Frustrated!!! Need business CC

Anonymous · ‎02-01-2018

I am trying to obtain business credit cards for my company! I formed the company over 3 years ago. I tried applying for personal cards, but I am getting declined, or getting approved for small balances. Captial one 500, Amex 1K, Merrick Bank 1,200. I had these cards over a year. My ficos are, 647, 661, 696. My utilization on my current cards are 38%. No collections. It's that high because I am running a (bleeping) business!!!! Should I even try to apply? I am doing alot of research, and I am finding alot of reviews are the cards that's being promoted (Cap Spark, Chase Slate, Amex business) Are giving BS low SL. I have a BK over 7years ago, clean credit ever since. Help!!!! I applied to Navy Credit union, the credit union that approves low credit people, they declined me!!! Here I am thinking I am going to get the card I dreamed about! After I researched, people was landing credit limits as high as 25K. I just knew I was going to atlest get a couple grand, then poof! Declined! WTH?!? I just stared at the screen in disbelief! I wrote them a nasty private message. I've never been late for years, and you decline me? Are you just looking for crappy people? This whole credit card thing has me about to just give up. I know I don't have the highest scores, but I atleast deserve 5k. Shucks, that's all I really need. Help!

redneck18 · ‎02-01-2018

Look into BJ's world for business MasterCard. It's a no PG possible card if your business has at least some history.

Anonymous · ‎02-02-2018

You dont have a single score over 700 (and one is under 650), yet youre expecting prime business cards to be approved for high limits for you?

I am at a loss here, honestly.

Your post sounds desperate, and the number of declined apps your mentioning makes me think the number of inquiries youve probably made by this point is making the lenders see you as such as well.

Thats the problem, there are no quick fixes. There never are with credit. It takes time, years, decades even. If your report is still showing a bankruptcy from several years ago, youve shown in the past your long term game isnt good. Business lending is all about the long term.

Not what you want to hear, but what you need to hear. Keep building on those small limits you have been approved for, pay your bills as you get them, and stop trying to dream huge until your profile supports it. Another 2 years and getting your scores over 720 EACH without a single application in the interim should make you a shoe-in for a 10-20k card by the end of 2020. (assuming your business income supports it)

Getting mad or frustrated at declines just promotes more angry applying "ILL GET IT THIS TIME DAMNIT" and that leads to another inquiry, more desperate behavior, and next thing you know no one will even give you a 200 dollar secured card.

Stop.

pizza1 · ‎02-02-2018

Welcome to the forums!

My advice would be to get that util down to under 10%. FICO does NOT like util greater than 30%, especially 38%. The ideal thing would be to pay down all your cards to ZERO, except ONE card, and let that card report like 1-2%.

Do that, and I bet you'll see a little difference in your scores, and better outcome.

In a side note....did you burn Chase and AMEX in your BK??

Chase now has a policy currently that they aren't approving folks with a BK still on reports. Chase is hard enough to get a personal card with, and even more difficult for business. Forget about Chase.

In all honesty, with a BK7 from 7 yrs ago, your scores should be 710-730's minimum. Besides the BK in PR, what other baddies do you have showing on your reports? Anything negative AFTER your BK discharge???

Edited again....Are you wanting a true business card, or just a card to use as a biz card? Discover doesnt have biz cards, but check their prequal site for personal cards and see of they offer you anthing. If they have the jargon Congrats youre preapproved or prequalifed for the following cards, AND it gives you a set APR after promo, and NOT a range, its pretty spot on. Again...its a personal card, not a biz card.

You said you applied to Navy. Im assumming youre a member?? For how long??

Anonymous · ‎02-02-2018

I applied to NFCU same day opening the account. I tried for a pre-qaul on Discover. They made me an offer, or pre approval. Scared to apply. lol!

Anonymous · ‎02-02-2018

First I was kinda pissed off at your advice! lol! You're right! Ever since my bankruptcy several years ago, I've never had any lates or anything like that. Just my utilization has been at 30-40%. That's only because I cannot get a business card, so that it would not report to my personal. I guess. I've never used credit cards like this, I've always kind relied on cash, but times are so different. With taxes, deductions and such, you must have a paper trail. These small limits are kicking my A$$. lol.

Anonymous · ‎02-04-2018

Nfcu you should recon. And also in my humble opinion getting credit for small business from credit unions is extremely more difficult than a traditional bank.

I would keep that Amex you have paid in full. Ask for apr reductions and research 3x cli. You would benefit greatly from a charge card as it won't impact your utilization. You should go for the business gold rewards 75k points offer after 5k spend In 90 days! You can then later add the biz plat.

I mean the plum card kinda sounds like your best fit. 60 days to pay or 1.5pct cash back. Then again biz expenses should be gettin at least 5pct!

Anonymous · ‎02-04-2018

wrote:
You would benefit greatly from a charge card as it won't impact your utilization.

Are you talking about business utilization?

Anonymous · ‎02-04-2018

I meant in general. I do not know the ins and outs of business credit scoring of a charge card

pizza1 · ‎02-04-2018

wrote:
I applied to NFCU same day opening the account. I tried for a pre-qaul on Discover. They made me an offer, or pre approval. Scared to apply. lol!

Just a side note.....Navy business side is completely different than personal side. YOu actually have to join their business membership, and fill out the membership appropriate for your business....Navy personal reports to personal reports, Navy business pulls personal CRA, but reports to EX business.

On Discover....Their offers are usually pretty solid if it has the correct verbiage..."set APR/preappoved wording". Discover doesnt offer biz cards now, so you'd be applying for a personal card. Id go for it, but thats me.