no matched offers?  And I have ever applied for anything with Syncrony as far as I know.  

[Anonymous]

I do have a D&B number I feel like when I looked before it was pretty low maybe 48 but I had no business credit at all.  I think there may also eb a glitch in that my D & B number is listed unber my DBA name versus my LLC name.  Could that be hurting me?

[GApeachy]

---

@Anonymous wrote:

I Use Amazon A LOT for the business.  Buy costumes, supplies, electronics, etc.  Amazon net 55 mentioned something about for large businesses, schools, libraries.  I am not sure we'd qualify.  We have like 150k in sales, it's not a super large business.  It's super weird that I have a prequal offer for Amex Biz card but when I enter my info in the tool, it says no matched offers?  And I have ever applied for anything with Syncrony as far as I know.  

---

I got it, not large at all....small actually but the CSR told me that didn't matter; they have small business with it too.  The revolving one is the one I wanted; app'd for Net55 because we didn't have one and have revolvers.  So yes, you can get it cuz I have it.  And I got it like 6 months ago.  Others here have it too and they aren't large corps.  Read around the forum about the Net55.

Also, make sure all your credit reports are unlocked before doing pre-approvals.  But with Amex, we picked up a couple that weren't pre-approved.  It's iffy about those things.

If you know your scores and feel good about them then you don't have to rely on the pre-approvals.  They just help.

[GApeachy]

---

@Anonymous wrote:

I do have a D&B number I feel like when I looked before it was pretty low maybe 48 but I had no business credit at all.  I think there may also eb a glitch in that my D & B number is listed unber my DBA name versus my LLC name.  Could that be hurting me?

---

Sign up for their free Credit Builder and make corrections.  They will verify via phone calls.