Re: What are my options? Recommendations

Anonymous · ‎03-31-2016

Hey guys, I'm a 20 year old college student and I'm in the middle of creating an LLC. I've already registered it and done all of the work, we just haven't launched yet.

So I have personal credit, and I'm here to ask which business CC's I should apply for onto of what I already have.

I don't know what all those credit bureau's are that are in yalls signatures, but my credit score right now is 668 from FICO. The only reason I know that is because I have a personal Discover It card and it gives me my free FICO score, lol. It was my first CC, cosigned.

I just found out from a decline from a Capital One personal card that my Experian score is 638.

I applied for the Chase Ink Cash CC for my first business card and got approved immediately for 5k. I then applied for the Bank of America Business Card (idk which one) and I got approved for 2k.

Then I was told I should have 6-8 trade lines so I applied for the Chase Slate card and got approved for 2k personal.

Basically, my business credit right now total is 7k, and my personal is 3k (2k from slate and 1k from discover).

I would like to increase both credit amounts, mainly business, and that's why I'm coming here!

All of the recent approvals have been done in the past 4 weeks. I'm assuming that means there's been quite a bit of inquiries, and from looking at other posts on this forum, you don't want to have a lot of inquiries for awhile.

Let me know your thoughts on what I should do about getting more credit, and which business / personal cards I should apply for where you think I'll be approved.

I do have an income from trust and stocks that give me capital gain every year.

Thanks!

Creditaddict · ‎03-31-2016

1. There are 3 credit reporting agencies (main ones) Trans Union - your discover score is a TU), Experian, Equifax.

2. I would product change that new Slate into a Chase Freedom Unlimited or regular Freedom... slate is only good for balance transfers as it has no rewards.

3. You are off to great start with Business credit, you could consider adding an American Express for personal and business (SPG if you will do any travel has the best bonus it's ever had) otherwise maybe you should sit tight for a bit.

Anonymous · ‎03-31-2016

Thanks for all of this info. It's very helpful.

For the Slate, I actually do need to do a balance transfer from my discover to the slate, and it has like an 18 month payoff so that'll be good for me.

And for adding another AE personal and business, I actually applied for the AE business blue card, and I got denied because of too many inquiries (really don't know how that works), so maybe I should try again for a different one? And which personal one do you recommend? I'm not interest in an AF btw hahah.

I was actually very surprised with the business credit success so far, but very happy with how it's going.

Thanks!
Jared

Creditaddict · ‎03-31-2016

No I wouldn't apply for more for 6 months if your getting denial now for inq

SouthJamaica · ‎03-31-2016

@Anonymous wrote:
Hey guys, I'm a 20 year old college student and I'm in the middle of creating an LLC. I've already registered it and done all of the work, we just haven't launched yet.

So I have personal credit, and I'm here to ask which business CC's I should apply for onto of what I already have.

I don't know what all those credit bureau's are that are in yalls signatures, but my credit score right now is 668 from FICO. The only reason I know that is because I have a personal Discover It card and it gives me my free FICO score, lol. It was my first CC, cosigned.

I just found out from a decline from a Capital One personal card that my Experian score is 638.

I applied for the Chase Ink Cash CC for my first business card and got approved immediately for 5k. I then applied for the Bank of America Business Card (idk which one) and I got approved for 2k.

Then I was told I should have 6-8 trade lines so I applied for the Chase Slate card and got approved for 2k personal.

Basically, my business credit right now total is 7k, and my personal is 3k (2k from slate and 1k from discover).

I would like to increase both credit amounts, mainly business, and that's why I'm coming here!

All of the recent approvals have been done in the past 4 weeks. I'm assuming that means there's been quite a bit of inquiries, and from looking at other posts on this forum, you don't want to have a lot of inquiries for awhile.

Let me know your thoughts on what I should do about getting more credit, and which business / personal cards I should apply for where you think I'll be approved.

I do have an income from trust and stocks that give me capital gain every year.

Thanks!