New LLC revenue question

[drewricomakeubu]

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

[TMDSCT]

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@drewricomakeubu wrote:

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

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Projected revenue is acceptable, especially for a new business.  The decision to approve the application will be mostly based on your personal credit worthiness, but credit limit will be influenced by the stated business revenue.

[drewricomakeubu]

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@TMDSCT wrote:

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@drewricomakeubu wrote:

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

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Projected revenue is acceptable, especially for a new business.  The decision to approve the application will be mostly based on your personal credit worthiness, but credit limit will be influenced by the stated business revenue.

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Does projected revenue have to be for 2023 or can I use my projected revenue for all the shows I'll be doing in 2024? 

[TMDSCT]

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@drewricomakeubu wrote:

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@TMDSCT wrote:

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@drewricomakeubu wrote:

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

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Projected revenue is acceptable, especially for a new business.  The decision to approve the application will be mostly based on your personal credit worthiness, but credit limit will be influenced by the stated business revenue.

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Does projected revenue have to be for 2023 or can I use my projected revenue for all the shows I'll be doing in 2024? 

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As yours is a new business you only have projected revenue to go on at the moment, so if those shows are scheduled you can factor them in.  You're going to be PG'ing the card, so your personal income will be an indicator to approval and credit limit.

[JoeRockhead]

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@drewricomakeubu wrote:

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@TMDSCT wrote:

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@drewricomakeubu wrote:

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

---

Projected revenue is acceptable, especially for a new business.  The decision to approve the application will be mostly based on your personal credit worthiness, but credit limit will be influenced by the stated business revenue.

---

Does projected revenue have to be for 2023 or can I use my projected revenue for all the shows I'll be doing in 2024? 

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You're going to want to use Sales Projections for the upcoming year and I'd caution against overstating or overly exaggerating them, You can estimate them a bit on the high side but grossly over inflating your projections might cause them to ask for a copy of your sales projections to see how you came up with the figures you plan to use if they seem unrealistic. They're going to base an approval decision primarily on your personal credit and history. Once you get approved and they see the spend, they can be generous.

[drewricomakeubu]

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@JoeRockhead wrote:

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@drewricomakeubu wrote:

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@TMDSCT wrote:

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@drewricomakeubu wrote:

I'm looking to apply for a chase ink card in June as my Experian will be clean then. My LLC is really new and won't have any type of revenue until 2024 but I need to have some type of credit for it to keep my expenses separate as I'll be buying advertising and promo materials for what I'm doing. 

I'll be doing concert promoting and my first show is 2024. 

Question is what do I put as my revenue for my business on the application? Can I speculate or should I just be rather conservative and say like a thousand? When I get up and running I could be doing 10-20k a night. 

---

Projected revenue is acceptable, especially for a new business.  The decision to approve the application will be mostly based on your personal credit worthiness, but credit limit will be influenced by the stated business revenue.

---

Does projected revenue have to be for 2023 or can I use my projected revenue for all the shows I'll be doing in 2024? 

---

You're going to want to use Sales Projections for the upcoming year and I'd caution against overstating or overly exaggerating them, You can estimate them a bit on the high side but grossly over inflating your projections might cause them to ask for a copy of your sales projections to see how you came up with the figures you plan to use if they seem unrealistic. They're going to base an approval decision primarily on your personal credit and history. Once you get approved and they see the spend, they can be generous.

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Right on. I'll keep on the conservative side because I feel like that would be smarter and either way I wont have any revenue until 2024 anyway. I'm just trying to get a high enough limit to buy a new computer to get the SUB. We shall see.