@Anonymous wrote:
Hello,
I would like to take a minute and thank the organizers for an excellent forum. I have been reading for two days non stop. The more
I read though the more I am getting confused. I am in a business that is capital intensive, last year I had spoken to a broker
who told me they could get me 30K of unsecured lines of credit however, for that service they will take 8% of that at the back end. I figured
if they can do it so can I. Well, I guess I can not because I can not seem to find a card that will approve me for that amount. (I wonder
if they were going to open multiple cards to get to that number) So I then decided to purchase a shell corporation and build the credit that way.
So far I have 4 trade accounts, can anyone tell me what my next step should be? and why a broker can get me 30K based on my fico score (not even the business)?
I would greatly appreciate your help
I'd be leary of any broker who took 8% of a credit line as a fee.
Have you tried setting up a relationship with a traditional business bank? Quite often these are the same banks you already deal with. In fact, some credit unions will offer business accounts to their members who own their own businesses, whether sole proprietor or even a corporation, as long as everyone on the account is also a personal member of that credit union.
You might need to be a Personal Guarantor (PG) for the loan, but it can be done. At one point my Amex Simply Cash Biz card had a 31k line. They slashed it down to $7500 a few years ago, but last week I requested and was approved for the bump to $20k. (as you may have read in the Amex 3X CLI thread)
Chase tends to start people with $5k, but you may be able to get more, especially with four business trade accounts.
I was going to garden... Honest!
