New Business Credit Question

[enjoimorenow]

Hi guys,

I am rebuilding credit after a BK last year.  Scores are decent for less than one year post BK, but I am now starting a business and want to also help build business credit.

I think I could probably get approved for a CapOne card, but I don't want the triple pull and as far as I know they report the cards to both personal and business credit profiles which will lower all of m AAoA, will hurt my personal scores if the cards report higher, and will also hurt me in terms of 5/24 with chase in the future.

I was also considering either a wells fargo secured or BBVA secured business card.  I don't mind tying up the little bit of money to help build business credit, but I don't particularly like wells fargo.  Wondering if anyone has experience with these cards?  Do they graduate?  Do they report to both personal and business profiles?  Any comments about either of them?

Or any knowledge on other cards that could be available to me?  Not sure if there are others, but I'd assume with the BK I'm out on chase and amex for a while.  I do have access to Navy Federal, but no idea how their biz products work.  Any help or advice would be appreciated!

Thanks!

[Creditaddict]

Since you have access to Navy, I would go that route... you have to call in and get transferred and usually leave a message with the bankers for your part of the country and then they will email you an application and you can check boxes to apply for loc and credit card at same time as opening the checking account.  They use TU for business products. you can apply for up to $25k total between the 2 without financials for the business. you do have to mail in the paper application signed with docs for the company like EIN and LLC paperwork or however you are filed.

Little bit of a paint to get started but I have heard some have great success.  My husband and I were at internal max already when we tried for business so we couldn't open any.

[Anonymous]

Things have changed a little since CA applied at NFCU on the business side.

You can download applications for membership and credit products and submit them online.

A business rep may or may not call you and will likely email you after wards.

[enjoimorenow]

Ok, do I have to set up checking/savings and move my biz banking over to Navy when I do this?

I currently use chase for biz accounts because the closest navy branch is about 2 hours away from me.  Not sure if they require the biz to bank there to get credit with them.

Also, do you guys know how navy will report?  Only to the business profile unless I default?  Or do they report to both personal and business like capital one?

[Anonymous]

you need to be a business member, so at the minimum, you will need a business share savings.

you do not have to move all of your business banking over to NFCU

they aren't going to report to personal or business EQ, EX or D&B

I don't know for sure if they report to SBFE or not, but I don't think they do

[enjoimorenow]

So Navy does not report at all? Wouldn't that not help establish history and build the business credit?

[sbowers20]

I am a Navy Federal Business member and I spoke to a rep last week and he stated that they do not report to any of the business credit bureaus.  It is best to just open up net 30 accounts and use the Navy business card to pay the invoices.  

[Anonymous]

From my experience many banks do not report business credit cards. Such as Amex,

[Anonymous]

A lot of net 30 accounts do not like to accept credit cards if they are extending you net 30.

[Creditaddict]

Line does though!