Disappointed in biz cards

[Anonymous]

hey guys have a few questions.

I talked to an underwriter today and he made it clear that the type of business that you are starting May have an effect on how much they will lend to you obviously on the side of your personal credit, accounts etc.. If you were to guess what types of businesses if it was a startup would the biz credit card companies be willing to lend to?

From my research there are not that many biz cards - ink, boa, frontier, Amex, citi? What are the best cards and if applying to three total cards which would you apply to? I have around a 740 credit score and 30k in limits and 20% utilization. 

[Creditaddict]

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@Anonymous wrote:

hey guys have a few questions.

I talked to an underwriter today and he made it clear that the type of business that you are starting May have an effect on how much they will lend to you obviously on the side of your personal credit, accounts etc.. If you were to guess what types of businesses if it was a startup would the biz credit card companies be willing to lend to?

From my research there are not that many biz cards - ink, boa, frontier, Amex, citi? What are the best cards and if applying to three total cards which would you apply to? I have around a 740 credit score and 30k in limits and 20% utilization. 

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1. American Express (3x cli rule applies to business just like personal)

3. frontier as in airline? would be barclay - you could do USAirways also through barclay.

2. citi AA

4. ink seems to be the hardest of the list to get in with and really interview about the business and what not to get in... the others just seem to straight out approve off personal credit and don't much care about the business.

[Anonymous]

not trying to hi jack the thread but:

what do you mean by the 3x rule? you will get 3x more off of a new personal card?

Also, I have been seeing quite a bit about the commenity bank biz card. Is there a card with a pg that I can apply for under a new biz? 

What are your thoughts on citi and boa for biz cards? Does discover still show up on personal credit?

Which cards besides those would you apply for?

I have a 20k personal and 15k personal so I know I will be pretty good because of the pg on these cards. I just do not want them showing up on my personal credit. 

[Creditaddict]

Amex allows cli of 3x current limit after 61 days of opening account or every 6 months.
Citi aa is good biz card and does not report to personal
Discover does report to personal credit

[Anonymous]

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@Creditaddict wrote:
Amex allows cli of 3x current limit after 61 days of opening account or every 6 months.
Citi aa is good biz card and does not report to personal
Discover does report to personal credit

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And as far as inquiry order goes. Barclays, citi, amex, boa?

Also, what are your thoughts on 53rd bank and suntrust biz cards?

Do the biz card companies usually pull the same CRA as with their personal card?

[Creditaddict]

I like that order

[Anonymous]

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@Creditaddict wrote:
I like that order

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Ok, two more questions.

I have a couple of different oppurtunities and have not decided what I want to use the money for. I am considering flipping homes, franchise and or starting a local tour company. Do you know if it makes a huge difference on what I am doing VS my past credit history? Your previous response tends me to believe that it is based almost 100% on credit history. From my reading ink and boa are crazy on interrogating you on biz plans and every detail on your biz of which I do not have 100% figured out and would like to avoid if at all possible.

I have a good history with amex and have an unlimited charge. Can I apply for two biz cards trough amex on the same day? 

I have had an llc for the last two years but have not made any money with it. I have read on the forms that it is better to file a new dba/llc or the card companies may ask why the biz has not made any money for 2 years. Do you have any input on this?

[sccredit]

...sccredit steps onto soap box...

If you have a legitimate business or business plan you will be fine in any interview.  If not wait until you have a legitimate business.  You are asking a credit card company to aid in funding a start up with no history and take a chance, that's a big leap of faith regardless of personal credit history

...sccredit steps off of soap box....

Seriously though I would figure out what it is that your business is going to do before attempting to apply for credit for  a business.