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Help!!! **Interesting Situation** well established business owner with NO credit whatsoever.

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Established Contributor

Re: Help!!! **Interesting Situation** well established business owner with NO credit whatsoever.

get in with your bank. Stay like that for 6months to a year. Get a car loan. Don't need much credit for a car loan. Banks also offer secured loans that you pay monthly, like a car loan and earn history. I say, within 6months to 1 year you can try for Amex, depending on how high his score goes. 640s may be enough for Amex. They were for me.. They like clean files. I know if you walked into a branch and showed income verification, they might consider giving you something (YMMV). Pull your annual credit report from all three bureau's to make sure nothing is wrong. annualcreditreport.com Try the CCT to check his fico scores or myfico and see if he has any score. Business also has its own credit score on the Tax payer ID. You could get credit based only on the Tax payer ID and not yoru social security number. 

Message 11 of 12
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Epic Contributor

Re: Help!!! **Interesting Situation** well established business owner with NO credit whatsoever.

Amex Gold Charge might issue him card with no credit.

Otherwise, since it sounds like he could provide cash, I would open a Bank of America Secured Card and deposit $5-$10k+ in it... in 6 months he will have every door open to him and get unsecure the card and get the money back.

Discover, Capital One will also maybe give him a personal card now even with no credit.

 

I'm suggesting that he get a couple of these cards personal and then he can apply for business in 6 months with established credit score... unless amex approves the charge, then he could apply for the business charge now too.

Message 12 of 12
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