SBA and Credit Card

[JoeyBatters]

Hello, 

About to get approved for a SBA loan, but bankers are going to be bankers (i really hate bankers) so I will probably need to get a credit card as well to make up a small discrepancy. 

How would you go about doing that? Credit score is 690-700 - a car loan, a personal CC of 3600 paid off every month, no other debt, 1 paid collections. 

Should I wait until I have the loan hit my CR so that I can try to get a higher limit based upon my SBA loan, or should I just get a CC before it hits my CR? 

Thanks for the help.

[cashorcharge]

Getting the CC will likely require a HP on your personal CB so you'll have the inquiry and depending on the acount/bank you chose, it will NOT report on your personal CB, but it will on your business.  Additionally, since the reporting to Business CB's are typically slower than personal, there's not stopping you from applying now.

[JoeyBatters]

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@cashorcharge wrote:

Getting the CC will likely require a HP on your personal CB so you'll have the inquiry and depending on the acount/bank you chose, it will NOT report on your personal CB, but it will on your business.  Additionally, since the reporting to Business CB's are typically slower than personal, there's not stopping you from applying now.

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So which one would you try to go with for a start-up? Im open to a BLOC, just whatever will be the most favorable for me. WF??

[cashorcharge]

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@JoeyBatters wrote:

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@cashorcharge wrote:

Getting the CC will likely require a HP on your personal CB so you'll have the inquiry and depending on the acount/bank you chose, it will NOT report on your personal CB, but it will on your business.  Additionally, since the reporting to Business CB's are typically slower than personal, there's not stopping you from applying now.

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So which one would you try to go with for a start-up? Im open to a BLOC, just whatever will be the most favorable for me. WF??

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CC's are a bit easier than a BLOC.  Good starter business cards:

American Express Blue Business Cash (especially if you already have personal accounts with AE)

Wells Fargo Signify (Relatively new card)

Bank of American Customized Cash

I am hesitant to include Chase due to your paid collection.  I don't know enough about their policy to accept that's its paid and look the other way.

Who is your business checking account with?  Perhaps start with them...

[JoeyBatters]

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@cashorcharge wrote:

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@JoeyBatters wrote:

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@cashorcharge wrote:

Getting the CC will likely require a HP on your personal CB so you'll have the inquiry and depending on the acount/bank you chose, it will NOT report on your personal CB, but it will on your business.  Additionally, since the reporting to Business CB's are typically slower than personal, there's not stopping you from applying now.

---

So which one would you try to go with for a start-up? Im open to a BLOC, just whatever will be the most favorable for me. WF??

---

CC's are a bit easier than a BLOC.  Good starter business cards:

American Express Blue Business Cash (especially if you already have personal accounts with AE)

Wells Fargo Signify (Relatively new card)

Bank of American Customized Cash

I am hesitant to include Chase due to your paid collection.  I don't know enough about their policy to accept that's its paid and look the other way.

Who is your business checking account with?  Perhaps start with them...

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I am going to, but they are ultra conservative and I dont really like that when it comes to maximizing my limit. Its like pullin teeth to get any modicum of "extra". 

Ill go into a WF soon and apply. 

[SouthJamaica]

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@JoeyBatters wrote:

Hello, 

About to get approved for a SBA loan, but bankers are going to be bankers (i really hate bankers) so I will probably need to get a credit card as well to make up a small discrepancy. 

How would you go about doing that? Credit score is 690-700 - a car loan, a personal CC of 3600 paid off every month, no other debt, 1 paid collections. 

Should I wait until I have the loan hit my CR so that I can try to get a higher limit based upon my SBA loan, or should I just get a CC before it hits my CR? 

Thanks for the help.

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I don't think an SBA loan would report to your personal credit.

I don't really get what you mean by getting a credit card "to make up a small discrepancy". Do you mean you want a promo balance transfer card? If so, the only reason to wait is that your scores aren't stellar at this point.

[JoeyBatters]

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@SouthJamaica wrote:

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@JoeyBatters wrote:

Hello, 

About to get approved for a SBA loan, but bankers are going to be bankers (i really hate bankers) so I will probably need to get a credit card as well to make up a small discrepancy. 

How would you go about doing that? Credit score is 690-700 - a car loan, a personal CC of 3600 paid off every month, no other debt, 1 paid collections. 

Should I wait until I have the loan hit my CR so that I can try to get a higher limit based upon my SBA loan, or should I just get a CC before it hits my CR? 

Thanks for the help.

---

I don't think an SBA loan would report to your personal credit.

I don't really get what you mean by getting a credit card "to make up a small discrepancy". Do you mean you want a promo balance transfer card? If so, the only reason to wait is that your scores aren't stellar at this point.

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small discrepancy as in what the SBA will give me and what I want for total operating capital. 

SBA doesnt report to personal credit? I didnt know that. I guess it only does if I default. 

Does that loan start my "business credit" profile then? 

[URHomeInvestments]

I had an older LLC, formed in 2012, and never applied for credit.  I had a business checking account with Frost.  When I finally did look to build credit, I had no reporting credit, meaning the checking account didn't do anything for us.  The age of the LLC was helpful, as it was over 2 years.  That was enough to get a Chase Ink and then we moved to CapitalOne and American Express.