Good Morning Everyone,
I just received my approval e-mail for the ARCO Business Solutions Mastercard - They approved me for $18,500 without a personal guarantee. I'm wondering how this will affect my business credit. I was speaking to the rep on the phone and he said he'd submit an application for $10k limit, and I called today after my welcome email and found out they approved me for nearly double that!
Also, he mentioned the card would be able to be used for any business expense, but the email says it's the "ARCO Business Solutions Mastercard" and on the website it says "Accepted anywhere Mastercard is accepted for fuel and maintenance purchases." Does anyone have experience using this card? Does "maintenance" mean any auto body/auto supply store as well as gas stations?
I know this reports to D&B, but im wondering how this new limit will help me secure other cards and what limits I could possibly get? I'm wondering if it's now possible to apply for standard business cards like Chase Ink and others, without a personal guarantee?
Also, which cards/accounts should I pursue now that I have this new tradeline?
Thanks for all of your suggestions/tips/advice inadvance!
Also, he mentioned the card would be able to be used for any business expense, but the email says it's the "ARCO Business Solutions Mastercard" and on the website it says "Accepted anywhere Mastercard is accepted for fuel and maintenance purchases." Does anyone have experience using
Congratulations on the high limit approval! My card was approved only for fuel, not even service. When I asked the rep about using the card for purchases other than fuel, he said he would have to order a replacement card, and the only other purchases that would be authorized would be vehicle service purchases at ARCO locations. I told him not to bother with that. My card is imprinted "FUEL LOCATIONS ONLY" on its face. My advice is to double check with them about the range of purchases allowed, just to be sure you don't inadvertently violate terms. But I have seen others here report that their cards are authorized for any purchases that any other Mastercard would be authorized for, so it appears to be a case by case basis.
Interesting, thanks for the info! I'll have to call them up and perhaps make a few test purchases to see what happens. Thanks again
Congratulations! I am just starting a new business and was told to get on this forum page to get some more information and know i'm going to need some money for start up expenses. Any suggestions for me getting started?
Congratulations on starting your business - I started by getting a DUNS number and applying for net30 accounts through Grainger, Uline, and Quill. You actually have to order something from each store, like $50 or more before they report the tradeline. I think they give out $500-$1500 limits? Do that first, let them season a bit. YContinue to order through their stores if you actually need the supplies, and pay them off early, that will probably help your score.
That should give you something to work with - good luck!
I'd have a business phone/address/website/name etc. all set up and ready to go before applying just to be safe, but from my experience, they approved the tradelines right at checkout, and the DUNS number is easy to get as well.